REAL
The RealReal, Inc.14.56
+0.52+3.7%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms guide, details expansions
Q&A largely reaffirmed prepared remarks' momentum but surfaced tactical expansions: Athena to hit mid-value items soon, then high-value, slashing cycle times for leverage. Drop shipping tests in watches, handbags, jewelry to broaden internationally; referrals emerging as high-growth supply channel. No Q1 slowdown—resilient buyers, sellers via flywheel. Supply pipeline for fine jewelry stays robust despite mix shift pressuring take rates short-term. Ops/tech to lead OpEx leverage. Management confident. Investors watch supply durability.
Key Stats
Market Cap
1.70BP/E (TTM)
-Basic EPS (TTM)
-1.01Dividend Yield
0%Recent Filings
8-K
Board refresh, exec hires
The RealReal shook up its board on March 6, 2026: Niki Leondakis resigned due to expanded commitments, while Jennifer McKeehan joined as Class II director with supply chain expertise from Fanatics, Walmart, Peloton, and Home Depot. McKeehan lands on the governance committee. Company also hired Tiffany Stevenson as Chief People Officer and Tom Hanrahan as Chief Revenue Officer to scale operations.
8-K
Crushed 2025 targets, guides higher
10-K
FY2025 results
The RealReal drove FY2025 GMV to $2.13B, up 16% y/y, with consignment revenue climbing 13% to $536M on a 37.7% take rate amid higher-value item mix; Q4 demand surged seasonally, boosting AOV to $594 from $545 while active buyers hit 1.06M. Gross profit jumped 15% to $517M as efficiencies trimmed ops/tech costs to 40% of revenue, flipping to positive $37M op cash flow. Debt stands at $382M across 2028/2031/2029 notes post-exchanges, with $151M cash cushioning liquidity. Yet authentication failures risk eroding buyer trust.
8-K
Board director resigns
The RealReal's board shrank to seven directors after Gilbert L. (Chip) Baird III resigned on November 17, 2025, tied to GreyLion Partners selling its pre-IPO stake that day. Baird, GreyLion's co-founder and managing partner, will consult through June 30, 2026. Board size cut by one. Company thanked his service.
8-K
Q3 GMV up 20%, raises guidance
The RealReal posted Q3 GMV of $520M, up 20% year-over-year, with revenue hitting $174M, up 17%, and Adjusted EBITDA at $9.3M for a 5.4% margin—380 basis points better. Direct revenue surged 47%, yet net loss widened to $54M on a $44M warrant liability hit. Momentum prompted raised full-year guidance: revenue $687-690M, Adjusted EBITDA $37.7-38.7M. Growth accelerates.
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