The AG真人官方AG真人官方 Announces Second Quarter 2025 Results
The AG真人官方AG真人官方 (NASDAQ:REAL), the world's largest online marketplace for authenticated luxury resale goods, reported strong Q2 2025 financial results. The company achieved record GMV and revenue of $504 million and $165 million respectively, both up 14% year-over-year.
Key performance metrics include a reduced net loss of $11 million (improved by $5 million YoY), positive Adjusted EBITDA of $6.8 million (up $8.6 million YoY), and improved gross margin of 74.3%. The company's active buyers increased 6% to 1,001,000, with average order value up 8% to $581.
Based on strong performance, The AG真人官方AG真人官方 raised its full-year 2025 guidance and announced the appointment of Mark McCaffrey, GoDaddy's CFO, to its Board of Directors.
The AG真人官方AG真人官方 (NASDAQ:REAL), il pi霉 grande mercato online al mondo per la rivendita di beni di lusso autenticati, ha riportato solidi risultati finanziari del secondo trimestre 2025. L'azienda ha raggiunto un GMV e un fatturato record rispettivamente di 504 milioni di dollari e 165 milioni di dollari, entrambi in crescita del 14% su base annua.
Le principali metriche di performance includono una perdita netta ridotta a 11 milioni di dollari (migliorata di 5 milioni di dollari rispetto all'anno precedente), un EBITDA rettificato positivo di 6,8 milioni di dollari (in aumento di 8,6 milioni di dollari su base annua) e un margine lordo migliorato al 74,3%. Gli acquirenti attivi dell'azienda sono aumentati del 6% raggiungendo 1.001.000, con un valore medio degli ordini in crescita dell'8% a 581 dollari.
Grazie alla solida performance, The AG真人官方AG真人官方 ha rivisto al rialzo le previsioni per l'intero anno 2025 e ha annunciato la nomina di Mark McCaffrey, CFO di GoDaddy, nel proprio Consiglio di Amministrazione.
The AG真人官方AG真人官方 (NASDAQ:REAL), el mercado en l铆nea m谩s grande del mundo para la reventa de art铆culos de lujo autenticados, report贸 s贸lidos resultados financieros del segundo trimestre de 2025. La empresa alcanz贸 un GMV y unos ingresos r茅cord de 504 millones y 165 millones de d贸lares respectivamente, ambos con un aumento del 14% interanual.
Las m茅tricas clave incluyen una p茅rdida neta reducida de 11 millones de d贸lares (mejorada en 5 millones respecto al a帽o anterior), un EBITDA ajustado positivo de 6,8 millones de d贸lares (incremento de 8,6 millones interanual) y un margen bruto mejorado del 74,3%. Los compradores activos aumentaron un 6% hasta 1.001.000, con un valor medio de pedido que subi贸 un 8% hasta 581 d贸lares.
Bas谩ndose en este s贸lido desempe帽o, The AG真人官方AG真人官方 elev贸 su pron贸stico para todo el a帽o 2025 y anunci贸 el nombramiento de Mark McCaffrey, CFO de GoDaddy, en su Junta Directiva.
The AG真人官方AG真人官方 (NASDAQ:REAL)鞚� 靹戈硠 斓滊寑鞚� 鞚胳霅� 氇呿拡 毽厐 鞓澕鞚� 毵堨紦頂岆爤鞚挫姢搿滌劀 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 臧侁皝 5鞏� 4氚彪 雼煬鞕� 1鞏� 6觳� 5氚彪 雼煬鞚� 靷儊 斓滉碃 GMV 氚� 毵れ稖鞚� 旮半頄堨溂氅�, 霊� 靾橃箻 氇憪 鞝勲厔 雽�牍� 14% 歃濌皜頄堨姷雼堧嫟.
欤检殧 靹标臣 歆�響滊電�
臧曤牓頃� 鞁れ爜鞚� 氚旐儠鞙茧 The AG真人官方AG真人官方鞚� 2025雲� 鞐瓣皠 臧�鞚措崢鞀るゼ 靸來枼 臁办爼頃橁碃, GoDaddy鞚� CFO鞚� Mark McCaffrey毳� 鞚挫偓須岇棎 靹犾瀯頄堧嫟瓿� 氚滍憸頄堨姷雼堧嫟.
The AG真人官方AG真人官方 (NASDAQ:REAL), la plus grande place de march茅 en ligne au monde pour la revente de produits de luxe authentifi茅s, a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025. L'entreprise a atteint un GMV et un chiffre d'affaires record de 504 millions et 165 millions de dollars respectivement, en hausse de 14 % par rapport 脿 l'ann茅e pr茅c茅dente.
Les indicateurs cl茅s de performance comprennent une perte nette r茅duite 脿 11 millions de dollars (am茅lioration de 5 millions de dollars d'une ann茅e sur l'autre), un EBITDA ajust茅 positif de 6,8 millions de dollars (en hausse de 8,6 millions de dollars d'une ann茅e sur l'autre) et une marge brute am茅lior茅e de 74,3 %. Le nombre d'acheteurs actifs a augment茅 de 6 % pour atteindre 1 001 000, avec une valeur moyenne des commandes en hausse de 8 % 脿 581 dollars.
Fort de ces solides r茅sultats, The AG真人官方AG真人官方 a relev茅 ses pr茅visions pour l'ensemble de l'ann茅e 2025 et a annonc茅 la nomination de Mark McCaffrey, directeur financier de GoDaddy, au sein de son conseil d'administration.
The AG真人官方AG真人官方 (NASDAQ:REAL), der weltweit gr枚脽te Online-Marktplatz f眉r authentifizierte Luxus-Secondhand-Waren, meldete starke Finanzergebnisse f眉r das zweite Quartal 2025. Das Unternehmen erreichte einen rekordverd盲chtigen GMV und Umsatz von jeweils 504 Millionen und 165 Millionen US-Dollar, was einem j盲hrlichen Wachstum von 14 % entspricht.
Wichtige Leistungskennzahlen umfassen einen verringerten Nettoverlust von 11 Millionen US-Dollar (Verbesserung um 5 Millionen US-Dollar im Jahresvergleich), ein positives bereinigtes EBITDA von 6,8 Millionen US-Dollar (Anstieg um 8,6 Millionen US-Dollar im Jahresvergleich) und eine verbesserte Bruttomarge von 74,3 %. Die aktiven K盲ufer stiegen um 6 % auf 1.001.000, der durchschnittliche Bestellwert legte um 8 % auf 581 US-Dollar zu.
Aufgrund der starken Leistung hat The AG真人官方AG真人官方 seine Prognose f眉r das Gesamtjahr 2025 angehoben und die Ernennung von Mark McCaffrey, CFO von GoDaddy, in den Vorstand bekannt gegeben.
- Record GMV and revenue of $504M and $165M, both up 14% YoY
- Adjusted EBITDA turned positive at $6.8M, improving by $8.6M YoY
- Net loss improved by $5M to $(11M) YoY
- Gross margin improved 20 basis points to 74.3%
- Active buyers grew 6% to 1,001,000
- Average order value increased 8% to $581
- Full year guidance raised
- Company still operating at a net loss of $(11M)
- GAAP diluted net loss per share of $(0.13)
- Non-GAAP net loss per share of $(0.06)
Insights
The AG真人官方AG真人官方 shows momentum with 14% revenue growth, improved losses, positive EBITDA, and raised guidance signaling stronger fundamental execution.
The AG真人官方AG真人官方's Q2 2025 results demonstrate meaningful commercial momentum and improving financial health. Revenue reached
The standout metric is the
Operational metrics reflect strengthening consumer engagement, with active buyers up
Most telling is management's confidence in raising full-year guidance, projecting
The appointment of GoDaddy CFO Mark McCaffrey to the board adds financial and technology expertise that could further accelerate the company's technology transformation and path to consistent profitability.
Q2 2025 Revenue of
Q2 2025 Net Loss of
Q2 2025 Adjusted EBITDA of
Record high quarterly Gross Merchandise Value and Total Revenue
SAN FRANCISCO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- The AG真人官方AG真人官方, Inc. (Nasdaq: REAL)鈥攖he world鈥檚 largest online marketplace for authenticated, resale luxury goods鈥攖oday reported financial results for its second quarter ended June听30, 2025. Second quarter 2025 gross merchandise value (GMV) and total revenue increased
"The second quarter was a breakout performance for The AG真人官方AG真人官方, further validating the success of our strategic roadmap as strong execution fueled top-line momentum and margin expansion. We delivered record GMV and total revenue, both up
Levesque continued, 鈥淲e are driving results that compound and expand our profitability. Our operational expertise, world-class authentication capabilities, rich data insights, and powerful brand underpin a customer experience that is nearly impossible to replicate. With AI and automation central to our efficiency gains, we are poised for sustained growth, improved profitability, and consistent cash flow, defining the next era of luxury resale."
Second Quarter Highlights
- GMV was
$504 million , an increase of14% compared to the same period in 2024 - Total Revenue was
$165 million , an increase of14% compared to the same period in 2024 - Gross Profit was
$123 million , an increase of$15 million compared to the same period in 2024 - Gross Margin was
74.3% , an increase of 20 basis points compared to the same period in 2024 - Net Loss was
$(11) million or (6.9)% of total revenue, compared to$(17) million or (11.5)% of total revenue in the same period in 2024 - Adjusted EBITDA was
$6.8 million or4.1% of total revenue compared to$(1.8) million or (1.2)% of total revenue in the same period in 2024 - GAAP basic net loss per share was
$(0.10) compared to$(0.16) in the prior year period and GAAP diluted net loss per share was$(0.13) compared to$(0.20) in the prior year period - Non-GAAP basic and diluted net loss attributable to common shareholders per share was
$(0.06) compared to$(0.13) in the prior year period - Top-line-related Metrics
- Trailing twelve months active buyers was 1,001,000, an increase of
6% compared to the same period in 2024 - Average order value (AOV) was
$581 , an increase of8% versus the same period in 2024
- Trailing twelve months active buyers was 1,001,000, an increase of
Q3 and Full Year 2025 Guidance
Based on market conditions as of August听7, 2025, we are raising our full year guidance. Additionally, we are providing guidance for third quarter 2025 GMV, Total Revenue and Adjusted EBITDA, which is a Non-GAAP financial measure.
We have not reconciled forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations including payroll tax expense on employee stock transactions that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss).
| 听 | ||
| 听 | Q3听2025 | Full Year 2025 |
| GMV | ||
| Total Revenue | ||
| Adjusted EBITDA | ||
| 听 | 听 | 听 |
Board Update
The AG真人官方AG真人官方 announced that Mark McCaffrey, Chief Financial Officer of GoDaddy, Inc. (NYSE:GDDY), was appointed to its Board of Directors on August 5, 2025.听
"We are delighted to welcome Mark to The AG真人官方AG真人官方's Board of Directors," said Rati Levesque. "Mark's deep expertise in finance and technology will be invaluable as the Company continues to execute on its strategies to drive profitable growth."
Mr. McCaffrey has served as Chief Financial Officer of GoDaddy, Inc. since June 2021. Prior to this, he spent 26 years at PricewaterhouseCoopers LLP ("PwC"), where he was a partner since July 2000 and most recently served as the U.S. Technology, Media, and Telecommunications Sector Leader.
鈥淭he AG真人官方AG真人官方 has built a strong and trusted brand as a leader in luxury resale,鈥� said Mark McCaffrey. 鈥淚鈥檓 truly inspired by the Company鈥檚 mission and energized by the momentum it has created on its path to profitability. I鈥檓 looking forward to working with the Board and management team to support the Company鈥檚 continued growth and long-term success.鈥�
Webcast and Conference Call
The AG真人官方AG真人官方 will host a conference call to review the company鈥檚 second quarter 2025 results beginning at approximately 2:00 p.m. Pacific Time today (5:00 p.m. Eastern Time). A live webcast of the conference call and accompanying materials will be available online at . A replay of the webcast will be available at the same location.
To connect to the conference call via phone, please use the following dial-in number:
- Toll-Free: (800) 715-9871
- Toll: (646) 307-1963
- Passcode: 4362060
About The AG真人官方AG真人官方, Inc.
The AG真人官方AG真人官方 is the world鈥檚 largest online marketplace for authenticated, resale luxury goods, with over 40 million members. With a rigorous authentication process overseen by experts, The AG真人官方AG真人官方 provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories鈥攊ncluding women's and men's fashion, fine jewelry and watches, art and home鈥攊n support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We handle all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as shipping and customer service.
Investor Relations Contact:
Caitlin Howe
[email protected]
Press Contact:
Mallory Johnston
[email protected]
Forward Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of The AG真人官方AG真人官方 that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渆xpect,鈥� 鈥減lan,鈥� 鈥渁nticipate,鈥� 鈥渢arget,鈥� 鈥渃ontemplate,鈥� 鈥減roject,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥渋ntend,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� 鈥渙ngoing鈥� or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the recent geopolitical events, and uncertainty surrounding macro-economic trends, financial guidance, anticipated growth in 2025, the anticipated impact of generative AI, and financial targets, goals and projections. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, inflation, macroeconomic uncertainty, geopolitical instability, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations, labor shortages and other reasons.
More information about factors that could affect the company's operating results is included under the captions 鈥淩isk Factors鈥� and 鈥淢anagement's Discussion and Analysis of Financial Condition and Results of Operations鈥� in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investor.therealreal.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
Non-GAAP Financial Measures
To supplement our unaudited and condensed financial statements presented in accordance with generally accepted accounting principles (鈥淕AAP鈥�), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA as a percentage of total revenue (鈥淎djusted EBITDA Margin鈥�), free cash flow, non-GAAP net loss attributable to common stockholders, and non-GAAP net loss per share attributable to common stockholders, basic and diluted. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures in this earnings release.
We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies, including other companies in our industry.
Adjusted EBITDA听is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. Adjusted EBITDA may not be comparable to similarly titled metrics of other companies.
We calculate听Adjusted EBITDA听as net income (loss) before interest income, interest expense, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, employer payroll tax expense on employee stock transactions, legal settlement charges, restructuring, gain on extinguishment of debt, change in fair value of warrant liabilities and certain one-time expenses. The employer payroll tax expense related to employee stock transactions are tied to the vesting or exercise of underlying equity awards and the price of our common stock at the time of vesting, which may vary from period to period independent of the operating performance of our business.听Adjusted EBITDA has certain limitations as the measure excludes the impact of certain expenses that are included in our statements of operations that are necessary to run our business and should not be considered as an alternative to net income (loss) or any other measure of financial performance calculated and presented in accordance with GAAP.
In particular, the exclusion of certain expenses in calculating Adjusted EBITDA and Adjusted EBITDA Margin facilitates operating performance comparisons on a period-to-period basis and, in the case of exclusion of the impact of stock-based compensation and the related employer payroll tax expense on employee stock transactions, excludes an item that we do not consider to be indicative of our core operating performance. Investors should, however, understand that stock-based compensation and the related employer payroll tax expense will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Free cash flow听is a non-GAAP financial measure that is calculated as net cash (used in) provided by operating activities less net cash used to purchase property and equipment and capitalized proprietary software development costs. We believe free cash flow is an important indicator of our business performance, as it measures the amount of cash we generate. Accordingly, we believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Non-GAAP net loss per share attributable to common stockholders, basic and diluted听is a non-GAAP financial measure that is calculated as GAAP net loss plus stock-based compensation expense, provision (benefit) for income taxes, payroll tax expenses on employee stock transactions, legal settlement charges, restructuring charges, gain on extinguishment of debt, change in fair value of warrant liabilities and certain one-time expenses divided by weighted average shares outstanding. We believe that making these adjustments before calculating per share amounts for all periods presented provides a more meaningful comparison between our operating results from period to period.
| 听 | |||||||||||||||
| THE REALREAL, INC. | |||||||||||||||
| Statements of Operations | |||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| 听 | |||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenue: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Consignment revenue | $ | 128,620 | 听 | 听 | $ | 112,714 | 听 | 听 | $ | 252,434 | 听 | 听 | $ | 228,362 | 听 |
| Direct revenue | 听 | 20,495 | 听 | 听 | 听 | 16,724 | 听 | 听 | 听 | 40,949 | 听 | 听 | 听 | 29,433 | 听 |
| Shipping services revenue | 听 | 16,073 | 听 | 听 | 听 | 15,496 | 听 | 听 | 听 | 31,838 | 听 | 听 | 听 | 30,939 | 听 |
| Total revenue | 听 | 165,188 | 听 | 听 | 听 | 144,934 | 听 | 听 | 听 | 325,221 | 听 | 听 | 听 | 288,734 | 听 |
| Cost of revenue: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Cost of consignment revenue | 听 | 13,761 | 听 | 听 | 听 | 13,108 | 听 | 听 | 听 | 26,715 | 听 | 听 | 听 | 26,388 | 听 |
| Cost of direct revenue | 听 | 17,185 | 听 | 听 | 听 | 13,760 | 听 | 听 | 听 | 32,420 | 听 | 听 | 听 | 26,045 | 听 |
| Cost of shipping services revenue | 听 | 11,566 | 听 | 听 | 听 | 10,600 | 听 | 听 | 听 | 23,387 | 听 | 听 | 听 | 21,556 | 听 |
| Total cost of revenue | 听 | 42,512 | 听 | 听 | 听 | 37,468 | 听 | 听 | 听 | 82,522 | 听 | 听 | 听 | 73,989 | 听 |
| Gross profit | 听 | 122,676 | 听 | 听 | 听 | 107,466 | 听 | 听 | 听 | 242,699 | 听 | 听 | 听 | 214,745 | 听 |
| Operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Marketing | 听 | 15,548 | 听 | 听 | 听 | 13,759 | 听 | 听 | 听 | 31,403 | 听 | 听 | 听 | 29,042 | 听 |
| Operations and technology | 听 | 68,986 | 听 | 听 | 听 | 65,422 | 听 | 听 | 听 | 135,964 | 听 | 听 | 听 | 128,394 | 听 |
| Selling, general and administrative | 听 | 48,027 | 听 | 听 | 听 | 47,082 | 听 | 听 | 听 | 97,988 | 听 | 听 | 听 | 93,852 | 听 |
| Restructuring charges | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 196 | 听 |
| Total operating expenses(1) | 听 | 132,561 | 听 | 听 | 听 | 126,263 | 听 | 听 | 听 | 265,355 | 听 | 听 | 听 | 251,484 | 听 |
| Loss from operations | 听 | (9,885 | ) | 听 | 听 | (18,797 | ) | 听 | 听 | (22,656 | ) | 听 | 听 | (36,739 | ) |
| Change in fair value of warrant liability | 听 | 4,537 | 听 | 听 | 听 | 5,630 | 听 | 听 | 听 | 47,040 | 听 | 听 | 听 | (9,953 | ) |
| Gain on extinguishment of debt | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 37,101 | 听 | 听 | 听 | 4,177 | 听 |
| Interest income | 听 | 1,109 | 听 | 听 | 听 | 2,263 | 听 | 听 | 听 | 2,483 | 听 | 听 | 听 | 4,332 | 听 |
| Interest expense | 听 | (7,038 | ) | 听 | 听 | (5,769 | ) | 听 | 听 | (13,358 | ) | 听 | 听 | (9,520 | ) |
| Other income, net | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 608 | 听 | 听 | 听 | 鈥� | 听 |
| Income (loss) before provision for income taxes | 听 | (11,277 | ) | 听 | 听 | (16,673 | ) | 听 | 听 | 51,218 | 听 | 听 | 听 | (47,703 | ) |
| Provision for income taxes | 听 | 89 | 听 | 听 | 听 | 35 | 听 | 听 | 听 | 184 | 听 | 听 | 听 | 106 | 听 |
| Net income (loss) attributable to common stockholders | $ | (11,366 | ) | 听 | $ | (16,708 | ) | 听 | $ | 51,034 | 听 | 听 | $ | (47,809 | ) |
| Net income (loss) per share attributable to common stockholders | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | $ | (0.10 | ) | 听 | $ | (0.16 | ) | 听 | $ | 0.45 | 听 | 听 | $ | (0.45 | ) |
| Diluted | $ | (0.13 | ) | 听 | $ | (0.20 | ) | 听 | $ | (0.27 | ) | 听 | $ | (0.45 | ) |
| Weighted average shares used to compute net income (loss) per share attributable to common stockholders | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 114,044,057 | 听 | 听 | 听 | 106,882,054 | 听 | 听 | 听 | 113,046,607 | 听 | 听 | 听 | 106,047,054 | 听 |
| Diluted | 听 | 119,484,716 | 听 | 听 | 听 | 111,117,389 | 听 | 听 | 听 | 120,178,570 | 听 | 听 | 听 | 106,047,054 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (1)Includes stock-based compensation as follows: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Marketing | $ | 424 | 听 | 听 | $ | 72 | 听 | 听 | $ | 727 | 听 | 听 | $ | 482 | 听 |
| Operations and technology | 听 | 2,677 | 听 | 听 | 听 | 2,690 | 听 | 听 | 听 | 4,901 | 听 | 听 | 听 | 4,994 | 听 |
| Selling, general and administrative | 听 | 5,107 | 听 | 听 | 听 | 4,940 | 听 | 听 | 听 | 9,939 | 听 | 听 | 听 | 9,346 | 听 |
| Total | $ | 8,208 | 听 | 听 | $ | 7,702 | 听 | 听 | $ | 15,567 | 听 | 听 | $ | 14,822 | 听 |
| 听 | |||||||||||||||
| THE REALREAL, INC. | |||||||
| Condensed Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| (Unaudited) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | 听 | 听 | 听 | ||||
| Current assets | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 94,345 | 听 | 听 | $ | 172,212 | 听 |
| Accounts receivable, net | 听 | 22,767 | 听 | 听 | 听 | 13,961 | 听 |
| Inventory, net | 听 | 28,776 | 听 | 听 | 听 | 23,583 | 听 |
| Prepaid expenses and other current assets | 听 | 14,445 | 听 | 听 | 听 | 22,913 | 听 |
| Total current assets | 听 | 160,333 | 听 | 听 | 听 | 232,669 | 听 |
| Property and equipment, net | 听 | 98,012 | 听 | 听 | 听 | 94,443 | 听 |
| Operating lease right-of-use assets | 听 | 70,408 | 听 | 听 | 听 | 75,714 | 听 |
| Restricted cash | 听 | 14,859 | 听 | 听 | 听 | 14,911 | 听 |
| Other assets | 听 | 5,771 | 听 | 听 | 听 | 5,358 | 听 |
| Total assets | $ | 349,383 | 听 | 听 | $ | 423,095 | 听 |
| Liabilities and Stockholders鈥� Deficit | 听 | 听 | 听 | ||||
| Current liabilities | 听 | 听 | 听 | ||||
| Accounts payable | $ | 13,588 | 听 | 听 | $ | 11,004 | 听 |
| Accrued consignor payable | 听 | 76,009 | 听 | 听 | 听 | 89,718 | 听 |
| Operating lease liabilities, current portion | 听 | 23,508 | 听 | 听 | 听 | 22,835 | 听 |
| Convertible Senior Notes, net, current portion | 听 | 鈥� | 听 | 听 | 听 | 26,653 | 听 |
| Other accrued and current liabilities | 听 | 86,381 | 听 | 听 | 听 | 98,466 | 听 |
| Total current liabilities | 听 | 199,486 | 听 | 听 | 听 | 248,676 | 听 |
| Operating lease liabilities, net of current portion | 听 | 76,878 | 听 | 听 | 听 | 85,790 | 听 |
| Convertible Senior Notes, net | 听 | 235,103 | 听 | 听 | 听 | 276,807 | 听 |
| Non-convertible notes, net | 听 | 137,599 | 听 | 听 | 听 | 134,470 | 听 |
| Warrant liability | 听 | 31,544 | 听 | 听 | 听 | 78,584 | 听 |
| Other noncurrent liabilities | 听 | 7,017 | 听 | 听 | 听 | 6,144 | 听 |
| Total liabilities | 听 | 687,627 | 听 | 听 | 听 | 830,471 | 听 |
| Stockholders鈥� deficit: | 听 | 听 | 听 | ||||
| Common stock, | 听 | 1 | 听 | 听 | 听 | 1 | 听 |
| Additional paid-in capital | 听 | 864,548 | 听 | 听 | 听 | 846,450 | 听 |
| Accumulated deficit | 听 | (1,202,793 | ) | 听 | 听 | (1,253,827 | ) |
| Total stockholders鈥� deficit | 听 | (338,244 | ) | 听 | 听 | (407,376 | ) |
| Total liabilities and stockholders鈥� deficit | $ | 349,383 | 听 | 听 | $ | 423,095 | 听 |
| 听 | |||||||
| THE REALREAL, INC. | |||||||
| Condensed Statements of Cash Flows | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| 听 | |||||||
| 听 | Six Months Ended June 30, | ||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Cash flows from operating activities: | 听 | 听 | 听 | ||||
| Net income (loss) | $ | 51,034 | 听 | 听 | $ | (47,809 | ) |
| Adjustments to reconcile net income (loss) to cash used in operating activities: | 听 | 听 | 听 | ||||
| Depreciation and amortization | 听 | 16,631 | 听 | 听 | 听 | 16,536 | 听 |
| Stock-based compensation expense | 听 | 15,567 | 听 | 听 | 听 | 14,822 | 听 |
| Reduction of operating lease right-of-use assets | 听 | 7,943 | 听 | 听 | 听 | 7,443 | 听 |
| Bad debt expense | 听 | 1,214 | 听 | 听 | 听 | 1,246 | 听 |
| Non-cash interest expense | 听 | 5,483 | 听 | 听 | 听 | 5,701 | 听 |
| Issuance costs allocated to liability classified warrants | 听 | 鈥� | 听 | 听 | 听 | 374 | 听 |
| Accretion of debt discounts and issuance costs | 听 | 1,060 | 听 | 听 | 听 | 1,045 | 听 |
| Provision for inventory write-downs and shrinkage | 听 | 1,485 | 听 | 听 | 听 | 1,840 | 听 |
| Gain on debt extinguishment | 听 | (37,101 | ) | 听 | 听 | (4,177 | ) |
| Change in fair value of warrant liability | 听 | (47,040 | ) | 听 | 听 | 9,953 | 听 |
| Loss (gain) related to warehouse fire, net | 听 | (353 | ) | 听 | 听 | 389 | 听 |
| Other adjustments | 听 | (36 | ) | 听 | 听 | (672 | ) |
| Changes in operating assets and liabilities: | 听 | 听 | 听 | ||||
| Accounts receivable, net | 听 | (10,020 | ) | 听 | 听 | (470 | ) |
| Inventory, net | 听 | (6,678 | ) | 听 | 听 | (629 | ) |
| Prepaid expenses and other current assets | 听 | 6,595 | 听 | 听 | 听 | 4,796 | 听 |
| Other assets | 听 | (501 | ) | 听 | 听 | 184 | 听 |
| Operating lease liability | 听 | (10,876 | ) | 听 | 听 | (9,893 | ) |
| Accounts payable | 听 | 2,357 | 听 | 听 | 听 | 2,813 | 听 |
| Accrued consignor payable | 听 | (13,709 | ) | 听 | 听 | (12,704 | ) |
| Other accrued and current liabilities | 听 | (14,743 | ) | 听 | 听 | (957 | ) |
| Other noncurrent liabilities | 听 | (152 | ) | 听 | 听 | (52 | ) |
| Net cash used in operating activities | 听 | (31,840 | ) | 听 | 听 | (10,221 | ) |
| Cash flow from investing activities: | 听 | 听 | 听 | ||||
| Insurance proceeds related to warehouse fire | 听 | 2,309 | 听 | 听 | 听 | 鈥� | 听 |
| Capitalized proprietary software development costs | 听 | (6,483 | ) | 听 | 听 | (5,138 | ) |
| Purchases of property and equipment | 听 | (12,518 | ) | 听 | 听 | (5,142 | ) |
| Net cash used in investing activities | 听 | (16,692 | ) | 听 | 听 | (10,280 | ) |
| Cash flow from financing activities: | 听 | 听 | 听 | ||||
| Proceeds from exercise of stock options | 听 | 114 | 听 | 听 | 听 | 112 | 听 |
| Taxes paid related to restricted stock vesting | 听 | (83 | ) | 听 | 听 | (364 | ) |
| Repayment of 2025 Notes | 听 | (26,749 | ) | 听 | 听 | 鈥� | 听 |
| Proceeds from issuance of stock in connection with the Employee Stock Purchase | 听 | 838 | 听 | 听 | 听 | 624 | 听 |
| Cash received from settlement of capped calls in conjunction with the Note Exchanges | 听 | 1,499 | 听 | 听 | 听 | 396 | 听 |
| Issuance costs paid related to the Note Exchanges | 听 | (5,006 | ) | 听 | 听 | (5,233 | ) |
| Net cash used in financing activities | 听 | (29,387 | ) | 听 | 听 | (4,465 | ) |
| Net decrease in cash, cash equivalents and restricted cash | 听 | (77,919 | ) | 听 | 听 | (24,966 | ) |
| Cash, cash equivalents and restricted cash | 听 | 听 | 听 | ||||
| Beginning of period | 听 | 187,123 | 听 | 听 | 听 | 190,623 | 听 |
| End of period | $ | 109,204 | 听 | 听 | $ | 165,657 | 听 |
| 听 | |||||||
The following table reflects the reconciliation of net income (loss) to Adjusted EBITDA for each of the periods indicated (in thousands):
| 听 | |||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Adjusted EBITDA Reconciliation: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net income (loss) | $ | (11,366 | ) | 听 | $ | (16,708 | ) | 听 | $ | 51,034 | 听 | 听 | $ | (47,809 | ) |
| Net income (loss) (% of revenue) | (6.9 | )% | 听 | (11.5 | )% | 听 | 听 | 15.7 | % | 听 | (16.6 | )% | |||
| Depreciation and amortization | 听 | 8,256 | 听 | 听 | 听 | 8,227 | 听 | 听 | 听 | 16,631 | 听 | 听 | 听 | 16,536 | 听 |
| Interest income | 听 | (1,109 | ) | 听 | 听 | (2,263 | ) | 听 | 听 | (2,483 | ) | 听 | 听 | (4,332 | ) |
| Interest expense | 听 | 7,038 | 听 | 听 | 听 | 5,769 | 听 | 听 | 听 | 13,358 | 听 | 听 | 听 | 9,520 | 听 |
| Provision for income taxes | 听 | 89 | 听 | 听 | 听 | 35 | 听 | 听 | 听 | 184 | 听 | 听 | 听 | 106 | 听 |
| EBITDA | 听 | 2,908 | 听 | 听 | 听 | (4,940 | ) | 听 | 听 | 78,724 | 听 | 听 | 听 | (25,979 | ) |
| Stock-based compensation | 听 | 8,208 | 听 | 听 | 听 | 7,702 | 听 | 听 | 听 | 15,567 | 听 | 听 | 听 | 14,822 | 听 |
| Payroll taxes expense on employee stock transactions | 听 | 260 | 听 | 听 | 听 | 118 | 听 | 听 | 听 | 799 | 听 | 听 | 听 | 174 | 听 |
| Legal settlement | 听 | 鈥� | 听 | 听 | 听 | 600 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 600 | 听 |
| Restructuring charges(1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 196 | 听 |
| Gain on extinguishment of debt(2) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (37,101 | ) | 听 | 听 | (4,177 | ) |
| Change in fair value of warrant liability(3) | 听 | (4,537 | ) | 听 | 听 | (5,630 | ) | 听 | 听 | (47,040 | ) | 听 | 听 | 9,953 | 听 |
| One time expenses(4) | 听 | 鈥� | 听 | 听 | 听 | 389 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 389 | 听 |
| Adjusted EBITDA | $ | 6,839 | 听 | 听 | $ | (1,761 | ) | 听 | $ | 10,949 | 听 | 听 | $ | (4,022 | ) |
| Adjusted EBITDA (% of revenue) | 听 | 4.1 | % | 听 | (1.2 | )% | 听 | 听 | 3.4 | % | 听 | (1.4 | )% | ||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
(1) The restructuring charges for the six months ended June听30, 2024 consist of employee severance related charges.
(2) The gain on extinguishment of debt for the six months ended June听30, 2025 reflects the difference between the carrying value of the February 2025 Exchanged Notes and the fair value of the 2031 Notes. The gain on extinguishment of debt for the six months ended June听30, 2024 reflects the difference between the carrying value of the 2024 Exchanged Notes and the fair value of the 2029 Notes.
(3) The change in fair value of warrant liability for the three and six months ended June听30, 2025 and June听30, 2024 reflects the remeasurement of the Warrants issued by the Company in connection with the 2024 Note Exchange in February 2024.
(4) One time expenses for the three and six months ended June听30, 2024 reflects estimated losses related to the fire at one of our New Jersey authentication centers, net of estimated insurance recoveries. See "Note 11 - Commitments and Contingencies" in the notes to the unaudited financial statements in our Form 10-Q for the quarter ended June 30, 2025 for disclosure regarding the event.
A reconciliation of GAAP net income (loss) to non-GAAP net loss attributable to common stockholders, the most directly comparable GAAP financial measure, in order to calculate non-GAAP net loss attributable to common stockholders per share, basic and diluted, is as follows (in thousands, except share and per share data):
| 听 | |||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Net income (loss) | $ | (11,366 | ) | 听 | $ | (16,708 | ) | 听 | $ | 51,034 | 听 | 听 | $ | (47,809 | ) |
| Stock-based compensation | 听 | 8,208 | 听 | 听 | 听 | 7,702 | 听 | 听 | 听 | 15,567 | 听 | 听 | 听 | 14,822 | 听 |
| Payroll tax expense on employee stock transactions | 听 | 260 | 听 | 听 | 听 | 118 | 听 | 听 | 听 | 799 | 听 | 听 | 听 | 174 | 听 |
| Legal settlement | 听 | 鈥� | 听 | 听 | 听 | 600 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 600 | 听 |
| Restructuring charges | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 196 | 听 |
| Provision for income taxes | 听 | 89 | 听 | 听 | 听 | 35 | 听 | 听 | 听 | 184 | 听 | 听 | 听 | 106 | 听 |
| Gain on extinguishment of debt | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (37,101 | ) | 听 | 听 | (4,177 | ) |
| Change in fair value of warrant liability | 听 | (4,537 | ) | 听 | 听 | (5,630 | ) | 听 | 听 | (47,040 | ) | 听 | 听 | 9,953 | 听 |
| One time expenses | 听 | 鈥� | 听 | 听 | 听 | 389 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 389 | 听 |
| Non-GAAP net loss attributable to common stockholders | $ | (7,346 | ) | 听 | $ | (13,494 | ) | 听 | $ | (16,557 | ) | 听 | $ | (25,746 | ) |
| Weighted-average common shares outstanding to calculate Non-GAAP net loss attributable to common stockholders per share, basic and diluted | 听 | 114,044,057 | 听 | 听 | 听 | 106,882,054 | 听 | 听 | 听 | 113,046,607 | 听 | 听 | 听 | 106,047,054 | 听 |
| Non-GAAP net loss attributable to common stockholders per share, basic and diluted | $ | (0.06 | ) | 听 | $ | (0.13 | ) | 听 | $ | (0.15 | ) | 听 | $ | (0.24 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
The following table presents a reconciliation of net cash provided for (used in) operating activities to free (negative) cash flow for each of the periods indicated (in thousands):
| 听 | |||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Net cash used in operating activities | $ | (3,570 | ) | 听 | $ | (6,754 | ) | 听 | $ | (31,840 | ) | 听 | $ | (10,221 | ) |
| Purchase of property and equipment and capitalized proprietary software development costs | 听 | (11,423 | ) | 听 | 听 | (4,959 | ) | 听 | 听 | (19,001 | ) | 听 | 听 | (10,280 | ) |
| Free (negative) cash flow | $ | (14,993 | ) | 听 | $ | (11,713 | ) | 听 | $ | (50,841 | ) | 听 | $ | (20,501 | ) |
| 听 | |||||||||||||||
Key Financial and Operating Metrics:
| 听 | |||||||||||||||||||||||||||||||||||
| 听 | June 30, 2023 | 听 | September 30, 2023 | 听 | December 31, 2023 | 听 | March 30, 2024 | 听 | June 30, 2024 | 听 | September 30, 2024 | 听 | December 31, 2024 | 听 | March 31, 2025 | 听 | June 30, 2025 | ||||||||||||||||||
| 听 | (In thousands, except AOV and percentages) | ||||||||||||||||||||||||||||||||||
| GMV | $ | 423,341 | 听 | 听 | $ | 407,608 | 听 | 听 | $ | 450,668 | 听 | 听 | $ | 451,941 | 听 | 听 | $ | 440,914 | 听 | 听 | $ | 433,074 | 听 | 听 | $ | 503,534 | 听 | 听 | $ | 490,405 | 听 | 听 | $ | 504,105 | 听 |
| NMV | $ | 303,918 | 听 | 听 | $ | 302,912 | 听 | 听 | $ | 335,245 | 听 | 听 | $ | 334,815 | 听 | 听 | $ | 329,422 | 听 | 听 | $ | 335,191 | 听 | 听 | $ | 383,447 | 听 | 听 | $ | 370,757 | 听 | 听 | $ | 379,377 | 听 |
| Consignment Revenue | $ | 96,577 | 听 | 听 | $ | 102,852 | 听 | 听 | $ | 113,500 | 听 | 听 | $ | 115,648 | 听 | 听 | $ | 112,714 | 听 | 听 | $ | 116,908 | 听 | 听 | $ | 128,126 | 听 | 听 | $ | 123,814 | 听 | 听 | $ | 128,620 | 听 |
| Direct Revenue | $ | 20,887 | 听 | 听 | $ | 17,356 | 听 | 听 | $ | 15,964 | 听 | 听 | $ | 12,709 | 听 | 听 | $ | 16,724 | 听 | 听 | $ | 15,623 | 听 | 听 | $ | 19,524 | 听 | 听 | $ | 20,454 | 听 | 听 | $ | 20,495 | 听 |
| Shipping Services Revenue | $ | 13,391 | 听 | 听 | $ | 12,964 | 听 | 听 | $ | 13,909 | 听 | 听 | $ | 15,443 | 听 | 听 | $ | 15,496 | 听 | 听 | $ | 15,224 | 听 | 听 | $ | 16,345 | 听 | 听 | $ | 15,765 | 听 | 听 | $ | 16,073 | 听 |
| Number of Orders | 听 | 789 | 听 | 听 | 听 | 794 | 听 | 听 | 听 | 826 | 听 | 听 | 听 | 840 | 听 | 听 | 听 | 820 | 听 | 听 | 听 | 829 | 听 | 听 | 听 | 870 | 听 | 听 | 听 | 869 | 听 | 听 | 听 | 868 | 听 |
| Take Rate | 听 | 36.7 | % | 听 | 听 | 38.1 | % | 听 | 听 | 37.7 | % | 听 | 听 | 38.4 | % | 听 | 听 | 38.5 | % | 听 | 听 | 38.6 | % | 听 | 听 | 37.7 | % | 听 | 听 | 38.6 | % | 听 | 听 | 37.9 | % |
| Active Buyers | 听 | 985 | 听 | 听 | 听 | 954 | 听 | 听 | 听 | 922 | 听 | 听 | 听 | 922 | 听 | 听 | 听 | 942 | 听 | 听 | 听 | 958 | 听 | 听 | 听 | 972 | 听 | 听 | 听 | 985 | 听 | 听 | 听 | 1,001 | 听 |
| AOV | $ | 537 | 听 | 听 | $ | 513 | 听 | 听 | $ | 545 | 听 | 听 | $ | 538 | 听 | 听 | $ | 538 | 听 | 听 | $ | 522 | 听 | 听 | $ | 579 | 听 | 听 | $ | 564 | 听 | 听 | $ | 581 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
FAQ
What were The AG真人官方AG真人官方's (REAL) Q2 2025 earnings results?
How much did The AG真人官方AG真人官方's GMV grow in Q2 2025?
What is The AG真人官方AG真人官方's guidance for full year 2025?
How many active buyers does The AG真人官方AG真人官方 have?
Who joined The AG真人官方AG真人官方's Board of Directors in August 2025?
