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Mar 31, 2025
RealReal Q1 2025 Earnings Report
Reported strong first quarter 2025 results with revenue increasing 11% year-over-year and significant improvement in net income and adjusted EBITDA.
Key Takeaways
The RealReal delivered a strong first quarter in 2025, exceeding expectations with an 11% increase in total revenue and a substantial improvement in net income, driven partly by non-cash gains. The company also saw a significant positive shift in Adjusted EBITDA and reaffirmed its full-year guidance, indicating confidence in its strategic execution and ability to navigate market uncertainties.
Q1 2025 revenue was $160 million, an 11% increase compared to Q1 2024.
Net income for Q1 2025 was $62 million, a significant improvement from a loss of $31 million in Q1 2024.
Adjusted EBITDA improved to $4.1 million in Q1 2025 from a loss of $2.3 million in Q1 2024.
Gross merchandise value (GMV) increased by 9% to $490 million in Q1 2025 compared to the same period last year.
Revenue by Segment
Forward Guidance
The company reaffirmed its full-year 2025 guidance, indicating confidence in its performance despite market uncertainties.
Positive Outlook
- Reaffirming full year 2025 guidance.
- Occupies a unique position at the intersection of luxury and value.
- Sources supply primarily from domestic closets.
- Potential to realize benefits in the current environment.
- Strategy is working with a strong brand and flexible operations.
Challenges Ahead
- Uncertainties from tariffs.
- Less predictable backdrop.
- Cannot predict with reasonable certainty ultimate outcome of certain reconciliation components for Adjusted EBITDA.
- Unable to assess probable significance of unavailable information for Adjusted EBITDA reconciliation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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