TheRealReal, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
REAL$14.91+1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Statements of Cash Flows for the and
Condensed Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flow from operating activities: | ||
| Net loss | $(3,017) | $(65,747) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Depreciation and amortization | 24,840 | 24,806 |
| Stock-based compensation expense | 22,172 | 22,580 |
| Reduction of operating lease right-of-use assets | 11,957 | 11,280 |
| Bad debt expense | 2,045 | 1,844 |
| Non-cash interest expense | 1,483 | 3,761 |
| Issuance costs allocated to liability classified warrants | — | 374 |
| Accretion of debt discounts and issuance costs | 1,663 | 1,607 |
| Provision for inventory write-downs and shrinkage | 2,228 | 2,479 |
| Gain on debt extinguishment | (40,785) | (4,177) |
| Change in fair value of warrant liability | (3,112) | 9,209 |
| Loss (gain) related to warehouse fire, net | (362) | 279 |
| Other adjustments | (29) | (628) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (12,426) | (571) |
| Inventory, net | (8,343) | 96 |
| Prepaid expenses and other current assets | 1,079 | 990 |
| Other assets | (499) | 229 |
| Operating lease liability | (16,369) | (15,263) |
| Accounts payable | 663 | 837 |
| Accrued consignor payable | (2,915) | (5,006) |
| Other accrued and current liabilities | 7,201 | 10,036 |
| Other noncurrent liabilities | 16 | (163) |
| Net cash used in operating activities | (12,510) | (1,148) |
| Cash flow from investing activities: | ||
| Insurance proceeds related to warehouse fire | 2,309 | 461 |
| Capitalized proprietary software development costs | (9,658) | (8,051) |
| Purchases of property and equipment | (14,955) | (9,168) |
| Net cash used in investing activities | (22,304) | (16,758) |
| Cash flow from financing activities: | ||
| Proceeds from exercise of stock options | 310 | 118 |
| Taxes paid related to restricted stock vesting | (120) | (467) |
| Proceeds from issuance of stock in connection with the Employee Stock Purchase Program | 838 | 624 |
| Repayment of 2025 Notes | (26,749) | — |
| Cash received from settlement of Capped Calls in conjunction with the Note Exchanges | 1,907 | 396 |
| Issuance costs paid related to the Note Exchanges | (5,214) | (5,298) |
| Net cash used in financing activities | (29,028) | (4,627) |
| Net decrease in cash, cash equivalents and restricted cash | (63,842) | (22,533) |
| Cash, cash equivalents and restricted cash | ||
| Beginning of period | 187,123 | 190,623 |
| End of period | $123,281 | $168,090 |
Condensed Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $17,443 | $10,160 |
| Cash paid for income taxes | $331 | $197 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Property and equipment additions not yet paid in cash | 782 | 1,834 |
| Capitalized proprietary software development costs additions not yet paid in cash | 1,007 | 1,374 |
| Stock-based compensation capitalized to proprietary software development costs | 267 | 381 |
| Liability classified warrants issued in connection with the 2024 Note Exchange | — | 10,417 |
| Net decrease in principal amount of debt due to the 2024 Note Exchange | — | (17,232) |
| Net decrease in principal amount of debt due to the February 2025 Note Exchange | (36,656) | — |
| Net decrease in principal amount of debt due to the August 2025 Note Exchange | (6,084) | — |
| Issuance costs associated with the Note Exchanges included in accounts payable and other accrued and current liabilities | 1,336 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.