View, Inc.: restructuring charge — View Inc. reports record annual revenue of $101M in 2022; announces restructuring to cut 23% of workforce

View, Inc.

Annual revenue $101M, first time above $100M, up 37% YoY from $74M in 2021 (guidance $100-110M).
Q4 2022 revenue $44M, up 56% YoY from $28M in Q4 2021.
Board approved restructuring: reduce headcount by ~170 employees (23% of workforce), saving ~$23M over 12 months with ~$5M one-time charge in Q1 2023.
Completed $212M convertible senior notes financing; ended Q4 with $198M cash and short-term investments.
View Smart Windows qualify for 30-50% ITC starting Jan 1, 2023; residential product launched.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

View, Inc. reported financial results for the fourth quarter and full year 2022.

Period: the fourth quarter and full year 2022
Result: reported results

Exact text from the filing

View, Inc. (Nasdaq: VIEW) (“View” or the “Company”), a leader in smart building technologies, today announced financial results for the fourth quarter and full year 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

View, Inc. reported the fiscal year ended December 31, 2022 results: revenue $101 million.

Period: the fiscal year ended December 31, 2022
Revenue: $101 million
Result: reported results

Exact text from the filing

in such filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 View Announces Q4 2022 and Full Year 2022 Earnings Q4 2022 and Full-Year Highlights • Annual revenue of $101 million, exceeding $100 million for the first time in View’s history, representing 37% year-over-year growth compared to annual revenue of $74 million in 2021 and within management

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

View, Inc. announced a restructuring with charges of approximately $5 million (approximately 170 employees, which represents approximately 23% of full-time employees).

Type: restructuring
Charge: approximately $5 million
Headcount: approximately 170 employees, which represents approximately 23% of full-time employees

Exact text from the filing

employee’s execution of a separation agreement, which includes a general release of claims against the Company. The Company expects to incur a one-time charge of approximately $5 million in the first quarter of 2023 related to the Plan, consisting primarily of one-time severance payments upon termination of the employees impacted by the reduction in workforce and

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Source: SEC EDGAR

accession 0001193125-23-083737

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