Toronto, Ontario--(Newsfile Corp. - Le 8 janvier/January 2026) - Hi-View Resources Inc. (HVW) has announced a symbol change to GXLD. Shares will begin trading under the new symbol on January 12, 2026. Disclosure documents are available at www.thecse.com Please note that all open orders will be cancelled at the end of business on January 9, 2026. Dealers are reminded to re-enter their orders. _________________________________ Hi-View Resources Inc. (HVW) a annoncé un changement de symbole pour GXLD. ...

Core Insights - Tesla has introduced more affordable versions of its Model Y SUV and Model 3 sedan, priced at $39,990 and $36,990 respectively, in an effort to counteract declining sales and market share due to increasing competition [1] Group 1 - The new pricing strategy aims to make Tesla's vehicles more accessible to a broader customer base [1] - The move comes as Tesla faces rising competition in the electric vehicle market, which has been impacting its sales performance [1] - The introduction of these lower-priced models is a strategic response to the current market dynamics and consumer demand [1]

Core Insights - Nvidia announced a $5 billion investment in Intel, supporting the U.S. chip foundry amid its struggles [1] Company Summary - Nvidia's investment is aimed at bolstering Intel's position in the semiconductor industry [1] - This move follows a recent deal facilitated by the White House for the U.S. government to acquire a significant stake in Intel [1] Industry Summary - The investment reflects ongoing efforts to strengthen the U.S. semiconductor sector, which has faced challenges in recent years [1] - Nvidia's backing may signal confidence in Intel's potential for recovery and growth within the competitive chip market [1]

Core Insights - Hi-View Resources Inc. has appointed Ms. Marilyn Lacasse as a Technical Advisor, bringing over fifteen years of mineral exploration experience to the company [1][2] - Ms. Lacasse has a strong background in various deposit types, particularly in precious metals, and has worked extensively in northwest British Columbia and southeast Alaska [1][2] - The company has a significant portfolio of projects in the Toodoggone District, with the flagship Golden Stranger Project being fully permitted and having multiple drill-ready sites [5] Company Overview - Hi-View Resources Inc. is a Canadian mineral exploration company focused on gold, silver, and copper assets in northern British Columbia [5] - The company's properties cover over 23,000 hectares, including several key projects such as the Golden Stranger, Borealis, and Northern Claims [5] - Historical highlights from the Golden Stranger Project include drill results of 10 meters grading 11.55 g/t gold and samples up to 111.5 g/t gold and 2,740 g/t silver, indicating strong exploration potential [5] Ms. Marilyn Lacasse's Background - Ms. Lacasse is the founder of Outbounds Consulting, specializing in geological management for junior exploration companies [2] - She is a registered Professional Geologist and holds a B.Sc. in Geology from the Université du Québec à Montréal [2] - Her career includes managing complex drill campaigns and integrating technical execution with broader project objectives, aligning well with Hi-View's exploration strategy [3] Leadership Comments - R. Nick Horsley, CEO of Hi-View, expressed enthusiasm about Ms. Lacasse's appointment, highlighting her reputation for making discoveries and her diverse technical background [3] - The CEO noted that Ms. Lacasse was recommended by a respected industry peer, emphasizing her ability to identify new geological zones [3]

Core Points - Hi-View Resources Inc. has announced a consolidation of its issued and outstanding common shares at a ratio of one post-consolidated common share for every eight pre-consolidated common shares [1][2][3] - The total number of outstanding shares will be reduced to approximately 4,840,060 common shares following the consolidation [1][3] - The name and symbol of the company will remain unchanged despite the share consolidation [2][4] Additional Details - All open orders will be canceled at the close of business on May 27, 2025, and dealers are reminded to re-enter their orders considering the share consolidation [2][4] - Trading on a consolidated basis will commence on May 28, 2025, with a record date of the same day and an anticipated payment date of May 29, 2025 [5] - The new symbol for the shares will be HVW, with updated CUSIP and ISIN numbers provided [5]

Note Regarding Forward Looking Statements This section provides a standard disclaimer regarding forward-looking statements, highlighting inherent risks and uncertainties that could cause actual results to differ materially from projections [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents View, Inc.'s unaudited condensed consolidated financial statements for the period ended September 30, 2023, including balance sheets, comprehensive loss, equity, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2023 | December 31, 2022 | Change (%) | | :-------------------------- | :------------------- | :------------------ | :--------- | | Total Assets | $291,438 | $619,026 | (52.9%) | | Total Liabilities | $359,376 | $398,534 | (9.8%) | | Total Stockholders' Equity | $(67,938) | $220,492 | (130.8%) | | Cash and cash equivalents | $50,618 | $95,858 | (47.2%) | [Condensed Consolidated Statements of Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Condensed Consolidated Statements of Comprehensive Loss Highlights (in thousands, except per share data) | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total revenue | $38,220 | $23,762 | $84,602 | $57,090 | | Gross loss | $(4,353) | $(25,364) | $(39,994) | $(72,129) | | Impairment of long-lived assets | $170,300 | $0 | $174,300 | $0 | | Net and comprehensive loss | $(213,046) | $(82,065) | $(336,695) | $(247,323) | | Net loss per share, basic and diluted | $(53.06) | $(22.93) | $(84.54) | $(69.21) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) - Total stockholders' equity decreased from **$220,492 thousand** as of December 31, 2022, to a deficit of **$(67,938) thousand** as of September 30, 2023, primarily due to a net loss of **$(336,695) thousand** for the nine months ended September 30, 2023[18](index=18&type=chunk) - Additional paid-in capital increased from **$2,814,912 thousand** to **$2,863,177 thousand**, driven by stock-based compensation and shares issued upon Convertible Notes conversion[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(139,603) | $(204,201) | | Net cash provided by (used in) investing activities | $93,590 | $(19,556) | | Net cash used in financing activities | $(2,808) | $(4,211) | | Cash, cash equivalents, and restricted cash, end of period | $65,344 | $69,575 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization and Summary of Significant Accounting Policies](index=9&type=section&id=Note%201.%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) View, Inc. manufactures smart building products, primarily electrochromic glass, and faces substantial doubt about its ability to continue as a going concern beyond Q1 2024, necessitating additional financing - View, Inc. manufactures smart building products, primarily electrochromic or 'smart' glass panels combined with proprietary network infrastructure and software to intelligently adjust to the sun, reducing heat, glare, and energy consumption[21](index=21&type=chunk) Liquidity and Financial Position (as of September 30, 2023) | Metric | Amount (in thousands) | | :--------------------------------- | :-------------------- | | Accumulated Deficit | $(2,931,115) | | Net Loss (9 months ended Sep 30, 2023) | $(336,695) | | Net Cash Used in Operations (9 months ended Sep 30, 2023) | $(139,603) | | Cash and Cash Equivalents | $50,618 | - The company has concluded there is substantial doubt about its ability to continue as a going concern, as existing financial resources are only adequate to fund operations into, but not beyond, the **first quarter of 2024**. This necessitates securing additional financing or executing strategic alternatives like expense reductions, asset sales, or corporate restructuring[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) [Note 2. Revenue](index=12&type=section&id=Note%202.%20Revenue) Total revenue increased by **60.8%** for Q3 and **48.2%** for YTD 2023, driven by the Smart Building Platform, with the United States contributing **98.1%** of Q3 revenue Revenue by Products and Services (in thousands) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :--------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Products | $37,131 | $21,548 | $82,640 | $52,461 | | Services | $1,089 | $2,214 | $1,962 | $4,629 | | **Total** | **$38,220** | **$23,762** | **$84,602** | **$57,090** | Revenue by Major Product Offering (in thousands) | Product Offering | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Smart Building Platform | $25,031 | $11,317 | $53,688 | $29,578 | | Smart Glass | $11,156 | $10,320 | $23,529 | $19,809 | | Smart Building Technologies | $2,033 | $2,125 | $7,385 | $7,703 | | **Total** | **$38,220** | **$23,762** | **$84,602** | **$57,090** | Revenue by Geographic Area (in thousands) | Geographic Area | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | United States | $37,500 | $21,743 | $80,470 | $52,852 | | Canada | $720 | $2,009 | $4,132 | $4,170 | | Other | $0 | $10 | $0 | $68 | | **Total** | **$38,220** | **$23,762** | **$84,602** | **$57,090** | - Contract loss accruals decreased from **$15.0 million** as of December 31, 2022, to **$7.1 million** as of September 30, 2023, for work that had not yet been completed[43](index=43&type=chunk) [Note 3. Fair Value](index=14&type=section&id=Note%203.%20Fair%20Value) The company measures certain financial assets and liabilities at fair value, including money market funds, certificates of deposit, Sponsor Earn-Out Liability, and Private Warrants, with changes recognized in gain on fair value change, net Financial Assets Measured at Fair Value (in thousands) | Category | September 30, 2023 | December 31, 2022 | | :-------------------- | :------------------- | :------------------ | | Money market funds | $32,315 | $66,614 | | Certificates of deposit | $14,726 | $18,308 | | Short-term investments | $0 | $102,284 | | **Total** | **$47,041** | **$187,206** | Level 3 Financial Liabilities Measured at Fair Value (in thousands) | Category | December 31, 2022 | September 30, 2023 | Change in Fair Value | | :-------------------- | :------------------ | :------------------- | :------------------- | | Sponsor Earn-Out Liability | $506 | $0 | $(506) | | Private Warrants | $7 | $0 | $(7) | | **Total** | **$513** | **$0** | **$(513)** | Gain on Fair Value Change, Net (in thousands) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Sponsor Earn-out Liability | $0 | $(225) | $(506) | $(6,364) | | Private Warrants | $0 | $(1) | $(7) | $(147) | | **Total** | **$0** | **$(226)** | **$(513)** | **$(6,511)** | [Note 4. Other Balance Sheet Information](index=15&type=section&id=Note%204.%20Other%20Balance%20Sheet%20Information) Cash and cash equivalents decreased by **47.2%**, with a **$4.0 million** impairment on a note receivable and a **$170.3 million** impairment on property and equipment in Q3 2023 due to declining market conditions Cash, Cash Equivalents, and Restricted Cash (in thousands) | Category | September 30, 2023 | December 31, 2022 | | :---------------------------------------------------- | :------------------- | :------------------ | | Cash and cash equivalents | $50,618 | $95,858 | | Short-term restricted cash | $14,000 | $1,859 | | Restricted cash | $726 | $16,448 | | **Total cash, cash equivalents, and restricted cash** | **$65,344** | **$114,165** | - The company had no short-term investments as of September 30, 2023, compared to **$102.3 million** as of December 31, 2022[58](index=58&type=chunk) - Allowance for credit losses increased to **$1.8 million** as of September 30, 2023, from **$1.1 million** as of December 31, 2022[59](index=59&type=chunk) - Inventory impairments were **$8.4 million** for the nine months ended September 30, 2023, down from **$14.2 million** in the prior year[61](index=61&type=chunk) - A **$4.0 million** impairment loss was recorded on a note receivable during the three months ended June 30, 2023, due to a change in the assessment of the credit risk for the customer[62](index=62&type=chunk) - An impairment charge of approximately **$170 million** was recorded during the three months ended September 30, 2023, to write down the value of property and equipment, driven by declining economic and market conditions, rising interest rates, and revised operating projections[64](index=64&type=chunk)[68](index=68&type=chunk) [Note 5. Product Warranties](index=18&type=section&id=Note%205.%20Product%20Warranties) Total warranty liability increased to **$40.9 million** as of September 30, 2023, including **$31.1 million** for a specific quality issue identified in 2019, managed by a statistical model Changes in Warranty Liabilities (in thousands) | Metric | September 30, 2023 | December 31, 2022 | | :-------------------------- | :------------------- | :------------------ | | Beginning balance | $39,573 | $42,256 | | Accruals for warranties issued | $1,682 | $1,626 | | Changes to estimates of volume and costs | $3,991 | $2,004 | | Settlements made | $(4,312) | $(6,313) | | **Ending balance** | **$40,934** | **$39,573** | - The total warranty liability includes **$31.1 million** (Sep 30, 2023) and **$30.8 million** (Dec 31, 2022) related to certain IGUs with a quality issue identified during fiscal year 2019, which the company expects to continue to replace[72](index=72&type=chunk)[73](index=73&type=chunk) [Note 6. Commitments and Contingencies](index=19&type=section&id=Note%206.%20Commitments%20and%20Contingencies) The company has ongoing litigation and environmental settlement liabilities, including a **$6.3 million** litigation settlement and a **$3.0 million** environmental fine, with an SEC investigation settled without penalty Litigation Settlement Liability (in thousands) | Category | September 30, 2023 | December 31, 2022 | | :-------------------------- | :------------------- | :------------------ | | Litigation settlement liability - current | $3,000 | $3,000 | | Litigation settlement liability - non-current | $3,332 | $5,794 | | **Total** | **$6,332** | **$8,794** | - An environmental settlement finalized in August 2023 requires a **$3.0 million** fine, a **$1.5 million** civil penalty, and a **$0.5 million** community service payment, along with approximately **$4.8 million** in capital expenditures for a wastewater treatment and recycling system[78](index=78&type=chunk) - Securities litigation and derivative litigation are ongoing, and the company cannot reasonably estimate the possible loss (or range of loss), if any, at this time[88](index=88&type=chunk)[93](index=93&type=chunk) - The SEC announced a settlement with the company on July 3, 2023, resolving the previously disclosed investigation into warranty-related accruals, with no civil penalty imposed due to self-reporting, prompt remediation, and cooperation[95](index=95&type=chunk) [Note 7. Debt](index=22&type=section&id=Note%207.%20Debt) Total debt outstanding was **$209.8 million** as of September 30, 2023, primarily Convertible Notes (**$196.6 million**) and a Term Loan (**$13.2 million**), with Convertible Notes maturing in October 2027 Debt Outstanding (in thousands) | Category | September 30, 2023 | December 31, 2022 | | :-------------------------------- | :------------------- | :------------------ | | Convertible Notes, net of debt issuance costs | $196,576 | $206,347 | | Term loan | $13,225 | $13,960 | | **Total debt** | **$209,801** | **$220,307** | Principal Payments on Debt Outstanding (in thousands) | Year Ending December 31, | Total | | :----------------------- | :---- | | 2023 (remaining three months) | $735 | | 2024 | $1,470 | | 2025 | $1,470 | | 2026 | $1,470 | | 2027 | $198,046 | | Thereafter | $6,610 | | **Total** | **$209,801** | - The Convertible Notes bear interest at **6.00%** per annum (cash) or **9.00%** per annum (PIK) and will mature on October 1, 2027. The effective interest rate on the Convertible Notes was **9.82%** as of September 30, 2023[100](index=100&type=chunk)[106](index=106&type=chunk) - Holders of **$18.0 million** in aggregate principal amount of Convertible Notes exercised their right to convert into **280,373** shares of Class A common stock in January 2023[107](index=107&type=chunk) [Note 8. Stockholders' Equity](index=24&type=section&id=Note%208.%20Stockholders'%20Equity) As of September 30, 2023, the company had **4,053,580** shares outstanding, with stockholders' equity decreasing to a deficit of **$(67.9) million**, and a **$100.0 million** common stock purchase agreement unused - As of September 30, 2023, the company had **4,053,580** shares of common stock issued and outstanding[111](index=111&type=chunk) - Total stockholders' equity decreased from **$220,492 thousand** as of December 31, 2022, to a deficit of **$(67,938) thousand** as of September 30, 2023[18](index=18&type=chunk) - The company has a Common Stock Purchase Agreement allowing it to sell up to **$100.0 million** of common stock to investors, but no shares have been purchased under this agreement as of September 30, 2023[116](index=116&type=chunk) [Note 9. Stock Warrants](index=26&type=section&id=Note%209.%20Stock%20Warrants) The company has various warrants outstanding, including Public, Private, RXR, and Legacy Warrants, with RXR Warrants having a grant date fair value of **$9.2 million** and accounted for as consideration payable to a customer Outstanding Common Stock Warrants | Warrant Type | Number of Warrants (Sep 30, 2023) | Exercise Price Per Warrant | Expiry Date | | :-------------------------------- | :-------------------------------- | :------------------------- | :---------- | | Public Warrants | 277,777 | $690.00 | Through March 2026 | | Private Warrants | 6,111 | $690.00 | Through March 2026 | | RXR Warrants | 158,518 | $0.60 | October 2032 | | Legacy Warrants (various) | 49,754 | Various | Various | | WorxWell Warrants | 16,666 | $600.00 | December 2031 | | **Total Stock Warrants** | **509,233** | | | - The RXR Warrants, issued on October 25, 2022, had a total grant date fair value of **$9.2 million**, accounted for as consideration payable to a customer and non-employee stock compensation[126](index=126&type=chunk) [Note 10. Stock-Based Compensation](index=27&type=section&id=Note%2010.%20Stock-Based%20Compensation) Total stock-based compensation expense was **$10.6 million** for Q3 and **$32.6 million** for YTD 2023, with unrecognized costs for stock options at **$5.3 million** and RSUs at **$25.1 million** Stock-Based Compensation Expense (in thousands) | Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Cost of revenue | $297 | $418 | $1,020 | $1,126 | | Research and development | $1,022 | $2,032 | $3,216 | $3,587 | | Selling, general, and administrative | $9,291 | $20,776 | $28,326 | $54,122 | | **Total** | **$10,610** | **$23,226** | **$32,562** | **$58,835** | - Total unrecognized compensation cost related to unvested stock options was **$5.3 million** as of September 30, 2023, expected to be recognized over a weighted-average remaining service period of **1.4 years**[133](index=133&type=chunk) - Total unrecognized compensation cost related to RSUs was **$25.1 million** as of September 30, 2023, expected to be recognized over a weighted-average remaining service period of **2.0 years**[138](index=138&type=chunk) - Total unrecognized compensation cost related to options under the CEO Incentive Plan was **$40.4 million** as of September 30, 2023, expected to be recognized over a weighted-average remaining service period of **3.1 years**[142](index=142&type=chunk) [Note 11. Restructuring](index=30&type=section&id=Note%2011.%20Restructuring) In March 2023, the company initiated a restructuring plan, incurring **$4.8 million** in costs for YTD 2023, primarily for severance and R&D equipment relocation, with a total ending liability of **$0.1 million** - The company recorded **$4.8 million** in restructuring costs during the nine months ended September 30, 2023, primarily for employee severance and costs related to the relocation of R&D equipment[145](index=145&type=chunk) - A **$0.7 million** reduction was recorded to accrued compensation due to a change in the estimate of costs for employees impacted by the March 2023 restructuring plan, resulting in a total ending liability of **$0.1 million** as of September 30, 2023[146](index=146&type=chunk) [Note 12. Income Taxes](index=30&type=section&id=Note%2012.%20Income%20Taxes) Income tax expense was immaterial, and the company maintains a full valuation allowance on U.S. deferred tax assets due to projected taxable losses, indicating benefits are not expected to be realized - The company's income tax expense was immaterial for the three and nine months ended September 30, 2023 and 2022[148](index=148&type=chunk) - The company maintains a full valuation allowance on U.S. deferred tax assets, as it is more likely than not that the tax benefits of the U.S. losses incurred will not be realized[149](index=149&type=chunk) [Note 13. Net Loss Per Share](index=31&type=section&id=Note%2013.%20Net%20Loss%20Per%20Share) The company reported a basic and diluted net loss per share of **$(53.06)** for Q3 and **$(84.54)** for YTD 2023, with common stock equivalents excluded from diluted EPS due to anti-dilutive effects Net Loss Per Share (Basic and Diluted) | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss | $(213,046) | $(82,065) | $(336,695) | $(247,323) | | Weighted-average shares outstanding | 4,015,307 | 3,579,584 | 3,982,824 | 3,573,700 | | **Net loss per share** | **$(53.06)** | **$(22.93)** | **$(84.54)** | **$(69.21)** | Common Stock Equivalents Excluded from Diluted EPS (as of September 30) | Category | 2023 | 2022 | | :-------------------------- | :----- | :----- | | Stock options | 385,750 | 402,002 | | Unvested restricted stock units | 200,045 | 112,498 | | Warrants | 456,395 | 355,085 | | Convertible Notes | 1,537,087 | 0 | | **Total** | **2,579,277** | **869,585** | [Note 14. Related Party Transactions](index=31&type=section&id=Note%2014.%20Related%20Party%20Transactions) Transactions with RXR FP include **$113.6 million** in Convertible Notes outstanding and **$19.2 million** in revenue for YTD 2023, with interest expense on RXR Notes at **$8.3 million** - Convertible Notes outstanding to RXR FP (RXR Notes) totaled **$113.6 million** as of September 30, 2023, compared to **$109.1 million** as of December 31, 2022[156](index=156&type=chunk) - Interest expense on the RXR Notes was **$8.3 million** for the nine months ended September 30, 2023[156](index=156&type=chunk) - Revenue recognized from RXR FP was **$19.2 million** for the nine months ended September 30, 2023, a significant increase from **$4.9 million** in the prior year[157](index=157&type=chunk)[158](index=158&type=chunk) [Note 15. Subsequent Events](index=32&type=section&id=Note%2015.%20Subsequent%20Events) The company secured a new **$50 million** senior secured term loan credit agreement in October 2023 and reduced its workforce by approximately **100** employees, expecting a **$2.1 million** charge in Q4 2023 - On October 16, 2023, the company entered into a new senior secured term loan credit agreement, establishing a **$12.5 million** term loan facility and a **$37.5 million** delayed draw term loan facility, each maturing on September 30, 2027[160](index=160&type=chunk) - The ability to make additional draws from the credit agreement is subject to conditions including a **$2 million** weekly cap, delivery of a lender-approved budget after December 31, 2023, no default, and maintaining liquidity of at least **$25 million**[161](index=161&type=chunk) - On October 13, 2023, the company decreased overall headcount by approximately **100** employees (**22%** of full-time staff), expecting a one-time charge of approximately **$2.1 million** in Q4 2023 for severance payments and continued benefits[163](index=163&type=chunk)[164](index=164&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, condition, business overview, key operating factors, revenue and expense analysis, liquidity, and critical accounting policies [Overview](index=34&type=section&id=Overview) View, Inc. is a smart buildings platform and technology company offering electrochromic smart glass and integrated products, with revenue growth of **60.8%** for Q3 and **48.2%** for YTD 2023 - View, Inc. is a leading smart buildings platform and technology company that designs, manufactures, and provides electrochromic smart glass panels and a suite of fully integrated, cloud-connected smart-building products[168](index=168&type=chunk)[169](index=169&type=chunk) - The company's product offerings include Smart Glass, a Smart Building Platform (launched in 2021), and Smart Building Technologies, with products installed in over **48 million** square feet of buildings[170](index=170&type=chunk)[171](index=171&type=chunk)[178](index=178&type=chunk) Revenue Growth | Period | 2023 Revenue (in millions) | 2022 Revenue (in millions) | Growth (%) | | :-------------------------- | :------------------------- | :------------------------- | :--------- | | 3 Months Ended Sep 30 | $38.2 | $23.8 | 60.8% | | 9 Months Ended Sep 30 | $84.6 | $57.1 | 48.2% | [Key Factors Affecting Operating Results](index=36&type=section&id=Key%20Factors%20Affecting%20Operating%20Results) The company faces substantial doubt about its going concern ability beyond Q1 2024, recorded a **$170 million** impairment charge in Q3 2023, and pursues growth strategies amidst macro-economic challenges and liquidity concerns - Substantial doubt exists about the company's ability to continue as a going concern, as existing financial resources are only adequate to fund forecasted operating costs and meet obligations into, but not beyond, the **first quarter of 2024**, requiring additional sources of capital[180](index=180&type=chunk)[181](index=181&type=chunk) - A **$170 million** impairment charge on property and equipment was recorded during Q3 2023 due to a decline in economic and market conditions, including market capitalization, rising interest rates, and a prolonged slowdown in the real estate market[182](index=182&type=chunk) - Growth strategies include increasing product awareness, recurring sales, expanding the product portfolio, and leveraging the Investment Tax Credit (ITC) from the Inflation Reduction Act of 2022, which is expected to drive demand[184](index=184&type=chunk)[185](index=185&type=chunk) - Current macro-economic factors, such as higher interest rates and uncertainty in lending markets, are negatively impacting the real estate market and the company's near-term outlook, leading to a pivot towards multi-family residential developments and a focus on profitable projects[186](index=186&type=chunk) - R&D investment is now focused on improvements to the unit cost of products and collaborating with industry partners, with anticipated reductions in R&D expenses during **2023** and **2024** as the company focuses on profitability[175](index=175&type=chunk)[189](index=189&type=chunk) [Components of Results of Operations](index=38&type=section&id=Components%20of%20Results%20of%20Operations) This section details income statement components, including revenue disaggregation, cost of revenue drivers, expected decreases in operating expenses due to restructuring, and specifics on impairment charges, restructuring costs, and fair value changes - Revenue is generated from three main offerings: View Smart Building Platform (fully installed and functioning platform, revenue recognized over time), View Smart Glass (materials provider for IGUs and CSS components, revenue recognized over time for IGUs and at a point in time/customer acceptance for CSS), and View Smart Building Technologies (suite of products, some with software-as-a-service pricing, recognized over contract period)[192](index=192&type=chunk)[198](index=198&type=chunk)[204](index=204&type=chunk) - Cost of revenue is primarily impacted by significant base operating costs from manufacturing capacity and upfront recognition of contract losses for Smart Building Platform contracts, which are expected to decrease as production volumes increase[206](index=206&type=chunk)[207](index=207&type=chunk) - Research and development expenses are anticipated to decrease in **2023** and **2024** as the company focuses on profitability after the launch of its fourth-generation smart glass and Smart Building Platform products[208](index=208&type=chunk)[209](index=209&type=chunk) - Selling, general, and administrative expenses are expected to decrease in absolute dollars in **2023** and **2024** following restructuring plans, as the company aims to right-size the business[211](index=211&type=chunk) - Impairment of long-lived assets includes a **$4.0 million** impairment of a note receivable in Q2 2023 and a **$170.3 million** impairment of property and equipment in Q3 2023[212](index=212&type=chunk) - Restructuring costs consist of severance and related costs, as well as costs incurred to relocate certain long-lived assets, associated with the March 2023 restructuring plan[213](index=213&type=chunk) - Gain on fair value change, net, primarily relates to the remeasurement of the Sponsor Earn-out Shares and Private Warrants to fair value at each balance sheet date[217](index=217&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Total revenue increased by **60.8%** for Q3 and **48.2%** for YTD 2023, driven by Smart Building Platform growth, but net loss increased substantially due to a **$170.3 million** impairment charge, while operating expenses decreased Consolidated Statements of Comprehensive Loss Summary (in thousands, except percentages) | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change (%) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (%) | | :-------------------------- | :-------------------------- | :-------------------------- | :--------- | :-------------------------- | :-------------------------- | :--------- | | Revenue | $38,220 | $23,762 | 60.8% | $84,602 | $57,090 | 48.2% | | Cost of revenue | $42,573 | $49,126 | (13.3%) | $124,596 | $129,219 | (3.6%) | | Gross loss | $(4,353) | $(25,364) | (82.8%) | $(39,994) | $(72,129) | (44.6%) | | Research and development | $8,918 | $15,554 | (42.7%) | $31,573 | $56,157 | (43.8%) | | Selling, general, and administrative | $25,518 | $41,174 | (38.0%) | $74,429 | $124,888 | (40.4%) | | Impairment of long-lived assets | $170,300 | $0 | 100.0% | $174,300 | $0 | 100.0% | | Restructuring costs | $(662) | $0 | (100.0%) | $4,845 | $0 | 100.0% | | Loss from operations | $(208,427) | $(82,092) | 153.9% | $(325,141) | $(253,174) | 28.4% | | Net and comprehensive loss | $(213,046) | $(82,065) | 159.6% | $(336,695) | $(247,323) | 36.1% | - Revenue increases were primarily driven by a continued shift in new projects to the Smart Building Platform offering and strong demand in the multi-family residential market[222](index=222&type=chunk) - Cost of revenue decreased as a percentage of net sales due to leveraging base operating costs over higher revenues, favorable product mix, and lower levels of spending on factory and other fixed expenses from cost savings initiatives[223](index=223&type=chunk) - Research and development expenses decreased by **$6.6 million** (Q3) and **$24.6 million** (YTD) primarily due to reductions in costs for Smart Building Technology projects and IGU product/manufacturing processes, along with other cost savings[227](index=227&type=chunk)[228](index=228&type=chunk) - Selling, general, and administrative expenses decreased by **$15.7 million** (Q3) and **$50.5 million** (YTD) primarily due to lower stock-based compensation expense, reduced legal/consulting expenses, and sales and marketing cost savings initiatives[230](index=230&type=chunk)[231](index=231&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company had **$50.6 million** in cash and a **$71.6 million** working capital deficit, raising substantial doubt about its going concern ability beyond Q1 2024, relying on a new **$50 million** credit agreement and cost-saving initiatives - As of September 30, 2023, the company had **$50.6 million** in cash and cash equivalents and **$71.6 million** in working capital[245](index=245&type=chunk) - The accumulated deficit totaled **$2,931.1 million** as of September 30, 2023, with a net loss of **$336.7 million** and negative cash flows from operations of **$139.6 million** for the nine months ended September 30, 2023[245](index=245&type=chunk) - Substantial doubt exists about the company's ability to continue as a going concern, as existing financial resources are only adequate to fund operations into, but not beyond, the **first quarter of 2024**, necessitating additional financing or strategic alternatives[245](index=245&type=chunk) - A new **$50 million** senior secured term loan credit agreement was entered into in October 2023, with an initial **$12.5 million** drawn and a **$37.5 million** delayed draw facility, subject to various conditions[245](index=245&type=chunk) - The company has implemented cost savings initiatives and restructuring plans to reduce cash outflow and expects the Investment Tax Credit (ITC) to increase demand and aid progress towards profitable operations[249](index=249&type=chunk) [Off-Balance Sheet Arrangements](index=48&type=section&id=Off-Balance%20Sheet%20Arrangements) The company has no material off-balance sheet financing arrangements, except for **$13.8 million** in standby letters of credit as of September 30, 2023, with **$1.0 million** drawn - The company did not have any material off-balance sheet financing arrangements during the periods presented, other than standby letters of credit totaling **$13.8 million** as of September 30, 2023, with **$1.0 million** drawn[263](index=263&type=chunk)[264](index=264&type=chunk) [Critical Accounting Policies and Estimates](index=48&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Financial statement preparation requires significant judgments and estimates in revenue recognition, product warranties, asset impairment, stock compensation, and Sponsor Earn-out liability, with no changes made in the first nine months of 2023 - Critical accounting policies and estimates include revenue recognition, product warranties, impairment of long-lived assets, impairment of goodwill, stock compensation, and the Sponsor Earn-out liability[265](index=265&type=chunk) - No changes were made to these critical accounting policies during the first nine months of 2023[265](index=265&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, View, Inc. is not required to provide quantitative and qualitative disclosures about market risk [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the evaluation of disclosure controls and procedures, concluding they were not effective as of September 30, 2023, due to material weaknesses in internal control over financial reporting [Evaluation of Disclosure Controls and Procedures](index=49&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - The company's disclosure controls and procedures were not effective as of September 30, 2023, due to material weaknesses in internal control over financial reporting[269](index=269&type=chunk) - Despite the material weaknesses, management believes the condensed consolidated financial statements in this Quarterly Report fairly present, in all material respects, the company's financial position, results of operations, and cash flows[269](index=269&type=chunk) [Material Weaknesses in Internal Control over Financial Reporting](index=49&type=section&id=Material%20Weaknesses%20in%20Internal%20Control%20over%20Financial%20Reporting) - The company did not design or maintain an effective internal control environment that meets its accounting and reporting requirements, specifically lacking sufficient personnel with appropriate accounting knowledge and experience - The company did not demonstrate a commitment to integrity and ethical values - These weaknesses contributed to additional material weaknesses in controls over revenue and receivables and warranty-related obligations[271](index=271&type=chunk) [Remediation Efforts and Status of Material Weaknesses](index=49&type=section&id=Remediation%20Efforts%20and%20Status%20of%20Material%20Weaknesses) - The company has hired full-time staff and experienced contractors to address competency gaps in the accounting/finance function, but additional time is needed to demonstrate consistent performance for remediation - New control activities have been designed and implemented in response to the commitment to integrity and ethical values, but consistent operation over a sufficient period is required for remediation - New control activities for warranty-related obligations and revenue and receivable processes were implemented and operated effectively, but additional time is needed to demonstrate consistent operation for remediation[272](index=272&type=chunk)[275](index=275&type=chunk) [Changes in Internal Control Over Financial Reporting](index=50&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) - There were no changes during the quarter ended September 30, 2023, in the company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting[274](index=274&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 6 of the financial statements for detailed information on the company's legal proceedings, including claims, litigation, and investigations - Information on claims, litigation, internal or governmental investigations, including those related to labor and employment, contracts, intellectual property, environmental, regulatory compliance, and commercial matters, is detailed in Note 6 of the Condensed Consolidated Financial Statements[276](index=276&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant risks, particularly those related to liquidity, going concern ability, non-cash impairment charges, and future performance [Risks Related to Liquidity](index=51&type=section&id=Risks%20Related%20to%20Liquidity) - The company has determined there is substantial doubt about its ability to continue as a going concern, as existing financial resources are only adequate to fund operations into, but not beyond, the **first quarter of 2024**, necessitating additional capital[278](index=278&type=chunk)[279](index=279&type=chunk) - Failure to secure necessary additional financing could force the company to execute other strategic alternatives, including further expense reductions, asset sales, corporate capital restructuring, or liquidation of assets[279](index=279&type=chunk) - Future equity issuance would result in substantial dilution to stockholders, and additional debt could impose significant restrictions on operations[280](index=280&type=chunk) [Risk Factors Relating to Future Performance](index=52&type=section&id=Risk%20Factors%20Relating%20to%20Future%20Performance) - The company recorded a **$170 million** non-cash impairment charge on property and equipment during the three and nine months ended September 30, 2023, due to a continued decline in economic and market conditions[285](index=285&type=chunk) - Further declines in market capitalization or inability to obtain additional financing could necessitate further impairment testing and potentially result in additional impairment of assets, materially impacting business and financial results[286](index=286&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section details the issuance of unregistered equity securities, including Director RSUs, 2021 Officer RSUs, and Convertible Notes and Warrants issued in private placements - Granted **4,293** restricted stock units (Director RSUs) to independent directors in Q2 2021, with **2,449** vested as of September 30, 2023 - Granted **208,333** restricted stock units (2021 Officer RSUs) to executive officers in March 2021; market-based vesting conditions were removed in August 2022, and **112,503** have vested with **53,238** withheld for taxes as of September 30, 2023 - Sold **$200.0 million** (plus an additional **$12.3 million**) aggregate principal amount of Convertible Notes in Q4 2022 in a private placement, relying on the exemption from registration provided by Section 4(a)(2) of the Securities Act - Issued Warrants in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act[287](index=287&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities for the period [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) The company reports no other material information not disclosed elsewhere in the report [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including organizational documents, agreements, and certifications [Signatures](index=55&type=section&id=Signatures) This section contains the formal signatures of the Chief Executive Officer and Chief Financial Officer, certifying the accuracy and completeness of the report

Revenue Performance - For the three months ended June 30, 2023, the company's revenue was $28.0 million, representing a period-over-period growth of 71.8% compared to $16.3 million in the same period of 2022[170]. - For the six months ended June 30, 2023, the company's revenue was $46.4 million, reflecting a period-over-period growth of 39.2% compared to $33.3 million in the same period of 2022[170]. - Smart Building Platform revenue increased by 98.9% to $18.0 million for the three months ended June 30, 2023, compared to $9.1 million in 2022[210]. - The United States accounted for 92.5% of total revenue for the three months ended June 30, 2023, with revenue of $25.9 million[211]. - The company’s revenue from View Smart Glass includes sales of IGUs and CSS components, with revenue recognized over time as each IGU is manufactured[190][192]. - The company’s contracts for Smart Building Technologies may include software as a service pricing, with revenue recognized over the contract period[196]. Financial Position and Cash Flow - As of June 30, 2023, the company had $30.1 million in cash and cash equivalents, $49.8 million in short-term investments, and $88.6 million in working capital[229]. - The company reported a net loss of approximately $123.6 million for the six months ended June 30, 2023, compared to a net loss of $165.3 million in the same period of 2022[229]. - Net cash used in operating activities was $107.6 million for the six months ended June 30, 2023, an improvement from $153.2 million in the prior year[241]. - Net cash used in operating activities was $107.6 million for the six months ended June 30, 2023, compared to $153.2 million for the same period in 2022, indicating a reduction in cash outflow[242][243]. - Net cash provided by investing activities was $43.9 million for the six months ended June 30, 2023, primarily from proceeds of $160.1 million from short-term investments[244]. - Cash used in financing activities was $1.8 million for the six months ended June 30, 2023, mainly due to tax withholdings on behalf of employees[246]. - The total value of standby letters of credit issued by the bank was $14.8 million as of June 30, 2023, down from $15.7 million at the end of 2022[249]. Operating Expenses - Cost of revenue for the three months ended June 30, 2023, was $41.8 million, or 149.1% of net sales, compared to $39.5 million, or 242.3% of net sales in 2022[213]. - Research and development expenses decreased by $11.2 million to $9.7 million for the three months ended June 30, 2023, primarily due to cost reductions in IGU product projects[216]. - Total operating expenses for the three months ended June 30, 2023, were $38.5 million, a decrease from $61.7 million in the same period of 2022[213]. - Selling, general, and administrative expenses decreased by $17.2 million (42.3%) to $23.5 million for the three months ended June 30, 2023, compared to $40.8 million in the same period of 2022[219]. - For the six months ended June 30, 2023, selling, general, and administrative expenses decreased by $34.8 million (41.6%) to $48.9 million, down from $83.7 million in the prior year[220]. - Restructuring costs amounted to $1.3 million for the three months ended June 30, 2023, and $5.5 million for the six months ended June 30, 2023, primarily related to employee severance and asset relocation[223]. Manufacturing and Capacity - The company has installed its Smart Glass products in over 48 million square feet of buildings, contributing to a total of 100 million square feet across all product lines[168]. - The company operates a manufacturing facility with a name-plate capacity of approximately 5 million square feet of smart glass per year, with plans to increase this capacity to 12.5 million square feet per year upon completion of a second production line[181]. - The company has incurred significant base operating costs due to investments in manufacturing capacity, which are expected to decrease as production volumes increase[198]. - Future contract losses may decrease as a percentage of total contract value as manufacturing volumes ramp up, although this has not yet been realized[199]. Research and Development - The company has over 1,400 patents and patent filings, demonstrating a strong commitment to technological innovation and R&D[177]. - The company plans to reduce R&D expenses in 2023 to focus on profitability after the successful launch of its fourth-generation smart glass and Smart Building Platform[179]. - The company anticipates a reduction in research and development expenses during 2023 as part of its restructuring plan, focusing on profitability[200]. Market Trends and Future Outlook - The company aims to capitalize on trends such as climate change and the demand for smart buildings, which are expected to drive future growth[171]. - The Inflation Reduction Act is anticipated to increase demand for the company's products by reducing net costs for customers through tax incentives[173]. - The company has identified a substantial doubt about its ability to continue as a going concern beyond September 2023, necessitating the search for additional capital[175]. - The company is actively seeking additional sources of capital to address cash needs and may consider strategic alternatives, including expense reductions and asset liquidation[229]. Accounting and Valuation - The company maintains a valuation allowance against U.S. federal and state deferred tax assets due to historical losses, indicating uncertainty in realizing these assets[208]. - There were no changes in critical accounting policies during the first six months of 2023, which include revenue recognition and stock compensation[250].

Financial Performance - Revenue for the three months ended March 31, 2023, was $18.3 million, representing a period-over-period growth of 7.9% compared to $17.0 million in the same period of 2022[166]. - Net loss for the three months ended March 31, 2023, was approximately $67.3 million, compared to a net loss of $82.4 million in the same period of 2022[219]. - Smart Building Platform revenue increased by $1.4 million (15.6%) to $10.6 million, representing 58.0% of total revenue[206]. - Research and development expenses decreased by $6.8 million (34.3%) to $12.9 million, primarily due to cost reductions in IGU product projects and Smart Building Technology[209]. - Selling, general, and administrative expenses decreased by $17.6 million (40.9%) to $25.4 million, driven by lower legal, accounting, and stock-based compensation expenses[211]. - Net cash used in operating activities was $60.5 million for Q1 2023, a decrease from $71.3 million in Q1 2022, primarily due to a net loss of $67.3 million[232][233]. Operational Capacity and Product Development - The company has a name-plate manufacturing capacity of approximately 5 million square feet of smart glass per year, with plans to increase this capacity to 12.5 million square feet per year upon completion of a second production line[177]. - The company has launched several new products, including View Immersive Display and View Sense, aimed at enhancing building performance and occupant wellness[178]. - The Smart Building Platform was launched in 2021, integrating smart glass with network infrastructure, software, and design services to enhance building performance and occupant experience[157]. - The company has over 1,400 patents and patent filings, reflecting its commitment to technological innovation and R&D in smart building technologies[173]. Market and Economic Factors - Current macroeconomic factors, including higher interest rates and post-COVID-19 office occupancy uncertainty, are negatively impacting the overall real estate market[170]. - The Inflation Reduction Act of 2022 is expected to increase demand for the company's products by reducing net costs for customers through tax incentives[169]. - The company anticipates increased demand for its products due to cost parity with conventional windows as a result of the IRA[225]. Financial Position and Cash Flow - Cash and cash equivalents as of March 31, 2023, totaled $52.6 million, with $77.5 million in short-term investments and $121.4 million in working capital[219]. - Total current liabilities as of March 31, 2023, were $92.2 million, including $10.3 million accrued for estimated losses on Smart Building Platform contracts[224]. - The company completed a private placement of $212.3 million in Convertible Notes, with net proceeds of approximately $206.3 million intended for general corporate purposes[226]. - The Convertible Notes bear interest at 6.00% per annum for cash interest and 9.00% for PIK interest, with an initial conversion price of approximately $1.3375 per share[227]. - As of March 31, 2023, the company had $14.0 million outstanding under its term loan debt arrangement, with semi-annual payments of $0.7 million required until June 30, 2032[229]. Cost Management and Restructuring - The company is focusing on cost-saving initiatives and restructuring plans to address cash flow needs and ensure operational viability[172]. - Restructuring costs amounted to $4.2 million for employee severance and related costs due to the March 2023 restructuring plan[213]. - The company implemented cost savings initiatives and a restructuring plan expected to yield annualized cash savings of approximately $50 million starting Q3 2023[225]. - Selling, general, and administrative expenses are projected to decline in absolute dollars in 2023 as part of the restructuring plan, with a long-term expectation of these costs decreasing as a percentage of revenue[199]. - The company incurs significant base operating costs due to manufacturing capacity investments, which are expected to decrease as production volumes increase[194]. Future Outlook - The company anticipates that the new facility and production line will enable economies of scale and support expected growth in product demand, ultimately leading to profitability[178]. - Future financing will be required to support additional investments in facility automation and production capacity[178]. - The company is focused on achieving profitable operations by entering into profitable sales contracts and generating sufficient cash flow[225].

Revenue and Financial Performance - Revenue for the years ended December 31, 2022, and 2021 was $101.3 million and $74.0 million respectively, representing period-over-period growth of 36.9%[368] - Total revenue for the year ended December 31, 2022, was $101.3 million, an increase of $27.3 million or 36.9% from $74.0 million in 2021[411] - The Smart Building Platform generated $55.4 million in revenue, representing 54.6% of total revenue and a 93.0% increase from $28.7 million in 2021[411] - Selling, general, and administrative expenses increased by $28.5 million to $159.7 million, a rise of 21.7% from $131.2 million in 2021[417] - Net loss for the fiscal year 2022 was $337.1 million, slightly improved from a net loss of $342.978 million in 2021, resulting in a net loss per share of $1.56 compared to $1.97 in the previous year[511] - Negative cash flows from operations were approximately $259.7 million for the year ended December 31, 2022[427] - The company has not achieved profitable operations or positive cash flows from operations since its inception, raising substantial doubt about its ability to continue as a going concern[494] Capital and Investment - The company raised additional capital of $206.3 million during the fourth quarter of 2022 through the issuance of Convertible Senior Pay In Kind Toggle Notes[374] - As of December 31, 2022, the company has invested over $400 million in capital expenditures, with an expectation of an additional $90 million for future factory automation and a second production line[381] - The company raised net proceeds of $771.3 million from the merger, after deducting transaction costs of $43.9 million[519] - The company raised additional capital of $206.3 million in Q4 2022 through the issuance of Convertible Notes, after deducting fees and offering expenses[428] Research and Development - The company has over 1,400 patents and patent filings, reflecting a strong commitment to technological innovation and R&D[375] - Research and development expenses decreased by $23.2 million to $70.3 million, a reduction of 24.8% compared to $93.5 million in 2021[415] - The company plans to moderate research and development expenses in future periods to focus on profitability[378] Operational Efficiency - Cost of revenue decreased to $203.2 million, or 200.5% of net sales, from $194.7 million, or 263.1% of net sales in 2021, reflecting improved operational efficiency[413] - The cost of revenue is significantly impacted by base operating costs, which are expected to decrease as production volumes increase[399] - The company has reduced certain base operating costs as part of its restructuring plan to run a more efficient business[399] - The company expects annualized cash savings of approximately $50 million from cost-saving initiatives and a restructuring plan, fully in place by Q3 2023[431] Market and Economic Conditions - Current macro-economic factors, including higher interest rates and uncertainty in the lending markets, are negatively impacting the overall real estate market[373] - The Inflation Reduction Act of 2022 has increased demand for the company's products by reducing the net cost to customers through tax incentives[372] Assets and Liabilities - Total current liabilities as of December 31, 2022, amounted to $112.5 million, including $10.4 million accrued as estimated loss on Smart Building Platform contracts[430] - Total current assets decreased to $296.2 million in 2022 from $343.5 million in 2021, primarily due to a reduction in cash and cash equivalents from $281.1 million to $95.9 million[509] - Total liabilities increased significantly to $398.5 million in 2022 from $199.7 million in 2021, driven by an increase in non-current debt from $13.96 million to $109.8 million[509] Customer and Supplier Concentration - Three customers accounted for 13.2%, 12.9%, and 11.0% of total revenue for the year ended December 31, 2022[531] - The company relies on a limited number of suppliers, with three suppliers accounting for 30.7%, 12.9%, and 11.1% of total purchases for the year ended December 31, 2022[532] Impairments and Valuation - The company recorded an impairment of goodwill of $9.1 million in Q4 2022, following a decline in stock price and market capitalization[419] - The company recorded inventory impairments of $12.9 million and $10.4 million as of December 31, 2022, and 2021, respectively[547] - The company maintains a valuation allowance against U.S. federal and state deferred tax assets due to historical losses, indicating uncertainty in realizing these assets[409] Cash Flow and Financing Activities - Net cash used in operating activities for the fiscal year ended December 31, 2022, was $259.7 million, with a net loss of $337.1 million adjusted for non-cash charges[439] - Net cash provided by financing activities was $200.7 million for the fiscal year ended December 31, 2022, mainly from proceeds of $206.2 million from the issuance of convertible notes[444] - The company had $14.0 million outstanding under its term loan debt arrangement as of December 31, 2022, with semi-annual payments of $0.7 million required starting June 30, 2022[436] Smart Building Platform - The Smart Building Platform was launched in 2021, aiming to improve human experience, energy performance, and reduce carbon footprint in buildings[360] - The company generates revenue through its Smart Building Platform, which includes smart glass IGUs, framing fabrication, and installation services[382] - Revenue from Smart Building Platform contracts was $55.4 million for the year ended December 31, 2022, with initial contract loss accruals totaling $12.0 million[503] - Revenue for Smart Building Platform contracts is recognized over time as services are provided, typically using a cost-to-cost input method[457]

Revenue Performance - Revenue for the three months ended September 30, 2022, was $23.8 million, representing a 25.8% increase from $18.9 million in the same period of 2021[189]. - For the nine months ended September 30, 2022, revenue was $57.1 million, up 25.3% from $45.6 million in the same period of 2021[189]. - Smart Building Platform revenue increased by 97.0% to $29.6 million for the nine months ended September 30, 2022, compared to $15.0 million in the same period of 2021[228]. - Revenue from the Smart Building Technologies offering has not been material to date, despite the integration of products into the Smart Building Platform[212]. - The company generates revenue from its View Smart Glass offering through the manufacturing and sale of insulated glass units (IGUs) and associated control systems, with revenue recognized over time as manufacturing progresses[202][204]. Cost and Expenses - Cost of revenue for the three months ended September 30, 2022, was $49.1 million, or 206.7% of net sales, down from 274.5% in the same period of 2021[232]. - Total costs and expenses for the three months ended September 30, 2022, were $105.9 million, representing 445.5% of revenue[227]. - Selling, general, and administrative expenses increased by $3.0 million (7.8%) for the three months ended September 30, 2022, compared to the same period in 2021, primarily due to $6.9 million of stock-based compensation expense[240]. - For the nine months ended September 30, 2022, selling, general, and administrative expenses rose by $30.3 million, driven by a $13.4 million increase in legal, consulting, and accounting expenses related to financial statement restatements[241]. - Research and development expenses decreased by 57.2% to $15.6 million for the three months ended September 30, 2022, compared to $36.3 million in the prior year[237]. Financial Position - Cash and cash equivalents as of October 31, 2022, were approximately $228 million, with a significant reduction in net cash outflow to $60 million for the three months ended September 30, 2022[193]. - Cash and cash equivalents totaled $51.3 million as of September 30, 2022, with working capital of $38.5 million[250]. - The accumulated deficit totaled $2,504.7 million as of September 30, 2022[250]. - The company plans to reduce cash spend and increase cash collections, resulting in a decrease of net cash outflow from $89.3 million in Q2 2022 to $60.0 million in Q3 2022[251]. - Net cash used in operating activities was $204.2 million for the nine months ended September 30, 2022, primarily due to a net loss adjusted for non-cash charges[260]. Production and Capacity - Smart Glass products are installed in over 40 million square feet of buildings, contributing to a total of 100 million square feet across all product lines[187]. - The company has a name-plate manufacturing capacity of approximately 5 million square feet of smart glass per year, with plans to increase this to 12.5 million square feet per year upon completion of a second production line[199]. - As of September 30, 2022, the company has invested over $400 million in capital expenditures, primarily in its factory, and expects to incur an additional $90 million over the next four years for facility automation and a second production line[200]. Market and Innovation - The company has over 1,400 patents and patent filings, indicating a strong commitment to technological innovation and R&D[194]. - Research indicates that employees near View Smart Glass sleep 37 minutes longer and perform 42% better on cognitive tests, highlighting the product's impact on health and productivity[185]. - The Inflation Reduction Act is expected to enhance demand for the company's products by reducing costs through the Investment Tax Credit[192]. - The company aims to expand its market presence by increasing awareness, recurring sales, and international market penetration[191]. Risks and Challenges - The company is responsible for the performance of the entire contract for the Smart Building Platform, including subcontracted work, which may lead to increased costs if subcontractors fail to perform as anticipated[211]. - The company anticipates that contract losses for individual contracts will decrease over time as a percentage of the total contract value as manufacturing volumes ramp up[216]. - Interest expense, net decreased by $0.2 million (79.8%) for the three months ended September 30, 2022, compared to the same period in the prior year, due to the full repayment of the revolving debt facility[245]. - The company had $14.7 million outstanding under its term loan debt arrangement as of September 30, 2022, with semi-annual payments of $0.7 million required starting June 30, 2022[257].