(24/7 Market News) View Inc (NASDAQ: VIEW) is trading higher, at $1.74, a gain of $0.48 (+37.40%), on over 19 million shares traded, after yesterday’s post market conference call to discuss its 2021 annual results. The volume remains strong, so, if it can consolidate at, or near, this level it may try to make a run at its $1.98 session high.
While View reported record revenues of $74 million, up 125% year-over-year and exceeding its previous $65-70 million guidance range. However, its cost of revenues grew to $195 million, a 61% year-over-year increase.
The call’s highlight may have been that, after not filing a quarterly or annual report in a year, the Nasdaq agreed to allow View to remain listed on their exchange, provided that View files its outstanding reports by June 30. View stated, in their release, that it plans to meet the deadline.
View said that the filing delays were due to inaccuracies that the company found in its previous filings and has been reexamining its accounting and preparing to restate its past reports.
Once the financial reports are up to date, View plans to raise additional capital, as its voracious burn rate risks eating through the Company’s remaining capital in 2023.
The Company expects $100-110 million in full year 2022 revenues.
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