The RealReal Earnings Call Transcripts
Fiscal Year 2026
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Q3 set records for GMV, revenue and orders while adjusted EBITDA margin expanded 290 bps and cash flow turned positive year to date. FY 2026 guidance was raised, supported by buyer engagement, broader supply channels and automation.
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Q2 delivered record GMV and revenue growth, with expanding margins and strong buyer engagement. AI-driven efficiencies and new supply channels fueled profitability, prompting a raised full-year outlook for GMV, revenue, and EBITDA.
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The meeting covered director elections, auditor ratification, executive compensation, and several governance amendments. Director nominees and auditor ratification passed, but all proposed charter amendments failed to achieve supermajority approval.
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Q1 2026 delivered 24% GMV and 19% revenue growth, with adjusted EBITDA margin up 430 basis points year-over-year. Guidance for 2026 was raised, reflecting strong supply, resilient demand, and continued operational leverage, especially in high-value categories.
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Operating in a fast-growing $200B+ luxury resale market, the platform has achieved 22% GMV growth by enhancing sales, marketing, and store strategies, while leveraging AI for operational efficiency. Strong buyer-seller engagement and a capital-light model support margin expansion and ongoing deleveraging.
Fiscal Year 2025
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Q4 and full-year 2025 saw strong double-digit GMV and revenue growth, margin expansion, and positive free cash flow, driven by AI-enabled operational efficiencies and a robust flywheel strategy. 2026 guidance projects continued growth and margin improvement.
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Luxury resale is rapidly growing, driven by cultural shifts, inflation, and a managed marketplace model that builds trust and removes friction. AI initiatives like Athena are boosting efficiency, while strong U.S. growth, expanding supply, and margin improvements position the business for continued success.
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Record Q3 results with 20% GMV and 17% revenue growth, margin expansion, and strong cash flow. Full-year guidance raised, driven by operational efficiencies, AI initiatives, and robust supply growth. Secondary market acceptance and strategic execution fuel continued momentum.
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Q2 delivered record GMV and revenue, both up 14% year over year, with adjusted EBITDA exceeding expectations. Strong new consigner growth, operational efficiencies, and AI-driven initiatives led to raised full-year guidance and improved profitability.
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Q1 2025 saw 9% GMV and 11% revenue growth, with gross margin at 75% and adjusted EBITDA of $4.1M. New consignor growth hit a two-year high, driven by integrated sales and tech initiatives. Full-year guidance was reaffirmed, with the business model showing resilience to macro and tariff risks.
Fiscal Year 2024
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Delivered strong Q4 and full-year 2024 results with 14% revenue growth in Q4 and first full year of positive Adjusted EBITDA and Free Cash Flow. 2025 guidance calls for 8% GMV and 9% revenue growth, with continued margin expansion and investments in AI and retail stores.
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Q3 saw strong growth in GMV, revenue, and adjusted EBITDA, driven by a supply-focused strategy and operational efficiencies. Raised full-year guidance reflects confidence in continued momentum, with robust supply, improved margins, and positive free cash flow.
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Recent years saw a pivot from aggressive growth to profitability, with higher take rates, a return to consignment, and disciplined cost management. Growth is driven by supply acquisition, partnerships, and retail, while technology and expertise create strong competitive moats. The business is now stable, resilient to macro shifts, and positioned for scalable, profitable expansion.
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Q2 2024 saw double-digit revenue growth, a 17% rise in consignment revenue, and a 9% increase in active buyers year-over-year. Adjusted EBITDA improved significantly, and full-year guidance was raised to positive territory, reflecting strong operational execution and resilience.