RealReal Q2 GMV $617M (+22% YoY), raises full-year guidance; Adj. EBITDA margin 7.0%

TheRealReal, Inc.

2026-Q2 EPS reported -$0.13 revenue$382,286,000

Q2 GMV $617M (+22% YoY), total revenue $193M (+17% YoY); record quarterly GMV.
Adjusted EBITDA $13.5M (7.0% margin) vs $6.8M (4.1%) a year ago; 290 bps margin expansion.
Net loss $(27)M includes $(18.6)M non-cash warrant adjustment; GAAP EPS $(0.23), non-GAAP EPS $(0.01).
Raises FY2026 guidance: GMV $2.535-2.565B, revenue $788-797M, Adj. EBITDA $66-69M.
Trailing 12-month active buyers 1.107M (+11% YoY); AOV $659 (+13% YoY).

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