The Journey Ahead

View, Inc. Reaches Agreement with Cantor Fitzgerald and RXR to Become a Private Company

Dear View Community,

Today, we reached an agreement with a consortium of investors led by Cantor Fitzgerald and RXR to become a private company (link to press release). This financial restructuring will fortify the balance sheet and provide the investment needed for View’s continued growth. This group of real estate operators have been working with View for quite some time and have the vision and capital to be excellent partners in helping us achieve our goal of building a profitable business going forward.

To execute this transaction in a timely and efficient manner, the Company will commence a prepackaged chapter 11 process. This is not a reset of our product or operations, but a restructuring of our balance sheet. During this financial restructuring, we will continue to conduct business as usual – we are taking orders, innovating on the products, running production, executing on projects, and providing customer support as normal.

This journey began as an experiment in a lab over 15 years ago with an ambitious goal to address climate change by reducing energy consumption in buildings, one of the biggest contributors to greenhouse gases. Over the years, we’ve overcome incredible technical challenges and made scientific breakthroughs that pushed the boundaries of physics to create a full-stack product – from atoms to bits - with innovations in materials science, manufacturing, digital networks, and software. To date, we have over 1,000 patents issued or pending.

Our mission has always been bold. From day one, we designed and built everything at View to drive widespread adoption and change a massive industry for the better. From materials selection, supply chain of large industrial players, utilizing existing trades in construction, to delivering tangible value to users and building owners, we built View for scale.

We invested over $400M of capital in our 800,000 square foot factory to reliably manufacture our product with high yields and make on-time shipments to large projects. We are now fully vertically integrated, taking ownership of the entire building envelope, so we can deliver a high quality, seamless experience to our customers. We are also proud of the impact we continue to have in the communities we operate in with high tech, high paying jobs.

Today, our Smart Windows deliver a superior experience and comfort for users across 50 million square feet of offices, homes, airports, hospitals, and hotels. You’re quite likely to take-off, connect in, and end your journey at a US airport featuring View Smart Windows. We have scientific evidence that people live healthier lives with better sleep, less eyestrain and headaches and higher productivity when they work or live with View. In addition, our Smart Building Cloud software products enable digitalization of over 100 million square feet of real estate.

While we innovated and grew, we faced the dual challenges of the real estate industry slowdown, and massive shifts in capital markets. The pandemic and work-from-home trends impacted the office market significantly, and the steep rise in interest rates caused significant disruption in real estate development. At the same time, the Company faced a tougher environment to raise capital in the public markets.

We met these challenges head-on, learned and pivoted. We reimagined the product to successfully adapt to multifamily residential as we continue to create differentiated commercial and institutional buildings. We grew revenue at a CAGR of 75% from 2020 and exceeded $100M in 2022. We also resized the company’s operations to thoughtfully reduce our fixed cash burn and lower our breakeven points. In Q3 2023, we demonstrated unit economics, achieved positive operational gross margin, and built the foundation to achieve profitability. In addition, today’s announced restructuring will eliminate public company costs and help us move forward as a nimble private company.

As we continue to learn and evolve, I am proud of what we have achieved to date. I am incredibly grateful to the View team for their ingenuity in solving some of the toughest problems, commitment to working hard and playing the long game, culture of learning and growth mindset, and resilience in getting through difficult situations. I am also grateful for the steadfast support we continue to receive from our customers, investors, and partners.

Today, we have the product and operations that are ready for harvesting the significant investments made, a historically low cash burn rate, unwavering support from industry-native investors and with all this – a clear path to profitability. I am writing to reaffirm View’s commitment to not just weather the storm but emerge stronger and better positioned towards our mission to create a more sustainable, smarter, and healthier built environment.

Thank you for your support.

Rao