View, Inc. (Nasdaq: VIEW, “View” or the “Company”), a leader in
smart building platforms and technologies, today announced
financial results for Q1 2022.
“We are pleased to announce our Q1 2022 results today which show
continued momentum in driving industry adoption of smart glass. The
first quarter represented more than 70% year-over-year revenue
growth and puts us on target to achieve our expected full year
revenue above $100 million for 2022,” said Dr. Rao Mulpuri, CEO of
View.
“We are in the early innings of industry transformation in real
estate, but the trends are now impossible to ignore. 21st century
consumers demand new digital experiences and expect buildings to be
healthy, sustainable, and smart. View and our customers are
together setting the standard for the future of real estate,” said
Dr. Mulpuri.
Q1 2022 ResultsQ1 2022 revenue of $17 million
represents a 74% year-over-year increase from Q1 2021 driven by
continued traction of the newly introduced Smart Building Platform
offering and growth of Smart Building Technologies products. View
completed the installation of its smart glass in several signature
projects including Uplands II (office) and Sven (multifamily
residential). The Company announced several notable customer wins
including Sorrento Gateway (life sciences), 100 Hood Park (office),
The Eight (office), The Artise (office), and Nabr (multifamily
residential).
Q1 2022 cost of revenues of $41 million represents a 12%
year-over-year increase from Q1 2021 as View continues to benefit
from economies of scale on higher revenues. The increase in cost of
revenues was primarily driven by increased factory operating costs
as the Company scaled its factory capacity in the second half of
2021 and costs associated with the Smart Building Platform,
including loss accruals for new contracts, which were partially
offset by lower levels of new post-installation support costs.
View incurred $20 million in Research and Development
(“R&D”) expenses in Q1 2022, an increase of $3 million or 19%
from Q1 2021. The Company incurred $43 million in Selling, General
and Administrative (“SG&A”) expenses, an increase of $21
million or 98%, from Q1 2021. The increase in SG&A expenses
includes an increase in non-cash, stock-based compensation of $8.3
million primarily relating to View’s business combination completed
in March 2021. The increase was also related to additional expenses
in accounting, legal and consulting fees associated with the
financial restatement.
Full Year 2022 OutlookFollowing strong annual
growth in 2021 and continued momentum in Q1 2022, the Company
expects to achieve full year 2022 revenues in the range of $100
million to $110 million, driven by volume growth, strong ASPs, and
increased contribution from its Smart Building Platform and Smart
Building Technologies products.
Recent Business Highlights and Key Customer Wins in Q1
2022On March 24, 2022, View announced (link) its smart
glass has been selected at Sorrento Gateway, a five-story, 163,000
square foot life science building under development by Healthpeak
Properties. Sorrento Gateway is Healthpeak and Project Management
Advisors, Inc. third life science development to feature View Smart
Glass, following campus-wide installations at the Boardwalk and
upcoming installation at Callan Ridge in Torrey Pines, CA.
On March 16, 2022, View announced (link) its smart glass has
been installed at Uplands II, a 124,000 square foot office building
developed by Drawbridge Realty in Southwest Austin, TX.
On February 15, 2022, View announced (link) its smart glass has
been selected at 100 Hood Park Drive, a seven-story spec office and
laboratory building in Charlestown, Boston. Trademark Partners is
transforming the former H.P. Hood Dairy Plant into an urban campus
with office and laboratory workspaces, modern residences, and
street-level retail. View Smart Glass is expected to be installed
in all office buildings in Hood Park as the extensive campus
continues to be developed.
On February 2, 2022, View announced (link) its smart glass has
been installed at Sven, a 67-story, 958-unit luxury multifamily
skyscraper in Long Island City by The Durst Organization. Standing
at 755 feet and offering nearly one million square feet of floor
space, Sven is the tallest residential building in North America to
feature smart glass. This is Durst’s third building to feature View
Smart Glass, following 825 Third Avenue and 1155 Avenue of the
Americas.
On January 25, 2022, View announced (link) its smart glass was
selected by global construction and development leader Skanska to
be featured in The Eight, a high-rise office tower and one of the
first buildings in the Bellevue Central Business District to
feature smart glass. The Eight is a 25-story, 541,000 square foot
commercial office tower.
On January 13, 2022, View announced (link) its smart glass was
selected for The Artise, a 605,000 square foot office building in
Bellevue, Washington. The building has been entirely preleased to
Amazon. The Artise is Schnitzer West’s third project with View,
following Denver’s The Current, River North and Civica Cherry
Creek.
On January 5, 2022, View announced (link) a partnership with
home design company Nabr and View Smart Glass will be installed in
SoFA One in San Jose. Nabr is a first-of-its-kind “design living”
company co-founded by world-renowned architect Bjarke Ingels and
leading development professionals Roni Bahar and Nicholas Chim.
Conference Call and Webcast DetailsView will
host a conference call to discuss its results at 8:00 a.m. Pacific
Time / 11:00 a.m. Eastern Time on Thursday, June 23rd, 2022. The
live webcast of the call can be accessed at the View Investor
Relations website at https://investors.view.com, along with the
Company's earnings press release.
The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028
for non-U.S. callers). Callers should ask to join the View, Inc.
call. A replay of the conference call will be available for 1 week
after the call, while an archived version of the webcast will be
available on the View Investor Relations website for 90 days. The
U.S. dial-in for the conference call replay is 1-877-660-6853
(1-201-612-7415 for non-U.S. callers). The replay access code is
13730705.
Forward-Looking StatementsThis press release
and certain materials View files with the U.S. Securities and
Exchange Commission (the “SEC”), as well as information included in
oral statements or other written statements made or to be made by
View, other than statements of historical fact, contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. These
forward-looking statements are based on current expectations,
estimates, assumptions, projections, and management’s beliefs, that
are subject to change. There can be no assurance that these
forward-looking statements will be achieved; these statements are
not guarantees of future performance and are subject to certain
risks, uncertainties, and other factors, many of which are beyond
View’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. View’s business
is subject to a number of risks, which are described more fully in
View’s Annual Report on Form 10-K for the year ended December 31,
2021. Such risks include, but are not limited to, (i) View’s
ability to raise additional capital on acceptable terms or at all,
(ii) View’s ability to timely regain compliance with The Nasdaq
Stock Market LLC's ("Nasdaq") continued listing standards and
maintain the listing of its securities on Nasdaq, (iii) View’s
ability to execute on its business plans, including expected
revenue growth, and (iv) the risk that View's financial results as
filed in its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2022 may differ from the unaudited financial results
presented in this communication. View undertakes no obligation to
update forward-looking statements to reflect events or
circumstances after the date hereof.
Financial Information; Non-GAAP Financial
MeasuresThe financial information and data contained in
this press release is unaudited and does not conform to Regulation
S-X. Accordingly, such information and data may not be included in,
may be adjusted in or may be presented differently in, the
Quarterly Report on Form 10-Q to be filed by View. This press
release contains certain financial information and data that was
not prepared in accordance with United States generally accepted
accounting principles (“GAAP”), including non-GAAP cost of
revenues, non-GAAP research and development expense, non-GAAP
selling, general and administrative expense, non-GAAP loss from
operations, non-GAAP net loss, and non-GAAP adjusted EBITDA. These
non-GAAP measures, and other measures that are calculated using
such non-GAAP measures, are an addition to, and not a substitute
for or superior to, measures of financial performance prepared in
accordance with GAAP and should not be considered as an alternative
to any performance measures derived in accordance with GAAP.
The Company presents these non-GAAP amounts because management
believes they provide useful information to management and
investors regarding certain financial and business trends relating
to View’s financial condition and results of operations, and they
assist management and investors in comparing the Company's
performance across reporting periods on a consistent basis. View’s
management uses these non-GAAP measures for trend analyses, for
purposes of determining management incentive compensation and for
budgeting and planning purposes. View believes that the use of
these non-GAAP financial measures provides an additional tool for
investors to use in evaluating operating results and trends in and
in comparing View’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. View’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP.
However, there are a number of limitations related to the use of
these non-GAAP measures and their nearest GAAP equivalents. For
example, other companies may calculate non-GAAP measures
differently, or may use other measures to calculate their financial
performance, and therefore View’s non-GAAP measures may not be
directly comparable to similarly-titled measures of other
companies.
Reconciliations from GAAP to non-GAAP results is included in the
financial statements contained in this release.
About ViewView delivers optimal human
experiences in buildings. We started by revolutionizing something
that hadn’t changed for centuries—the simple window—and in so
doing, built the only complete, modular, cloud-native platform to
deliver on the promise of smart buildings. View transforms
buildings into responsive environments that continuously adjust to
meet human needs for natural light, connection to nature, fresh
air, and comfortable temperatures while improving energy efficiency
and increasing profits for building owners and their tenants. View
is installed in offices, apartments, schools, hospitals, airports,
and hotels. Learn more at www.view.com.
For further information:
Investors: Samuel
MeehanView, Inc. IR@View.com 408-493-1358
VIEW, INC.Condensed
Consolidated Statements of Comprehensive
Loss(unaudited) (in thousands, except share and per
share data)
|
|
Q1 2022 |
|
Q1 2021 |
Revenue |
$ |
17,012 |
|
$ |
9,769 |
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
|
40,562 |
|
|
36,179 |
|
Research and development |
|
19,695 |
|
|
16,570 |
|
Selling, general, and administrative |
|
42,959 |
|
|
21,700 |
|
Total costs and expenses |
|
103,216 |
|
|
74,449 |
|
Loss from operations |
|
(86,204 |
) |
|
(64,680 |
) |
Interest and other expense (income), net |
|
|
|
|
Interest expense, net |
|
197 |
|
|
5,303 |
|
Other expense, net |
|
328 |
|
|
1,442 |
|
Gain on fair value change, net |
|
(4,381 |
) |
|
(7,413 |
) |
Loss on extinguishment of debt |
|
- |
|
|
10,018 |
|
Interest and other expense (income), net |
|
(3,856 |
) |
|
9,350 |
|
Loss before provision of income taxes |
|
(82,348 |
) |
|
(74,030 |
) |
Provision for income taxes |
|
24 |
|
|
5 |
|
Net and comprehensive loss |
$ |
(82,372 |
) |
$ |
(74,035 |
) |
|
|
|
|
|
Net loss per share, basic and diluted |
$ |
(0.38 |
) |
$ |
(1.33 |
) |
Weighted-average shares used in calculation of net loss per share,
basic and diluted |
|
214,232,210 |
|
|
55,500,398 |
|
VIEW, INC.Condensed
Consolidated Balance Sheets (unaudited) (in
thousands)
|
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
200,532 |
$ |
281,081 |
Accounts receivable, net of allowances |
|
29,940 |
|
30,605 |
Inventories |
|
13,807 |
|
10,267 |
Prepaid expenses and other current assets |
|
21,059 |
|
21,579 |
Total current assets |
|
265,338 |
|
343,532 |
Property and equipment, net |
|
265,736 |
|
268,401 |
Restricted cash |
|
16,466 |
|
16,462 |
Right-of-use assets |
|
20,515 |
|
21,178 |
Other assets |
|
26,087 |
|
29,493 |
Total assets |
$ |
594,142 |
$ |
679,066 |
Liabilities and Stockholders’ Equity
(Deficit)
Current liabilities |
|
|
|
|
Accounts payable |
$ |
17,361 |
|
$ |
24,186 |
|
Accrued expenses and other current liabilities |
|
59,762 |
|
|
59,456 |
|
Accrued compensation |
|
10,209 |
|
|
9,508 |
|
Deferred revenue |
|
8,998 |
|
|
11,460 |
|
Total current liabilities |
|
96,330 |
|
|
104,610 |
|
Debt, non-current |
|
13,960 |
|
|
13,960 |
|
Sponsor earn-out liability |
|
3,331 |
|
|
7,624 |
|
Lease liabilities |
|
22,187 |
|
|
22,997 |
|
Other liabilities |
|
43,900 |
|
|
50,537 |
|
Total liabilities |
|
179,708 |
|
|
199,728 |
|
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
|
Common stock |
|
22 |
|
|
22 |
|
Additional paid-in capital |
|
2,754,115 |
|
|
2,736,647 |
|
Accumulated deficit |
|
(2,339,703 |
) |
|
(2,257,331 |
) |
Total stockholders' equity (deficit) |
|
414,434 |
|
|
479,338 |
|
Total liabilities and stockholders’ equity (deficit) |
$ |
594,142 |
|
$ |
679,066 |
|
VIEW, INC.Condensed
Consolidated Statements of Cash Flow(unaudited) (in
thousands)
|
|
Q1 2022 |
|
Q1 2021 |
Cash flows from operating activities: |
|
|
|
|
Net loss |
$ |
(82,372 |
) |
$ |
(74,035 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
5,951 |
|
|
7,029 |
|
Loss on extinguishment of debt |
|
- |
|
|
10,018 |
|
Gain on fair value change, net |
|
(4,381 |
) |
|
(7,413 |
) |
Stock-based compensation |
|
17,468 |
|
|
10,463 |
|
Other |
|
329 |
|
|
488 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
|
665 |
|
|
166 |
|
Inventories |
|
(3,540 |
) |
|
(651 |
) |
Prepaid expenses and other current
assets |
|
520 |
|
|
143 |
|
Other assets |
|
1,914 |
|
|
32 |
|
Accounts payable |
|
(896 |
) |
|
(4,685 |
) |
Deferred revenue |
|
(2,462 |
) |
|
1,571 |
|
Accrued compensation |
|
701 |
|
|
(439 |
) |
Accrued expenses and other
liabilities |
|
(5,171 |
) |
|
(13,025 |
) |
Net cash used in operating
activities |
|
(71,274 |
) |
|
(70,338 |
) |
Cash flows from investing activities: |
|
|
|
|
Purchases of property and equipment |
|
(9,137 |
) |
|
(2,679 |
) |
Net cash used in investing
activities |
|
(9,137 |
) |
|
(2,679 |
) |
Cash flows from financing activities: |
|
|
|
|
Repayment of revolving debt facility |
|
- |
|
|
(257,454 |
) |
Payments of obligations under finance leases |
|
(134 |
) |
|
(212 |
) |
Proceeds from issuance of common stock upon exercise of stock
options |
|
- |
|
|
382 |
|
Proceeds from reverse recapitalization and PIPE financing |
|
- |
|
|
815,184 |
|
Payment of transaction costs related to reverse
recapitalization |
|
- |
|
|
(41,655 |
) |
Net cash provided by (used in) financing
activities |
|
(134 |
) |
|
516,245 |
|
Net (decrease) increase in cash, cash equivalents and restricted
cash |
|
(80,545 |
) |
|
443,228 |
|
Cash, cash equivalents, and restricted cash, beginning of
period |
|
297,543 |
|
|
74,693 |
|
Cash, cash equivalents, and restricted cash, end of
period |
$ |
216,998 |
|
$ |
517,921 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
Cash paid for interest |
$ |
21 |
|
$ |
19,329 |
|
Non-cash investing and financing activities: |
|
|
|
|
Conversion of redeemable convertible preferred stock to common
stock |
$ |
- |
|
$ |
1,812,678 |
|
Conversion of redeemable convertible preferred stock warrants to
common stock warrants |
$ |
- |
|
$ |
7,267 |
|
Common stock issued in exchange for services associated with the
reverse recapitalization |
$ |
- |
|
$ |
7,500 |
|
Change in accounts payable and other liabilities related to
purchase of property and equipment |
$ |
(7,344 |
) |
$ |
(967 |
) |
VIEW, INC.Selected Financials and
Reconciliation of GAAP Measures to Non-GAAP
Measures(unaudited) (in thousands) |
|
|
|
|
|
|
|
|
Q1 2022 |
|
Q1 2021 |
|
Revenue |
|
|
|
|
|
Revenue |
$ |
17,012 |
|
$ |
9,769 |
|
|
|
|
|
|
|
|
Cost of
Revenue |
|
|
|
|
|
GAAP Cost of Revenue |
$ |
40,562 |
|
$ |
36,179 |
|
|
Stock-Based Compensation |
|
(363 |
) |
|
(879 |
) |
|
Non-GAAP Cost of Revenue |
$ |
40,199 |
|
$ |
35,300 |
|
|
|
|
|
|
|
|
R&D
Expense |
|
|
|
|
|
GAAP R&D Expense |
$ |
19,695 |
|
$ |
16,570 |
|
|
Stock-Based Compensation |
|
(69 |
) |
|
(914 |
) |
|
Non-GAAP R&D Expense |
$ |
19,626 |
|
$ |
15,656 |
|
|
|
|
|
|
|
|
SG&A
Expense |
|
|
|
|
|
GAAP SG&A Expense |
$ |
42,959 |
|
$ |
21,700 |
|
|
Stock-Based Compensation |
|
(17,036 |
) |
|
(8,670 |
) |
|
Non-GAAP SG&A Expense |
$ |
25,923 |
|
$ |
13,030 |
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
GAAP Net and Comprehensive
Loss |
$ |
(82,372 |
) |
$ |
(74,035 |
) |
|
Stock-Based Compensation |
|
17,468 |
|
|
10,463 |
|
|
Gain on Fair Value Change, net |
|
(4,381 |
) |
|
(7,413 |
) |
|
Loss on Extinguishment of Debt |
|
- |
|
|
10,018 |
|
|
Non-GAAP Net Loss |
$ |
(69,285 |
) |
$ |
(60,967 |
) |
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
GAAP Loss from Operations |
$ |
(86,204 |
) |
$ |
(64,680 |
) |
|
Stock-Based Compensation |
|
17,468 |
|
|
10,463 |
|
|
Non-GAAP Loss from
Operations |
|
(68,736 |
) |
|
(54,217 |
) |
|
Depreciation and Amortization |
|
5,951 |
|
|
7,029 |
|
|
Adjusted EBITDA |
$ |
(62,785 |
) |
$ |
(47,188 |
) |
|
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