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Group 1 - The article highlights concerns among investors regarding a shaky macroeconomy and weak consumer spending, except for the sales of used items which are increasing as consumers respond to high prices and inflation [1] - The experience of Gary Alexander in covering technology companies and advising startups provides insights into current industry themes, indicating a blend of Wall Street and Silicon Valley perspectives [1] Group 2 - The article does not provide any additional relevant content regarding companies or industries beyond the key points summarized above [2][3]

Core Insights - The RealReal's latest earnings report emphasizes the role of artificial intelligence in enhancing operational efficiency and improving the listing process for luxury items [1][3] - CEO Rati Levesque highlighted a multi-year AI roadmap aimed at leveraging technology to identify potential consignors and streamline the listing process [3][11] AI and Operational Strategy - The company is focusing on two key AI initiatives: SmartSales for identifying high-potential clients and Athena for reducing the time from item intake to live listing while enhancing accuracy [3] - The AI strategy is designed to shape supply dynamics, targeting higher-value consignors and premium product categories that foster loyalty among both sellers and buyers [4][11] Supply Growth and Retail Strategy - A coordinated "growth playbook" integrates marketing, sales, and retail efforts, improving targeting of mid to high-value sellers [8] - Approximately 25% of new consignors are sourced through retail locations, with items sourced through these channels having an average selling price 5 to 7 times higher than those from other sources [8] Demand Resilience - Demand remains strong, particularly in premium categories, with buyers spending $5,000 or more increasing by 20% year over year [9] - The RealReal's positioning at the intersection of luxury and value, along with educational efforts regarding resale pricing, contributes to this demand resilience [9] Financial Performance - In Q4 2025, gross merchandise value (GMV) rose 22% year over year, while revenue increased by 18%, with adjusted EBITDA reaching $22 million [10] - For the full year 2025, GMV increased by 16% to $2.13 billion, and revenue rose by 15% to $693 million, marking positive adjusted EBITDA in every quarter for the first time [10] Future Outlook - The results are seen as indicators of a broader transformation, with plans to deepen AI integration and enhance supply chain efficiency as priorities for 2026 [11]

The RealReal (REAL) reported $194.05 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 18.3%. EPS of $0.06 for the same period compares to -$0.62 a year ago.The reported revenue represents a surprise of +1.98% over the Zacks Consensus Estimate of $190.29 million. With the consensus EPS estimate being $0.04, the EPS surprise was +71.43%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

The RealReal (NasdaqGS:REAL) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAjay Gopal - CFOCaitlin Howe - SVP of FinanceJay Sole - Managing DirectorRati Levesque - President and CEOConference Call ParticipantsAnna Glaessgen - Senior Research AnalystAshley Owens - VP and Equity Research AnalystBobby Brooks - VP and Senior Research AnalystDylan Carden - Senior AnalystIke Boruchow - Managing Director and Senior Analyst for Retailing, Specialty Softlines and E-commerceMark Altschwager ...

The RealReal (NasdaqGS:REAL) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAjay Gopal - CFOCaitlin Howe - SVP of FinanceJay Sole - Managing DirectorRati Levesque - President and CEOConference Call ParticipantsAnna Glaessgen - Senior Research AnalystAshley Owens - VP and Equity Research AnalystBobby Brooks - VP and Senior Research AnalystDylan Carden - Senior AnalystIke Boruchow - Managing Director and Senior Analyst for Retailing, Specialty Softlines and E-commerceMark Altschwager ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved $616 million in GMV, representing a 22% growth year-over-year, with an Adjusted EBITDA margin of 11% [4][13] - Full year GMV reached $2.13 billion, a 16% increase compared to the previous year, with revenue of $693 million, up 15% [17][18] - Adjusted EBITDA for the full year was $42 million, or 6.1% of total revenue, reflecting a 450 basis points increase year-over-year [18][21] Business Line Data and Key Metrics Changes - Q4 total revenue was $194 million, an 18% increase, with consignment revenue up 16% and direct revenue up 39% year-over-year [14][16] - Active buyer growth accelerated to 9% on a trailing 12-month basis, with orders up 10% and average order value increasing by 11% [15][16] - The take rate in Q4 was 36.5%, a decline of 120 basis points year-over-year, attributed to a favorable mix shift towards higher value items [15][16] Market Data and Key Metrics Changes - The company noted that 47% of consumers consider resale value when making primary market purchases, indicating a shift in consumer behavior towards luxury resale [5] - The luxury resale market is experiencing a fundamental shift, with younger consumers increasingly preferring resale options [5][11] Company Strategy and Development Direction - The company is focused on three strategic pillars: growth playbook, operational excellence, and obsessing over service [6][10] - The growth playbook aims to unlock supply by meeting customers where they are, while operational excellence focuses on profitability through technology and automation [6][10] - The company is enhancing customer experience through initiatives like My Closet, which aims to provide tools for tracking and capitalizing on closet value [11][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, projecting full year GMV growth of 12%-15% and revenue growth of 10%-13% for 2026 [19][20] - The company anticipates Adjusted EBITDA to be in the range of $57 million-$65 million for 2026, representing an expansion of nearly 200 basis points [19][20] - Management highlighted the resilience of buyers and sellers, with no slowdown observed since Q4 [35][36] Other Important Information - The company ended Q4 with $166 million in cash equivalents and restricted cash, with free cash flow of $43 million, up $23 million year-over-year [17][21] - The company has reduced total indebtedness by over $80 million over the past two years, strengthening its balance sheet [18] Q&A Session Summary Question: Update on Athena's impact on operational model - Management confirmed that 35% of units are processed through Athena, contributing to operating leverage and plans to extend its use to mid-value items [25][26] Question: Q1 guidance and confidence in growth - Management noted strong buyer and seller resilience, with double-digit growth expected in Q1, driven by effective sales and marketing strategies [32][34] Question: Dropshipping testing and future plans - Management indicated that dropshipping is being tested in categories like watches and handbags, with plans to expand further [40] Question: Supply pipeline visibility and ASP trends - Management reported a healthy balance between volume and price growth, with a strong supply pipeline for higher value items like fine jewelry [56] Question: AI's role in supply procurement - Management emphasized AI's potential to enhance supply procurement and improve seller experiences through targeted approaches [83][85]

Q4 2025 Financial Results February 26, 2026 Q4 2025 FINANCIAL RESULTS Safe Harbor/Disclosure Statement These materials contain forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "target," "contemplat ...

(Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(ad) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission File Number 001-38953 The RealReal, Inc. (Exact name of Re ...

THE REALREAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS Company surpassed $2 billion in GMV, accelerated active buyer growth, and exceeded 2025 financial guidance SAN FRANCISCO, February 26, 2026 — The RealReal, Inc. (Nasdaq: REAL)—the world's largest online marketplace for authenticated, resale luxury goods—today reported financial results for its fourth quarter and full year ended December 31, 2025. Fourth quarter 2025 gross merchandise value (GMV) and total revenue increased 22% and 18%, respect ...