secwatch.observer — SEC 8-K summary
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Issuer:     TheRealReal, Inc. (REAL)
CIK:        0001573221
Form:       8-K
Filed at:   2025-11-10T23:59:59+00:00
Accession:  0001573221-25-000076
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1573221/000157322125000076/0001573221-25-000076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1573221/000157322125000076/real-20251110.htm
  HTML page:      https://secwatch.observer/filing/0001573221-25-000076

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer