---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-23-000084"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T15:16:08.355998+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# RealReal Q3 adj EBITDA loss narrows to $7M; guides Q4 near breakeven

## Summary
- Q3 revenue $133M (-7% YoY); GMV $408M (-8%); gross margin 70.6% (+1053 bps).
- Net loss $22.9M vs $47.3M; GAAP EPS -$0.22, non-GAAP -$0.15, both improved.
- Adj EBITDA -$7.0M (5.2% of rev) vs -$28.2M (19.7%) a year ago; best since 2019 IPO.
- Q4 guidance: GMV $430-460M, rev $135-145M, adj EBITDA -$5M to $0; on track for positive adj EBITDA in FY2024.
- CFO Robert Julian to step down by Jan 31, 2024; company engaged Moelis & Wachtell for notes refinancing.

## SEC filing metadata
- accession: 0001573221-23-000084
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000084/0001573221-23-000084-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000084/real-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-23-000084
- JSON: https://secwatch.observer/filing/0001573221-23-000084.json
- Plain text: https://secwatch.observer/filing/0001573221-23-000084.txt

## Key facts
- Earnings Releases
  TheRealReal, Inc. reported the quarter ended September 30, 2023 results: revenue $133 million, net income $(22.9) million, EPS $(0.22).
  - Period: the quarter ended September 30, 2023
  - Revenue: $133 million
  - Net income: $(22.9) million
  - EPS: $(0.22)
  - Result: reported results
  source text: positive Adjusted EBITDA on a full year basis in 2024.” Third Quarter Highlights • GMV was $408 million, a decrease of 8% compared to the same period in 2022 • Total Revenue was $133 million, a decrease of 7% compared to the same period in 2022 • Gross Margin was 70.6%, an increase of 1053 basis points compared to the same period in 2022 • Net Loss was $(22.9)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1573221/000157322123000084/0001573221-23-000084-index.htm

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