Every 10-Q that Therealreal (REAL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow REAL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full REAL filings page.
The RealReal, Inc. reported Q2 2026 revenue of $192.6 million on GMV of $617.3 million, driven by higher consignment, direct and shipping services revenue. Gross profit was $143.2 million and loss from operations narrowed to $2.3 million. Adjusted EBITDA improved to $13.5 million, while non‑cash warrant remeasurement and interest expense contributed to a net loss attributable to common stockholders of $27.2 million, or $0.23 per basic and diluted share.
For the first six months of 2026, revenue reached $382.3 million and net income attributable to common stockholders was $11.7 million, below the prior year, which included a $37.1 million gain on extinguishment of debt and a larger gain from warrant remeasurement.
Marketplace activity strengthened, with Q2 GMV of $617.3 million, 937 thousand orders, 1.107 million active buyers, average order value of $659 and a consignment take rate of 35.9%. Net cash used in operating activities was $15.0 million in the first half. Cash, cash equivalents and restricted cash totaled $133.9 million against $756.0 million of liabilities and a stockholders’ deficit of $377.7 million, reflecting sizable 2028, 2029 and 2031 notes and a $74.7 million warrant liability.
The RealReal, Inc. reported higher sales and an operating turnaround for the three months ended March 31, 2026. Total revenue reached $189.7 million, up from $160.0 million, driven mainly by consignment revenue of $145.9 million and direct revenue of $25.8 million. Gross profit rose to $141.3 million.
Net income attributable to common stockholders was $38.9 million versus $62.4 million a year earlier, heavily influenced by a $47.3 million non‑cash gain from the change in fair value of warrant liabilities and the absence of the prior year’s $37.1 million gain on debt extinguishment. Adjusted EBITDA improved to $13.1 million from $4.1 million, reflecting better underlying profitability.
GMV increased to $606.4 million and average order value rose to $646, while the take rate declined to 36.4% from 38.6% due to sales mix. Despite accounting profit, cash used in operating activities was $16.6 million, and cash and cash equivalents were $124.0 million as of March 31, 2026. The company remained highly leveraged, with total liabilities of $745.3 million and a stockholders’ deficit of $359.4 million, though the deficit narrowed from the prior year‑end.
The RealReal reported Q3 2025 results, with total revenue of $173.6 million, up from $147.8 million a year ago. Gross profit was $128.9 million. Loss from operations narrowed to $7.6 million from $14.6 million, but the company recorded a net loss of $54.1 million, driven largely by a $43.9 million non-cash increase in the fair value of warrant liabilities.
For the first nine months, revenue reached $498.8 million and net loss was $3.0 million, reflecting a $40.8 million year-to-date gain on debt extinguishment. Cash and cash equivalents were $108.4 million as of September 30, 2025, compared with $172.2 million at December 31, 2024. Principal debt outstanding includes $48.2 million of 2028 convertible notes, $143.8 million of 2029 senior secured notes, and $190.1 million of 2031 convertible notes. Shares outstanding were 116,682,847 as of November 5, 2025.