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Jun 30
RealReal Q2 2025 Earnings Report
RealReal's Q2 2025 earnings report showed strong revenue growth and improved profitability.
Key Takeaways
The RealReal delivered a breakout performance in the second quarter of 2025, achieving record high quarterly Gross Merchandise Value (GMV) and total revenue, both increasing by 14% year-over-year. The company significantly improved its net loss and adjusted EBITDA, demonstrating the success of its strategic roadmap and operational efficiency.
Total Revenue reached $165 million, marking a 14% increase compared to Q2 2024.
Net Loss improved to $(11) million, a $5 million improvement year-over-year.
Adjusted EBITDA was $6.8 million, an $8.6 million improvement compared to the prior year period.
Gross Merchandise Value (GMV) hit a record high of $504 million, up 14% year-over-year.
RealReal
RealReal
RealReal Revenue by Segment
Revenue by Segment
Consignment Revenue
CapyFin.comDirect Revenue
CapyFin.comShipping Services Revenue
CapyFin.com Forward Guidance
The RealReal is raising its full-year guidance for 2025, reflecting confidence in continued growth and profitability, and provided guidance for Q3 2025.
Positive Outlook
- Q3 2025 GMV is projected to be between $495 million and $502 million.
- Full Year 2025 GMV is expected to be between $2.030 billion and $2.045 billion.
- Q3 2025 Total Revenue is anticipated to be between $167 million and $170 million.
- Full Year 2025 Total Revenue is projected to be between $667 million and $674 million.
- Q3 2025 Adjusted EBITDA is expected to be between $6.1 million and $7.1 million.
Challenges Ahead
- No reconciliation of forward-looking Adjusted EBITDA to net income (loss) is provided due to unpredictable components.
- Uncertainty in payroll tax expense on employee stock transactions could materially impact future net income (loss).
- Other unforeseen components may arise that could affect the reconciliation.
- The company cannot assess the probable significance of unavailable information for reconciliation.
- Guidance is based on market conditions as of August 7, 2025, and subject to change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income