WeWork narrows Q4 loss, says breakeven possible in 2023

WeWork posted a large fourth quarter increase in sales together with a narrower net loss, while holding out the possibility that it might break even in 2023.

For the three months ending on 31 December, the global co-working space provider reported net losses of $527m of -59 US cents per share on a diluted basis.

That was down from $803m one year before and included $348m of non-cash expenses.

Topline growth meanwhile printed at 18% year-over-year to reach $848m, although using its budgeted foreign exchange rates then revenues hit $905m, the company said.

In adjusted terms, it losses before interest, taxes, depreciation and amortisation were reduced by 75% to $26m.

Since period end, the company sold $250m of three-year senior secured notes to an affiliate of Softbank Group.

It also extended the maturity of the junior tranche of its LC facility from November 2023 to March 2025 with the size of the same upped from $350m to $470m.

For the full-year 2023, the company guided towards revenues of $830-855m and adjusted EBITDA of between -$25m and breakeven.

As of 1606 GMT, shares of WeWork were falling by 4.51% to $1.652.