---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-023641"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2025-02-10T23:59:59+00:00"
generated_at: "2026-05-27T00:01:12.932313+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# RealReal reports preliminary Q4 GMV $503.5M, Adj. EBITDA above guidance; completes debt exchange reducing debt by $37M

## Summary
- Preliminary Q4 GMV $503.5M (guidance $484-500M), total revenue ~$163.5M, Adj. EBITDA $10.7-11.2M (guidance $6.5-9.5M).
- FY2024 GMV $1.829B, Adj. EBITDA $9.0-9.5M (guidance $4.7-7.7M); net loss includes $68M warrant liability charge.
- FY2025 guidance: GMV $1.96-1.99B, revenue $645-660M, Adj. EBITDA $20-30M.
- Exchanged $183M of 1.00% 2028 notes for $147M of 4.00% 2031 notes, reducing total debt by ~$37M and extending maturities to 2031.

## SEC filing metadata
- accession: 0001193125-25-023641
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2025-02-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000119312525023641/0001193125-25-023641-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000119312525023641/d929762d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-023641
- JSON: https://secwatch.observer/filing/0001193125-25-023641.json
- Plain text: https://secwatch.observer/filing/0001193125-25-023641.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.