CleanSpark Inc (CLSK)
Payables turnover
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cost of revenue (ttm) | US$ in thousands | 320,859 | 269,733 | 222,791 | 187,003 | 155,759 | 143,543 | 119,742 | 131,130 | 118,408 | 105,010 | 90,230 | 39,921 | 22,704 | 15,558 | 11,255 | 5,195 | 6,942 | 8,318 | 7,868 | 8,731 |
Payables | US$ in thousands | 11,390 | 27,622 | 82,992 | 56,488 | 43,632 | 33,415 | 65,577 | 29,634 | 31,334 | 27,927 | 24,662 | 12,996 | 21,386 | 20,238 | 6,983 | 9,941 | 2,947 | 2,936 | 4,527 | 1,366 |
Payables turnover | 28.17 | 9.77 | 2.68 | 3.31 | 3.57 | 4.30 | 1.83 | 4.42 | 3.78 | 3.76 | 3.66 | 3.07 | 1.06 | 0.77 | 1.61 | 0.52 | 2.36 | 2.83 | 1.74 | 6.39 |
March 31, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $320,859K ÷ $11,390K
= 28.17
The payables turnover ratio of CleanSpark Inc over the period analyzed exhibits notable fluctuations, reflecting changes in the company's management of its accounts payable balances relative to its cost of goods sold or purchases.
In the initial quarters ending June 2020 through March 2021, the ratio experienced significant variability, ranging from a high of 6.39 in June 2020 to a low of 0.52 in June 2021. The high ratio in June 2020 indicates a relatively rapid turnover of payables, implying shorter payment cycles or more aggressive payment policies. The subsequent decline to a low of 0.52 in June 2021 suggests a period where the company extended its payment terms, possibly due to liquidity considerations, negotiations with suppliers, or strategic payment management.
From late 2021 through mid-2022, the ratio showed a gradual recovery, reaching levels around 3.07 in June 2022 and slightly higher thereafter, indicating a return towards more regular payment cycles. This trend suggests an adjustment in payables management, possibly balancing the company's cash flows and supplier relationships more effectively.
In the later periods, notably in late 2023 and early 2024, the payables turnover ratio portrays marked upward movements, reaching a peak of 28.17 in March 2025. This dramatic increase signifies a substantial slowdown in payable turnover, which could indicate the company delaying payments considerably or settling obligations over a longer period. Alternatively, it could reflect an increase in the company’s purchase volume or changes in accounting policies.
The overall trend demonstrates periods of both rapid and slow payables turnover, with the most recent data showing a significant extension in payment periods. The extreme spike in ratio during the early months of 2025 warrants further investigation to understand the underlying factors, such as strategic payment deferrals, changes in supplier terms, or shifts in operational activity.
In summary, CleanSpark Inc’s payables turnover ratio has experienced considerable fluctuation over the analyzed timeframe, with recent data indicating a substantial extension of payable periods, potentially impacting cash management strategies and supplier relationships.
Peer comparison
Mar 31, 2025