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REAL

The RealReal, Inc.

REAL

The RealReal, Inc. • NASDAQ
$14.48 ▼ -0.03% (-0.01)
Market Cap $4.20 B
52w High $16.24
52w Low $4.61
Dividend Yield 0%
P/E -14.34
Volume 1.30M
Outstanding Shares 289.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $173.573M ▲ $136.47M ▲ $-54.051M ▼ -31.14% ▼ $-0.48 ▼ $-38.733M ▼
Q2-2025 $165.188M ▲ $132.561M ▼ $-11.366M ▼ -6.881% ▼ $-0.1 ▼ $4.017M ▼
Q1-2025 $160.033M ▼ $132.794M ▲ $62.4M ▲ 38.992% ▲ $0.56 ▲ $81.151M ▲
Q4-2024 $163.995M ▲ $127.217M ▲ $-68.455M ▼ -41.742% ▼ $-0.64 ▼ $-49.829M ▼
Q3-2024 $147.755M $125.315M $-17.938M -12.14% $-0.17 $-3.648M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $108.422M ▲ $366.212M ▲ $751.264M ▲ $-385.052M ▼
Q2-2025 $94.345M ▼ $349.383M ▼ $687.627M ▼ $-338.244M ▼
Q1-2025 $139.602M ▼ $400.367M ▼ $736.436M ▼ $-336.069M ▲
Q4-2024 $172.212M ▲ $423.095M ▲ $830.471M ▲ $-407.376M ▼
Q3-2024 $153.179M $406.252M $751.665M $-345.413M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-54.051M ▼ $19.33M ▲ $-5.612M ▲ $359K ▲ $14.077M ▲ $13.718M ▲
Q2-2025 $-11.366M ▼ $-8.574M ▲ $-10.833M ▼ $-25.85M ▼ $-45.257M ▼ $-19.997M ▲
Q1-2025 $62.4M ▲ $-28.272M ▼ $-5.859M ▲ $1.469M ▲ $-32.61M ▼ $-35.85M ▼
Q4-2024 $-68.455M ▼ $27.994M ▲ $-8.829M ▼ $-132K ▲ $19.033M ▲ $22.914M ▲
Q3-2024 $-17.938M $9.073M $-6.478M $-162K $2.433M $5.047M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Service
Service
 $240.00M ▲$120.00M ▼$130.00M ▲$130.00M ▲
Shipping and Handling
Shipping and Handling
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last several years, and the business is now generating a solid gross profit level relative to sales. Losses remain, but operating and net results have steadily moved in the right direction, with narrower losses each year. This suggests that cost controls and mix shifts toward higher-margin consignment are starting to show up in the income statement. The company is still not profitable, but the trajectory has been one of gradual improvement rather than deterioration.

Balance Sheet

Balance Sheet The balance sheet is a key weak spot. Total assets have come down, cash reserves are noticeably lower than a few years ago, and debt has grown. Shareholder equity has flipped from positive to meaningfully negative, which indicates that cumulative losses and obligations now exceed the book value of assets. In plain language, the company is more financially stretched and reliant on lenders than it used to be, leaving less room for major missteps or prolonged downturns.

Cash Flow

Cash Flow The cash story is more encouraging than the balance sheet. After years of burning cash from operations, the core business has recently tipped into generating a modest amount of cash instead of consuming it. Free cash flow is roughly at breakeven, helped by tighter spending and relatively modest investment needs. This points to improving discipline and a model that is getting closer to being self-funding, but the margin for error remains slim given the still-limited cash cushion and debt load.

Competitive Edge

Competitive Edge The RealReal occupies a distinct niche at the higher end of the resale market, anchored by trust and service quality. Its rigorous, tech-assisted authentication, curated selection, and white-glove consignment services differentiate it from more casual, peer-to-peer resale platforms. The business benefits from network effects: more consignors attract more buyers, and vice versa, reinforcing its position. However, the broader luxury resale space is competitive, and the company must continue proving that its premium, service-heavy model can scale profitably against leaner competitors.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. The company is heavily invested in AI-driven authentication, pricing, and customer targeting tools that aim to reduce manual work, cut errors, and speed up processing. Systems like TRR Vision, TRR Shield, Athena AI, and its unified inventory platform are designed to make authentication smarter, listings faster, and inventory more efficient across online and physical channels. If these technologies perform as intended, they can deepen the trust moat and improve margins, but there is execution risk in rolling them out at scale and keeping them ahead of counterfeiters and rivals’ capabilities.

Summary

The RealReal shows a classic turnaround profile: revenue and gross profit are healthy for its size, losses are shrinking, and cash flow has improved to roughly breakeven. At the same time, the balance sheet is strained, with negative equity and higher debt creating financial pressure and less flexibility. Competitively, the company has carved out a defensible position in authenticated luxury resale, supported by a strong brand, a large consignor-buyer ecosystem, and differentiated, high-touch services. Its heavy use of AI and proprietary data could further strengthen its moat and profitability if execution continues to improve. Overall, the story hinges on whether operational gains and technology-led efficiencies can continue fast enough to offset the leverage and balance sheet risk over the coming years.

NEWS

November 24, 2025 · 4:41 PM UTC

The RealReal Announces Upcoming Investor Conference Schedule

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November 20, 2025 · 6:45 AM UTC

Real Matters Reports Fourth Quarter and Fiscal 2025 Financial Results

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November 10, 2025 · 4:05 PM UTC

The RealReal Announces Third Quarter 2025 Results

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October 13, 2025 · 4:05 PM UTC

The RealReal Announces Timing of Its Third Quarter 2025 Earnings Conference Call

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September 4, 2025 · 10:33 AM UTC

The RealReal's 2025 Resale Report

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