View CEO Message to Employees, Customers and Shareholders

Rhea-AI Summary

View, Inc. (NASDAQ: VIEW) announces the completion of an Audit Committee investigation uncovering material errors in warranty accruals for older products. A restatement of financials for 2019-2021 is anticipated. CEO Rao Mulpuri takes full responsibility and emphasizes commitment to correcting finance and accounting issues. To enhance financial processes, former Intel CFO Harold Hughes is appointed Executive Chairman. Despite challenges, the company projects over 100% revenue growth this year and expects sustained growth driven by innovative smart building technologies.

Positive

• Projected over 100% revenue growth this year.
• Appointment of Harold Hughes as Executive Chairman to strengthen financial function.
• Continued repeat business from customers.

Negative

• Restatement of financials for 2019, 2020, and 2021 due to material errors in warranty accruals.

MILPITAS, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- View, Inc. (NASDAQ: VIEW, “View”), the leader in smart building technologies, today posted the following message on its website, www.view.com:

“To View employees, customers, and shareholders,

Today we announced the substantial completion of View’s Audit Committee investigation that found material errors in our previously reported warranty accruals relating to an older generation product. We expect that a restatement of our 2019, 2020, and 2021 financials will be required. Uncovering an issue with the functioning of our finance and accounting organization is painful. As CEO, I take full ownership and I am fully committed to do everything I can to correct this. We built View to be excellent in everything we do. Finance and accounting are no less a part of that commitment than other functions.

We view our business in four quadrants: Products, Customers, Operations, and the Corporate Infrastructure that supports the first three. As a fast-growing company with a mission to transform a major industry, develop unique technology and a “full-stack” of products, and deal with sophisticated manufacturing processes, we have complex issues to manage. We sometimes feel as though we are building the airplane as we fly it. While it might be understandable that infrastructure would fall behind these other areas, as CEO, these issues are not acceptable to me, and I intend to make sure that we have world-class infrastructure to support our planned growth.

In order to help with this, I’ve asked Harold Hughes, our longstanding board member and former CFO of Intel, to join us as Executive Chairman to bring laser focus to strengthening our finance function. Harold will help recruit a CFO and build the financial systems needed to scale View into a world-class company. Amy Reeves, our Chief Accounting Officer will serve as our Acting CFO and will work closely with Harold.

At View, we are fully committed to our mission. The real estate industry is going through massive advances in sustainability, user experience, human health, and digital transformation. We have several exciting products that provide significant benefits to society and our customers continue to return for repeat business. We are projecting over 100% revenue growth this year, and expect to have continued, sustained strong growth well into the future.

I am grateful to all of you for your support as we work quickly, efficiently and effectively to remedy this issue and move forward to continue the company’s growth and success.

Rao Mulpuri, PhD
CEO, View, Inc.”

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 improve indoor cellular coverage, enhance building security, and reimagine the occupant experience. View is installed and designed into more than 92 million square feet of buildings including offices, hospitals, airports, educational facilities, hotels, and multi-family residences. For more information, please visit: www.view.com.

Contacts:

For Investors:
Samuel Meehan
View, Inc.
IR@View.com
408-493-1358

FAQ

What financial restatement will View, Inc. undertake?

View, Inc. expects to restate its financials for 2019, 2020, and 2021 due to material errors in warranty accruals.

Who is the new Executive Chairman of View, Inc.?

Harold Hughes, former CFO of Intel, is appointed as Executive Chairman to strengthen View's financial function.

What is the revenue growth projection for View, Inc. this year?

View, Inc. projects over 100% revenue growth for the current year.

What challenges is View, Inc. facing in its finance department?

View, Inc. is addressing material errors in warranty accruals identified during an Audit Committee investigation.

How does View, Inc. plan to improve its finance function?

View, Inc. plans to enhance its finance function by recruiting a new CFO and building financial systems under the guidance of Harold Hughes.