Recent Updates — REAL

The RealReal reported third-quarter 2026 total revenue of $206 million, a 19% increase year-over-year, driven by a 23% rise in gross merchandise value to $642 million. The company achieved net income of $16 million compared to a loss of $54 million in the prior year period, with adjusted EBITDA expanding to $17.0 million and an 8.3% margin. Management raised full-year guidance for GMV to $2.585–$2.600 billion and total revenue to $806–$810 million, citing accelerating active buyer growth and margin expansion. The RealReal operates the world’s largest online marketplace for authenticated resale luxury goods.

The RealReal entered into a credit agreement providing for a new $150 million senior secured term loan facility and a $25 million senior secured revolving credit facility. The company intends to use the proceeds from the term loan, along with cash on hand, to redeem in full its outstanding 4.25%/8.75% PIK/Cash Senior Secured Notes due 2029 at par. Funding and redemption are expected to occur around October 19, 2026. The new facilities bear interest at adjusted Term SOFR plus 5.75%, replacing the previous notes' all-in rate of approximately 13%. This refinancing extends the secured debt maturity to October 2033 and is expected to reduce annual interest expense by roughly $4 million in the first year. The RealReal operates as the world's largest online marketplace for authenticated, resale luxury goods.

The RealReal, Inc. reported second quarter 2026 financial results for the period ended June 30, 2026. The company achieved record quarterly gross merchandise value (GMV) of $617 million, a 22% increase year-over-year, while total revenue grew 17% to $193 million. Gross margin expanded by 10 basis points to 74.4%, and Adjusted EBITDA increased nearly 300 basis points to $13.5 million (7.0% of revenue). However, GAAP net loss widened to $(27) million due to an $(18.6) million non-cash charge from the change in fair value of warrant liability. Following these results above the high end of prior outlook, management raised full-year 2026 guidance for GMV to $2.535–$2.565 billion and Adjusted EBITDA to $66.0–$69.0 million. The RealReal operates as an online marketplace for authenticated, resale luxury goods.

TheRealReal, Inc. held its 2026 annual meeting of stockholders on June 10, 2026. Shareholders elected Caretha Coleman, Karen Katz, and Mark McCaffrey as Class I directors and ratified KPMG LLP as the independent registered public accounting firm. While stockholders approved advisory executive compensation, they failed to approve three management proposals requiring supermajority votes: phasing in the declassification of the Board of Directors, limiting the liability of certain officers, and eliminating supermajority voting requirements. The company operates in the luxury resale e-commerce industry.