BrainChip, an advanced artificial intelligence (AI) chipmaker, saw a sharp decline in the market, dropping as much as 12.3% to A$0.285, the lowest since August 2020.

This also caused the company to become the second-biggest loser in the ASX 200 benchmark index, marking it’s largest intraday drop since May 23.

The day’s trade saw more than 7.4 million shares change hands, compared to a 30-day average of 5.2 million shares.

BrainChip’s recent financial report disclosed a net loss after tax of $17.1 million for HY23, compared to a loss of $8.3 million a year ago.

The report also revealed a slump in revenue to $115,606 from last year’s $4.8 million.

Several customers deferred their evaluation of BrainChip’s technology until after the expected release of its newest AI processor chip in August, significantly impacting the company’s performance.

So far this year, BrainChip has seen a 56.4% decline, as of last close, in contrast to the 1.1% increase in the ASX 200 benchmark index.

BrainChip (ASX:BRN) is an artificial intelligence chipmaker based in Australia.