Hi Arthur, the main reason may be that the market wants to see more profitability from this company. Like for other growth stocks, I suspect that the expectation has moved from top line growth to bottom line growth.
It reminds me the case of Cettire (in a different sector among consumer discretionary) with a similar profile of high growth, but low profitability due to the high level of promotion to attract new customers (case of FY 22 for Cettire). When Cettire decided to reduce its level of promotion/changed their return policy, it had, of course, an impact on the sales growth (which slowed, but remained high) and enabled the company to return to its past level of profitability. It explains the large rebound you can see for Cettire* from its bottom in June 22.
It may be what the market expects from Camplify.
* Cettire share price has also been more volatile than Camplify for specific reasons (controversial business model, founder keeps selling since IPO...).
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