The RealReal, Inc.'s SEC filings document the operating results, governance actions and capital-structure disclosures of its authenticated luxury resale marketplace. Form 8-K reports furnish quarterly and annual earnings releases, including GMV, revenue, Adjusted EBITDA, operating cash flow and active buyer metrics tied to the company's consignment and direct revenue model.
Proxy and material-event filings cover board composition, director appointments and resignations, executive compensation, equity awards, shareholder voting matters, governance committees, material agreements and common-stock disclosures. The filings also identify The RealReal's registered common stock under the REAL symbol on the Nasdaq Global Select Market.
TheRealReal, Inc. director Jennifer McKeehan filed an initial statement of beneficial ownership on Form 3. The filing lists her status as a director but shows no reportable purchases, sales, or other transactions in the company’s securities at this time.
The RealReal, Inc. is updating its leadership team and Board of Directors. On March 6, 2026, longtime Board member Niki Leondakis resigned, and the company appointed Jennifer McKeehan as a Class II director, with her term running until the 2027 annual stockholder meeting.
McKeehan, currently Chief Operating Officer of Fanatics Commerce at Fanatics, Inc., will also serve on the Board’s Corporate Governance and Nominating Committee. As a non-employee director, she will receive an annual cash retainer of $35,000 and an annual equity award of $165,000 in restricted stock units, subject to standard vesting and pro rata rules.
The company is also strengthening its executive leadership by appointing Tiffany Stevenson as Chief People Officer and Tom Hanrahan as Chief Revenue Officer, adding experience in people strategy, sales and revenue growth from prior roles at leading consumer and technology companies.
The RealReal, Inc. files its annual report describing a large, data-driven marketplace for authenticated, pre-owned luxury goods and related retail stores. The company highlights strong network effects, with over 1 million active buyers in 2025 and more than 80% of gross merchandise value from repeat consignors and buyers.
In 2025, The RealReal reports a net loss of $41.8 million, improved from $168.5 million in 2023 and $134.2 million in 2024, but with an accumulated deficit of $1,295.6 million. Key risks include its history of losses, dependence on steady luxury supply and demand, competition, data security, and the accuracy of its authentication processes.
The RealReal, Inc. reported strong growth for the fourth quarter and full year 2025 while significantly narrowing losses. Full year 2025 gross merchandise value reached $2.13 billion, up 16% year over year, and total revenue rose 15% to $692.8 million.
Net loss for 2025 improved to $41.8 million, or 6.0% of revenue, from $134.2 million, driven in part by a $35.8 million non-cash gain from warrant remeasurement and a $40.8 million gain on debt extinguishment. Adjusted EBITDA increased to $42.1 million, or 6.1% of revenue, and free cash flow turned positive at $5.5 million. In Q4 2025, GMV grew 22% to $615.7 million, revenue rose 18% to $194.1 million, and Adjusted EBITDA nearly doubled to $21.9 million. For 2026, the company guides GMV to $2.39–$2.45 billion, revenue to $765–$780 million, and Adjusted EBITDA to $57–$65 million.
TheRealReal, Inc. Chief Financial Officer Ajay Madan Gopal reported automatic share sales and a new equity grant. On February 23, 2026, he sold a total of 31,381 shares of common stock in open-market transactions at $10.72 per share, with footnotes explaining these shares were automatically sold by TheRealReal, Inc. to cover withholding taxes due upon vesting of an equity award.
On the same date, he acquired 106,181 shares of common stock through a grant of restricted stock units under TheRealReal Inc. 2019 Equity Incentive Plan, at a stated price of $0.00 per share. These restricted stock units will vest in twelve equal quarterly installments from the vesting commencement date. After these transactions, he directly held 1,230,892 shares of TheRealReal, Inc. common stock.
TheRealReal, Inc. Chief Product & Tech Officer Luke Thomas Friang reported both sales and an equity award in company stock. On February 23, 2026, he had a total of 19,609 shares of common stock automatically sold at $10.72 per share to cover withholding taxes due on a vesting equity award. These transactions were coded as open-market sales but were driven by tax obligations rather than discretionary trading.
On the same date, Friang received a grant of 72,203 restricted stock units under TheRealReal, Inc. 2019 Equity Incentive Plan, at a stated price of $0.00 per share. The restricted stock units will vest in twelve equal quarterly installments, and each unit is the economic equivalent of one share of common stock. Following these transactions, his directly held common stock position was reported as 551,859 shares.
TheRealReal, Inc. Chief Legal Officer Todd A. Suko reported multiple open-market sales totaling 45,947 shares of common stock at $10.72 per share on February 23, 2026. Footnotes state these shares were automatically sold to cover withholding taxes tied to vesting equity awards.
On the same date, Suko was granted 63,708 restricted stock units under TheRealReal’s 2019 Equity Incentive Plan. These units vest in twelve equal quarterly installments, and following the reported transactions he directly holds 624,271 shares of common stock.
TheRealReal, Inc. Chief Executive Officer Rati Sahi Levesque reported a mix of tax-related stock sales and a new equity award. On February 23, 2026, she sold a total of 121,399 shares of common stock at $10.72 per share in open-market transactions that the company automatically executed to satisfy withholding taxes due on vesting equity awards, including 50,000 shares from a performance award granted on March 3, 2023.
On the same date, she was granted 179,691 restricted stock units under TheRealReal’s 2019 Equity Incentive Plan. Each unit equals one share of common stock and will vest in twelve equal quarterly installments. Following these transactions, she directly owned 1,662,470 shares of TheRealReal common stock.
TheRealReal, Inc. reported that Chief Accounting Officer Steve Ming Lo had a total of 16,962 shares of common stock automatically sold at $10.72 per share to satisfy withholding taxes due on a vesting equity award. After these tax-related sales, he directly holds 170,236 shares of common stock.
Timothy M. Riley and Angela A. Riley filed Amendment No. 3 to a Schedule 13G reporting their beneficial ownership of common stock of The RealReal, Inc. Following an event dated 01/07/2026, they report beneficial ownership of 5,800,000 shares of common stock, representing 4.9% of the class.
Timothy Riley reports sole voting and dispositive power over 3,850,000 shares and shared power over 50,000 shares. Angela Riley reports sole voting and dispositive power over 1,900,000 shares and shared power over 50,000 shares. They certify the shares were not acquired and are not held for the purpose of changing or influencing control, and they have agreed to file this ownership information jointly.