---
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"
generated_at: "2026-05-16T22:22:52.357418+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001573221-25-000076
- JSON: https://secwatch.observer/filing/0001573221-25-000076.json
- Plain text: https://secwatch.observer/filing/0001573221-25-000076.txt

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