View, Inc. (NASDAQ: VIEW, “View”), the leader in smart building
technologies, today announced that it will postpone the release of
its financial results for the second quarter of 2021.
Audit Committee InvestigationThe Audit
Committee of View’s Board of Directors recently began an
independent investigation concerning the adequacy of the company’s
previously disclosed warranty accrual. The Audit Committee has
retained independent legal and accounting advisers to assist with
the investigation. The investigation is ongoing, and the Audit
Committee is working diligently with its counsel and advisors to
complete the investigation as soon as possible. View cannot predict
the duration of the investigation, eventual scope, its outcome, or
its impact on the company’s financial results or the company’s
assessment of its internal control over financial reporting for
prior periods. As a result, the company has not finalized its
financial statements or its assessment of the effectiveness of its
disclosure controls and procedures and internal control over
financial reporting for the three and six months ended June 30,
2021. The company expects that it will finalize its financial
statements and file the related Quarterly Report on Form 10-Q as
soon as practicable after the conclusion of the investigation.
- Preliminary revenues of $15.1
million in Q2 2021, representing 127% year-over-year growth and 28%
sequential growth driven by increased customer activity, higher
base product sales and increased traction with new products.
- Recent customer wins include 80 Bond
Street, The Current River North, 100 Pearl Street, 111 Wall Street
and 825 3rd Avenue.
- Acquisition of IoTium, the leading
provider of secure, cloud-managed, software defined IoT networks to
enhance the digital transformation of buildings.
- Strong cash position of $451.4
million as of June 30, 2021.
Preliminary Results for Second Quarter
2021Preliminary second quarter revenues of $15.1 million
represented a record quarter for View with 127% growth from the
prior year and 28% growth from the first quarter of 2021, driven by
continued adoption of base and new products.
Following the release of several new products earlier in the
year, including View’s enterprise grade digital network,
environmental sensor modules and transparent ultra-high-definition
displays, View recently announced the acquisition of IoTium to
elevate View’s smart building technologies with best-in-class
security and cloud-to-edge functionality. As the leader in Smart
Windows, View will continue to look for opportunities to accelerate
digital transformations of buildings through acquisitions.
“The company again delivered record revenue this quarter and
demonstrated strong sequential growth. We are seeing an inflection
point in the industry and it is driven by an increased awareness
for the value View provides, and recognition that the future of
buildings will be centered around 4 key multi-decade trends:
sustainability, human health, user-experience and embedded
technology,” said Dr. Rao Mulpuri, Chairman and CEO of View.
Recent Business Highlights and Key Customer
WinsOn August 10, 2021, View announced (link) that its
smart windows will be installed at 80 Bond Street in Oshawa,
Ontario, a new 304,394-square-foot luxury multi-family project
being spearheaded by Atria Development Corp.
On August 4, 2021, View announced (link) that its smart windows
will be installed at The Current, River North, a
235,000-square-foot, Class-A office building designed to promote
tenant health, wellbeing and productivity. The development, a joint
venture between Schnitzer West, LLC and Craft Companies, represents
the second View project for Schnitzer West.
On July 12, 2021, View announced (link) that its smart windows
will be installed at the new overbuild at 100 Pearl Street, a
Class-A office tower in the Financial District, Lower
On July 8, 2021, View announced (link) it has acquired IoTium,
the leading provider of secure, cloud-managed, software defined IoT
networks. The acquisition elevates View’s intelligent building
platform to accelerate the digital transformation of buildings. By
incorporating IoTium technology into the ViewNet product, View
strengthens our systems enterprise grade security offering, while
improving cloud-to-edge, multi-tenant functionality.
On June 18, 2021, View announced (link) its smart windows will
be installed at 111 Wall Street, a 25-story, 1.2
million-square-foot waterfront office tower in Manhattan’s
Financial District currently undergoing transformation by
Nightingale Properties and Wafra Capital Partners. 111 Wall Street
is also the first property to receive funding through New York
City’s recently launched C-PACE, a financing structure that
supports energy efficiency improvements.
On May 26, 2021, View announced (link) it has installed smart
windows at 825 Third Avenue, its newly-renovated,
530,000-square-foot, 40-story office tower in New York City. 825
Third Avenue will be the first office building in New York City to
use smart windows that also incorporate View Immersive Experience,
a solution that transforms smart windows into transparent, digital
screens to enable truly immersive communications, content sharing,
and user interactions.
Forward-Looking StatementsThis press release
contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 as amended,
including statements regarding the outcome of the Audit Committee
investigation and the completion of matters necessary to permit the
filing of the Form 10-Q for the period ended June 30, 2021.
Forward-looking statements also include statements concerning
revenue growth or expectations, the market adoption of View
products, or View’s financial expectations, as well as words or
phrases like “as soon as possible,” “as soon as practicable,”
“expects,” “anticipates,” “predicts,” “timely,” or similar words
that may be forward looking, or other passages that are relevant to
expected future events, performances, and actions or that can only
be fully evaluated by events that will occur in the future. These
forward-looking statements are based on current expectations,
estimates, assumptions, projections, and management’s beliefs, that
are subject to change. There can be no assurance that these
forward-looking statements will be achieved; these statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and other factors, many of which are beyond
the company’s control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements. View’s
business is subject to a number of risks which are described more
fully in View’s definitive proxy statement filed with the SEC on
February 23, 2021, which is incorporated by reference into its
Current Report on Form 8-K filed on March 12, 2021. View undertakes
no obligation to update forward-looking statements to reflect
events or circumstances after the date hereof.
About ViewView 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 tint in response to
the sun, eliminating the need for blinds and increasing access to
natural light. Every View installation includes a cloud-connected
smart building platform that can easily be extended to improve
indoor cellular coverage, enhance building security and reimagine
the occupant experience. View is installed and designed into over
75 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 Investors: Samuel MeehanView,
View Media Contact:Megan Bouchier / Brandon
Pinto Sard Verbinnen & CoView@sardverb.com 415-618-8750
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