Artificial Intelligence
View, Inc. Provides Update on Audit Committee Independent Investigation and 2021 Revenue Guidance
MILPITAS, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) — View, Inc. (NASDAQ: VIEW, “View”), the leader in smart building technologies, today provided an update on its previously disclosed Audit Committee independent investigation, an update on 2021 revenue guidance and the Company’s continuing business momentum.
Audit Committee Substantially Completes its Independent Investigation
The Audit Committee of View’s Board of Directors has now substantially completed its independent investigation and has concluded that the Company’s previously reported liabilities associated with all warranty-related obligations and the cost of revenue associated with the recognition of those liabilities were materially misstated. As a result, the Company will be restating its previously issued 2019 and 2020 annual and certain unaudited interim financial statements and its Q1 2021 and 2020 unaudited interim financial statements.
As of March 31, 2021, the Company had previously reported warranty-related accrual of $22 million to cover its expected obligations over the course of the ten-year product warranty period. Following the Audit Committee independent investigation, the Company now expects to restate its warranty-related accrual as of March 31, 2021, to an amount in the range of $40 to $58 million over the course of the same ten-year product warranty period.
Similarly, the Company expects to restate its warranty-related accrual to an amount in the range of $46 to $70 million as of December 31, 2019, compared to the previously recorded amount of $26 million and $38 to $55 million as of December 31, 2020, compared to the previously recorded amount of $23 million. These ranges reflect the company’s estimates of its obligations over the course of the ten-year warranty periods, and are based on management judgments, statistical model, and contemporaneous information. For further details regarding the findings from the independent investigation, the misstatement of the warranty liability estimates, and changes in Directors and Officers, please see the company’s current report on Form 8-K, filed on November 9, 2021.
The Company plans to file its Quarterly Reports for the second and third quarters of fiscal year 2021 and to issue its restated financial statements with the SEC as soon as practicable.
Following the Audit Committee’s independent investigation, Harold Hughes, a View board member since June 2013 and former CFO of Intel was appointed as Executive Chairman of View on November 8, 2021. Harold will work closely with the management team to recruit a new CFO and to build the financial systems and controls needed to scale View into a world-class company.
Amy Reeves, View’s Chief Accounting Officer, will serve as our interim CFO and will work closely with Harold. Amy joined View in June 2021. Prior to joining View, Amy spent over 19 years at Wright Medical Group N.V. in various financial and accounting roles of increasing responsibility, most recently as Global Controller from 2019 until June 2021. Prior to joining Wright Medical, Amy was an accountant in the auditing division of Arthur Andersen, LLP. Amy holds a bachelor’s degree in accounting and a master’s degree in accounting from the University of Mississippi and is a Certified Public Accountant.
“Today, we announced the substantial completion of the Audit Committee independent investigation relating to the previously disclosed warranty-related accrual. We are hard at work to file updated financial statements as soon as practicable. Further, we are taking the appropriate steps to strengthen our finance and accounting organizations to institute additional checks and balances. I am pleased Harold is joining us in this effort alongside our Interim CFO, Amy Reeves. Strong governance is core to our journey as a public company and we are committed to learning from this and will emerge stronger as a company,” said Dr. Rao Mulpuri, CEO of View.
Update on the Business and 2021 Guidance
- Management is providing updated revenue guidance in the range of $65 to $70 million, representing greater than 100% year-over-year growth. This revenue includes new product offerings such as View Immersive Experience, View Net, View Sense, View Smart Window assembly and installation services, and IoTium Security Suite.
- View completed the acquisition of IoTium, the leading provider of secure, cloud-managed, software defined IoT networks, which strengthens View’s intelligent building platform to accelerate the digital transformation of buildings.
- The company’s cash position was $373 million as of September 30, 2021. View continued to invest in capital equipment in Q3 and to fully ramp manufacturing capacity ahead of growing customer demand and higher production volumes.
Recent Business Highlights and Key Customer Announcements
“The real estate industry is going through massive advances in sustainability, user experience, human health, and digital transformation. We have several exciting products that provide significant benefits to society and our customers continue to return for repeat business. View has won and delivered many notable projects in the quarter across key verticals including office, multifamily residential, hotels, education, and life sciences. We are projecting over 100% revenue growth this year, and expect to have continued, sustained strong growth well into the future,” said Dr. Rao Mulpuri, CEO of View.
A complete highlights of customer announcements in Q3 to current:
- On November 2, 2021, View announced (link) that its smart windows were selected to be installed at the brand-new Martire Family Sports Arena at Sacred Heart University in Fairfield, Connecticut. This is the first skating arena in the world with smart windows, as View continues its expansion and transformation of the education and campus vertical.
- On October 28, 2021, View announced (link) that its smart windows and displays were selected and to be installed at Parque Kirkland, a new mixed-use multifamily residential in the Seattle Area for repeat customer Henbart LLC. View Smart Windows will help contribute to Parque Kirkland’s LEED Gold certification following the installation of View Smart Windows at Henbart’s Lake Union office building, which achieved LEED Gold certification upon its renovation.
- On October 12, 2021, View announced (link) that its smart windows have been selected for Fremont Bank’s new state-of-the-art headquarters in Fremont, CA, part of the Bay Area’s Tri-City market. Aesthetically, the floor-to-ceiling View Smart Windows in Fremont Bank’s six-story Class A office building will be a prominent feature of the downtown Fremont revitalization and will enhance the work environment.
- On October 7, 2021, View announced (link) that its smart windows have been selected for a new large-scale residential development in St. Catharines, Ontario. Built by Nickel Developments, Ltd, Carlisle Square will be a 200,000 square foot, 18-storey tower with 228 residential units and mixed-use retail space. View Smart Windows will enclose Carlisle Square and will help elevate downtown St. Catharines as a leader in wellness and sustainability.
- On October 5, 2021, View announced (link) continued aviation sector expansion as its smart windows have been commissioned at Memphis International Airport as part of a $245M modernization program. Multiple studies have shown that natural light improves passenger experience and contributes to higher revenue for airport retailers.
- On September 30, 2021, View announced (link) that its smart windows have been commissioned at the Ah Haa School for the Arts, a newly constructed community art and event center in Telluride, Colorado. The town of Telluride is “dark sky” compliant, mandating that no light spill can enter the area at night from local buildings. View Smart Windows intelligently adjust their tint at night to prevent light spill into the community and enable the school to meet the town’s requirements.
- On September 22, 2021, View announced (link) that its smart windows have been commissioned at NTT’s new innovation headquarters in Sunnyvale, CA. The property, developed and owned by leading developer Hines, will be leveraged to expand NTT’s presence in Silicon Valley. View Smart Windows is a key amenity that will help NTT attract and retain top-tier talent and provide a healthy, comfortable workspace for employees.
- On September 16, 2021, View announced (link) that its smart windows have been selected for Callan Ridge campus, a new life science project under development by Healthpeak Properties, a market leader in life sciences in the Torrey Pines submarket of San Diego. In the heart of the Torrey Pines Science Park, Callan Ridge will be a Class-A, two-building campus totaling 185,000 square feet and is 100% pre-leased to Turning Point Therapeutics. Callan Ridge represents Healthpeak’s second life science development to feature View Smart Windows, following the campus-wide installation at The Boardwalk, a class-A lab and creative office project that delivered this summer.
- On September 9, 2021, View announced (link) that its smart windows have been commissioned at the new corporate headquarters in Vancouver for Fast + Epp, a world leader in mass-timber structural engineering and design. Fast + Epp included View Smart Windows to improve the building’s energy-efficiency, maximize usable floor space, and enhance the productivity and wellbeing of Fast + Epp employees. Fast + Epp is the structural engineering firm for Walmart’s Home Campus in Bentonville, AR, which has begun shipping View Smart Windows.
- On September 7, 2021, View announced (link) that its smart windows have been commissioned at the newly opened five-star, 14-storey Versante Hotel in Richmond, BC by owner developer Sunwins Enterprise Ltd. Each of Versante’s 100 luxury rooms and suites include floor-to-ceiling View Smart Windows redefining the hospitality industry standard.
- On September 2, 2021, View announced (link) that its smart windows were selected and have been installed at 410 Motor Parkway in Long Island, a new 35,000-square-foot mixed-used office building. Part of the new Long Island Innovation Park at Hauppauge, the building is Long Island’s first office to feature View Smart Windows.
- On August 10, 2021, View announced (link) that its smart windows are being installed at 80 Bond Street in Oshawa, Ontario, a new 304,394-square-foot luxury multi-family project being spearheaded by Atria Development Corp. The property, located in the heart of the Greater Toronto Area, will be the first large-scale installation of View Smart Windows in a multi-family building in Canada, a milestone that aligns with the country’s aggressive sustainability goals.
- On August 4, 2021, View announced (link) that its smart windows will be installed at The Current, River North, a 235,000-square-foot, Class-A office building designed to promote tenant health, wellbeing and productivity. The development, a joint venture between Schnitzer West, LLC and Craft Companies, represents the second View project for Schnitzer West.
- On July 12, 2021, View announced (link) that its smart windows are being installed at the new overbuild at 100 Pearl Street, a Class-A office tower in the Financial District, Lower Manhattan. The design of the double-height, 24-foot all-glass penthouses are made possible by View Smart Windows, which use artificial intelligence to tint automatically, optimizing natural light and views of the outdoors while minimizing heat and glare.
- On July, 8 2021, View announced (link) it has acquired IoTium, the leading provider of secure, cloud-managed, software defined IoT networks. The acquisition elevates View’s intelligent building platform to accelerate the digital transformation of buildings. By incorporating IoTium technology into the View Net product, View strengthens our systems enterprise grade security offering, while improving cloud-to-edge, multi-tenant functionality.
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 the outcome of the Audit Committee investigation, the completion of matters necessary to permit the filing of quarterly reports on Form 10-Q for the second and third quarters of fiscal year 2021, and to issue restated financial statements. Forward-looking statements also include statements concerning revenue growth or expectations, the market adoption of View products, or View’s financial expectations, as well as words or phrases like “as soon as possible,” “as soon as practicable,” “expects,” “anticipates,” “predicts,” “timely,” or similar words that may be forward looking, or other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. 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 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. View’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 23, 2021, which is incorporated by reference into its Current Report on Form 8-K filed on March 12, 2021.View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
About View
View 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 the sun, 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 improve indoor cellular coverage, enhance building security, and reimagine the occupant experience. View is installed and designed into more than 92 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels, and multi-family residences. For more information, please visit: www.view.com.
Contacts:
For Investors:
Samuel Meehan
View, Inc.
[email protected]
408-493-1358
SHANGHAI, Sept. 20, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei Cloud hosted a Summit themed “One Step to Intelligence, One Leap to Excellence”, gathering global industry leaders to explore the intelligent transformation trend, share pioneering cases, and assist customers in their journey to cloud-based operational excellence. At the summit, Huawei Cloud and global customers, unveiled the Data Center-to-Cloud solution and the PRIME Framework white paper.
Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, said: “Customers’ support enables us to innovate with finance, retail, autonomous driving, the Internet and many other sectors. By combining cutting-edge technologies with industry know-how, Huawei Cloud paves your way to digital and intelligence.”
Kevin Gao, President of Huawei Cloud Public Cloud Business, presented a keynote speech “One Step to Intelligence, One Leap to Excellence”. He outlined three critical factors for accelerating cloud migration and AI use: global infrastructure, continuous technological innovation, and lean operations.
In terms of global infrastructure, Huawei Cloud’s global infrastructure, KooVerse, offers extensive coverage, exceptional experience, and excellent quality. With 33 Regions and 93 Availability Zones (AZs) worldwide, Huawei Cloud supports over 10,000 customers in achieving business globalization. Huawei Cloud has interconnected with over 2,400 peers of global carriers, ensuring one hop to cloud and global business deployment for customers. Huawei Cloud data centers achieve Tier IV reliability.
Technological innovation is at the heart of Huawei Cloud’s mission to accelerate enterprise transformation. At this summit, three key areas were highlighted: compute upgrade, data-AI convergence, and application innovation.
The Data Center-to-Cloud solution released by Gao offers data center facilities, intelligent O&M, and DCN as a service, allowing customers to easily relocate and run dedicated compute resources on Huawei Cloud.
Huawei Cloud’s Ascend AI Cloud Service enables training jobs to run non-stop up to 40 days, shortens the fault recovery time to 10 minutes, and increases the linear scalability to 90% (the industry average are 2.8 days, 60 minutes, and 80%, respectively).
Huawei Cloud’s deterministic operations system has been adopted by over 300 global customers, maintaining a strong security record with zero intrusions and zero data breaches.
DeFacto from Türkiye leverages Huawei Cloud’s cloud native solution with Cloud Container Engine (CCE) and streamlines their services.
Huawei Cloud helps Chery to deploy, use, and manage the cloud. Currently, Huawei Cloud nodes in more than 10 countries and regions are providing services for Chery.
NavInfo has adopted Huawei Cloud’s R&D expertise and CodeArts software development pipeline to establish efficient development management standards and efficiency measurement systems.
Kingsoft and Huawei Cloud have collaboratively developed an excellence framework to optimize cost management.
Tencent Music’s Tianqin Lab has developed the MUSELight AI model acceleration framework, utilizing Huawei Cloud’s Ascend AI Cloud Service.
At the end of the summit, Huawei Cloud and global customers jointly released the Enterprise Excellence PRIME Model White Paper. This white paper offers a reference framework for enterprises to leap to excellence with digital and intelligent technologies.
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Artificial Intelligence
Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM with around 500K AMRs shipment by 2030 – LogisticsIQ
NEW DELHI, Sept. 20, 2024 /PRNewswire/ — The global Autonomous Mobile Robots (AMRs) market is poised for significant growth, driven by increasing demand for automation across various sectors, including logistics, manufacturing, and healthcare. According to the latest market research by LogisticsIQ (5th Edition), Autonomous Mobile Robots (AMR) Market to cross $10 Billion TAM by 2030 with a CAGR of ~30% between 2024 and 2030. We expect the installed base of AMRs to reach 2 million units in 2030.
Download a Free Sample of our report on Autonomous Mobile Robots Market
Key Market Drivers
Increased Efficiency: Businesses are rapidly adopting AMRs to enhance operational efficiency, reduce labour costs, and streamline workflows.Labor Shortages: The ongoing labour shortages in various industries have accelerated the need for automated solutions, making AMRs a crucial investment for companies.Technological Advancements: Innovations in artificial intelligence (AI), machine learning, and sensor technology are making AMRs more capable and reliable.Growing E-Commerce: The rise of e-commerce has created a demand for efficient warehouse management solutions, further boosting the AMR market.Regional Insights
North America leads the AMR market, accounting for the largest share due to the early adoption of automation technologies. Meanwhile, the Asia-Pacific region, especially China is expected to witness the fastest growth, fuelled by rapid industrialization and increasing investments in smart factories. US and China are going to contribute ~40% of this market by 2030.
Industry Applications
Autonomous mobile robots are being utilized in various applications, including:
Warehouse Automation: AMRs enhance inventory management and order fulfillment processes. This industry is expected to lead with more than 75% share by 2030.Manufacturing: Robots facilitate material handling and assembly line operations. Traditionally, it has been dominated by AGVs but are getting replaced by AMRs due to more flexibility and scalability features.Healthcare: AMRs assist in transporting medical supplies, improving patient care and operational efficiency. It is a niche market but high growing area to focus further.Purchase the full report on the Autonomous Mobile Robots Market – Growth, Trends, and Forecast
Top Factors & Challenges in the Autonomous Mobile Robots Market
Top Factors Driving Growth
Increased Demand for Automation: Businesses across industries are increasingly seeking automation to enhance efficiency and reduce operational costs.Technological Advancements: Innovations in AI, machine learning, and sensor technologies improve the capabilities and reliability of AMRs, making them more attractive to businesses.Labor Shortages: Ongoing labour shortages, especially in sectors like logistics and manufacturing, are pushing companies to adopt AMRs to maintain productivity.Growth of E-Commerce: The surge in online shopping requires efficient warehouse and logistics solutions, driving the adoption of AMRs for inventory management and order fulfillment.Improved Safety Standards: AMRs can reduce workplace accidents by taking over hazardous tasks, leading to safer working environments.Customization and Scalability: Many AMR solutions offer customizable features that allow businesses to scale operations according to their specific needs.Top Challenges
High Initial Costs: The upfront investment for AMRs can be substantial, which may deter smaller businesses from adoption.Integration with Existing Systems: Integrating AMRs into current operational workflows and legacy systems can be complex and resource-intensive.Regulatory Compliance: Navigating regulatory requirements and safety standards can pose challenges, especially in highly regulated industries.Limited Awareness and Understanding: Some businesses may lack knowledge about AMR technology and its potential benefits, hindering adoption.Technical Limitations: While technology is advancing, AMRs may still struggle with navigating complex environments or handling unexpected obstacles.Cybersecurity Concerns: As AMRs become more connected, they may be vulnerable to cybersecurity threats, requiring robust security measures.Know more about Autonomous Mobile Robots Market – Top Players, Cost Analysis, Competition, and Customer Expectation
What will you get in this report?
500 Pages and 160+ Exhibits Market ReportRevenue and Shipment data segmented:By form factor (Deck-load, Tugger/Pull, Forklift)By Navigation (Tape/Wire/Magnet, Reflector, QR Codes, LiDAR, Camera, Sensor, Fusion)By Function (Goods to person (G2P), Person to Goods (P2G), Conveying, Piece picking, Towing, Pallet Handling)By Application (Manufacturing, Logistics and Warehousing, Shipping, Delivery, Cleaning, Security, Hospital, Retail)Detailed excel file with 150+ market tables (Revenue and Shipment) including forecast till 2030A bottom-up analysis of Autonomous Mobile Robots Market for 19 countries (United States, Canada, Germany, UK, France, Italy, Spain, Nordics, China, Japan, South Korea, Australia, India, Taiwan, Thailand, Malaysia, Singapore, Indonesia, Phillippines) in 5 regionsIn-depth analysis of 700 companies in the ecosystem with more than 160 company profiles.Focus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis. Stakeholders include components and technology providers, system integrators, robot manufacturers (OEM/ODM), robotic software & service providers, and end-user industry verticals. Apart this, study also focuses on different components and integral parts of Autonomous Mobile Robots like Motion Control, Batteries & Chargers, Cameras / Vision Sensor, LiDAR, Sensor Fusion, QR Code and Wireless Communication.2 Analyst Sessions to brainstorm furtherInvestment details excel file with 175+ M&A and ~1000 funding dealsLogisticsIQ™ Exclusive Market Map (700+ Players across more than 15 categories)About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
Media Contact
Name: Sunny M.Email: [email protected]: +91-952-918-4938
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SHANGHAI, Sept. 20, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, Executive Director of the Board of Huawei and CEO of Huawei Cloud Zhang Ping’an delivered a keynote speech “Thrive with the Cloud: Reshaping Industries with AI”. Zhang states that enterprises must seize opportunities in the intelligent era and use AI to build competitive advantages. The key is to adopt an AI-native mindset now.
First, enterprises should actively embrace AI, open up industry scenarios, and develop enterprise AI platforms. This will enable AI to serve their core business. Today, Huawei Cloud Pangu Models have been applied in more than 30 industries and 400 scenarios.
Second, AI computing power is critical. Enterprises need to build AI-native cloud infrastructure that matches their requirements. Zhang officially released CloudMatrix to interconnect and pool all resources including CPUs, NPUs, DPUs and memory. It marks an evolution from monolithic to matrix compute. CloudMatrix comprises an AI-native cloud infrastructure in which everything can be pooled, peer-to-peer, and composed, providing enterprises with abundant AI computing power.
Third, data quality determines the effectiveness of AI models. We need to build knowledge-centric data foundations to enable data to serve AI better. Huawei Cloud has fully upgraded DataArts to provide customers with AI-oriented and knowledge-centric data foundations. The updated features include AI+data convergence engines, data development and governance, knowledge services, and AI+data application enablement services.
Fourth, build suitable AI models based on business applications. We must abandon the misconception that larger models are better. It is not feasible to address all needs with just one foundation model. Pangu Models 5.0 are available in different sizes, with parameters in the billions, tens of billions, hundreds of billions, and trillions. The complete series of Pangu models meet practically all business application needs.
In addition, Huawei Cloud’s Pangu 5.0 models enhance spatiotemporal controllable generation (STCG) in the field of multimodal generation. For autonomous driving，the Pangu model can generate driving scenarios that accurately mirror the physical world. It can generate videos that reflect normal driving scenarios, random road conditions and accidental and aggressive driving, allowing automotive enterprises to train autonomous driving more efficiently.
Huawei Cloud officially released the Mainframe-to-Cloud Solution, designed to help customers develop new core systems on the cloud with high availability, easy O&M, and better agility, helping customers achieve 99.999% financial-grade high availability. Currently, most banks in China have chosen Huawei to build their new core systems on the cloud.
Tao Jingwen, Huawei’s Director of the Board and President of the Quality, Business Process & IT Mgmt Dept, recounted Huawei’s digital transformation journey. Huawei has developed a methodology, which can be broken down into three layers, five phases, and eight steps. The three layers are redefining intelligent business, AI model development and delivery, and ongoing optimization of intelligent applications. The five phases are identifying suitable scenarios, reshaping processes, transforming organizations, optimizing corporate data, and adopting AI applications.
Bruno Zhang, CTO of Huawei Cloud, presented insights on how Huawei Cloud is leveraging AI to reshape data centers, infrastructure, and cloud services. He also addressed the construction of an AI-native cloud designed to accelerate intelligence in industries. The “1+N” Pangu assistant system, unveiled by Mr. Zhang, signifies a new era in cloud service interaction. The system includes Pangu Doer, and the myriad use cases in product R&D, data analytics, security, and office collaboration, where Pangu models are trained using the scenario-specific data, know-how, and practices to enhance cloud services and boost efficiency with tailored AI.
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