CleanSpark Inc (CLSK)
Receivables turnover
| Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 378,968 | 168,408 | 131,525 | 39,287 | 10,029 |
| Receivables | US$ in thousands | 138,746 | 5 | 27 | 307 | 864 |
| Receivables turnover | 2.73 | 33,681.60 | 4,871.30 | 127.97 | 11.61 |
September 30, 2024 calculation
Receivables turnover = Revenue ÷ Receivables
= $378,968K ÷ $138,746K
= 2.73
The receivables turnover ratio for CleanSpark Inc. has exhibited substantial fluctuations over the period from September 2020 to September 2024. In September 2020, the ratio was 11.61, indicating a moderate frequency of accounts receivable collections within the year. By September 2021, the ratio experienced a significant increase to 127.97, suggesting a marked improvement in receivables collection efficiency or a considerable decrease in accounts receivable balance relative to revenue.
However, this enhanced ratio was not sustained. By September 2022, the receivables turnover ratio escalated dramatically to approximately 4,871.30, which is an extraordinary figure in typical financial contexts and may suggest a reporting anomaly, a change in accounting practices, or extraordinary collection events. Such an anomalously high ratio indicates that receivables were being collected exceedingly rapidly relative to the receivable balance, possibly reflecting a one-time event or a strategic shift in credit policies.
In the subsequent year, September 2023, the ratio further increased sharply to 33,681.60, continuing this trend of extreme values. This escalation might be indicative of a further extraordinary event, aggressive collection efforts, or changes in revenue recognition procedures. Alternatively, it may point to reporting irregularities or an inconsistency in how receivables are accounted for.
By September 2024, the ratio dropped dramatically to 2.73, moving back toward a more plausible and conventional range observed in typical business operations. This sharp decline suggests a normalization of collection efficiencies, an increase in receivables relative to revenue, or changes in accounting policies, and indicates a period of adjustment after prior reporting anomalies or extraordinary circumstances.
Overall, the pattern reflects significant volatility in the receivables turnover ratio, with key anomalies occurring in the 2022 and 2023 fiscal years. These fluctuations highlight the importance of examining underlying accounting strategies, revenue recognition policies, and extraordinary events that may influence reported receivables and collection effectiveness during this period.
Peer comparison
Sep 30, 2024