Brainchip (ASX:BRN) share price tumbles 5% today. Why?

The Brainchip Holdings Ltd (ASX: BRN) share price has taken a hit today. While the S&P/ASX 200 Index (ASX: XJO) managed to inch up 0.80%, the Brainchip share price was down 4.95%, trading at 48 cents at the market close.

With no new announcements out today, let’s recap the artificial intelligence (AI) developer’s annual report released on Friday.

Brainchip FY20 wrap

Brainchip reported a net loss after income tax of US$26.8 million for the year ended 31 December 2020. This compares to a loss of US$11.3 million in the previous year.

The company pumped up its research & development (R&D) spending by 14% to reach $5.2 million during FY20.

It also jacked up its selling & marketing (S&M) expenditure to $1.4 million, a 34% increase…