RealReal Q3 GMV +20% to $520M, Adj. EBITDA margin 5.4%; raises FY guide

TheRealReal, Inc.

2025-Q3 EPS reported -$0.38 revenue$498,794,000

Q3 GMV $520M (+20% YoY), total revenue $174M (+17% YoY); consignment rev +15%, direct rev +47%.
Adjusted EBITDA $9.3M (5.4% margin) vs $2.3M (1.6%) a year ago; non-GAAP EPS loss $(0.04) vs $(0.09).
GAAP net loss $(54)M includes $(44)M warrant liability adjustment; GAAP diluted EPS $(0.49) vs $(0.17).
Active buyers 1.024M (+7% YoY), AOV $584 (+12% YoY).
Raises FY25 guidance: GMV $2.099-2.109B, revenue $687-690M, Adj. EBITDA $37.7-38.7M; Q4 guide also provided.

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