{"schema_version":"secwatch.filing_event.v1","accession":"0001573221-24-000027","form_type":"8-K","ticker":"REAL","cik":"0001573221","company_name":"TheRealReal, Inc.","filed_at":"2024-02-29T23:59:59+00:00","discovered_at":"2026-05-14T18:03:24.662233+00:00","generated_at":"2026-06-05T06:39:51.144549+00:00","sec_items":["1.01","2.02","7.01","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"RealReal posts Q4 positive Adj. EBITDA $1.4M; debt exchange cuts debt by $17M","bullets":["Q4 2023 net loss $22M (vs $39M Q4 2022); revenue $143M (-10% YoY); GMV $451M (-9% YoY).","First positive Adj. EBITDA $1.4M and positive free cash flow $4M since 2019 IPO.","FY 2023 net loss $168M (vs $196M 2022); Adj. EBITDA -$55M (vs -$112M 2022).","Debt exchange: $145.75M of 2025 notes and $6.48M of 2028 notes exchanged for $135M new 2029 secured notes plus warrants, reducing debt by $17M.","Q1 2024 guidance: rev $135-145M, Adj. EBITDA -$8 to -$4M; FY 2024 rev $580-605M, Adj. EBITDA -$8 to $8M."],"urls":{"canonical":"https://secwatch.observer/filing/0001573221-24-000027","json":"https://secwatch.observer/filing/0001573221-24-000027.json","markdown":"https://secwatch.observer/filing/0001573221-24-000027.md","text":"https://secwatch.observer/filing/0001573221-24-000027.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/real-20240229.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T06:39:51.144549+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"a75de8a6c592ea5d468d8ed7c276b83abd723cf4","claim":"TheRealReal, Inc. updated its the quarter and fiscal year ended December 31, 2023 guidance (initiated).","evidence_excerpt":"On February 29, 2024, The RealReal, Inc. (“The RealReal”) issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 2023.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the quarter and fiscal year ended December 31, 2023"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"d4c05b741496ff62655868c86c28c06969093b21","claim":"TheRealReal, Inc. updated its Q1 2024 and Full Year 2024 guidance (initiated).","evidence_excerpt":"Based on market conditions as of February 29, 2024, we are providing guidance for GMV, total revenue and Adjusted EBITDA, which is a non-GAAP financial measure.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"Q1 2024 and Full Year 2024"},{"label":"Guidance","value":"initiated"},{"label":"Result","value":"guidance update"}],"fact_type":"earnings_release"},{"claim_id":"3fdc8a14001499bc9e235e6f290d47fb558e8f3b","claim":"TheRealReal, Inc. entered into Exchange Agreements with certain Noteholders (effective 2024-02-29).","evidence_excerpt":"On February 29, 2024 (the “Effective Date”), The RealReal, Inc. (the “Company”) entered into private, separately negotiated exchange agreements (collectively, the “Exchange Agreements”) with certain Noteholders (as defined therein), pursuant to which the parties agreed to exchange (i) $145,751,000 in aggregate principal amount of the holders’ 3.00% Convertible Senior Notes due 2025 and (ii) $6,480,000 in aggregate principal amount of the holders’ 1.00% Convertible Senior Notes due 2028 (clauses (i) and (ii) together, the “Exchanged Notes”) for (a) $135,000,000 in aggregate principal amount of the Company’s 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029 (the “New Notes”), issued pursuant to the Indenture (as defined below), (b) warrants (the “Warrants”) to purchase up to 7,894,737 shares (subject to adjustment in accordance with their terms) of the Company’s common stock, $0.00001 par value per share, with a strike price of $1.71 and (c) accrued and unpaid interest on the Exchanged","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"certain Noteholders"},{"label":"Effective","value":"2024-02-29"}],"fact_type":"material_agreement"},{"claim_id":"658e9c5fe5924956cb19cb5a7120a93073144d95","claim":"TheRealReal, Inc. entered into Indenture with GLAS Trust Company LLC valued at $135,000,000 (effective 2024-02-29).","evidence_excerpt":"On the Effective Date, in connection with the Exchange Transactions, the Company issued $135,000,000 in aggregate principal amount of New Notes pursuant to that certain Indenture, dated as of the Effective Date (the \"Indenture\"), by and among the Company, the Guarantors (as defined in the Indenture) party thereto from time to time and GLAS Trust Company LLC, as trustee and notes collateral agent.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"GLAS Trust Company LLC"},{"label":"Value","value":"$135,000,000"},{"label":"Effective","value":"2024-02-29"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}