MILPITAS, Calif., Aug. 23, 2021 (Globalrelease Wire) — View, Inc. (NASDAQ: VIEW) (“View”), the leader in smart building technologies, today posted the following message to customers on its website, www.view.com:
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.
Rao Mulpuri, PhD
Chairman & CEO, View, Inc.”
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.
Megan Bouchier / Brandon Pinto
Sard Verbinnen & Co