I'm not sure productivity maps that directly to revenue. People are wildly productive when they work remotely. What's harder is sharing context and tackling large problems with other people.
Remote introduces barriers. It is theoretically possible that remote can move 100x faster & have better net productivity than in person, however that is far from the truth today.
Another big thing is the psychological effect of being a chair warmer. Sitting in an office environment, and being "seen" gives the impressing of working. Imagine seeing someone in their chair before and after you leave each day. It gives the impression that they are "working hard". With remote only there is no chair warming, you have to show results.