No, you're misunderstanding. First, they sold a lot to established companies who would get a whole office in the building to seem cool. I believe that's where most of the profits came from. The startup/hotdesking was there as well, but I don't believe it was as profitable. Otherwise, WFH would be a boon to them. Companies have paid for WeWork desks for their WFH employees/meetings to avoid needing office space. They would be doing great now.

The problem is their business model was to sign long-term leases with buildings and short-term leases with their customers. So they are paying 2018-2020 rates on office space, but leasing out at spot rates of 2023 office space.