View Message to Customers Provides Update on Strong Business Performance and Warranty Commitments

Rhea-AI Summary

View, Inc. (NASDAQ: VIEW) announced strong business performance, reporting Q2 revenues more than doubling from last year. Despite delaying full Q2 financial results due to an internal review of warranty accrual, operations and product delivery remain unaffected. The company has over $450M in cash and plans to continue investing in R&D and production capabilities. View emphasizes its commitment to transforming buildings for better human health and sustainability, backed by repeat customers and new business wins.

Positive

• Q2 2021 revenues more than doubled compared to the same period last year.
• Over $450 million in cash by the end of Q2, indicating strong capitalization.
• Strong customer relationships reflected in significant repeat business.
• Continued investment in R&D to enhance product offerings.

Negative

• Delaying complete Q2 financial results due to internal review may raise investor concerns.

MILPITAS, Calif., Aug. 23, 2021 (GLOBE NEWSWIRE) -- View, Inc. (NASDAQ: VIEW) (“View”), the leader in smart building technologies, today posted the following message to customers on its website, www.view.com:

“Dear Customers,

I’m writing to you today to highlight View’s strong business performance and warranty commitments. As you may know, we announced last week that we are delaying the release of our complete Q2 2021 financial results while we conduct an internal review of the accounting treatment of our non-cash warranty accrual related to an older version of our product. This review does not affect the pace of our operations or our ability to produce and deliver quality products. I assure you that we stand behind our warranty contracts and continue to deliver the customer experience and innovation you expect from us.

The real estate industry is in the early stages of a massive transformation driven by unstoppable advancements in technology and the urgent need to address climate change and improve human health. At View, we remain as focused as ever on our mission to help you build healthy, sustainable, smart buildings.

Last week, we announced our preliminary Q2 revenue and provided a business update. Thanks to the pioneering role each of you play in the movement to transform buildings, we had another record quarter with revenues more than doubling from the same period last year, continuing our rapid growth trajectory. We added exciting new product offerings and capabilities that will accelerate the positive change in the industry and announced several new business wins across all key markets. Notably, a significant portion of our revenue continues to come from repeat customers, reflecting the value and quality of our product and the strength of our customer relationships.

We reported that we have over $450M in cash at the end of Q2 and are well capitalized for the journey ahead. We have in place strong foundations of technology, operations, and human capital, and will continue to ramp our production and operational capabilities to transform one of the world’s largest industries. We will also continue to invest aggressively in R&D to broaden our portfolio, strengthen our platforms, and deliver exciting new products.

The entire team at View wakes up every day on a mission to solve some of the hardest and most pressing challenges of our time. I am grateful to work alongside some of the smartest and most committed colleagues on the planet. Their ingenuity, dedication, commitment to excellence, and customer obsession will continue to fuel our success.

Thank you for your support and partnership in this journey together.

Best Regards,

Rao Mulpuri, PhD
Chairman & 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 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.

Contacts:

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

For Media:
Megan Bouchier / Brandon Pinto 
Sard Verbinnen & Co
View@sardverb.com
415-618-8750

FAQ

What were View's Q2 2021 revenue results?

View reported Q2 2021 revenues more than doubling from the same period last year.

What is the current cash position of View, Inc.?

View has over $450 million in cash at the end of Q2 2021.

Why is View delaying its Q2 2021 financial results?

View is conducting an internal review of the accounting treatment of its non-cash warranty accrual.

How does View's warranty commitments affect its operations?

The internal review does not affect the pace of operations or ability to deliver products.

What is View's focus in the smart building industry?

View is focused on building healthy, sustainable, and smart buildings using advanced technologies.