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Sep 30
RealReal Q3 2025 Earnings Report
The RealReal delivered record revenue and GMV growth in Q3 2025, with improved margins and adjusted EBITDA, despite a larger net loss due to non-cash warrant liability adjustments.
Key Takeaways
The RealReal achieved 17% revenue growth and reached record GMV in Q3 2025. Adjusted EBITDA improved to $9.3M, but net loss widened primarily due to a $44M warrant liability adjustment.
GMV hit a record $520M, growing 20% year-over-year
Revenue rose to $174M, driven by 47% growth in direct revenue
Adjusted EBITDA reached $9.3M, up from $2.3M in Q3 2024
Net loss expanded to $54M due to a $44M warrant liability impact
RealReal
RealReal
RealReal Revenue by Segment
Revenue by Segment
Consignment Revenue
CapyFin.comDirect Revenue
CapyFin.comShipping Services Revenue
CapyFin.com Forward Guidance
The RealReal raised its full-year 2025 outlook and expects strong performance in Q4, including further gains in GMV, revenue, and adjusted EBITDA.
Positive Outlook
- Q4 GMV guidance: $585M to $595M
- Q4 revenue expected between $188M and $191M
- Q4 Adjusted EBITDA forecasted at $17.5M to $18.5M
- Full-year GMV guidance raised to $2.099B–$2.109B
- Full-year revenue forecast increased to $687M–$690M
Challenges Ahead
- Net loss remains high due to non-cash warrant liability
- Gross margin declined slightly YoY
- Cash and cash equivalents declined to $108M from $172M
- Total assets decreased by $57M YoY
- Ongoing costs from departmental restructuring
Revenue & Expenses
Visualization of income flow from segment revenue to net income