Artificial Intelligence
View, Inc. Announces 2020 Financial Results
MILPITAS, Calif., March 15, 2021 (GLOBE NEWSWIRE) — View, Inc. (Nasdaq: VIEW) (“View”) filed financial results for the full year 2020. Business highlights are detailed below:
“View exceeded our plan for the full year 2020. Now in the public markets, we are excited about building on that success,” said Dr. Rao Mulpuri, Chairman and CEO of View. “The company is poised for high growth with a strong balance sheet, exciting product offerings, growing customer base, and accelerating market adoption. We are well capitalized and excited about the future, as the world looks to build smart buildings that are more sustainable, experiential, and healthier.”
Recent Business Highlights On January 13, 2021, View announced (link) that its smart windows will be installed in Dallas Fort Worth International Airport’s new expansion of Terminal D, a project that adds four gates to the terminal and showcases DFW’s “Gate of the Future”. The expansion will be the first airport to deploy View’s latest smart building digital network, AI and machine learning powered environmental sensor modules, and transparent ultra-high-definition displays.
On February 2, 2021, View announced (link) that its smart windows have been selected into multiple buildings across Lake Nona, the 17-square-mile visionary community developed by Tavistock Development Company. View Smart Windows have already been installed in five buildings in Lake Nona across office, retail, and hospitality projects, and will be installed in more than 30 additional buildings. On February 18, 2021, View announced (link) that View Smart Windows are being installed at St. John’s Terminal, the 12-story, 1.3-million-square-foot, cutting-edge commercial office under development by Oxford Properties Group. This landmark Manhattan building will be the center of Google’s Hudson Square campus.
On February 25, 2021, View announced (link) its smart windows will be installed at 3.0 University Place, the 250,000-square-foot commercial lab and office building in the heart of Philadelphia’s innovation corridor. University Place Associates is partnering with Silverstein Properties and Cantor Fitzgerald to develop the state-of-the-art life science and commercial office space.
On March 1, 2021, View announced (link) the completion of 730 Third Avenue, a 665,000-square-foot, 27-story, office tower recently transformed through a $120 million renovation by Nuveen Real Estate, and its development advisor, Taconic Partners. TIAA, the parent company of Nuveen, owns 730 Third Ave and both firms will continue to be headquartered at the location.
Full Year 2020 Financial Highlights:
Forward-Looking Statements About non-GAAP Financial Measures The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
About View Contacts:
On December 21, 2020, View announced (link) that its smart windows have started shipping to the Epic II, a 23-story, 470,000-square-foot office under development by Westdale and KDC, located in Dallas, TX. The property, which is scheduled to be occupied in 2022, will serve as a regional hub for Uber, the worldwide ride-sharing technology leader.
VIEW, INC.
SELECT FINANCIALS AND RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except for per share data)
(unaudited)
2020
2019
$
32,302
$
24,324
Revenue
Cost of Revenue
GAAP Cost of Revenue
$
123,110
$
179,675
Stock-Based Compensation
2,240
3,084
Non-GAAP Cost of Revenue
$
120,870
$
176,591
R&D Expense
GAAP R&D Expense
$
69,491
$
77,696
Stock-Based Compensation
4,438
4,113
Non-GAAP R&D Expense
$
65,053
$
73,583
SG&A Expense
GAAP SG&A Expense
$
77,445
$
72,905
Stock-Based Compensation
22,254
21,879
Non-GAAP SG&A Expense
$
55,191
$
51,026
Loss from Operations
GAAP Loss from Operations
$
(237,744
)
$
(283,452
)
Stock-based Compensation
28,932
29,076
Loss (Income) from Legal Settlement
–
(22,500
)
Non-GAAP Loss from Operations
$
(208,812
)
$
(276,876
)
Net Loss
GAAP Net Loss
$
(256,982
)
$
(289,904
)
Stock-Based Compensation
28,932
29,076
Loss (Income) from Legal Settlement
–
(22,500
)
Non-GAAP Net Loss
$
(228,050
)
$
(283,328
)
Adjusted EBITDA
GAAP Loss from Operations
$
(237,744
)
$
(283,452
)
Stock-Based Compensation
28,932
29,076
Loss (Income) from Legal Settlement
–
(22,500
)
Non-GAAP Loss from Operations
$
(208,812
)
$
(276,879
)
Depreciation and Amortization
26,258
24,379
Adjusted EBITDA
$
(182,554
)
$
(252,497
)
Certain statements included in this announcement that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,” “potential,” “seem,” “seek,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this announcement. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of View. Factors that could cause actual future events to differ from the forward-looking statements in this announcement, include but are not limited to: volatility in the price of View’s securities, changes in competitive and regulated industries in which View operates, variations in operating performance across competitors, changes in laws and regulations affecting View’s business. changes in View’s capital structure, the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, the potential inability of View to increase its manufacturing capacity or to achieve efficiencies regarding its manufacturing process or other costs, the enforceability of View’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others, and the risk of downturns and a changing regulatory landscape in the highly competitive industry in which View operates. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement filed on Form S-4 and other documents that will be filed by View from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and View assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. View does not give any assurance that View will achieve its expectations.
To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP cost of revenues, non-GAAP research and development, non-GAAP selling, general and administrative, non-GAAP loss from operations, non-GAAP net loss, adjusted EBITDA.
View is a technology company and the market leader in smart windows. View Smart Windows use artificial intelligence to automatically adjust in response to the sun and increase access to natural light, to improve people’s health and experience in buildings, while simultaneously reducing energy consumption to mitigate the effects of climate change. Every View installation also includes a smart building platform that consists of power, network, and communication infrastructure. For more information, please visit: www.view.com
Samuel Meehan
View, Inc.
Investor Relations
[email protected]
408-493-1358
Artificial Intelligence
Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors
BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.
The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development.
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference.
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
Photo – https://mma.prnewswire.com/media/2518604/Changzhou.jpg
View original content:https://www.prnewswire.co.uk/news-releases/xinhua-silk-road-e-chinas-changzhou-city-unveils-investment-opportunities-in-sectors-of-new-productive-forces-for-global-investors-302261868.html
Artificial Intelligence
CGTN: China honors individuals with highest awards in celebration of 75th National Day
BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.
The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
View original content:https://www.prnewswire.co.uk/news-releases/cgtn-china-honors-individuals-with-highest-awards-in-celebration-of-75th-national-day-302261867.html
Artificial Intelligence
Kazakhstan Government Delegation Visited SUPCON
HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.
The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
Photo – https://mma.prnewswire.com/media/2518470/image_5022684_18905906.jpg Photo – https://mma.prnewswire.com/media/2518471/1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/kazakhstan-government-delegation-visited-supcon-302261857.html
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