{"schema_version":"secwatch.filing_event.v1","accession":"0001573221-25-000076","form_type":"8-K","ticker":"REAL","cik":"0001573221","company_name":"TheRealReal, Inc.","filed_at":"2025-11-10T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.793706+00:00","generated_at":"2026-05-16T22:22:52.357418+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"RealReal Q3 GMV +20% to $520M, Adj. EBITDA margin 5.4%; raises FY guide","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001573221-25-000076","json":"https://secwatch.observer/filing/0001573221-25-000076.json","markdown":"https://secwatch.observer/filing/0001573221-25-000076.md","text":"https://secwatch.observer/filing/0001573221-25-000076.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1573221/000157322125000076/0001573221-25-000076-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1573221/000157322125000076/real-20251110.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T22:22:52.357418+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}