WeWork has released a business update ahead of its efforts to go public via merging with a special purpose acquisition company.
The company’s “Business Update on Sales Momentum, Accelerating Recovery” revealed that the company is seeing an increase of desk sales and occupancy due to the pace of vaccine distribution.
WeWork’s update focused on non-GAAP (Generally Accepted Accounting Principles) and self-defined metrics. The firm stated that its portfolio of 767 locations across 38 countries saw its occupancy grow from 50% in March to 53% in May.
It added that it is continuing its franchising efforts and other partnerships. For instance, it recently “announced a joint venture with SoftBank Latin America Fund that provides SoftBank Latin America Fund with the exclusive right to operate the WeWork brand in Argentina, Brazil, Chile, Colombia and Mexico.”
Despite this slight growth, some experts are still skeptical about the company’s future.
Among all this information, there was no look into specific dollar amounts, GAAP data and, more notably, no clear path towards profitability or financial sustainability.