TheRealReal, Inc.

Listed Company

REALCIK 0001573221NasdaqAcceleratedRetail-Miscellaneous RetailDelawareFY ends Dec 31

Period

FY 2025

Revenue

$692.85M

Net Income

—

Total Assets

$409.03M

Equity

$-415.52M

Shares Out

118.98M

Op. Cash Flow

$37.01M

Business

TheRealReal, Inc. operates an end-to-end online marketplace for authenticated, primarily pre-owned luxury goods, providing consignment, authentication and fulfillment services. It offers a wide selection of authenticated luxury items across categories such as women’s and men’s fashion, jewelry and watches, plus authentication certificates, concierge consignment, pricing tools and retail sales. The company’s operations include its online marketplace, neighborhood retail stores and larger flagship stores, authentication centers, and a sales and service organization supported by proprietary AI and data analytics. It sells to buyers globally through its website, mobile app, retail stores, drop-ship and consignment channels, with much supply sourced from consignors across the United States.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	693	600	549	603	468
Total cost of revenue	176	153	173	255	194
Gross profit	517	448	376	349	273
Marketing	63	55	58	63	63
Operations and technology	276	261	257	279	234
Selling, general and administrative	202	188	184	195	176
Restructuring charges	0	0	44	896,000	2
Total operating expenses	541	504	543	538	488
Loss from operations	−24	−56	−166	−189	−215
Change in fair value of warrant liability	−36	−68	0	0	—
Gain on extinguishment of debt	41	4	0	0	—
Interest income	4	8	9	3	365,000
Interest expense	−28	−21	−11	−10	—
Other income, net	926,000	0	0	171,000	23,000
Loss before provision for income taxes	−41	−134	−168	−196	−236
Provision for income taxes	363,000	276,000	283,000	172,000	56,000
Net loss attributable to common stockholders	−42	−134	−168	−196	−236
Net loss per share attributable to common stockholders, basic (in dollars per share)	−0.36	−1.24	−1.65	−2.05	−2.58
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−0.7	−1.24	−1.65	−2.05	−2.58
Weighted average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	115	108	102	96	91
Weighted average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	117	108	102	96	91

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-02-29	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	151	172	—	176	294
Accounts receivable	24	14	—	17	12
Inventory, net	31	24	—	22	43
Prepaid expenses and other current assets	22	23	—	21	23
Total current assets	227	233	—	236	372
Property and equipment, net	96	94	—	104	113
Operating lease right-of-use assets	65	76	—	86	128
Restricted cash	15	15	—	15	0
Other assets	6	5	—	6	3
Total assets	409	423	—	447	616
Accounts payable	15	11	—	9	12
Accrued consignor payable	111	90	—	77	82
Operating lease liabilities, current portion	25	23	—	20	21
Convertible Senior Notes, net, current portion	0	27	—	0	—
Other accrued and current liabilities	114	98	—	83	93
Total current liabilities	264	249	—	189	208
Operating lease liabilities, net of current portion	67	86	—	105	125
Convertible Senior Notes, net	231	277	—	452	450
Non-convertible notes, net	141	134	—	0	—
Warrant liability	114	79	10	0	—
Other noncurrent liabilities	7	6	—	4	3
Total liabilities	825	830	—	750	786
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 118,318,917 and 111,242,479 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,000	1,000	—	1,000	1,000
Additional paid-in capital	880	846	—	816	781
Accumulated deficit	−1,296	−1,254	—	−1,120	−951
Total stockholders deficit	−416	−407	—	−303	−170
Total liabilities and stockholders deficit	409	423	—	447	616

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	33	33	32	28	24
Stock-based compensation expense	29	29	34	46	49
Reduction of operating lease right-of-use assets	16	15	17	20	19
Bad debt expense	3	2	2	2	1
Non-cash interest expense	8	9	0	0	—
Issuance costs allocated to liability classified warrants	0	374,000	0	0	—
Accretion of debt discounts and issuance costs	2	2	3	2	14
Property, plant, equipment, and right-of-use asset impairments	0	0	40	0	0
Provision for inventory write-downs and shrinkage	2	3	10	4	510,000
Loss (gain) related to warehouse fire, net	−95,000	740,000	0	—	—
Other adjustments	−39,000	−165,000	−515,000	702,000	—
Accounts receivable	−12	767,000	−7	−6	−2
Inventory, net	−9	−4	11	24	−29
Prepaid expenses and other current assets	−796,000	701,000	2	−3	−4
Other assets	−701,000	76,000	−3	−409,000	−638,000
Operating lease liability	−22	−21	−26	−18	−15
Accounts payable	2	910,000	−425,000	5	−10
Accrued consignor payable	22	11	−4	11	14
Other accrued and current liabilities	13	13	−464,000	−10	31
Other noncurrent liabilities	304,000	382,000	−172,000	301,000	947,000
Net cash provided by (used in) operating activities	37	27	−61	−92	−142
Insurance proceeds related to warehouse fire	2	461,000	0	0	—
Capitalized proprietary software development costs	−13	−12	−13	−14	−10
Purchases of property and equipment	−19	−14	−29	−23	−37
Net cash used in investing activities	−29	−26	−42	−37	−43
Proceeds from exercise of stock options	1	376,000	19,000	3	6
Proceeds from issuance of stock in connection with the Employee Stock Purchase Program	2	1	886,000	1	—
Repayment of 2025 Notes	−27	0	0	—	—
Taxes paid related to restricted stock vesting	−160,000	−2	−679,000	−205,000	−5,000
Cash received from settlement of Capped Calls in conjunction with the Note Exchanges	2	396,000	0	0	—
Issuance costs paid related to the Note Exchanges	−7	−5	0	0	—
Net cash (used in) provided by financing activities	−29	−5	226,000	4	253
Net decrease in cash, cash equivalents, and restricted cash	−21	−4	−103	−124	67
Cash paid for interest	17	11	8	8	7
Cash paid for income taxes	331,000	200,000	200,000	256,000	94,000
Property and equipment additions not yet paid in cash	3	2	2	14	2
Capitalized proprietary software development costs not yet paid in cash	978,000	654,000	1	2	—
Stock-based compensation capitalized to proprietary software development costs	300,000	500,000	800,000	2	1
Liability classified warrants issued in connection with the 2024 Note Exchange	0	10	0	0	—
Tax withholding liability for restricted stock	0	0	11,000	11,000	3,000

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