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Dec 31, 2023
RealReal Q4 2023 Earnings Report
Reported positive Adjusted EBITDA and positive free cash flow, marking historic milestones since its IPO in 2019. The strategic shift to re-focus on the consignment business delivered strong progress, refining the growth model with a focus on profitable supply and significantly improving the margin structure.
Key Takeaways
The RealReal announced Q4 2023 results, featuring positive Adjusted EBITDA and free cash flow, a net loss improvement of $17 million year-over-year, and strategic debt exchange transactions.
Delivered positive Adjusted EBITDA and positive free cash flow.
Net Loss improved year-over-year by $17 million.
Refined growth model with a focus on profitable supply.
Improved margin structure.
RealReal
RealReal
RealReal Revenue by Segment
Revenue by Segment
Consignment Revenue
CapyFin.comDirect Revenue
CapyFin.comShipping Services Revenue
CapyFin.com Forward Guidance
The RealReal provided guidance for Q1 2024 and Full Year 2024, including GMV, total revenue, and Adjusted EBITDA.
Positive Outlook
- GMV Q1 2024: $415 - $445 million
- GMV Full Year 2024: $1.80 - $1.88 billion
- Total Revenue Q1 2024: $135 - $145 million
- Total Revenue Full Year 2024: $580 - $605 million
- Adjusted EBITDA Full Year 2024: $(8) - $8 million
Challenges Ahead
- Adjusted EBITDA Q1 2024: $(8) - $(4) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income