---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-23-000047"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:07:08.218392+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# The RealReal Q1: consignment revenue +22%, Adj EBITDA loss narrows to $27.3M

## Summary
- Q1 GMV $444M (+4% YoY); total revenue $142M (-3% YoY); consignment revenue +22%, direct -49%.
- Net loss $(82.5)M incl. $36.4M restructuring; GAAP EPS $(0.83); non-GAAP EPS $(0.36).
- Adjusted EBITDA $(27.3)M (19.2% rev) vs $(35.3)M (24.1%) prior year; Q2 guide $(29)-$(25)M.
- Active buyers 1,014,000 (+22%); AOV $499 (+2%); repeat buyer GMV 86%.
- FY23 guidance: revenue $535-565M, Adj EBITDA $(75)-$(65)M; on track for Adj EBITDA profitability in 2024.

## SEC filing metadata
- accession: 0001573221-23-000047
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000047/0001573221-23-000047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000047/real-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-23-000047
- JSON: https://secwatch.observer/filing/0001573221-23-000047.json
- Plain text: https://secwatch.observer/filing/0001573221-23-000047.txt

## Key facts
- Earnings Releases
  TheRealReal, Inc. reported first quarter ended March 31, 2023 results: revenue $142 million, net income $(82.5) million, EPS $(0.83).
  - Period: first quarter ended March 31, 2023
  - Revenue: $142 million
  - Net income: $(82.5) million
  - EPS: $(0.83)
  - Result: reported results
  source text: Total Revenue was $142 million, a decrease of 3% compared to the same period in 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000047/0001573221-23-000047-index.htm

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