After U.S. markets closed yesterday, smart buildings platform and technologies firm View Inc. View Inc. (VIEW:NASDAQ), which manufactures Smart Windows that employ artificial intelligence (AI) to automatically adjust to light and the surrounding environment to control heat and glare without the need for blinds, announced financial and operating results for fiscal year 2021 ended December 31, 2021.
The company's CEO Dr. Rao Mulpuri commented, "2021 was a pivotal year for View…At the beginning of the year, we said that we would more than double revenues and we did just that, finishing the year with revenues of $74 million and 125% growth from the prior year."
"The restatement of our financials is a challenging process with many lessons learned and we are building the foundations needed to emerge stronger as a company…The real estate industry is going through a once-in-a-lifetime change driven by sustainability, user experience, human health, and digital transformation. View is committed to this journey, and we intend to play a leadership role in driving this transformation," CEO Mulpuri added.
View Inc. advised that the company has now fully completed the investigation undertaken by its Audit Committee. As the firm previously reported, the investigation was related to warranty accrual issues. The company noted that as this process is complete it is reporting FY/21 financial results and is restating prior years' results. The firm noted that except for the warranty-related accruals, no other material misstatements were identified by the company.
View Inc. provided details of the adjustments and indicated that warranty-related accruals were $42 million in FY/21 and advised that FY/20 and FY/19 warranty-related accruals were revised upward to $48 million and $53 million, up respectively from $23 million and $25 million. The firm noted that these adjustments were within the ranges it disclosed in November 2021.
The company reported that total revenue in FY/21 increased by 125% to $74.0 million, compared to $32.9 million in FY/20. View Inc. stated that the revenues achieved in FY/21 greatly exceeded its previous guidance of $65-70 million. The firm attributed the growth to increased customer demand and the introduction of its View Smart Building Platform and View Smart Building Technologies.
For FY/21, the company reported that it posted a net loss of 343.0 million, or a net loss of $1.97 per basic and diluted share, versus a net loss of 249.7 million, or a net loss of $148.81 per basic and diluted share in FY/20.
The firm pointed out that it successfully launched its Smart Building Platform in 2021. The company explained that "the View platform is a full performance solution that includes a converged secure network infrastructure, Smart Glass panel, Smart Building Technologies, and end-to-end deployment services."
The company noted that it generated $28.7 million in revenue from its in Smart Building Platform during FY/21. In addition, it registered $41.7 million in revenues from its Smart Glass products and $3.6 million in revenues from Smart Building Technologies.
Importantly the company explained that as it previously disclosed, it will disclose in its upcoming SEC filings "substantial doubt about the company's ability to continue as a going concern, as the company does not currently have adequate financial resources to fund its forecasted operating costs and meet its obligations for at least twelve months from the expected issuance date of its 2021 Annual Report on Form 10-K."
The View mentioned that it plans to raise additional capital and reduce cash burn by growing revenues and improving operating efficiencies and leveraging fixed costs.
The company offered some forward guidance and advised that for FY/22 it expects revenues of $100-110 million. The View indicated that the projected increase in revenues is due to "continued momentum in volume growth, strong ASPs and increased contribution from the View Smart Building Platform and Smart Building Technologies products."
The firm highlighted numerous sales and accomplishments during FY/21. The company said that as it announced on December 15, 2021, its smart windows were installed at Bozeman Yellowstone International Airport (BZN). This comes after the firm's View Smart Windows installations at several of the U.S.'s largest airports in Boston, Dallas-Fort Worth, New York, Orlando, and many others.
Some other notable installation during FY/21 included a 17-story office tower in Kelowna, B.C., a 370,000 sq. ft. office building, a new mixed-use apartment residence in Kirkland, Wash., a 200,000 sq. ft., 18-story tower residential development in Ont., Canada, a new 304,394 sq. ft. luxury multi-family project Toronto, Ont., a 235,000 sq. ft., Class-A office building in Denver, Colo., a newly-renovated, 530,000 sq. ft., 40-story office tower in New York City, and another 665,000 sq. ft., 27-story office tower.
View is a technology company based in Milpitas, Calif. that design and manufactures Smart Windows that utilize AI to automatically adjust heat, glare, and the flow of light in response to the sun, which in turn eliminates the need for blinds and improves natural light. The company's technologies help transform buildings' lighting environment and reduce energy consumption, carbon emissions and also serve to generate additional revenue for building owners. The View's cloud-connected smart building platforms have been installed in over 40 million sq. ft. of office buildings, including, airports, hospitals, hotels, schools, and multi-family dwellings.
View Inc. began the day with a market cap of around $291.6 million with approximately 229.6 million shares outstanding. View Inc.'s shares opened 18% higher today at $1.50 (+$0.23, +18.11%) over yesterday's $1.27 closing price. The stock has traded today between $1.36 and $1.98 per share and closed for trading at $1.69 (+$0.42, +33.07%).
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