View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in
smart building platforms and technologies, today announced
financial results for Q1 2023.
“The View team made significant progress towards our
profitability milestones in Q1 2023 despite the ongoing challenges
in the commercial real estate industry and the broader macro
environment. We took decisive actions to reduce our structural
fixed costs, improve efficiencies and position the Company for
success,” said Dr. Rao Mulpuri, CEO of View. “We anticipate strong
growth again for the full year 2023 with tailwinds provided by the
investment tax credit and strength in multifamily residential,
renovations and institutional business. We are laser focused on
building our business to profitability.”
Q1 2023 ResultsQ1 2023 revenue of $18 million
represents an 8% year-over-year increase from Q1 2022, primarily
due to growth in the Company’s Smart Building Platform, which
provides customers a vertically integrated smart window
solution.
Q1 2023 cost of revenues of $40 million represents a 1%
year-over-year decrease from Q1 2022. The decrease in cost of
revenues was driven by lower Factory fixed costs resulting from
cost savings initiatives put in place during 2022 and lower
inventory impairments, mostly offset by increased costs to support
the delivery of Smart Building Platform higher revenues.
View incurred $13 million in Research and Development
(“R&D”) expenses in Q1 2023, a decrease of 34% from Q1 2022.
The decrease in R&D expenses was primarily driven by cost
savings initiatives put in place during 2022 combined with the
completion of R&D projects following the roll out of our Gen4
IGU and network electronics.
View incurred $25 million in Selling, General and Administrative
(“SG&A”) expenses in Q1 2023, a 41% decrease from Q1 2022,
primarily due to lower legal and accounting spending on outside
services for costs related to the restatement that was completed in
the first half of 2022, lower Stock-Based Compensation expense, and
lower sales and marketing spend resulting from cost savings
initiatives put in place during 2022.
Operationalizing the Smart Window Investment Tax Credit
(ITC)As of January 1, 2023, View Smart Windows qualify for
the Investment Tax Credit (ITC), a 30% to 50% U.S. Federal tax
credit intended to drive widespread adoption of smart windows,
similar to solar, wind and stand-alone storage technologies.
During Q1 2023, View established an insurance policy to support
customers and enable the Company’s guarantee of the tax credit for
qualifying projects.
Full Year 2023 OutlookView announced full year
2023 revenue guidance in the range of $125 million to $150 million,
representing 36% year-over-year growth at the midpoint of the range
from 2022 revenues of $101 million.
Liquidity and FinancingAs previously disclosed,
View has taken steps to pursue greater efficiency and lower its
structural costs. The Company expects these actions to result in
annualized fixed cost and cash savings of approximately $50
million. In the coming year, View intends to continue its focus on
growing an efficient business as it progresses on its path to
profitability and raising additional capital to support this path.
Cash, cash equivalents and short-term investments were $130 million
as of March 31, 2023, compared to $198 million as of December 31,
2022. View believes its cash and cash equivalents and short-term
investments available as of March 31, 2023, will be sufficient to
fund its currently anticipated operating and capital requirements
into, but not through, the third quarter of 2023. To address its
cash needs, the Company is actively seeking additional sources of
capital and is currently in discussions with potential
investors.
As previously disclosed, the Company raised capital of $206.3
million, after deducting fees and offering expenses, during the
fourth quarter of 2022 through the issuance of Convertible Senior
Notes. While the Company has raised sufficient capital to fund
operations in the past, there can be no assurance that the
necessary additional financing will be available on terms
acceptable to the Company, or at all. If the Company is unable to
obtain adequate capital resources to fund operations, it would not
be able to continue to operate its business pursuant to the
Company’s current business plan and would need to pursue other
options, including further reducing spending, which could have a
material impact on its operations and its revenues, or it may
ultimately be forced to discontinue operations entirely.
Conference Call and Webcast DetailsView will
host a conference call to discuss its financial results at 1:30
p.m. Pacific Time / 4:30 p.m. Eastern Time on Tuesday, May 9th. A
live webcast of the call can be accessed on View’s Investor
Relations website at https://investors.view.com or through the
webcast link below. An audio replay of the webcast will be
available shortly after the call.
Title: View, Inc. First Quarter 2023 Financial Results
Conference Call Date/Time: May 9th, 2023, at 4:30 pm ET Webcast
Link: https://edge.media-server.com/mmc/p/jjxymfyx
Forward-Looking StatementsThis press release
and certain materials View files with 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,
2022. View undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date
hereof.
Financial Information; Non-GAAP Financial
MeasuresThis press release contains certain financial
information and data that was not prepared in accordance with
United States generally accepted accounting principles (“GAAP”).
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 those of 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 are included in
the financial statements contained in this release.
About ViewView is the leader in smart building
technologies that transform buildings to improve human health and
experience, reduce energy consumption and carbon emissions, and
generate additional revenue for building owners. View Smart Windows
use artificial intelligence to automatically adjust in response to
outdoor conditions, eliminating the need for blinds and increasing
access to natural light. Every View installation includes a
cloud-connected smart building platform that can easily be extended
to reimagine the occupant experience. View’s products are installed
in offices, apartments, airports, hotels, and educational
facilities. For more information, please visit: www.view.com.
For further information:View, Inc.
IR@View.com
VIEW, INC. |
Condensed Consolidated Statements of Comprehensive
Loss |
(unaudited) |
(in thousands, except share and per share data) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
18,348 |
|
|
$ |
17,012 |
|
Costs and expenses: |
|
|
|
Cost of revenue |
|
40,213 |
|
|
|
40,562 |
|
Research and development |
|
12,941 |
|
|
|
19,695 |
|
Selling, general, and administrative |
|
25,400 |
|
|
|
42,959 |
|
Restructuring costs |
|
4,249 |
|
|
|
— |
|
Total costs and expenses |
|
82,803 |
|
|
|
103,216 |
|
Loss from operations |
|
(64,455 |
) |
|
|
(86,204 |
) |
Interest and other expense
(income), net |
|
|
|
Interest expense, net |
|
3,161 |
|
|
|
197 |
|
Other expense, net |
|
162 |
|
|
|
328 |
|
Gain on fair value change, net |
|
(507 |
) |
|
|
(4,381 |
) |
Interest and other expense (income), net |
|
2,816 |
|
|
|
(3,856 |
) |
Loss before provision for
income taxes |
|
(67,271 |
) |
|
|
(82,348 |
) |
Provision for income
taxes |
|
18 |
|
|
|
24 |
|
Net and comprehensive
loss |
$ |
(67,289 |
) |
|
$ |
(82,372 |
) |
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.28 |
) |
|
$ |
(0.38 |
) |
Weighted-average shares used
in calculation of net loss per share, basic and diluted |
|
236,250,564 |
|
|
|
214,232,210 |
|
VIEW, INC. |
Condensed Consolidated Balance Sheets |
(unaudited) |
(in thousands) |
|
|
March 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
52,637 |
|
|
$ |
95,858 |
|
Short-term investments |
|
77,539 |
|
|
|
102,284 |
|
Accounts receivable, net of allowances |
|
29,937 |
|
|
|
42,407 |
|
Inventories |
|
17,980 |
|
|
|
17,373 |
|
Prepaid expenses and other current assets |
|
35,486 |
|
|
|
38,297 |
|
Total current assets |
|
213,579 |
|
|
|
296,219 |
|
Property and equipment,
net |
|
259,864 |
|
|
|
262,360 |
|
Restricted cash |
|
16,693 |
|
|
|
16,448 |
|
Right-of-use assets |
|
17,787 |
|
|
|
18,485 |
|
Other assets |
|
30,900 |
|
|
|
25,514 |
|
Total assets |
$ |
538,823 |
|
|
$ |
619,026 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
20,340 |
|
|
$ |
21,099 |
|
Accrued expenses and other current liabilities |
|
52,331 |
|
|
|
72,410 |
|
Accrued compensation |
|
12,744 |
|
|
|
9,799 |
|
Deferred revenue |
|
6,777 |
|
|
|
9,199 |
|
Total current liabilities |
|
92,192 |
|
|
|
112,507 |
|
Debt, non-current |
|
201,482 |
|
|
|
218,837 |
|
Sponsor earn-out
liability |
|
6 |
|
|
|
506 |
|
Lease liabilities |
|
18,693 |
|
|
|
19,589 |
|
Other liabilities |
|
45,458 |
|
|
|
47,095 |
|
Total liabilities |
|
357,831 |
|
|
|
398,534 |
|
Stockholders’ equity: |
|
|
|
Common stock |
|
25 |
|
|
|
23 |
|
Additional paid-in capital |
|
2,842,676 |
|
|
|
2,814,889 |
|
Accumulated deficit |
|
(2,661,709 |
) |
|
|
(2,594,420 |
) |
Total stockholders’ equity |
|
180,992 |
|
|
|
220,492 |
|
Total liabilities and stockholders’ equity |
$ |
538,823 |
|
|
$ |
619,026 |
|
VIEW, INC. |
Condensed Consolidated Statements of Cash
Flow |
(unaudited) |
(in thousands) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(67,289 |
) |
|
$ |
(82,372 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
5,771 |
|
|
|
5,951 |
|
Gain on fair value change, net |
|
(507 |
) |
|
|
(4,381 |
) |
Stock-based compensation |
|
11,192 |
|
|
|
17,468 |
|
Other |
|
5,210 |
|
|
|
329 |
|
Net changes in operating assets and liabilities |
|
(14,839 |
) |
|
|
(8,269 |
) |
Net cash used in operating activities |
|
(60,462 |
) |
|
|
(71,274 |
) |
Cash flows from investing
activities: |
|
|
|
Purchases of property and equipment |
|
(4,918 |
) |
|
|
(9,137 |
) |
Purchases of short-term investments |
|
(71,316 |
) |
|
|
— |
|
Maturities of short-term investments |
|
97,000 |
|
|
|
— |
|
Disbursement under loan receivable |
|
(3,001 |
) |
|
|
— |
|
Net cash used in investing activities |
|
17,765 |
|
|
|
(9,137 |
) |
Cash flows from financing
activities: |
|
|
|
Payment of debt issuance costs |
|
(228 |
) |
|
|
— |
|
Payments of obligations under finance leases |
|
(134 |
) |
|
|
(134 |
) |
Taxes paid related to the net share settlement of equity
awards |
|
(1,001 |
) |
|
|
— |
|
Net cash (used in) provided by financing
activities |
|
(1,363 |
) |
|
|
(134 |
) |
Net (decrease) increase in cash,
cash equivalents, and restricted cash |
|
(44,060 |
) |
|
|
(80,545 |
) |
Cash, cash equivalents, and
restricted cash, beginning of period |
|
114,165 |
|
|
|
297,543 |
|
Cash, cash equivalents,
and restricted cash, end of period |
$ |
70,105 |
|
|
$ |
216,998 |
|
Supplemental disclosure
of cash flow information: |
|
|
|
Cash paid for interest |
$ |
87 |
|
|
$ |
21 |
|
Non-cash investing
and financing activities: |
|
|
|
Payables and accrued liabilities
related to purchases of property and equipment |
$ |
504 |
|
|
$ |
1,315 |
|
Common stock issued upon vesting
of restricted stock units |
$ |
2,824 |
|
|
$ |
40 |
|
Common stock issued upon
conversion of Convertible Notes |
$ |
18,000 |
|
|
$ |
— |
|
VIEW, INC. |
Selected Financials and Reconciliation of GAAP Measures
to Non-GAAP Measures |
(unaudited) |
(in thousands) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Cost of
revenue |
|
|
|
GAAP cost of revenue |
$ |
40,213 |
|
|
$ |
40,562 |
|
Stock-based compensation |
|
(414 |
) |
|
|
(363 |
) |
Non-GAAP cost of
revenue |
$ |
39,799 |
|
|
$ |
40,199 |
|
|
|
|
|
Research and
development expense |
|
|
|
GAAP Research and development
expense |
$ |
12,941 |
|
|
$ |
19,695 |
|
Stock-based compensation |
|
(1,174 |
) |
|
|
(69 |
) |
Non-GAAP research and
development expense |
$ |
11,767 |
|
|
$ |
19,626 |
|
|
|
|
|
Selling, general, and
administrative expense |
|
|
|
GAAP selling, general, and
administrative expense |
$ |
25,400 |
|
|
$ |
42,959 |
|
Stock-based compensation |
|
(9,604 |
) |
|
|
(17,036 |
) |
Non-GAAP selling,
general, and administrative expense |
$ |
15,796 |
|
|
$ |
25,923 |
|
|
|
|
|
Net loss |
|
|
|
GAAP net loss |
$ |
(67,289 |
) |
|
$ |
(82,372 |
) |
Restructuring costs |
|
4,249 |
|
|
|
— |
|
Stock-based compensation |
|
11,192 |
|
|
|
17,468 |
|
Gain on fair value change, net |
|
(507 |
) |
|
|
(4,381 |
) |
Non-GAAP net loss |
$ |
(52,355 |
) |
|
$ |
(69,285 |
) |
|
|
|
|
Adjusted
EBITDA |
|
|
|
GAAP loss from operations |
$ |
(64,455 |
) |
|
$ |
(86,204 |
) |
Restructuring costs |
|
4,249 |
|
|
|
— |
|
Stock-based compensation |
|
11,192 |
|
|
|
17,468 |
|
Non-GAAP loss from
operations |
|
(49,014 |
) |
|
|
(68,736 |
) |
Depreciation and amortization |
|
5,771 |
|
|
|
5,951 |
|
Adjusted EBITDA |
$ |
(43,243 |
) |
|
$ |
(62,785 |
) |
View (NASDAQ:VIEWW)
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