This is How Much WeWork Lost in Q3

Struggling commercial real estate company WeWork has informed investors this week that it has lost a whopping $1.25 billion in the third quarter.

The company, which provides shared work spaces for technology startups and services for other enterprises, shared the news in a slide deck shown to investors.

According to the deck, losses of $1.25 billion (unadjusted) was up more than 150% from a loss of $497 million in the same period a year earlier. Revenue almost doubled to $934 million from $482 million.

WeWork also revealed that occupancy rates had decreased to 79%. This is the company’s lowest figure since mid-2017, as a result of a rapid buildout of new space.

The company also said that it added a record 115,000 new desks during the quarter. A report last week from real estate firm CBRE, said that WeWork accounted for 69% of U.S. coworking space leases in the third quarter and was the top leaser in nine of the 10 biggest markets for flexible space growth.

WeWork recently took a $5 billion bailout from Softbank and withdrew its plans for an IPO. The company’s CEO Adam Neumann was also ousted and in his place the company is considering T-Mobiles John Legere.

Had it not been for the bailout by SoftBank, the company would have run out of cash by the end of October.