Sandeep Mathrani

The drama of WeWork under Adam Neumann might still be fresh in people’s minds — especially thanks to the Jared Leto-starring “WeCrashed” series that wrapped up last month — but the company seems to be moving past it.

Under the guidance of Sandeep Mathrani, the Neumann-less WeWork was able to successfully go public in October 2021 — which Neumann tried and spectacularly failed to do in 2019 — through a merger with a special purpose acquisition company.

The coworking giant’s stock has mainly dropped in value since its debut, but the tides have started to turn in recent weeks after a Piper Sandler analyst upgraded it to an overweight rating, writing that WeWork is on the path to profitability by late 2023 or early 2024 as the flexible office model “fits in the post-COVID world.”

WeWork was also able to continue to cut down on its cash burn while increasing its revenue, but the company is still losing millions of dollars.

In the first quarter of 2022, WeWork pulled in $765 million in revenue, a 7 percent increase from the previous quarter, while it posted a net loss of $504 million, a whopping 37 percent decrease compared to the previous quarter.

WeWork kicked off 2022 by making its first acquisition under Mathrani when it purchased flexible workspace provider Common Desk for an undisclosed amount.

“On the heels of a strong year for our business, Common Desk’s operational expertise and portfolio of first-class space will further bolster our value proposition as we focus on strategic growth,” Mathrani said in a statement at the time.

But it wouldn’t be a year-in-the-life of WeWork without some drama, this time the departure of Marcelo Claure as chairman of the board. Claure left his post at WeWork and as COO of WeWork majority-owner SoftBank Group in January 2022, reportedly after SoftBank wouldn’t pay him $2 billion in compensation over the next several years, which he wanted partly because of his work helping turn WeWork around.

Mathrani became chairman in March.