In this Research Note, we examine View, Inc, the US smart building platform and windows business, based on 2022 financial results, investor presentations, 10K Annual Report, SEC filings and recent press releases.

On 27th March 2023, the View Board of Directors approved a restructuring plan to reduce structural costs. The company expects to decrease overall headcount by approximately 170 employees, which represents approximately 23% of full-time employees. The reduction in workforce is expected to reduce expenses by approximately $23 million over the next 12 months. View had 728 employees in December 2022, including 482 in factory operations in Olive Branch, MS, 126 in sales and marketing and customer support, and 120 other employees primarily in research, development, engineering services and general and administrative support.

View reported 2022 revenue of $101.3 million which represented an increase of $27.3 million or 36.9% from $74.0 million in the prior year. This strong growth was driven by the company’s recent success in multi-family residential buildings, continued strength in airports, and repeat purchases from existing customers. View’s Smart Glass products are installed into over 48 million square feet of buildings, including offices, hospitals, airports, educational facilities, hotels, and multi-family residences. Across the combined product lines including the smart building platform, their products are installed in 100 million square feet of buildings.

The decline in Smart Glass revenues year over year is primarily attributable to customer's decisions to select the newly offered Smart Building Platform offering rather than the Smart Glass offering. We mapped the firm’s smart buildings strategy through its M&A, partnerships and investment at the end of last year.

The Smart Building Platform is now the major contributor to total revenues accounting for 54.6% of 2022 sales.

View's suite of Smart Building Cloud products, launched in June 2022, delivers the platform and all software components to connect, manage, and optimize a portfolio of smart buildings with strong cybersecurity protection and maximum flexibility Products in the Smart Building Cloud family include:

• View Secure Edge, based on the IoTium acquisition, is a plug-and-play edge-to-cloud solution that enables IT and digital innovation teams to securely connect new and existing buildings to the cloud; centrally manage building networks, systems, and data in the cloud; and deploy edge applications for real-time processing, insights, and optimizations. Secure Edge can be deployed by a building’s existing IT staff in less than a day.
• View Remote Access is a secure access portal that enables IT teams to reduce the cost and cybersecurity risks of maintaining smart buildings by providing vendors and technicians with secure, auditable, time-bound remote access to building networks and devices.
• View Building Performance is a configurable application and a set of web-based tools that enable building managers to measure, optimize, and automate building performance with comprehensive, contextual, and actionable insights consolidated from disparate on-premises, and cloud-based systems.
• View Workplace Experience, based on the WorxWell acquisition, is a configurable application and a set of web-based tools that enable corporate facilities managers to create healthier, more efficient, and more productive workplaces by uncovering actionable insights related to building health, space utilization, and workplace operations.

Components of the Smart Building Cloud have been deployed in over 50 million square feet of buildings globally. Notable customers include Alexandria Real Estate Equities, Tishman Speyer, RXR, Deutsche Bank, and CBRE.

However, even with the headcount reductions, there is still substantial doubt about View’s ability to continue as a going concern, as they do not currently have adequate financial resources to fund their forecasted operating costs and meet their obligations for the next twelve months.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.