View, Inc. (NASDAQ: VIEW), the leader in smart windows, announced
financial results for the first quarter 2021.
First Quarter 2021 Highlights:
- GAAP revenue of $11.8 million, a 29% increase from Q1 2020 and
a 52% increase from Q4 2020.
- GAAP cost of revenue of $29.9 million, a 16% improvement from
Q1 2020 and a 5% improvement from Q4 2020 due to production
efficiencies.
- GAAP operating expenses of $37.1 million, a 16% improvement
from Q1 2020 driven by cost controls, and a 10% increase over Q4
2020 related to growth initiatives and IPO preparations.
- GAAP loss from operations of ($55.1) million, a 22% improvement
compared to Q1 2020 and 4% improvement from Q4 2020.
- Non-GAAP Adjusted EBITDA of ($37.8) million, a 31% improvement
compared to Q1 2020 reflecting higher revenues, improved factory
costs and streamlined operating expenses. Non-GAAP Adjusted EBITDA
improvement of 11% over Q4 2020.
- Completed initial public offering raising gross proceeds of
$815.2 million; now trading on the NASDAQ under the ticker
“VIEW.”
- Retired existing debt facility and accrued interest of $276.8
million and ended the quarter with $506.5 million of cash on
balance sheet.
“In the first quarter of 2021, we saw continued increase in
market adoption of our products. We are also experiencing an
increase in activity as our customers start preparing to return to
a more normal course of business later this year,” said Dr. Rao
Mulpuri, Chairman and CEO of View.
“We are proud of our accomplishments to date, and we are excited
to start our journey as a public company. We continue to invest in
technology to transform the real estate industry in order to
improve the user experience, drive the world’s sustainability
goals, improve human health, and create tech enabled spaces. We are
especially excited about the strong customer reception to our new
products released in Q1 2021.”
Recent Business Highlights and Key Customer
WinsOn April 30, 2021, View announced (link) Walmart
reached an agreement with View for the expected purchase of $26
million of smart glass for use in their Home Office campus in
Bentonville, AR. Home Office is Walmart’s new corporate office
campus with 12 office buildings across 350 acres.
On March 16, 2021, View announced (link) its smart windows were
selected to be installed in the expansion of Terminal 5 at
Chicago’s O’Hare International Airport (ORD). The expansion is part
of O’Hare 21, an $8.5 billion project to modernize the airport with
Terminal 5 serving as the new home for Delta Air Lines in
Chicago.
On March 1, 2021, View announced (link) the completion of 730
Third Avenue, a 665,000-square-foot, 27-story, office tower
recently transformed through a $120 million renovation by Nuveen
Real Estate, and its development advisor, Taconic Partners. TIAA,
the parent company of Nuveen, owns 730 Third Ave and both firms
will continue to be headquartered at the location.
On February 25, 2021, View announced (link) its smart windows
were selected to be installed at 3.0 University Place, the
250,000-square-foot commercial lab and office building in the heart
of Philadelphia’s innovation corridor.
On February 18, 2021, View announced (link) that View Smart
Windows are being installed at St. John’s Terminal, the 12-story,
1.3-million-square-foot, cutting-edge commercial office under
development by Oxford Properties Group. This landmark Manhattan
building will be the center of Google’s Hudson Square campus.
On February 2, 2021, View announced (link) that its smart
windows were selected to be installed into multiple buildings
across Lake Nona, the 17-square-mile visionary community developed
by Tavistock Development Company. View Smart Windows have already
been installed in five buildings in Lake Nona across office,
retail, and hospitality projects, and are expected to be installed
in more than 30 additional buildings.
On January 13, 2021, View announced (link) that its smart
windows were selected to be installed in Dallas Fort Worth
International Airport’s new expansion of Terminal D South, a
project that adds four gates to the terminal and showcases DFW’s
“Gate of the Future”. The expansion will be the first airport to
deploy View’s latest smart building digital network, AI and machine
learning powered environmental sensor modules, and transparent
ultra-high-definition displays.
Full Year 2021 OutlookGiven the strong results
in Q1 and increased market adoption, View remains confident in the
company’s financial plan for 2021. View expects revenues for full
year 2021 to be in the range of $70 to $80 million.
Accordingly, View continues to invest in the company’s
operational capabilities by ramping manufacturing facility to 24x7
operation and investing in capital equipment and customer support
capabilities.
The company’s recently announced new products are being deployed
and began generating revenue in Q1 2021. These new products include
View Net, View Sense and View Immersive Experience. View has a
unique first-wire advantage to provide additional products and
services on their smart building platform. View expects to continue
to increase investments in R&D throughout 2021.
View is at the early stages in their journey to transform a
major industry and excited about the opportunities to drive
adoption of smart windows.
Conference Call and Webcast DetailsView, Inc.
will host a conference call to discuss its results at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time the same day. The live
webcast of the call can be accessed at the View, Inc. Investor
Relations website at https://investors.view.com, along with the
company's earnings press release.
The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028
for non-U.S. callers). Please ask to join the View, Inc. call. A
replay of the conference call will be available until May 19, 2021,
at 8:59 p.m. Pacific Time / 11:59 p.m. Eastern Time, while an
archived version of the webcast will be available on the View, Inc.
Investor Relations website for 90 days. The U.S. dial-in for the
conference call replay is 1-877-660-6853 (1-201-612-7415). The
replay access code is 13719178.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 as amended, including statements regarding revenue growth,
market adoption of Company products, production capabilities,
capital expenditures, and the Company’s 2021 financial
expectations. These forward-looking statements are based on current
expectations, estimates, assumptions, projections, and management’s
beliefs, that are subject to change. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, many of which are beyond the
company’s control and are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. The Company’s
business is subject to a number of risks which are described more
fully in View’s definitive proxy statement filed with the SEC on
February 16, 2021, which is incorporated by reference into its
Current Report on Form 8-K filed on March 12, 2021.The Company
undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date hereof.
About non-GAAP Financial Measures
In this press release, the Company presents certain non-GAAP
financial information, including non-GAAP cost of revenues,
non-GAAP research and development expense, non-GAAP selling,
general and administrative expense, non-GAAP loss from operations,
non-GAAP net loss, and non-GAAP adjusted EBITDA. The
company presents these non-GAAP amounts because management believes
they assist investors and analysts in comparing the company's
performance across reporting periods on a consistent basis by
excluding items that the company does not believe are indicative of
its core operating performance. Reconciliations from GAAP to
non-GAAP results is included in the financial statements contained
in this release.
About View View is a technology company and the
market leader in smart windows. View Smart Windows use artificial
intelligence to automatically adjust in response to the sun and
increase access to natural light, to improve people’s health and
experience in buildings, while simultaneously reducing energy
consumption to mitigate the effects of climate change. Every View
installation also includes a smart building platform that consists
of power, network, and communication infrastructure. For more
information, please visit: www.view.com
Contacts: Samuel Meehan View, Inc. Investor
RelationsIR@View.com 408-493-1358
VIEW, INC.Condensed
Consolidated Statements of Comprehensive
Loss(unaudited) (in thousands, except share and per
share data)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
Revenue |
$ |
11,805 |
|
|
$ |
9,167 |
|
Costs and expenses: |
|
|
|
|
|
Cost of revenue |
|
29,874 |
|
|
|
35,572 |
|
Research and development |
|
15,658 |
|
|
|
21,258 |
|
Selling, general, and administrative |
|
21,420 |
|
|
|
22,835 |
|
Total costs and expenses |
|
66,952 |
|
|
|
79,665 |
|
Loss from operations |
|
(55,147 |
) |
|
|
(70,498 |
) |
Interest and other income (expense), net |
|
|
|
|
|
Interest income |
|
5 |
|
|
|
445 |
|
Interest expense |
|
(5,308 |
) |
|
|
(5,285 |
) |
Other expense, net |
|
(1,442 |
) |
|
|
(24 |
) |
Gain on fair value change, net |
|
7,413 |
|
|
|
4,427 |
|
Loss on extinguishment of debt |
|
(10,018 |
) |
|
|
- |
|
Interest and other income (expense), net |
|
(9,350 |
) |
|
|
(437 |
) |
Loss before provision of income taxes |
|
(64,497 |
) |
|
|
(70,935 |
) |
Provision for income taxes |
|
(5 |
) |
|
|
(5 |
) |
Net and comprehensive loss |
$ |
(64,502 |
) |
|
$ |
(70,940 |
) |
|
|
|
|
|
|
Net loss per share, basic and diluted |
$ |
(1.16 |
) |
|
$ |
(42.82 |
) |
Weighted-average shares used in calculation of net loss per share,
basic and diluted |
|
55,500,398 |
|
|
|
1,656,774 |
|
|
|
|
|
|
|
|
|
VIEW, INC.Condensed
Consolidated Balance Sheets (unaudited) (in
thousands)
|
|
March 31, 2021 |
|
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
506,457 |
|
|
$ |
63,232 |
|
Accounts receivable, net |
|
12,086 |
|
|
|
12,252 |
|
Inventories |
|
7,134 |
|
|
|
6,483 |
|
Prepaid expenses and other current assets |
|
6,793 |
|
|
|
6,881 |
|
Total current assets |
|
532,470 |
|
|
|
88,848 |
|
Property and equipment, net |
|
279,278 |
|
|
|
282,560 |
|
Restricted cash |
|
10,464 |
|
|
|
10,461 |
|
Other assets |
|
4,318 |
|
|
|
8,946 |
|
Total assets |
$ |
826,530 |
|
|
$ |
390,815 |
|
|
|
|
|
|
|
|
|
Liabilities, Redeemable Convertible Preferred Stock,
and Stockholders’ Equity (Deficit)
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
8,688 |
|
|
$ |
14,562 |
|
Accrued expenses and other current liabilities |
|
17,085 |
|
|
|
36,480 |
|
Accrued compensation |
|
13,305 |
|
|
|
14,665 |
|
Deferred revenue |
|
2,543 |
|
|
|
2,111 |
|
Debt, current |
|
- |
|
|
|
247,248 |
|
Total current liabilities |
|
41,621 |
|
|
|
315,066 |
|
Debt, non-current |
|
15,430 |
|
|
|
15,430 |
|
Redeemable convertible preferred stock warrant liability |
|
- |
|
|
|
12,323 |
|
Sponsor earn-out liability |
|
23,983 |
|
|
|
- |
|
Other liabilities |
|
34,051 |
|
|
|
36,731 |
|
Total liabilities |
|
115,085 |
|
|
|
379,550 |
|
|
|
|
|
|
|
Redeemable convertible preferred stock |
|
- |
|
|
|
1,812,678 |
|
Stockholders’ equity (deficit): |
|
|
|
|
|
Preferred stock |
|
- |
|
|
|
- |
|
Common stock |
|
22 |
|
|
|
- |
|
Additional paid-in capital |
|
2,667,127 |
|
|
|
89,789 |
|
Accumulated deficit |
|
(1,955,704 |
) |
|
|
(1,891,202 |
) |
Total stockholders' equity (deficit) |
|
711,445 |
|
|
|
(1,801,413 |
) |
Total liabilities redeemable convertible preferred stock, and
stockholders’ equity (deficit) |
$ |
826,530 |
|
|
$ |
390,815 |
|
|
|
|
|
|
|
|
|
VIEW, INC.Condensed
Consolidated Statements of Cash Flow(unaudited) (in
thousands)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(64,502 |
) |
|
$ |
(70,940 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
6,055 |
|
|
|
6,201 |
|
Loss on extinguishment of debt |
|
10,018 |
|
|
|
- |
|
Gain on fair value change, net |
|
(7,413 |
) |
|
|
(4,427 |
) |
Amortization of debt discount and other |
|
488 |
|
|
|
586 |
|
Stock-based compensation |
|
11,282 |
|
|
|
9,218 |
|
Net changes in operating assets and liabilities: |
|
(26,266 |
) |
|
|
20,011 |
|
Net cash used in operating activities |
|
(70,338 |
) |
|
|
(39,351 |
) |
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(2,679 |
) |
|
|
(19,355 |
) |
Maturities of short-term investments |
|
- |
|
|
|
32,866 |
|
Net cash provided by (used in) investing
activities |
|
(2,679 |
) |
|
|
13,511 |
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from draws related to revolving debt facility |
|
- |
|
|
|
34,615 |
|
Repayment of revolving debt facility |
|
(257,454 |
) |
|
|
(37,500 |
) |
Repayment of other debt obligations |
|
- |
|
|
|
(1,714 |
) |
Payments of obligations under capital leases |
|
(210 |
) |
|
|
(364 |
) |
Proceeds from issuance of common stock upon exercise of stock
options |
|
382 |
|
|
|
149 |
|
Proceeds from reverse recapitalization |
|
815,184 |
|
|
|
- |
|
Payment of transaction costs related to reverse
recapitalization |
|
(41,657 |
) |
|
|
- |
|
Net cash provided by (used in) financing
activities |
|
516,245 |
|
|
|
(4,814 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted
cash |
|
443,228 |
|
|
|
(30,654 |
) |
Cash, cash equivalents, and restricted cash, beginning of
period |
|
74,693 |
|
|
|
148,674 |
|
Cash, cash equivalents, and restricted cash, end of
period |
$ |
517,921 |
|
|
$ |
118,020 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
Cash paid for interest |
$ |
19,329 |
|
|
$ |
1,492 |
|
Cash paid for income taxes |
|
28 |
|
|
|
8 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
Change in accounts payable balance and other liabilities related to
purchase of property and equipment |
$ |
(967 |
) |
|
$ |
(2,784 |
) |
Conversion of redeemable convertible preferred stock to common
stock |
$ |
1,812,678 |
|
|
$ |
- |
|
Conversion of redeemable convertible preferred stock warrants to
common stock warrants |
$ |
7,267 |
|
|
$ |
- |
|
Common stock issued in exchange for services |
$ |
7,500 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
VIEW, INC.Selected
Financials and Reconciliation of GAAP Measures to Non-GAAP
Measures(unaudited) (in thousands)
|
Three Months Ended |
|
|
Mar 31,2021 |
|
|
Dec 31,2020 |
|
|
Mar 31,2020 |
Revenue |
|
|
|
|
|
|
|
|
Revenue |
$ |
11,805 |
|
|
$ |
7,763 |
|
|
$ |
9,167 |
|
|
|
|
|
|
|
|
|
|
Cost of Revenue |
|
|
|
|
|
|
|
|
GAAP
Cost of Revenue |
$ |
29,874 |
|
|
$ |
31,285 |
|
|
$ |
35,572 |
|
Stock-Based Compensation |
|
(940 |
) |
|
|
(586 |
) |
|
|
(542 |
) |
Non-GAAP Cost of Revenue |
$ |
28,934 |
|
|
$ |
30,699 |
|
|
$ |
35,030 |
|
|
|
|
|
|
|
|
|
|
R&D Expense |
|
|
|
|
|
|
|
|
GAAP
R&D Expense |
$ |
15,658 |
|
|
$ |
19,146 |
|
|
$ |
21,258 |
|
Stock-Based Compensation |
|
(976 |
) |
|
|
(467 |
) |
|
|
(2,908 |
) |
Non-GAAP R&D Expense |
$ |
14,682 |
|
|
$ |
18,679 |
|
|
$ |
18,350 |
|
|
|
|
|
|
|
|
|
|
SG&A Expense |
|
|
|
|
|
|
|
|
GAAP
SG&A Expense |
$ |
21,420 |
|
|
$ |
14,611 |
|
|
$ |
22,835 |
|
Stock-Based Compensation |
|
(9,366 |
) |
|
|
(5,301 |
) |
|
|
(5,768 |
) |
Non-GAAP SG&A Expense |
$ |
12,054 |
|
|
$ |
9,310 |
|
|
$ |
17,067 |
|
|
|
|
|
|
|
|
|
|
Loss from Operations |
|
|
|
|
|
|
|
|
GAAP
Loss from Operations |
$ |
(55,147 |
) |
|
$ |
(57,279 |
) |
|
$ |
(70,498 |
) |
Stock-Based Compensation |
|
11,282 |
|
|
|
6,354 |
|
|
|
9,218 |
|
Non-GAAP Loss from Operations |
$ |
(43,865 |
) |
|
$ |
(50,925 |
) |
|
$ |
(61,280 |
) |
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
GAAP
Net Loss |
$ |
(64,502 |
) |
|
$ |
(55,284 |
) |
|
$ |
(70,940 |
) |
Stock-Based Compensation |
|
11,282 |
|
|
|
6,354 |
|
|
|
9,218 |
|
Gain on Fair Value Change |
|
(7,413 |
) |
|
|
(9,451 |
) |
|
|
(4,427 |
) |
Loss on Extinguishment of Debt |
|
10,018 |
|
|
|
- |
|
|
|
- |
|
Non-GAAP Net Loss |
$ |
(50,615 |
) |
|
$ |
(58,381 |
) |
|
$ |
(66,149 |
) |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
GAAP
Loss from Operations |
$ |
(55,147 |
) |
|
$ |
(57,279 |
) |
|
$ |
(70,498 |
) |
Stock-Based Compensation |
|
11,282 |
|
|
|
6,354 |
|
|
|
9,218 |
|
Non-GAAP Loss from Operations |
|
(43,865 |
) |
|
|
(50,925 |
) |
|
|
(61,280 |
) |
Depreciation and Amortization |
|
6,055 |
|
|
|
8,616 |
|
|
|
6,201 |
|
Adjusted EBITDA |
$ |
(37,810 |
) |
|
$ |
(42,309 |
) |
|
$ |
(55,079 |
) |
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