---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-25-000005"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2025-02-20T23:59:59+00:00"
generated_at: "2026-05-26T08:50:28.030665+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# The RealReal Q4 revenue up 14% to $164M; FY Adj EBITDA positive $9M; guides FY 2025 Adj EBITDA $20-30M

## Summary
- Q4 revenue $164M (record high, +14% YoY); GMV $504M (+12%).
- FY 2024 net loss $134M improved $34M YoY; Adj EBITDA positive $9M (vs -$55M prior year).
- FY 2024 operating cash flow positive $27M (+$88M YoY); free cash flow positive $1M.
- Q4 GAAP EPS -$0.62 (includes $59M warrant liability adjustment); non-GAAP EPS -$0.01.
- Guidance: Q1 2025 revenue $157-161M, Adj EBITDA $3-4.5M; FY 2025 revenue $645-660M, Adj EBITDA $20-30M.

## SEC filing metadata
- accession: 0001573221-25-000005
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2025-02-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322125000005/0001573221-25-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322125000005/real-20250220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-25-000005
- JSON: https://secwatch.observer/filing/0001573221-25-000005.json
- Plain text: https://secwatch.observer/filing/0001573221-25-000005.txt

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