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NEW YORK , November 15 , 2021 - WeWork Inc. ( NYSE : WE ) ( " WeWork " ) , one of the leading global flexible space providers , today reported financial results for its third quarter ending on September 30 , 2021 Total revenue for the third quarter was $ 661 million , an 11 % increase compared to total revenue of $ 593 million in the prior quarter . Adjusted EBITDA loss was $ 356 million for the third quarter , a $ 93 million improvement relative to the prior quarter Adjusted EBITDA loss of $ 449 million . ' WeWork ended the third quarter with pro forma cash and unfunded cash commitments of $ 2.3 billion , including $ 477 million of available cash on hand as of September 30 , 2021 , $ 1.2 billion of net proceeds from the business combination with BowX , $ 550 million currently available under the Senior Secured Notes facility , the repayment of the $ 350 million secured commercial paper facility and $ 450 million currently available under the $ 1.75 billion letter of credit facility . Company Operating Results As of September 30 , 2021 , WeWork's global real estate portfolio consisted of 764 locations across 38 countries , supporting approximately 932,000 workstations and 546,000 physical memberships . WeWork Reports Third Quarter 2021 Results ● 1 • WeWork's consolidated real estate portfolio included 631 locations across 33 countries , supporting approximately 766,000 workstations and 432,000 physical memberships . Consolidated gross desk sales totaled 155,000 in the third quarter , or 9.3 million square feet sold . Consolidated new desk sales totaled 84,000 in the third quarter . 60 % . All Access memberships increased to 32,000 in the third quarter , up from 20,000 in Q2 2021 . These All Access memberships represent an additional four percentage points of occupancy . Company Consolidated Financial Results¹ Physical occupancy continued to trend upwards to 56 % across consolidated operations as of the end of September , up from 50 % at the end of Q2 2021. Including the incremental 30,000 net memberships that are already contracted to move in , physical occupancy would increase to Revenue of $ 661 million in the third quarter increased from $ 593 million in the second quarter . Revenue in September was $ 230 million , making it the fifth consecutive month of revenue growth and the highest monthly revenue recorded in 2021 . Net loss of $ 844 million in the quarter , which included $ 262 million of non - cash and non recurring expenses , primarily from Depreciation , Amortization and Impairments . Adjusted EBITDA loss of $ 356 million for the quarter , represents a $ 93 million improvement relative to the second quarter Adjusted EBITDA loss of $ 449 million . Operating Cash Flow was $ ( 380 ) million for the third quarter . Free Cash Flow was $ ( 430 ) million , which was an improvement of $ 219 million relative to the prior quarter . On October 20 , 2021 , WeWork and BowX Acquisition Corp. ( " BowX " ) announced the closing of their business combination . The combined company was named " WeWork Inc. " and began trading on the New York Stock Exchange under the ticker symbol " WE " starting October 21 , 2021. The business combination provided WeWork with the previously announced gross cash proceeds of approximately $ 1.3 billion . Pro forma for the closing of the business combination with BowX , WeWork ended the third quarter with cash and unfunded cash commitments of $ 2.3 billion , which includes $ 477 million of available cash on hand as of September 30 , 2021 , $ 1.2 billion of net proceeds from the business combination , $ 550 million currently available under the Senior Secured Notes facility , the repayment of the $ 350 million secured commercial paper facility and $ 450 million of current availability under the $ 1.75 billion LC facility . Throughout this release , we make certain references to Non - GAAP financial or operating metrics . Please see " Non - GAAP Financial Definitions " for more detailed discussion and explanations of the various non - GAAP financial measures cited in this release . 1