Artificial Intelligence
View, Inc. Reports Full Year 2021 Financial Results
Full Year 2021 Highlights
- Record revenue of $74 million, up 125% year-over-year, and exceeding previous guidance range of $65 million to $70 million.
- GAAP cost of revenue of $195 million, up 61% year-over-year, which against revenue growth of 125% reflects our ability to leverage fixed costs over higher volumes.
- View launched its Smart Building Platform, delivering a full performance solution that includes a converged secure network infrastructure, Smart Glass panel, Smart Building Technologies, and end-to-end design and deployment services.
- View acquired IoTium, an edge-cloud security platform for smart buildings, in July 2021, and WorxWell, a user and building data analytics SaaS platform, in December 2021, both of which are complementary to View Smart Building Technologies offerings.
2022 Guidance
- View expects full year 2022 revenue to be in the range of $100 million to $110 million, reflecting continued momentum in volume growth, strong ASPs, and increased contribution from the View Smart Building Platform and Smart Building Technologies products.
Financial Restatement Summary Notes
- Restated warranty-related accruals are within ranges previously disclosed on November 9th, 2021.
- View has not identified any additional material misstatements.
- Nasdaq has granted View until June 30, 2022, to file its delinquent 10-K and 10-Q filings, which View expects to file with the SEC on or prior to that date.
MILPITAS, Calif., May 31, 2022 (GLOBE NEWSWIRE) — View, Inc. (Nasdaq: VIEW, “View” or the “Company”), a leading smart buildings platform and technologies company, today announced financial results for the full year 2021.
“2021 was a pivotal year for View, with challenges and many accomplishments as we continue to drive real estate industry transformation, improve human health, and address climate change. At the beginning of the year, we said that we would more than double revenues and we did just that, finishing the year with revenues of $74 million and 125% growth from the prior year,” said Dr. Rao Mulpuri, CEO of View.
“The restatement of our financials is a challenging process with many lessons learned, and we are building the foundations needed to emerge stronger as a company. I am proud of our team’s demonstration of the ‘View Spirit’ by staying focused and committed to supporting our customers and driving business growth.”
“The real estate industry is going through a once-in-a-lifetime change driven by sustainability, user experience, human health, and digital transformation. View is committed to this journey, and we intend to play a leadership role in driving this transformation,” Dr. Mulpuri said.
Completion of Audit Committee Investigation and Financial Restatement Process Update
As previously reported, the investigation by the Company’s Audit Committee into its previously reported warranty accrual is now complete and View is reporting financial results for the full year 2021 and restated financial results for prior years.
Outside of the previously reported misstatements in warranty-related accruals, no material misstatements have been identified by the Company.
The table below shows the results of changes to previously reported warranty-related accruals, which cover the Company’s expected obligations over the course of the ten-year product warranty period. These results are within the ranges for warranty-related accruals previously disclosed on November 9th, 2021.
| Warranty-related Accruals (unaudited) |
||||||
| As of December 31, | ||||||
| 2021 | 2020 | 2019 | ||||
| Warranty-related accrual as previously reported | $23 million | $25 million | ||||
| November 2021 guidance range | $38 to 55 million | $46 to 70 million | ||||
| Restated warranty-related accrual | $42 million | $48 million | $53 million | |||
Full Year 2021 Results
Total revenue of $74 million represents a 125% year-over-year increase from 2020 driven by increased customer demand, and introduction of the View Smart Building Platform and View Smart Building Technologies. The Company believes 2021 represents an inflection point in the business and broader market adoption of smart windows. There are four contributing factors to this growth inflection: growing market awareness, repeat purchases from customers with large real estate portfolios, strong ASPs, and the Company’s ability to increase value delivered per building square foot through its Smart Building Platform and Smart Building Technologies products.
Total cost of revenues of $195 million represents a 61% increase from 2020 reflecting the benefit of leveraging fixed costs in the Company’s manufacturing operations over higher volumes. The increase in cost of revenues was primarily driven by higher volumes, increased overhead costs as the Company scaled its factory from two shifts at the beginning of 2021 to four shifts by the end of the year, costs associated with the delivery of its Smart Building Platform and $21 million of estimated contract losses for work that has not been completed. As the Company ramps manufacturing volumes, it expects to absorb the fixed costs over greater volumes and expects contract losses will decrease over time as the Company achieves profitability milestones.
View incurred $93 million in Research and Development expenses in 2021, an increase of $25 million or 36% from 2020. The Company continues to invest in next generation Smart Building Technologies to accelerate the digital transformation of buildings and successfully rolled out several new product lines, including View Immersive Experiences, View Sense, View Security Suite, and View Building Analytics. The increase in Research and Development expenses from 2020 relates to a one-time depreciation charge of $14 million. Research and Development expenses include $9 million of non-cash, stock-based compensation.
The Company incurred $131 million in Selling, General and Administrative (“SG&A”) expenses, an increase of $57 million, or 77%, from 2020. SG&A expenses include $60 million of non-cash, stock-based compensation as part of View’s business combination completed in March 2021, a $38 million increase from 2020. The increase was also related to additional expenses in consulting, legal, accounting and insurance expenses during 2021 to assist in the financial restatement and related work. In addition, the Company grew its presence in key geographies to support its customers and growing business.
Launch of the View Smart Building Platform
In 2021, View launched its Smart Building Platform, which is a full performance solution that includes a converged secure network infrastructure, Smart Glass panel, Smart Building Technologies and end-to-end deployment services. View began offering its Smart Building Platform for the following strategic reasons:
- View optimizes the design, aesthetics, energy performance and cost of the entire smart envelope (or digital skin) of the building, rather than just one component (smart glass), thus benefiting both customers and View.
- View is able to accelerate the integration of new technologies into the fabric of the building. Today, this includes environmental quality sensors and immersive, transparent, high-definition displays into the smart window. Importantly, View’s smart envelope design enables future hardware and software upgrades into the building infrastructure.
- View believes delivering a digital, connected envelope and smart building platform will enable future business opportunities and pricing models as buildings, both existing and new, incorporate additional technology and connected products.
- View elevates the window selection and purchase decision to a customer and decision maker that has a more global view of the project, and is in a much better position to make an informed decision regarding the benefits provided by the View Smart Building Platform.
The successful launch of the View Smart Building Platform yielded $29 million of revenue in 2021. By offering a fully integrated solution, View believes it will increase industry adoption of smart windows and accelerate technology infusion into buildings as the industry moves to smarter, more connected, more sustainable and healthier buildings that are designed to better serve users and occupants.
| Revenue by Product Offering (unaudited) (in thousands) |
||||||||
| Full Year Ended December 31, | ||||||||
| 2021 | 2020 | 2019 | ||||||
| Smart Building Platform | $ | 28,686 | $ | – | $ | – | ||
| Smart Glass | $ | 41,740 | $ | 32,926 | $ | 23,955 | ||
| Smart Building Technologies | $ | 3,581 | $ | – | $ | – | ||
| Total | $ | 74,007 | $ | 32,926 | $ | 23,955 | ||
Liquidity
As previously disclosed, the Company will be disclosing in its upcoming SEC filings substantial doubt about the Company’s ability to continue as a going concern, as the Company does not currently have adequate financial resources to fund its forecasted operating costs and meet its obligations for at least twelve months from the expected issuance date of its 2021 Annual Report on Form 10-K. The Company plans to address this by raising additional capital and driving reduction in cash burn through business growth and leveraging fixed costs over higher revenues. While the Company has not pursued raising additional capital during the restatement period, we intend to raise additional capital after the conclusion of the restatement.
Full Year 2022 Outlook
Following strong growth in 2021, the Company expects to see continued momentum in 2022. For the full year 2022, the Company expects revenues to be 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
On December 15, 2021, View announced (link) its smart windows were installed at Bozeman Yellowstone International Airport (BZN). Bozeman Airport joins the growing list of airports across the country with View Smart Windows, including BOS, DFW, SFO, LGA, CLT, ORD, PHX, SEA and MEM, among others.
On November 18, 2021, View announced (link) its smart windows were selected for The Block, a 17-story office tower and Mission Group project in downtown Kelowna, British Columbia, one of Canada’s fastest growing cities and technology hubs.
On November 11, 2021, View announced (link) the installation of its smart windows at Avocet Tower, a 370,000 square-foot, 22-story office building with wellness-focused amenities designed by the award-winning architecture firm Pickard Chilton.
On November 2, 2021, View announced (link) Sacred Heart University selected View Smart Windows for its brand-new Martire Family Hockey Arena in Fairfield, CT.
On October 28, 2021, View announced (link) the installation of its smart windows at Parque Kirkland, a new mixed-use apartment residence in Kirkland, WA. The development represents the second project for Henbart LLC and View, following the installation of View Smart Windows at Henbart’s Lake Union office building.
On October 12, 2021, View announced (link) Fremont Bank selected View Smart Windows for the new headquarters in the Bay Area. The new headquarters feature sustainability and wellness, and View Smart Windows were selected to improve building energy efficiency while enhancing productivity and wellbeing for Fremont Bank associates.
On October 7, 2021, View announced (link) Nickel Developments selected View Smart Windows for Carlisle Square, a large-scale residential development in Ontario, Canada. The multifamily development is a 200,000 square-foot, 18-story tower boasting 228 residential units and mixed-use ground space.
On October 5, 2021, View announced (link) installation of its smart windows at Memphis International Airport (MEM) as part of the Concourse B modernization program to elevate the passenger experience and improve building energy efficiency.
On September 22, 2021, View announced (link) installation of its smart windows at NTT Research’s new U.S. headquarters, the NTT OneVision Center, in Sunnyvale, CA. The property, developed and owned by Hines, will be leveraged to expand NTT’s presence in the United States.
On September 16, 2021, View announced (link) its smart windows will be installed at Callan Ridge campus, a new life science project under development by Healthpeak Properties in the Torrey Pines submarket of San Diego, CA. Callan Ridge will be a Class-A, two building campus totaling 185,000 square feet and is 100% pre-leased to Turning Point Therapeutics.
On August 10, 2021, View announced (link) Atria Development Corp. selected View Smart Windows to be installed at 80 Bond Street in Oshawa, Ontario, a new 304,394 square-foot luxury multi-family project. The property in the Greater Toronto Area will be the first large-scale installation of View Smart Windows in a multi-family building in Canada.
On August 4, 2021, View announced (link) its smart windows were selected to be installed at The Current, River North, a 235,000 square-foot, Class-A office building in Denver, CO. The development, a joint venture between Schnitzer West, LLC and Craft Companies, represents the second View project for Schnitzer West.
On June 18, 2021, View announced (link) its smart windows were selected to be installed at 111 Wall Street, a 25-story, 1.2 million square-foot waterfront office tower in Manhattan’s Financial District. 111 Wall Street is the first property to receive funding through New York City’s recently launched C-PACE program, a financing structure that supports energy efficiency improvements.
On May 26, 2021, View announced (link) the completion of 825 Third Avenue, a newly-renovated, 530,000 square-foot, 40-story office tower in New York City. 825 Third Avenue is the first office building in New York City to feature smart windows that also incorporate View Immersive Experience.
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 its 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 Delta, Southwest and select international carriers having gates in Terminal 5, along with a new Delta Sky Club lounge.
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 Avenue, and both firms will continue to be headquartered at that 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 (DFW) 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.
Conference Call and Webcast Details
View will host a conference call to discuss its results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on May 31, 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 13730246.
Forward-Looking Statements
This 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 definitive proxy statement filed with the SEC on February 16, 2021, as supplemented on February 23, 2021, which is incorporated by reference into its Current Report on Form 8-K filed on March 12, 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 audited financial results 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 Measures
The 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 Annual Report on Form 10-K 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 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 reimagine the occupant experience. View is installed into more than 40 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels, and multi-family residences. For more information, please visit: www.view.com.
For further information:
Investors:
Samuel Meehan
View, Inc.
[email protected]
408-493-1358
| VIEW, INC. Condensed Consolidated Statements of Comprehensive Loss (unaudited) (in thousands, except share and per share data) |
|||||||
| Full Year Results | |||||||
| 2021 | 2020 | ||||||
| (as restated) | |||||||
| Revenue | $ | 74,007 | $ | 32,926 | |||
| Costs and expenses: | |||||||
| Cost of revenue | 194,714 | 120,634 | |||||
| Research and development | 93,477 | 68,822 | |||||
| Selling, general, and administrative | 131,214 | 73,958 | |||||
| Total costs and expenses | 419,405 | 263,414 | |||||
| Loss from operations | (345,398 | ) | (230,488 | ) | |||
| Interest and other income (expense), net | |||||||
| Interest income | 65 | 499 | |||||
| Interest expense | (5,954 | ) | (26,820 | ) | |||
| Other expense, net | (6,355 | ) | (32 | ) | |||
| Gain on fair value change, net | 24,290 | 7,155 | |||||
| Loss on extinguishment of debt | (10,018 | ) | – | ||||
| Interest and other income (expense), net | 2,028 | (19,198 | ) | ||||
| Loss before benefit (provision) of income taxes | (343,370 | ) | (249,686 | ) | |||
| Benefit (provision) for income taxes | 392 | (40 | ) | ||||
| Net and comprehensive loss | $ | (342,978 | ) | $ | (249,726 | ) | |
| Net loss per share, basic and diluted | $ | (1.97 | ) | $ | (148.81 | ) | |
| Weighted-average shares used in calculation of net loss per share, basic and diluted | 173,692,582 | 1,678,098 | |||||
| VIEW, INC. Condensed Consolidated Balance Sheets (unaudited) (in thousands) |
|||||||
| December 31, 2021 | December 31, 2020 | ||||||
| Assets | (as restated) | ||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 281,081 | $ | 63,232 | |||
| Accounts receivable, net of allowances | 30,605 | 12,252 | |||||
| Inventories | 10,267 | 6,483 | |||||
| Prepaid expenses and other current assets | 21,579 | 6,213 | |||||
| Total current assets | 343,532 | 88,180 | |||||
| Property and equipment, net | 268,401 | 282,560 | |||||
| Restricted cash | 16,462 | 10,461 | |||||
| Right-of-use assets | 21,178 | – | |||||
| Deposits with suppliers | 7,566 | 1,084 | |||||
| Other assets | 21,927 | 7,862 | |||||
| Total assets | $ | 679,066 | $ | 390,147 | |||
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
|||||||
| Current liabilities | |||||||
| Accounts payable | $ | 24,186 | $ | 14,562 | |||
| Accrued expenses and other current liabilities | 57,986 | 42,150 | |||||
| Accrued compensation | 9,508 | 10,827 | |||||
| Deferred revenue | 11,460 | 2,649 | |||||
| Debt, current | 1,470 | 247,248 | |||||
| Total current liabilities | 104,610 | 317,436 | |||||
| Debt, non-current | 13,960 | 15,430 | |||||
| Redeemable convertible preferred stock warrant liability | – | 12,323 | |||||
| Sponsor earn-out liability | 7,624 | – | |||||
| Lease liabilities | 22,997 | – | |||||
| Other liabilities | 50,537 | 56,844 | |||||
| Total liabilities | 199,728 | 402,033 | |||||
| Redeemable convertible preferred stock | – | 1,812,678 | |||||
| Stockholders’ equity (deficit): | |||||||
| Common stock | 22 | – | |||||
| Additional paid-in capital | 2,736,647 | 89,789 | |||||
| Accumulated deficit | (2,257,331 | ) | (1,914,353 | ) | |||
| Total stockholders’ equity (deficit) | 479,338 | (1,824,564 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | $ | 679,066 | $ | 390,147 | |||
| VIEW, INC. Condensed Consolidated Statements of Cash Flow (unaudited) (in thousands) |
|||||||
| Full Year Results | |||||||
| 2021 | 2020 | ||||||
| Cash flows from operating activities: | (as restated) | ||||||
| Net loss | $ | (342,978 | ) | $ | (249,726 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 41,757 | 24,958 | |||||
| Gain on fair value change, net | (24,290 | ) | (7,155 | ) | |||
| Accrued interest expense and amortization of debt discount | 1,507 | 2,379 | |||||
| Loss on extinguishment of debt | 10,018 | – | |||||
| Stock-based compensation | 73,620 | 28,932 | |||||
| Other | 464 | – | |||||
| Changes in operating assets and liabilities | |||||||
| Accounts receivable | (18,218 | ) | (105 | ) | |||
| Inventories | (3,784 | ) | 566 | ||||
| Prepaid expenses and other current assets | (17,191 | ) | 23,073 | ||||
| Other assets | (2,673 | ) | (1,361 | ) | |||
| Accounts payable | 5,339 | 3,005 | |||||
| Deferred revenue | 6,222 | 544 | |||||
| Accrued compensation | (1,319 | ) | 3,435 | ||||
| Accrued expenses and other liabilities | 10,213 | 5,765 | |||||
| Net cash used in operating activities | (261,313 | ) | (165,690 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (26,099 | ) | (37,638 | ) | |||
| Maturities of short-term investments | – | 32,866 | |||||
| Acquisitions, net of cash acquired | (4,938 | ) | – | ||||
| Net cash used in investing activities | (31,037 | ) | (4,772 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from draws related to revolving debt facility, net of issuance costs | – | 250,000 | |||||
| Repayment of revolving debt facility | (257,454 | ) | (150,000 | ) | |||
| Repayment of other debt obligations | – | (1,714 | ) | ||||
| Payments of obligations under capital leases | (1,278 | ) | (1,515 | ) | |||
| Proceeds from issuance of common stock upon exercise of stock options and warrants | 403 | 455 | |||||
| Proceeds from reverse recapitalization and PIPE financing | 815,184 | – | |||||
| Payment of transaction costs | (41,655 | ) | (745 | ) | |||
| Net cash provided by financing activities | 515,200 | 96,481 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | 222,850 | (73,981 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 74,693 | 148,674 | |||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 297,543 | $ | 74,693 | |||
|
Supplemental disclosure of cash flow information: |
|||||||
| Cash paid for interest | $ | 19,380 | $ | 12,703 | |||
| Cash paid for income taxes | 28 | 40 | |||||
| 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 | $ | – | |||
| Holdback related to acquisition | $ | 1,061 | $ | – | |||
| Change in accounts payable and other liabilities related to purchase of property and equipment | $ | 6,254 | $ | (10,494 | ) | ||
| Change in right-of-use assets exchanged for lease obligations | $ | 1,094 | $ | – | |||
| Deferred transaction costs included in accounts payable and accrued expenses and other current liabilities | $ | – | $ | 3,687 | |||
| VIEW, INC. Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited) (in thousands) |
|||||||
| Full Year Results | |||||||
| 2021 | 2020 | ||||||
| Revenue | (as restated) | ||||||
| Revenue | $ | 74,007 | $ | 32,926 | |||
| Cost of Revenue | |||||||
| GAAP Cost of Revenue | $ | 194,714 | $ | 120,634 | |||
| Stock-Based Compensation | (4,930 | ) | (2,240 | ) | |||
| Non-GAAP Cost of Revenue | $ | 189,784 | $ | 118,394 | |||
| R&D Expense | |||||||
| GAAP R&D Expense | $ | 93,477 | $ | 68,822 | |||
| Stock-Based Compensation | (8,725 | ) | (4,438 | ) | |||
| Non-GAAP R&D Expense | $ | 84,752 | $ | 64,384 | |||
| SG&A Expense | |||||||
| GAAP SG&A Expense | $ | 131,214 | $ | 73,958 | |||
| Stock-Based Compensation | (59,965 | ) | (22,254 | ) | |||
| Non-GAAP SG&A Expense | $ | 71,249 | $ | 51,704 | |||
| Net Loss | |||||||
| GAAP Net and Comprehensive Loss | $ | (342,978 | ) | $ | (249,726 | ) | |
| Stock-Based Compensation | 73,620 | 28,932 | |||||
| Gain on Fair Value Change, net | (24,290 | ) | (7,155 | ) | |||
| Loss on Extinguishment of Debt | 10,018 | – | |||||
| Non-GAAP Net Loss | $ | (283,630 | ) | $ | (227,949 | ) | |
| Adjusted EBITDA | |||||||
| GAAP Loss from Operations | $ | (345,398 | ) | $ | (230,488 | ) | |
| Stock-Based Compensation | 73,620 | 28,932 | |||||
| Non-GAAP Loss from Operations | (271,778 | ) | (201,556 | ) | |||
| Depreciation and Amortization | 41,757 | 24,958 | |||||
| Adjusted EBITDA | $ | (230,021 | ) | $ | (176,598 | ) | |
Artificial Intelligence
Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD
DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.
During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence
AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide
WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.
In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants. Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
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Artificial Intelligence
Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth
USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ — USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming: In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
CONTACT:USA NEWS [email protected](604) 265-2873
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