Soho House is not facing a WeWork-like demise, but it continues to experience financial losses.

Despite the negative media buzz surrounding Soho House earlier this year, the exclusive members-only club seems to be holding its own in the face of criticism. While some have compared the company’s business model to that of the troubled coworking brand WeWork, recent financial reports tell a different story.

According to a report from GlassHouse Research, Soho House exceeded analyst expectations in the first quarter of the year, with a 3% increase in revenue and a 20% increase in membership revenues compared to the previous year. Despite posting a $46 million loss in the first quarter, company leaders remain optimistic about the future.

CEO Andrew Carnie emphasized the company’s strategic vision to drive profits and maintain member satisfaction during a recent earnings call. He highlighted the growth in membership numbers, with over 4,000 new members joining Soho House in the first quarter alone. Overall membership across all brands, including Scorpios Beach Club and The Ned, is up nearly 10%.

While there are concerns about frozen memberships and a decrease in in-house spending, company leaders attribute some of these challenges to external factors like inflation and seasonal trends. Despite these obstacles, Soho House remains committed to delivering the best member experience without raising membership fees.

Looking ahead, the company plans to focus on growth opportunities in the Americas, with new properties set to open in cities like Sao Paolo. Refreshes at existing locations in London, Los Angeles, and New York City are also on the horizon, with new menus, restaurants, and wellness facilities in the works.

Overall, despite the rocky start to the year, Soho House seems to be weathering the storm and positioning itself for continued success in the future.