Financial year 2022 (FY22) was a rollercoaster for the share price of battery technology and materials favourite Novonix Ltd (ASX: NVX).
The stock ended FY21 at $2.22 before leaping to a 52-week high of $12.47 in December – representing a whopping 462% gain.
Sadly, however, that surge didn’t hold. As of the final close of FY22, the Novonix share price was trading for $2.28 – just 2.7% higher than it was 12 months prior.
For context, the S&P/ASX 200 Index (ASX: XJO) fell around 10% over the period.
So, what drove the Novonix share price dramatically higher in FY22 and why did it all go wrong? Let’s take a look.
What drove the Novonix share price in FY22?
The Novonix share price seemingly rode a wave of positive sentiment for battery technology stocks in 2021 before suffering through notable tech sell-offs in 2022.
Here are the major events that drove the now-ASX 200 tech stock last financial year.
The Novonix share price lifted more than 400% between the start of FY22 and the end of November 2021.
However, the battery-focused company’s rise was soon to turn sour. December brought the stock’s worst day of the past 12 months.
Another dull day for the stock came when it was listed on the NASDAQ index. The company’s stock tumbled nearly 15% following its debut on the US market in early February.
That inevitably weighed on Novonix. As did similar macroeconomic pressures towards the end of FY22.
And the earnings
Finally, let’s take a quick look at the earnings that helped drive the Novonix share price last financial year.
The company dropped its results for FY21 in late August 2021. It posted a 22.9% improvement in revenue, which reached $5.2 million, and a before-tax loss of $18 million for the period.
The first half of FY22 saw further improvements, with the company bringing in $4 million of revenue – a 72% increase on that of the prior comparable period. Though, its after-tax losses deepened to $28.8 million.