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.
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Condensed Statements of Operations for the Months Ended and
Condensed Statements of Operations
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Consignment revenue | $134,429 | $116,908 | $386,863 | $345,270 |
| Direct revenue | 22,928 | 15,623 | 63,877 | 45,056 |
| Shipping services revenue | 16,216 | 15,224 | 48,054 | 46,163 |
| Total revenue | 173,573 | 147,755 | 498,794 | 436,489 |
| Cost of revenue: | ||||
| Cost of consignment revenue | 14,318 | 13,326 | 41,033 | 39,714 |
| Cost of direct revenue | 18,130 | 12,925 | 50,550 | 38,970 |
| Cost of shipping services revenue | 12,205 | 10,791 | 35,592 | 32,347 |
| Total cost of revenue | 44,653 | 37,042 | 127,175 | 111,031 |
| Gross profit | 128,920 | 110,713 | 371,619 | 325,458 |
| Operating expenses: | ||||
| Marketing | 14,146 | 11,604 | 45,549 | 40,646 |
| Operations and technology | 70,703 | 66,199 | 206,667 | 194,593 |
| Selling, general and administrative | 51,621 | 47,512 | 149,609 | 141,364 |
| Restructuring charges | — | — | — | 196 |
| Total operating expenses | 136,470 | 125,315 | 401,825 | 376,799 |
| Loss from operations | (7,550) | (14,602) | (30,206) | (51,341) |
| Change in fair value of warrant liability | (43,928) | 744 | 3,112 | (9,209) |
| Gain on extinguishment of debt | 3,684 | — | 40,785 | 4,177 |
| Interest income | 818 | 1,940 | 3,301 | 6,272 |
| Interest expense | (7,085) | (5,948) | (20,443) | (15,468) |
| Other income, net | 34 | — | 642 | — |
| Loss before provision for income taxes | (54,027) | (17,866) | (2,809) | (65,569) |
| Provision for income taxes | 24 | 72 | 208 | 178 |
| Loss attributable to common stockholders | $(54,051) | $(17,938) | $(3,017) | $(65,747) |
| Loss per share attributable to common stockholders, basic | $(0.47) | $(0.16) | $(0.03) | $(0.61) |
| Loss per share attributable to common stockholders, diluted | $(0.49) | $(0.17) | $(0.38) | $(0.61) |
| Weighted-average shares used to compute net loss per share attributable to common stockholders, basic | 115,893,232 | 109,016,060 | 113,793,229 | 107,043,946 |
| Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted | 116,772,661 | 112,418,751 | 121,904,021 | 107,043,946 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.