Knotel is WeWork’s fiercest rival. Here are its internal numbers.

Rapid expansion comes at a price. Knotel, one of WeWork’s biggest threats, racked up an EBITDA loss of $24.1 million on $17.6 million in revenues between January and July, according to internal numbers obtained by The Real Deal. The company’s operating loss stood at $11.6 million.

Founded in 2016, Knotel expanded from just 200,000 square feet of office space under management at the beginning of 2017 to 1.7 million square feet today. At the end of the third quarter it had 86 locations, including 71 in New York City.