secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K
Filed at:   2025-02-10T23:59:59+00:00
Accession:  0001193125-25-023641
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000119312525023641/0001193125-25-023641-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000119312525023641/d929762d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-023641

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer