UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 10, 2023 (
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
On August 10, 2023, View, Inc. (“View”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 (the “Press Release”), announcing its financial results for the quarter ended June 30, 2023, reaffirming management’s 2023 full year revenue guidance and providing third quarter 2023 gross margin forecasts. All of the information in the Press Release is incorporated by reference herein. All such information is being furnished rather than “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 7.01 | Regulation FD Disclosure. |
The information disclosed under Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 7.01 to the extent required.
On August 10, 2023, View issued a press release, a copy of which is attached hereto as Exhibit 99.2 (the “Nasdaq Press Release”), announcing that View received a confirmation letter from The Nasdaq Stock Market LLC (“Nasdaq”) affirming that View is now in compliance with Nasdaq Listing Rule 5450(a)(1). All of the information in the Nasdaq Press Release is incorporated by reference herein. All such information is being furnished rather than “filed” for purposes of Section 18 of the Exchange Act and shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This Current Report on Form 8-K, including Exhibit 99.1 hereto, 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, including but not limited to statements regarding View’s ability to secure additional financing, View’s anticipated liquidity, the information contained in Exhibit 99.1 hereto under “Outlook and Key Announcements,” View’s future operations, financial performance or liquidity, and View’s business plan, long-term strategy and similar initiatives. 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 Annual Report on Form 10-K for the year ended December 31, 2022, as amended, its Quarterly Reports on Form 10-Q and in its other filings with the SEC. View undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1 | Press Release, dated August 10, 2023 | |
| 99.2 | Press Release, dated August 10, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VIEW, INC. | ||||
| By: | /s/ Bill Krause | |||
| Name: Bill Krause | ||||
| Title: Chief Legal Officer | ||||
Dated: August 10, 2023
Exhibit 99.1
View Announces Q2 2023 Earnings
Management forecasts to reach gross margin positive in Q3 2023
Term sheet executed with lead investor for up to $150 million secured debt facility
Q2 2023 Financial Highlights
| • | Revenue Growth: Q2’23 revenue of $28 million grew 72% year-over-year compared to $16 million in Q2’22. |
| • | Gross Margin Improvement: Higher quality revenue, lower fixed costs, improved factory efficiencies, favorable mix, and product cost reductions all drove improving margins y/y: |
| • | Gross loss improved from ($23 million) in Q2’22 to ($14 million) in Q2’23. |
| • | Reduction in Operating Expenses: 2022 and 2023 cost reductions resulted in: |
| • | R&D expense declined by 54% y/y from Q2’22 to Q2’23. |
| • | SG&A expense declined by 42% y/y from Q2’22 to Q2’23. |
| • | Continued Progress to Profitability: Revenue growth, improving gross margins, and lower operating expense resulted in: |
| • | Loss from operations improved from ($85 million) in Q2’22 to ($52 million) in Q2’23. |
| • | Non-GAAP Adj. EBITDA improved from ($61 million) in Q2’22 to ($31 million) in Q2’23. |
| • | Cash Burn Reduction: Cash used in operations improved from ($82 million) in Q2’22 to ($47 million) in Q2’23. |
Outlook and Key Announcements
| • | Reaffirming 2023 Guidance and Revenue Growth: Management reaffirms full year 2023 revenue guidance of $125 million to $150 million, which, at the mid-point, implies 36% year-over-year revenue growth. |
| • | Forecasts to Reach Gross Margin Positive in Q3’23: Management expects to achieve gross margin positive in Q3’23, a key milestone on the Company’s path to profitability. |
| • | Liquidity & Financing: To address its short-term liquidity needs, the Company continues to pursue additional sources of capital, most recently executing a non-binding term sheet with a lead investor for up to $150 million secured debt facility. Management expects the $150 million in financing will enable the Company to achieve positive cash flow with its current strategy. |
Milpitas, CA, August 10th, 2023: View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building platforms and technologies, today announced financial results for Q2 2023.
“We have been laser focused on achieving profitability, and our Q2 results demonstrate that we are making significant strides. We’re equally excited that we expect to achieve gross margin positive in Q3. This is a major financial milestone for the company,” said Dr. Rao Mulpuri, CEO of View.
“I am extremely proud of the View team for their dedication to our mission and perseverance in continuing to deliver results. In a full-stack, vertically integrated business like ours, achieving gross margin positive is a critical inflection point. With a culture of customer obsession, strong product value proposition, and plenty of headroom for capacity, we are best positioned to build the business to profitability and further growth.”
Q2 2023 Results
Q2 2023 revenue of $28 million represents a 72% year-over-year increase from Q2 2022. View has completed the pivot to multifamily residential, and the multifamily vertical now represents the majority of View’s project pipeline. Q2 2023 revenue growth was primarily driven by growth in the Company’s Smart Building Platform, which is fully operational and, importantly, helps customers achieve cost parity with the recently enacted Investment Tax Credit (ITC).
Q2 2023 cost of revenues of $42 million represents a 6% year-over-year increase from Q2 2022 and demonstrates continued leverage in the business model. Cost of revenues in the quarter benefited from lower structural fixed costs which were the result of actions taken by the Company earlier in the year and favorable product mix.
Research and Development (“R&D”) expenses of $10 million in Q2 2023 represent a decrease of 54% from the same period in 2022. The decrease in R&D expenses was primarily driven by cost savings initiatives combined with the completion of R&D projects following the roll out of our Gen4 IGU and network electronics.
Selling, General and Administrative (“SG&A”) expenses of $24 million in Q2 2023 represent a 42% y/y decrease from Q2 2022, primarily due to lower legal and accounting spending on outside services for costs related to the restatement that was completed in the first half of 2022, lower Stock-Based Compensation expense, and lower sales and marketing spend resulting from cost savings initiatives, including the Company’s enhanced go-to-market strategy.
Full Year 2023 Outlook
View reaffirms full year 2023 revenue guidance in the range of $125 million to $150 million, representing 36% year-over-year growth at the midpoint of the range.
As the Company continues to execute its enhanced go-to-market strategy and realize the benefits of cost reduction actions taken over the past year, View expects continued improvement of profitability metrics in 2H 2023, including achieving gross margin positive in Q3 2023.
Liquidity and Financing
As previously disclosed, the Company has taken steps to pursue greater efficiency and lower its structural costs, which in the aggregate have resulted in approximately $45 million in annualized combined fixed cost of sales and operating expense reductions. Cash, cash equivalents and short-term investments were $80 million as of June 30, 2023, compared to $130 million as of March 31, 2023. View believes that its cash, cash equivalents and short-term investments currently available will be sufficient to fund its anticipated operating costs and obligations into, but not beyond, September 2023. This projection is based on the Company’s current expectations regarding revenues, collections, cost structure, current cash burn rate and other operating assumptions.
To address its cash needs, the Company is actively seeking additional sources of capital and is currently in discussions with potential investors. Most recently, the Company executed a non-binding term sheet with a lead investor for up to a $150 million secured debt facility.
While the Company has raised sufficient capital to fund operations in the past, there can be no assurance that the necessary additional financing will be available on terms acceptable to the Company, or at all. As there can be no assurance that such financings will be available, the Company may execute other strategic alternatives to maximize stakeholder value, including further expense reductions, sale of all or portions of the business, corporate capital restructuring or formal reorganization, or liquidation of assets.
Conference Call and Webcast Details
View will host a conference call to discuss its financial results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Thursday, August 10th, 2023. A live webcast of the call can be accessed on View’s Investor Relations website at https://investors.view.com or through the webcast link below. An audio replay of the webcast will be available shortly after the call.
Title: View, Inc. Second Quarter 2023 Financial Results Conference Call
Date/Time: Thursday, August 10th, 2023, at 5:00 pm ET
Participant Dial-In: +1-877-524-8416 / +1-412-902-1028
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=s0Fo8c0T
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 Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent 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:
View, Inc.
IR@View.com
VIEW, INC.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue |
$ | 28,034 | $ | 16,316 | $ | 46,382 | $ | 33,328 | ||||||||
| Cost of revenue |
41,810 | 39,531 | 82,023 | 80,093 | ||||||||||||
|
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|
|||||||||
| Gross loss |
(13,776 | ) | (23,215 | ) | (35,641 | ) | (46,765 | ) | ||||||||
| Operating expenses: |
||||||||||||||||
| Research and development |
9,714 | 20,908 | 22,655 | 40,603 | ||||||||||||
| Selling, general, and administrative |
23,511 | 40,755 | 48,911 | 83,714 | ||||||||||||
| Impairment of note receivable |
4,000 | — | 4,000 | — | ||||||||||||
| Restructuring costs |
1,258 | — | 5,507 | — | ||||||||||||
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|
|||||||||
| Total operating expenses |
38,483 | 61,663 | 81,073 | 124,317 | ||||||||||||
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|
|||||||||
| Loss from operations |
(52,259 | ) | (84,878 | ) | (116,714 | ) | (171,082 | ) | ||||||||
| Interest and other expense (income), net: |
||||||||||||||||
| Interest expense, net |
3,970 | 69 | 7,131 | 266 | ||||||||||||
| Other expense (income), net |
119 | (187 | ) | 281 | 141 | |||||||||||
| Gain on fair value change, net |
(6 | ) | (1,904 | ) | (513 | ) | (6,285 | ) | ||||||||
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|
|||||||||
| Interest and other expense (income), net |
4,083 | (2,022 | ) | 6,899 | (5,878 | ) | ||||||||||
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|
|||||||||
| Loss before provision for income taxes |
(56,342 | ) | (82,856 | ) | (123,613 | ) | (165,204 | ) | ||||||||
| Provision for income taxes |
18 | 30 | 36 | 54 | ||||||||||||
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|||||||||
| Net and comprehensive loss |
$ | (56,360 | ) | $ | (82,886 | ) | $ | (123,649 | ) | $ | (165,258 | ) | ||||
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| Net loss per share, basic and diluted |
$ | (14.11 | ) | $ | (23.21 | ) | $ | (31.17 | ) | $ | (46.28 | ) | ||||
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|||||||||
| Weighted-average shares used in calculation of net loss per share, basic and diluted |
3,994,813 | 3,570,886 | 3,966,316 | 3,570,711 | ||||||||||||
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VIEW, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
| June 30, 2023 |
December 31, 2022 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 30,144 | $ | 95,858 | ||||
| Short-term investments |
49,824 | 102,284 | ||||||
| Accounts receivable, net of allowances |
36,540 | 42,407 | ||||||
| Inventories |
17,832 | 17,373 | ||||||
| Prepaid expenses and other current assets |
37,892 | 38,297 | ||||||
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| Total current assets |
172,232 | 296,219 | ||||||
| Property and equipment, net |
257,307 | 262,360 | ||||||
| Restricted cash |
13,147 | 16,448 | ||||||
| Right-of-use assets |
17,070 | 18,485 | ||||||
| Other assets |
26,170 | 25,514 | ||||||
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| Total assets |
$ | 485,926 | $ | 619,026 | ||||
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| Liabilities and Stockholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 17,345 | $ | 21,099 | ||||
| Accrued expenses and other current liabilities |
52,250 | 72,410 | ||||||
| Accrued compensation |
7,534 | 9,799 | ||||||
| Deferred revenue |
6,474 | 9,199 | ||||||
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| Total current liabilities |
83,603 | 112,507 | ||||||
| Debt, non-current |
208,341 | 218,837 | ||||||
| Sponsor earn-out liability |
— | 506 | ||||||
| Lease liabilities |
17,757 | 19,589 | ||||||
| Other liabilities |
41,356 | 47,095 | ||||||
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| Total liabilities |
351,057 | 398,534 | ||||||
| Stockholders’ equity: |
||||||||
| Common stock |
— | — | ||||||
| Additional paid-in capital |
2,852,938 | 2,814,912 | ||||||
| Accumulated deficit |
(2,718,069 | ) | (2,594,420 | ) | ||||
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| Total stockholders’ equity |
134,869 | 220,492 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 485,926 | $ | 619,026 | ||||
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VIEW, INC.
Condensed Consolidated Statements of Cash Flow
(unaudited)
(in thousands)
| Six Months Ended June 30, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: |
||||||||
| Net loss |
$ | (123,649 | ) | $ | (165,258 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Depreciation and amortization |
11,015 | 11,874 | ||||||
| Gain on fair value change, net |
(513 | ) | (6,285 | ) | ||||
| Stock-based compensation |
21,952 | 35,609 | ||||||
| Non-cash interest expense |
9,297 | — | ||||||
| Impairment of note receivable |
4,000 | — | ||||||
| Other |
2,893 | 524 | ||||||
| Net changes in operating assets and liabilities |
(32,614 | ) | (29,712 | ) | ||||
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| Net cash used in operating activities |
(107,619 | ) | (153,248 | ) | ||||
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| Cash flows from investing activities: |
||||||||
| Purchases of property and equipment |
(7,240 | ) | (12,147 | ) | ||||
| Purchases of short-term investments |
(106,032 | ) | — | |||||
| Maturities of short-term investments |
160,133 | — | ||||||
| Disbursement under loan receivable |
(3,001 | ) | (1,589 | ) | ||||
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| Net cash provided by (used in) investing activities |
43,860 | (13,736 | ) | |||||
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| Cash flows from financing activities: |
||||||||
| Payment of debt issuance costs |
(228 | ) | — | |||||
| Payment of other debt obligations |
— | (735 | ) | |||||
| Payments of obligations under finance leases |
(269 | ) | (264 | ) | ||||
| Taxes paid related to the net share settlement of equity awards |
(1,293 | ) | — | |||||
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| Net cash used in financing activities |
(1,790 | ) | (999 | ) | ||||
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| Net decrease in cash, cash equivalents, and restricted cash |
(65,549 | ) | (167,983 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period |
114,165 | 297,543 | ||||||
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| Cash, cash equivalents, and restricted cash, end of period |
$ | 48,616 | $ | 129,560 | ||||
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| Supplemental disclosure of cash flow information: |
||||||||
| Cash paid for interest |
$ | 131 | $ | 39 | ||||
| Non-cash investing and financing activities: |
||||||||
| Payables and accrued liabilities related to purchases of property and equipment |
$ | 1,043 | $ | 2,674 | ||||
| Common stock issued upon vesting of restricted stock units |
$ | 3,371 | $ | 49 | ||||
| Common stock issued upon conversion of Convertible Notes |
$ | 18,000 | $ | — | ||||
VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures
(unaudited)
(in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Cost of revenue |
||||||||||||||||
| GAAP cost of revenue |
$ | 41,810 | $ | 39,531 | $ | 82,023 | $ | 80,093 | ||||||||
| Stock-based compensation |
(309 | ) | (345 | ) | (723 | ) | (708 | ) | ||||||||
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| Non-GAAP cost of revenue |
$ | 41,501 | $ | 39,186 | $ | 81,300 | $ | 79,385 | ||||||||
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| Gross loss |
||||||||||||||||
| Revenue |
$ | 28,034 | $ | 16,316 | $ | 46,382 | $ | 33,328 | ||||||||
| GAAP gross loss |
$ | (13,776 | ) | $ | (23,215 | ) | $ | (35,641 | ) | $ | (46,765 | ) | ||||
| Stock-based compensation |
309 | 345 | 723 | 708 | ||||||||||||
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| Non-GAAP gross loss |
$ | (13,467 | ) | $ | (22,870 | ) | $ | (34,918 | ) | $ | (46,057 | ) | ||||
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|||||||||
| GAAP gross loss margin |
(49 | )% | (142 | )% | (77 | )% | (140 | )% | ||||||||
| Non-GAAP gross loss margin |
(48 | )% | (140 | )% | (75 | )% | (138 | )% | ||||||||
| Research and development expense |
||||||||||||||||
| GAAP research and development expense |
$ | 9,714 | $ | 20,908 | $ | 22,655 | $ | 40,603 | ||||||||
| Stock-based compensation |
(1,020 | ) | (1,486 | ) | (2,194 | ) | (1,555 | ) | ||||||||
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| Non-GAAP research and development expense |
$ | 8,694 | $ | 19,422 | $ | 20,461 | $ | 39,048 | ||||||||
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| Selling, general, and administrative expense |
||||||||||||||||
| GAAP selling, general, and administrative expense |
$ | 23,511 | $ | 40,755 | $ | 48,911 | $ | 83,714 | ||||||||
| Stock-based compensation |
(9,431 | ) | (16,310 | ) | (19,035 | ) | (33,346 | ) | ||||||||
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| Non-GAAP selling, general, and administrative expense |
$ | 14,080 | $ | 24,445 | $ | 29,876 | $ | 50,368 | ||||||||
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| Total operating expense |
||||||||||||||||
| GAAP total operating expense |
$ | 38,483 | $ | 61,663 | $ | 81,073 | $ | 124,317 | ||||||||
| Impairment of note receivable |
(4,000 | ) | — | (4,000 | ) | — | ||||||||||
| Restructuring costs |
(1,258 | ) | — | (5,507 | ) | — | ||||||||||
| Stock-based compensation |
(10,760 | ) | (18,141 | ) | (21,952 | ) | (35,609 | ) | ||||||||
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| Non-GAAP total operating expense |
$ | 22,465 | $ | 43,522 | $ | 49,614 | $ | 88,708 | ||||||||
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VIEW, INC.
Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures (Continued)
(unaudited)
(in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net loss |
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| GAAP net loss |
$ | (56,360 | ) | $ | (82,886 | ) | $ | (123,649 | ) | $ | (165,258 | ) | ||||
| Impairment of note receivable |
4,000 | — | 4,000 | — | ||||||||||||
| Restructuring costs |
1,258 | — | 5,507 | — | ||||||||||||
| Stock-based compensation |
10,760 | 18,141 | 21,952 | 35,609 | ||||||||||||
| Gain on fair value change, net |
(6 | ) | (1,904 | ) | (513 | ) | (6,285 | ) | ||||||||
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| Non-GAAP net loss |
$ | (40,348 | ) | $ | (66,649 | ) | $ | (92,703 | ) | $ | (135,934 | ) | ||||
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| Adjusted EBITDA |
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| GAAP loss from operations |
$ | (52,259 | ) | $ | (84,878 | ) | $ | (116,714 | ) | $ | (171,082 | ) | ||||
| Impairment of note receivable |
4,000 | — | 4,000 | — | ||||||||||||
| Restructuring costs |
1,258 | — | 5,507 | — | ||||||||||||
| Stock-based compensation |
10,760 | 18,141 | 21,952 | 35,609 | ||||||||||||
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| Non-GAAP loss from operations |
(36,241 | ) | (66,737 | ) | (85,255 | ) | (135,473 | ) | ||||||||
| Depreciation and amortization |
5,244 | 5,923 | 11,015 | 11,874 | ||||||||||||
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| Adjusted EBITDA |
$ | (30,997 | ) | $ | (60,814 | ) | $ | (74,240 | ) | $ | (123,599 | ) | ||||
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Exhibit 99.2
View Regains Compliance with Nasdaq Minimum Bid Price Requirement
Milpitas, CA, August 10, 2023: View, Inc. (Nasdaq: VIEW, “View” or the “Company”), a leader in smart building platforms and technologies, today announced that it has received a confirmation letter from Nasdaq affirming that the Company is now in compliance with Listing Rule 5450(a)(1).
As previously announced, the Company was notified by Nasdaq on February 13, 2023 that it was not in compliance with Nasdaq Listing Rule 5450(a)(1) because the bid price for the Company’s common stock had closed below $1.00 per share for the previous 30 consecutive business days. On August 10, 2023, Nasdaq provided confirmation to the Company that for the last 10 consecutive business days, from July 27 through August 9, 2023, the closing bid price of the Company’s common stock has been at $1.00 per share or greater.
View is now in compliance with all applicable listing standards. View’s common stock will continue to be listed on The Nasdaq Stock Market and Nasdaq has closed this matter.
About View
View delivers optimal human experiences in buildings. We started by revolutionizing something that hadn’t changed for centuries—the simple window—and in so doing, built the only complete, modular, cloud-native platform to deliver on the promise of smart buildings. View transforms buildings into responsive environments that continuously adjust to meet human needs for natural light, connection to nature, fresh air, and comfortable temperatures while improving energy efficiency and increasing profits for building owners and their tenants. View is installed in offices, apartments, schools, hospitals, airports, and hotels. Learn more at www.view.com.
For further information:
Investors:
Samuel Meehan
View, Inc.
IR@View.com
408-493-1358
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