News Release

View Announces Q4 2022 and Full Year 2022 Earnings

March 29, 2023

Q4 2022 and Full-Year Highlights

  • Annual revenue of $101 million, exceeding $100 million for the first time in View’s history, representing 37% year-over-year growth compared to annual revenue of $74 million in 2021 and within management guidance of $100 to $110 million.
  • Record revenues of $44 million for Q4 2022, representing 56% year-over-year growth compared to $28 million in Q4 2021.
  • As of January 1, 2023, View Smart Windows qualify for the Investment Tax Credit (ITC), a 30% to 50% U.S. Federal tax credit intended to drive widespread adoption of smart windows, similar to solar, wind and stand-alone storage technologies.
  • View launched its residential product offering to capitalize on the large and growing opportunity for smart windows in the multi-family sector.
  • View completed a $212 million financing through the sale of convertible senior notes to support View’s continued growth and path to profitability.
  • View ended Q4 2022 with $198 million of cash, cash equivalents, and short-term investments.

MILPITAS, Calif., March 29, 2023 (GLOBE NEWSWIRE) -- View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building technologies, today announced financial results for the fourth quarter and full year 2022.

“The View team delivered a record year in 2022, achieving $100 million revenue for the first time in the Company’s history,” said Dr. Rao Mulpuri, CEO of View. “This is a significant milestone not only for View but for the industry’s continued march towards more sustainable and healthier buildings. We are redoubling our focus to achieve our profitability milestones and have taken proactive measures to reduce our structural costs while benefiting from economies of scale as we continue to grow the business.”

2022 Results
2022 revenue of $101 million represents a 37% year-over-year increase from 2021 revenue of $74 million, due to growth in Smart Building Platform and Smart Building Technologies. This strong growth was driven by the Company’s recent success in multi-family residential buildings, continued strength in airports, and repeat purchases from existing customers.

2022 cost of revenues of $203 million represents a 4% year-over-year increase from 2021 cost of revenues of $195 million, as higher costs associated with support for increased Smart Building Platform revenues and higher production requirements was mostly offset by a decrease in new contract loss accruals and factory cost savings initiatives. Cost of revenues continue to decrease as a percentage of revenues, reflecting the benefit of higher revenues over fixed costs.

View incurred $70 million in Research and Development expenses in 2022, a decrease of 25% from $93 million in 2021, primarily driven by a reduction in depreciation related to a one-time charge taken in 2021.

View incurred $160 million in Selling, General and Administrative expenses in 2022, an increase of 22% from $131 million in 2021, primarily due to an increase in legal, consulting and accounting expenses, an increase in non-cash Employee Stock Based Compensation expense, and an increased investment in sales support for the growing business.

Liquidity, Restructuring and Cost Reduction
In Q4 2022, View completed a $212 million financing through the sale of convertible senior notes and ended the year with $198 million of cash, cash equivalents, and short-term investments. View has also taken steps to pursue greater efficiency and lower its structural costs. The Company expects these actions to result in annualized fixed cost and cash savings of approximately $50 million. In the coming year, View intends to continue its focus on growing an efficient business as it progresses on its path to profitability and raising additional capital to support this path.

These statements are forward-looking and actual results may differ materially. Please refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Conference Call and Webcast Details
View will host a conference call to discuss its financial results on March 29, 2023, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. 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. 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 13736645.

Forward-Looking Statements
This press release and certain materials View files with the SEC, as well as information included in oral statements or other written statements made or to be made by View, other than statements of historical fact, contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on current expectations, estimates, assumptions, projections, and management’s beliefs, that are subject to change. There can be no assurance that these forward-looking statements will be achieved; these statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond View’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. View’s business is subject to a number of risks, which are described more fully in View’s filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent filings, including Quarterly Reports on Form 10-Q. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Financial Information; Non-GAAP Financial Measures
This press release contains certain financial information and data that was not prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures, and other measures that are calculated using such non-GAAP measures, are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP.

The Company presents these non-GAAP amounts because management believes they provide useful information to management and investors regarding certain financial and business trends relating to View’s financial condition and results of operations, and they assist management and investors in comparing the Company's performance across reporting periods on a consistent basis. View’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. View believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends in and in comparing View’s financial measures with those of other similar companies, many of which present similar non-GAAP financial measures to investors. View’s management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP.

However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore View’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations from GAAP to non-GAAP results are included in the financial statements contained in this release.

About 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 outdoor conditions, eliminating the need for blinds and increasing access to natural light. Every View installation includes a cloud-connected smart building platform that can easily be extended to reimagine the occupant experience. View’s products are installed in offices, apartments, airports, hotels, and educational facilities. For more information, please visit: www.view.com.

For further information:

Samuel Meehan
View, Inc.

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

 Three Months Ended
December 31,
 Fiscal Year Ended
December 31,
  2022   2021   2022   2021 
Revenue$44,238  $28,428  $101,328  $74,007 
Costs and expenses:       
Cost of revenue 73,938   57,097   203,157   194,714 
Research and development 14,163   19,553   70,320   93,477 
Selling, general, and administrative 34,800   36,670   159,688   131,214 
Impairment of goodwill 9,097      9,097    
Total costs and expenses 131,998   113,320   442,262   419,405 
Loss from operations (87,760)  (84,892)  (340,934)  (345,398)
Interest and other expense (income), net       
Interest expense, net 2,602   (17)  2,926   5,889 
Other expense (income), net 108   36   367   6,355 
Gain on fair value change, net (773)  (5,865)  (7,285)  (24,290)
Loss on extinguishment of debt          10,018 
Interest and other (income) expense, net 1,937   (5,846)  (3,992)  (2,028)
Loss before provision (benefit) for income taxes (89,697)  (79,046)  (336,942)  (343,370)
Provision (benefit) for income taxes 70   24   147   (392)
Net and comprehensive loss$(89,767) $(79,070) $(337,089) $(342,978)
Net loss per share, basic and diluted$(0.41) $(0.37) $(1.56) $(1.97)
Weighted-average shares used in calculation of net loss per share, basic and diluted 218,929,607   212,847,503   215,558,271   173,692,582 

Condensed Consolidated Balance Sheets
(in thousands)

 December 31,
  2022   2021 
Current assets:   
Cash and cash equivalents$95,858  $281,081 
Short-term investments 102,284    
Accounts receivable, net of allowances 42,407   30,605 
Inventories 17,373   10,267 
Prepaid expenses and other current assets 38,297   21,579 
Total current assets 296,219   343,532 
Property and equipment, net 262,360   268,401 
Restricted cash 16,448   16,462 
Right-of-use assets 18,485   21,178 
Other assets 25,514   29,493 
Total assets$619,026  $679,066 
Liabilities and Stockholders’ Equity   
Current liabilities:   
Accounts payable$21,099  $24,186 
Accrued expenses and other current liabilities 72,410   59,456 
Accrued compensation 9,799   9,508 
Deferred revenue 9,199   11,460 
Total current liabilities 112,507   104,610 
Debt, non-current 218,837   13,960 
Sponsor earn-out liability 506   7,624 
Lease liabilities 19,589   22,997 
Other liabilities 47,095   50,537 
Total liabilities 398,534   199,728 
Stockholders’ equity:   
Common stock 23   22 
Additional paid-in capital 2,814,889   2,736,647 
Accumulated deficit (2,594,420)  (2,257,331)
Total stockholders’ equity 220,492   479,338 
Total liabilities and stockholders’ equity$619,026  $679,066 

Condensed Consolidated Statements of Cash Flow
(in thousands)

 Fiscal Year Ended December 31,
  2022   2021 
Cash flows from operating activities:   
Net loss$(337,089) $(342,978)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 23,955   41,757 
Loss on extinguishment of debt    10,018 
Gain on fair value change, net (7,285)  (24,290)
Stock-based compensation 72,783   73,620 
Impairment of goodwill 9,097    
Other 5,205   1,971 
Net changes in operating assets and liabilities (26,357)  (21,411)
Net cash used in operating activities (259,691)  (261,313)
Cash flows from investing activities:   
Purchases of property and equipment (15,767)  (26,099)
Purchase of short-term investments (140,623)   
Maturities of short-term investments 39,000    
Disbursement under loan receivable (6,999)   
Acquisition, net of cash acquired    (4,938)
Net cash used in investing activities (124,389)  (31,037)
Cash flows from financing activities:   
Proceeds from issuance of debt 212,307    
Payment of debt issuance costs (6,122)   
Repayment of revolving debt facility    (257,454)
Repayment of other debt obligations (1,470)   
Payments of obligations under finance leases (531)  (1,278)
Proceeds from issuance of common stock upon exercise of stock options and warrants    403 
Proceeds from reverse recapitalization and PIPE financing    815,184 
Payment of transaction costs    (41,655)
Taxes paid related to the net share settlement of equity awards (3,482)   
Net cash provided by financing activities 200,702   515,200 
Net (decrease) increase in cash, cash equivalents, and restricted cash (183,378)  222,850 
Cash, cash equivalents, and restricted cash, beginning of period 297,543   74,693 
Cash, cash equivalents, and restricted cash, end of period$114,165  $297,543 
Supplemental disclosure of cash flow information:   
Cash paid for interest$68  $19,380 
Non-cash investing and financing activities:   
Payables and accrued liabilities related to purchases of property and equipment$2,737  $8,658 
Conversion of redeemable convertible preferred stock to common stock$  $1,812,678 
Conversion of redeemable convertible preferred stock warrants to common stock warrants$  $7,267 
Common stock issued in exchange for services associated with the reverse recapitalization$  $7,500 
Common stock issued upon vesting of restricted stock units$7,481  $726 
Holdback related to acquisition$  $1,061 
Change in right-of-use assets or property and equipment exchanged for lease obligations$  $1,094 

Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures
(in thousands)

 Three Months Ended
December 31,
 Fiscal Year Ended
December 31,
  2022   2021   2022   2021 
Cost of revenue       
GAAP cost of revenue$73,938  $57,097  $203,157  $194,714 
Stock-based compensation (652)  (1,469)  (1,777)  (4,930)
Non-cash warrants impact1 (1,636)     (1,636)   
Non-GAAP cost of revenue$71,650  $55,628  $199,744  $189,784 
Research and development expense       
GAAP Research and development expense$14,163  $19,553  $70,320  $93,477 
Stock-based compensation (1,525)  (2,512)  (5,113)  (8,725)
Non-GAAP research and development expense$12,638  $17,041  $65,207  $84,752 
Selling, general, and administrative expense       
GAAP selling, general, and administrative expense$34,800  $36,670  $159,688  $131,214 
Stock-based compensation (11,770)  (14,432)  (65,893)  (59,965)
Non-GAAP selling, general, and administrative expense$23,030  $22,238  $93,795  $71,249 
Net loss       
GAAP net loss$(89,767) $(79,070) $(337,089) $(342,978)
Impairment of goodwill 9,097      9,097    
Stock-based compensation 13,947   18,413   72,783   73,620 
Non-cash warrants impact1 2,043      2,043    
Gain on fair value change, net (773)  (5,865)  (7,285)  (24,290)
Loss on extinguishment of debt          10,018 
Non-GAAP net loss$(65,453) $(66,522) $(260,451) $(283,630)
Adjusted EBITDA       
GAAP loss from operations$(87,760) $(84,892) $(340,934) $(345,398)
Impairment of goodwill 9,097      9,097    
Stock-based compensation 13,947   18,413   72,783   73,620 
Non-cash warrants impact1 2,043      2,043    
Non-GAAP loss from operations (62,673)  (66,479)  (257,011)  (271,778)
Depreciation and amortization 6,158   6,556   23,955   41,757 
Adjusted EBITDA$(56,515) $(59,923) $(233,056) $(230,021)

1 Related to the accounting for warrants issued to RXR FP ("RXR Warrants)" on October 25, 2022 which have been accounted for under U.S. GAAP as consideration payable to a customer and result in non-cash impacts to revenue and cost of revenue.


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