secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001573221-24-000027
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RealReal posts Q4 positive Adj. EBITDA $1.4M; debt exchange cuts debt by $17M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/0001573221-24-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000157322124000027/real-20240229.htm
  HTML page:      https://secwatch.observer/filing/0001573221-24-000027

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