View, Inc.

View reported third-quarter 2023 revenue of $38 million, up 61% year over year from Q3 2022. Non-GAAP cost of revenues fell 13% year over year, R&D was $8 million (down 42% year over year), and SG&A was $16 million (down 20% year over year). Adjusted EBITDA loss improved to $23 million from $53 million in Q3 2022, and cash used in operations was $32 million versus a $90 million improvement from Q3 2022 and $15 million better sequentially. The company ended the quarter with $51 million of cash and cash equivalents, down from $80 million at June 30, 2023. View updated full-year 2023 revenue outlook to $110 million-$120 million, implying 13% year-over-year growth, and said cash plus expected draws from the $50 million senior secured credit facility should fund operations and capital needs into but not through Q1 2024.

Rao Mulpuri framed the quarter as evidence that View is moving closer to profitability through better gross margin, lower fixed costs, and a more focused market strategy. He repeatedly emphasized that the company has completed the core product and factory work, and that the next phase is scaling in multifamily, which he called the most important growth driver for reaching profitability. His tone was constructive but cautious, stressing that growth may be lumpy quarter to quarter and that the company is prioritizing cash management and disciplined ramping over aggressive expansion.

Amy Reeves highlighted the main financial drivers behind the quarter: revenue of $38 million, a 13% decline in cost of revenues, gross margin improvement of $21 million versus Q3 2022, and lower operating expenses. She cited $8 million of R&D expense, $16 million of SG&A, a $170 million impairment charge tied to weaker market conditions and lower financing outlook, and $6 million of charges related to future IGU costs, including $4 million for warranty liability and $2 million for contract loss accrual. She also said View ended Q3 with $51 million in cash, had $10 million of initial net proceeds from the new credit facility, and expects $37.5 million of additional draws over the next two quarters, with liquidity sufficient into but not through Q1 2024.

Analysts focused on why the $6 million future-cost charge affected the current quarter, how margins may trend going forward, and whether 2024 guidance would be provided later. Management said the charge reflected higher projected unit costs because fixed factory costs are spread over lower expected production volumes, and reiterated that margins should improve over time as scale increases, though quarter-to-quarter results may be uneven. In response to questions about end markets and the Mississippi factory, Rao said multifamily is the main focus, while airports, healthcare, office renovation, and government/infrastructure remain active but secondary; he also said the factory is purpose-built for smart windows and is not suitable to be repurposed for other uses.