August proved disastrous for the Novonix Ltd (ASX: NVX) share price. It tumbled 14.49% over the course of last month despite no word from the company until its final session.
After closing July trading at $2.83, the stock plummeted to finish Wednesday's session at $2.42.
For context, the S&P/ASX 200 Index (ASX: XJO) posted a 0.6% gain in the month just been. Meanwhile, the company's home sector, the S&P/ASX 200 Information Technology Index (ASX: XIJ) slumped 0.4%.
So, what weighed on the battery technology and materials giant last month? Let's take a look.
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What went wrong for the Novonix share price in August?
The Novonix share price closed last month in the red despite gaining 4% on the release of the company's full-year earnings.
On 31 August the company revealed its revenue had increased 61% year-on-year in financial year 2022. It brought in $8.4 million for the period.
But it wasn't all sunshine. The company's full-year after-tax loss deepened by 295% to $71.4 million.
The monthly tumble may have also had something to do with the ASX 200 tech stock's strong July performance. It lifted 24% over the course of July following five consecutive monthly losses.
Indeed, as of the end of August, the stock had dumped 77% since the start of 2022. Comparatively, the ASX 200 had fallen 8% and the tech sector had plummeted 30%.
Perhaps unsurprisingly, the Novonix share price was the sector's worst performer over the eight months ended August.
Though, those of EML Payments Ltd (ASX: EML) and Megaport Ltd (ASX: MP1) weren't far behind, with respective falls of 71% and 62% for the period.
