The New York-based firm - which its co-founder Adam Neumann once boasted would "elevate the world's consciousness" - said its status as a going concern was in doubt because of losses and need for cash to stay afloat over the next year.
The company added that it needed to improve its liquidity and profitability over the next 12 months, and would have to raise additional capital to keep operating. The update sent its shares plummeting by as much as 27% during extended trading in the US on Tuesday.
WeWork said it would be trying to control expenses, and reduce its rent and tenancy costs by restructuring and renegotiating leases with its landlords. It will also attempt to retain current occupants of its workspaces while finding new tenants, and raise money by selling some of its assets.
The company made a net loss of $397m (£311m) between April and June, though this was an improvement of $238m compared with the same period a year earlier.
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