BitVentures Limited
BVC Technology Software Application
BitVentures Limited’s revenue for fiscal 2024 (year ended June 2024) was $21.8 million, up 17.4% from fiscal 2023. Revenue growth for three consecutive years.
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BitVentures Limited (BVC) Beneish M-score
BitVentures Limited's Beneish M-score for fiscal 2024 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −1.08 | 1.75 |
| FY2021 | −2.83 | (0.23) |
| FY2020 | −2.60 | — |
How fiscal 2024’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.29 | — | 0.12 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 1.00 | — | 0.12 | |
| SG&A index | 1.14 | — | −0.20 | |
| Total accruals to total assets | (0.20) | — | −0.93 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AEYE Audioeye, Inc. compare | −3.6× |
| SSTI SoundThinking, Inc. compare | −3.0× |
| AIB AIB Data Centers Inc. compare | −2.6× |
| TRAK ReposiTrak Inc. compare | −2.5× |
| RAAS Cloopen Group Holding Limited Sponsored ADR compare | −2.1× |
| RDZN Roadzen Inc. compare | −0.6× |
| RYDE Ryde Group Ltd. compare | 0.0× |
| RTB RTB Digital, Inc. compare | 0.0× |
| BVC BitVentures Limited | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI