CleanSpark Inc (CLSK)
Receivables 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 537,401 | 467,488 | 378,968 | 342,808 | 284,080 | 214,827 | 168,860 | 141,918 | 127,566 | 122,218 | 131,524 | 132,496 | 113,384 | 84,306 | 49,439 | 24,249 | 15,772 | 11,310 | 10,029 | 10,397 |
| Receivables | US$ in thousands | — | — | 138,746 | 46,158 | 0 | 0 | 5 | 100 | 47 | 30 | 27 | 103 | 6,836 | 4,622 | 307 | 2,340 | 1,756 | 1,626 | 864 | 1,745 |
| Receivables turnover | — | — | 2.73 | 7.43 | — | — | 33,772.00 | 1,419.18 | 2,714.17 | 4,073.93 | 4,871.26 | 1,286.37 | 16.59 | 18.24 | 161.04 | 10.36 | 8.98 | 6.96 | 11.61 | 5.96 |
March 31, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $537,401K ÷ $—K
= —
The receivables turnover ratio for CleanSpark Inc. demonstrates significant variability over the analyzed periods, reflecting fluctuations in the company's efficiency in collecting accounts receivable.
Initially, in the fiscal year 2020, the ratio fluctuated within a relatively moderate range, starting at 5.96 on June 30, 2020, rising to 11.61 by September 30, 2020, and stabilizing around 6.96 by December 31, 2020. This indicates a typical receivable collection period of roughly 53 to 61 days during that period.
From March to June 2021, the ratio increased gradually to 8.98 and 10.36, suggesting improved collection efficiency. Most noteworthy is the substantial surge observed in September 2021, where the ratio dramatically increased to 161.04. This extreme spike indicates an exceptionally high receivables turnover, corresponding to a very rapid collection process or potentially abnormal accounting entries influencing this metric.
Following this peak, the ratio declined modestly to 18.24 by December 2021 and slightly to 16.59 by March 2022, reflecting a normalization or adjustment of collection cycles. However, subsequent periods reveal an extraordinary escalation: June 2022 shows a ratio of 1,286.37, September 2022 reaches 4,871.26, and December 2022 stands at 4,073.93. These extraordinary figures imply a significant change in accounting or operational practices, possibly including revenue recognition adjustments, the inclusion of factoring arrangements, or collection period anomalies.
In 2023, the ratio decreased to 2,714.17 in March and further declined to 1,419.18 by June. Despite the downward trend, the ratios remain substantially higher than historical norms, emphasizing ongoing anomalies or unique circumstances affecting receivables collection.
By September 2023, the ratio again sharply increased to 33,772.00, an extremely high figure that likely reflects extraordinary circumstances, such as accounting policy shifts or data inconsistencies. Subsequently, in June 2024 and September 2024, the ratios decreased to 7.43 and 2.73 respectively, suggesting some normalization. Notably, data beyond September 2024 is unavailable, limiting further analysis.
Overall, the data indicates periods of extraordinary reported receivables turnover ratios, which may be attributable to extraordinary accounting entries, changes in revenue recognition policies, or specific operational events. These anomalies make direct interpretation challenging, as such high ratios do not typically correspond to operational efficiency but rather suggest the influence of non-recurring factors or data irregularities. Consequently, while the general trend shows fluctuations, the extreme values in recent periods warrant caution and further investigation into the underlying accounting practices influencing these metrics.
Peer comparison
Mar 31, 2025