---
schema_version: "secwatch.filing_event.v1"
accession: "0001573221-25-000045"
form_type: "8-K"
ticker: "REAL"
cik: "0001573221"
company_name: "TheRealReal, Inc."
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T04:24:30.924050+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# RealReal Q1 rev $160M (+11%), net income $62M, adj. EBITDA $4.1M

## Summary
- Revenue $160M (+11% YoY); GMV $490M (+9%). Gross margin 75.0%, up 40 bps.
- Net income $62M vs $(31)M loss prior year; includes $80M non-cash gains.
- Adj. EBITDA $4.1M (2.6% margin) vs $(2.3)M prior year; improved $6.4M YoY.
- GAAP basic EPS $0.56; non-GAAP diluted loss per share $(0.08) vs $(0.12).
- Reaffirmed FY2025 guidance: rev $645-$660M, adj. EBITDA $20-$30M. Active buyers 985k, AOV $564.

## SEC filing metadata
- accession: 0001573221-25-000045
- form_type: 8-K
- ticker: REAL
- cik: 0001573221
- company_name: TheRealReal, Inc.
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1573221/000157322125000045/0001573221-25-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1573221/000157322125000045/real-20250508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-25-000045
- JSON: https://secwatch.observer/filing/0001573221-25-000045.json
- Plain text: https://secwatch.observer/filing/0001573221-25-000045.txt

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