The international giant of coworkings, The We Company, parent of the WeWork company, has published this Wednesday the necessary documentation for its IPO. The prospectus of the operation, presented to the United States Securities Market Commission, reveals the accounts of its last six months: it has lost 689.67 million dollars (616 million euros), which represents an increase of 9 , 8% of the losses compared to the same period of 2018. Last year the losses amounted to 1,600 million dollars, which makes a total of 2,300 million 'burned' in just a year and a half.
Although its revenues have doubled -The We Company invoiced 1,535 million dollars between January and June of this year, practically double that in the first six months of 2018- the expenses have done so in almost the same proportion. Hence the losses continue to rise.
Under the heading "risks", the company indicates that "it may require additional financing" and assumes that, after three and a half years of losses, it does not intend to have benefits "in the near future".
"We have a history of losses and, especially if we continue to grow at an accelerated rate, we may not be able to achieve profitability as a company in the near future."
The bulk of the expenses correspond to building rentals. The founder and CEO of the company, Adam Neumann, is the co-owner of some of these properties, The Wall Street Journal revealed last January, which can potentially generate a conflict of interest.
The We Company, which will be 'WE' on the parquet, changed its name last January: it used to be just WeWork, the brand it maintains for its shared office spaces. He did this because he has long diversified his business with WeGrow (nurseries) and WeLive ('colivings', or buildings with common spaces where he rents rooms).
In Spain, The We Company only has offices. But in a few years he has become one of the main players in the sector. In Madrid, WeWork has six work centers and prepares to open the seventh, the first in the Centro district, at number 12 of Prim Street (perpendicular to the Paseo de Recoletos). In Barcelona, WeWork has five work centers, three of them in the 22 @ district. Currently, and as reflected in the SEC document, it has 528 locations in 111 cities around the world and with more than half a million partners (or tenants).
. (tagsToTranslate) coworkings (t) WeWork (t) Bag (t) lost (t) millions