Artificial Intelligence

View, Inc. Reports First Quarter 2021 Financial Results

Published

3 years ago

May 12, 2021

MILPITAS, Calif., May 12, 2021 (GLOBE NEWSWIRE) — View, Inc. (NASDAQ: VIEW), the leader in smart windows, announced financial results for the first quarter 2021.

First Quarter 2021 Highlights:

GAAP revenue of $11.8 million, a 29% increase from Q1 2020 and a 52% increase from Q4 2020.
GAAP cost of revenue of $29.9 million, a 16% improvement from Q1 2020 and a 5% improvement from Q4 2020 due to production efficiencies.
GAAP operating expenses of $37.1 million, a 16% improvement from Q1 2020 driven by cost controls, and a 10% increase over Q4 2020 related to growth initiatives and IPO preparations.
GAAP loss from operations of ($55.1) million, a 22% improvement compared to Q1 2020 and 4% improvement from Q4 2020.
Non-GAAP Adjusted EBITDA of ($37.8) million, a 31% improvement compared to Q1 2020 reflecting higher revenues, improved factory costs and streamlined operating expenses. Non-GAAP Adjusted EBITDA improvement of 11% over Q4 2020.
Completed initial public offering raising gross proceeds of $815.2 million; now trading on the NASDAQ under the ticker “VIEW.”
Retired existing debt facility and accrued interest of $276.8 million and ended the quarter with $506.5 million of cash on balance sheet.

“In the first quarter of 2021, we saw continued increase in market adoption of our products. We are also experiencing an increase in activity as our customers start preparing to return to a more normal course of business later this year,” said Dr. Rao Mulpuri, Chairman and CEO of View.

“We are proud of our accomplishments to date, and we are excited to start our journey as a public company. We continue to invest in technology to transform the real estate industry in order to improve the user experience, drive the world’s sustainability goals, improve human health, and create tech enabled spaces. We are especially excited about the strong customer reception to our new products released in Q1 2021.”

Recent Business Highlights and Key Customer Wins
On April 30, 2021, View announced (link) Walmart reached an agreement with View for the expected purchase of $26 million of smart glass for use in their Home Office campus in Bentonville, AR. Home Office is Walmart’s new corporate office campus with 12 office buildings across 350 acres.

On March 16, 2021, View announced (link) its smart windows were selected to be installed in the expansion of Terminal 5 at Chicago’s O’Hare International Airport (ORD). The expansion is part of O’Hare 21, an $8.5 billion project to modernize the airport with Terminal 5 serving as the new home for Delta Air Lines in Chicago.

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.

On February 25, 2021, View announced (link) its smart windows were selected to 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.

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 2, 2021, View announced (link) that its smart windows were selected to be installed 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 are expected to be installed in more than 30 additional buildings.

On January 13, 2021, View announced (link) that its smart windows were selected to be installed in Dallas Fort Worth International Airport’s new expansion of Terminal D South, 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.

Full Year 2021 Outlook
Given the strong results in Q1 and increased market adoption, View remains confident in the company’s financial plan for 2021. View expects revenues for full year 2021 to be in the range of $70 to $80 million.

Accordingly, View continues to invest in the company’s operational capabilities by ramping manufacturing facility to 24×7 operation and investing in capital equipment and customer support capabilities.

The company’s recently announced new products are being deployed and began generating revenue in Q1 2021. These new products include View Net, View Sense and View Immersive Experience. View has a unique first-wire advantage to provide additional products and services on their smart building platform. View expects to continue to increase investments in R&D throughout 2021.

View is at the early stages in their journey to transform a major industry and excited about the opportunities to drive adoption of smart windows.

Conference Call and Webcast Details
View, Inc. will host a conference call to discuss its results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time the same day. The live webcast of the call can be accessed at the View, Inc. 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). Please ask to join the View, Inc. call. A replay of the conference call will be available until May 19, 2021, at 8:59 p.m. Pacific Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the View, Inc. 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). The replay access code is 13719178.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding revenue growth, market adoption of Company products, production capabilities, capital expenditures, and the Company’s 2021 financial expectations. These forward-looking statements are based on current expectations, estimates, assumptions, projections, and management’s beliefs, that are subject to change. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’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. The Company’s business is subject to a number of risks which are described more fully in View’s definitive proxy statement filed with the SEC on February 16, 2021, which is incorporated by reference into its Current Report on Form 8-K filed on March 12, 2021.The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About non-GAAP Financial Measures

In this press release, the Company presents certain non-GAAP financial information, 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. The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company’s performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. Reconciliations from GAAP to non-GAAP results is included in the financial statements contained in this release.

About View
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

Contacts:
Samuel Meehan
View, Inc.
Investor Relations
[email protected]
408-493-1358

VIEW, INC.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)

		Three Months Ended March 31,
		2021			2020

Revenue	$	11,805		$	9,167
Costs and expenses:
Cost of revenue		29,874			35,572
Research and development		15,658			21,258
Selling, general, and administrative		21,420			22,835
Total costs and expenses		66,952			79,665
Loss from operations		(55,147	)		(70,498	)
Interest and other income (expense), net
Interest income		5			445
Interest expense		(5,308	)		(5,285	)
Other expense, net		(1,442	)		(24	)
Gain on fair value change, net		7,413			4,427
Loss on extinguishment of debt		(10,018	)		–
Interest and other income (expense), net		(9,350	)		(437	)
Loss before provision of income taxes		(64,497	)		(70,935	)
Provision for income taxes		(5	)		(5	)
Net and comprehensive loss	$	(64,502	)	$	(70,940	)

Net loss per share, basic and diluted	$	(1.16	)	$	(42.82	)
Weighted-average shares used in calculation of net loss per share, basic and diluted		55,500,398			1,656,774

VIEW, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)

		March 31, 2021		December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	506,457	$	63,232
Accounts receivable, net		12,086		12,252
Inventories		7,134		6,483
Prepaid expenses and other current assets		6,793		6,881
Total current assets		532,470		88,848
Property and equipment, net		279,278		282,560
Restricted cash		10,464		10,461
Other assets		4,318		8,946
Total assets	$	826,530	$	390,815

Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit)

Current liabilities
Accounts payable	$	8,688		$	14,562
Accrued expenses and other current liabilities		17,085			36,480
Accrued compensation		13,305			14,665
Deferred revenue		2,543			2,111
Debt, current		–			247,248
Total current liabilities		41,621			315,066
Debt, non-current		15,430			15,430
Redeemable convertible preferred stock warrant liability		–			12,323
Sponsor earn-out liability		23,983			–
Other liabilities		34,051			36,731
Total liabilities		115,085			379,550

Redeemable convertible preferred stock		–			1,812,678
Stockholders’ equity (deficit):
Preferred stock		–			–
Common stock		22			–
Additional paid-in capital		2,667,127			89,789
Accumulated deficit		(1,955,704	)		(1,891,202	)
Total stockholders’ equity (deficit)		711,445			(1,801,413	)
Total liabilities redeemable convertible preferred stock, and stockholders’ equity (deficit)	$	826,530		$	390,815

VIEW, INC.
Condensed Consolidated Statements of Cash Flow
(unaudited)
(in thousands)

		Three Months Ended March 31,
		2021			2020
Cash flows from operating activities:
Net loss	$	(64,502	)	$	(70,940	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		6,055			6,201
Loss on extinguishment of debt		10,018			–
Gain on fair value change, net		(7,413	)		(4,427	)
Amortization of debt discount and other		488			586
Stock-based compensation		11,282			9,218
Net changes in operating assets and liabilities:		(26,266	)		20,011
Net cash used in operating activities		(70,338	)		(39,351	)
Cash flows from investing activities:
Purchases of property and equipment		(2,679	)		(19,355	)
Maturities of short-term investments		–			32,866
Net cash provided by (used in) investing activities		(2,679	)		13,511
Cash flows from financing activities:
Proceeds from draws related to revolving debt facility		–			34,615
Repayment of revolving debt facility		(257,454	)		(37,500	)
Repayment of other debt obligations		–			(1,714	)
Payments of obligations under capital leases		(210	)		(364	)
Proceeds from issuance of common stock upon exercise of stock options		382			149
Proceeds from reverse recapitalization		815,184			–
Payment of transaction costs related to reverse recapitalization		(41,657	)		–
Net cash provided by (used in) financing activities		516,245			(4,814	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		443,228			(30,654	)
Cash, cash equivalents, and restricted cash, beginning of period		74,693			148,674
Cash, cash equivalents, and restricted cash, end of period	$	517,921		$	118,020
Supplemental disclosure of cash flow information:
Cash paid for interest	$	19,329		$	1,492
Cash paid for income taxes		28			8
Non-cash investing and financing activities:
Change in accounts payable balance and other liabilities related to purchase of property and equipment	$	(967	)	$	(2,784	)
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	$	7,500		$	–

VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands)

	Three Months Ended
		Mar 31, 2021			Dec 31, 2020			Mar 31, 2020
Revenue
Revenue	$	11,805		$	7,763		$	9,167

Cost of Revenue
GAAP Cost of Revenue	$	29,874		$	31,285		$	35,572
Stock-Based Compensation		(940	)		(586	)		(542	)
Non-GAAP Cost of Revenue	$	28,934		$	30,699		$	35,030

R&D Expense
GAAP R&D Expense	$	15,658		$	19,146		$	21,258
Stock-Based Compensation		(976	)		(467	)		(2,908	)
Non-GAAP R&D Expense	$	14,682		$	18,679		$	18,350

SG&A Expense
GAAP SG&A Expense	$	21,420		$	14,611		$	22,835
Stock-Based Compensation		(9,366	)		(5,301	)		(5,768	)
Non-GAAP SG&A Expense	$	12,054		$	9,310		$	17,067

Loss from Operations
GAAP Loss from Operations	$	(55,147	)	$	(57,279	)	$	(70,498	)
Stock-Based Compensation		11,282			6,354			9,218
Non-GAAP Loss from Operations	$	(43,865	)	$	(50,925	)	$	(61,280	)

Net Loss
GAAP Net Loss	$	(64,502	)	$	(55,284	)	$	(70,940	)
Stock-Based Compensation		11,282			6,354			9,218
Gain on Fair Value Change		(7,413	)		(9,451	)		(4,427	)
Loss on Extinguishment of Debt		10,018			–			–
Non-GAAP Net Loss	$	(50,615	)	$	(58,381	)	$	(66,149	)

Adjusted EBITDA
GAAP Loss from Operations	$	(55,147	)	$	(57,279	)	$	(70,498	)
Stock-Based Compensation		11,282			6,354			9,218
Non-GAAP Loss from Operations		(43,865	)		(50,925	)		(61,280	)
Depreciation and Amortization		6,055			8,616			6,201
Adjusted EBITDA	$	(37,810	)	$	(42,309	)	$	(55,079	)

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EZVIZ unveils its groundbreaking H9c Dual-lens Smart Pan-and-tilt Camera series: a new paradigm for automated, all-round outdoor protection

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ezviz-unveils-its-groundbreaking-h9c-dual-lens-smart-pan-and-tilt-camera-series:-a-new-paradigm-for-automated,-all-round-outdoor-protection

By combining a pan-and-tilt panoramic lens and a fixed 180-degree wide-angle lens, one H9c Dual smartly secures large areas with performance better than that of two ordinary ones.
HOOFDDORP, Netherlands, May 6, 2024 /PRNewswire/ — EZVIZ, a leading global player in innovative smart home security, proudly introduces the H9c Dual series, its latest dual-lens outdoor pan-and-tilt cameras that redefine smart protection for homes and small businesses. With options in 2K and 3K resolutions, their groundbreaking design combines a sharp bullet camera and a flexible PT camera, addressing complex security needs effectively. The interlinked dual lenses work collaboratively to safeguard wide property areas, detect and track activities, and offer auto-patrol options for hands-free security.

“The H9c Dual challenges traditional outdoor cameras with unrivaled vision, unmatched automation, and high versatility for basically any scenario,” said Candice Tu, the lead product manager, “EZVIZ leads the way in the development and application of advanced dual-lens technology. This underlines our dedication to bringing cutting-edge technology within reach for practical, everyday situations.”
At the core of the H9c Dual is its groundbreaking dual-lens technology, highlighted by EZVIZ’s distinctive co-action function. The two lenses can work independently at two static viewing angles or act together as a team. When the fixed lens detects motions, the pan-and-tilt lens automatically rotates to track the same activity. This co-action function can also be manually controlled through the EZVIZ App.
The series addresses unnoticed blind spots by offering a 180-degree comprehensive view in a single frame, supplemented by the bottom PT lens for intricate close-ups. Both lenses, with high resolutions of 2K/3K, use built-in AI chips to detect people and vehicles in customizable zones, ensuring users are informed of crucial activities. Users can set up to four patrol spots for the PT lens to complete automatic rotations on a schedule.
Equipped with powerful LEDs, the H9c Dual provides color night vision up to 40 meters and warns potential trespassers with a loud siren and dazzling flashlight upon detection. Offering superior protection compared to a traditional two-camera system, the H9c is a breeze to set up thanks to its adaptable mounting design. Users can manage and control their H9c through the user-friendly EZVIZ App, and enjoy seamless integration with prevailing voice assistants and the larger EZVIZ ecosystem.
Learn more at www.ezviz.com.
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Red light therapy for repairing spinal cord injury passes milestone

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BIRMINGHAM, England, May 6, 2024 /PRNewswire/ — Patients with spinal cord injury (SCI) could benefit from future treatment to repair nerve connections using red and near-infrared light.

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Professor Ahmed said: “The effect of 660nm light was both neuroprotective, meaning it improved survival of nerve cells, and neuroregenerative, meaning it stimulated nerve cell growth.”
The researchers also investigated the effect of light therapy in preclinical models of SCI, using an implantable device and transcutaneous delivery with the light source placed against the skin. They showed comparable results for both methods, with a one-minute dose of 660nm light, delivered daily for seven days resulting in reduced tissue scarring, increased levels of proteins associated with nerve cell regeneration, improvements in the connections between cells and significant functional recovery.
This is the first time transcutaneous and direct light delivery have been compared in SCI. Professor Ahmed said: “To make light therapy viable for treating SCI in humans an implantable device will be required, to provide line of sight to damaged tissue and the opportunity for greater accuracy and standardise dosing without impedance due to the thickness of the skin and other tissues surrounding the spinal cord.”
The researchers are planning to develop an implantable device for use in humans with traumatic SCI. They have already received further funding and are seeking commercial partners or investors to develop a prototype device to take into first-in-man clinical trials.
Full release here.
University of Birmingham Enterprise helps researchers turn ideas into products and services that meet real-world needs. Follow us on LinkedIn and X.
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Media enquiries: Ruth Ashton
Commercial enquiries: Veemal Bhowruth

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TerraPay Continues to Attract Top Industry Talent, Names Hassan Chatila as Vice President and Global Head of Network

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LONDON, May 6, 2024 /PRNewswire/ — TerraPay, a leading global money movement company, is excited to announce the appointment of Hassan Chatila as Vice President – Global Head of Network.

This key addition to TerraPay’s global network leadership also marks a critical step in the company’s ongoing strategy to simplify and streamline global money movement for businesses and individuals alike, underscoring its commitment to enhancing its network capabilities.
With over 20 years of experience in the cross-border payments, Hassan brings with him a rich legacy of leadership and innovation. Before joining TerraPay, he served as the Global Head of Western Union’s Account Payout Network, where he played a pivotal role in expanding and optimizing the network to support seamless global transactions. His impressive career portfolio also includes key leadership roles at Earthport and Temenos, where he led significant payments transformation initiatives and drove substantial growth.
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Welcoming Hassan to the team, TerraPay Founder and CEO, Ambar Sur, said, “It gives me great pleasure to welcome Hassan on board. As an industry expert, he comes with a highly reputable cross-border payment expertise and deep leadership experience. On TerraPay’s journey of growth, Hassan’s appointment is a critical step in furthering our network expansion goals. I look forward to working together and further deepen TerraPay’s position as a global money movement leader.”
Hassan Chatila, VP – Global Head of Network, TerraPay, commented on his new role, saying, “I am thrilled to join TerraPay at this pivotal time. Over the years, TerraPay has built an expansive global money movement network driven by the mission to build a borderless world of payments. I look forward to leveraging my experience to further develop our network capabilities, create new opportunities across markets and help TerraPay achieve its ambitious goals.”
For media inquiries, please contact [email protected]
About TerraPay
TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
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