---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-22-000033"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2022-02-23T23:59:59+00:00"
generated_at: "2026-06-27T05:28:51.869138+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# RealReal Q4 GMV +45% to $437M, revenue +67% to $145M; guides FY22 GMV $2.0-2.1B

## Summary
- Q4 net loss $52M ($0.56 GAAP EPS); adjusted EBITDA loss $26.9M (18.5% of revenue) vs 41.2% a year ago.
- FY 2021 GMV $1.48B (+50% YoY), revenue $468M (+56%); adjusted EBITDA loss $126.9M (27.1% of revenue).
- Active buyers 797k (+23%), orders 861k (+28%), AOV $508 (+13%); repeat buyers 84% of GMV.
- Q1 2022 guidance: GMV $410-425M, revenue $130-140M; FY22 GMV $2.0-2.1B, adjusted EBITDA loss $(100-80)M.
- Targets full-year adjusted EBITDA profitability in 2024; investor day set for March 22, 2022 for Vision 2025.

## SEC filing metadata
- accession: 0001573221-22-000033
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2022-02-23T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322122000033/0001573221-22-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322122000033/real-20220223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-22-000033
- JSON: https://secwatch.observer/filing/0001573221-22-000033.json
- Plain text: https://secwatch.observer/filing/0001573221-22-000033.txt

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