REAL on Nasdaq

The RealReal

Logo: The RealReal, Public domain, via Wikimedia Commons⁴

American consignment company

The RealReal, Inc. is an online marketplace for users to buy and sell luxury goods that are authenticated by experts.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

2011Founded¹

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TickerREAL on Nasdaq¹
IndustryRecommerce¹
HeadquartersTiburon¹
Websitewww.therealreal.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address55 Francisco Street, Suite 400, San Francisco, Ca 94133⁵
Filer categoryAccelerated filer⁵

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The RealReal, Inc. is an online marketplace for users to buy and sell luxury goods that are authenticated by experts. It was started in 2011 by Julie Wainwright and is headquartered in San Francisco.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

74.6%Gross margin⁷

-3.5%Operating margin⁷

-6.0%Net margin⁷

15.4%Revenue growth, 2025⁷

$18.4MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 77% of the revenue The RealReal broke down this way in fiscal 2025.

Service$535.9M⁷77%up 13% from 2024
Product$91.1M⁷13%up 41% from 2024
Shipping and Handling$65.9M⁷10%up 5% from 2024

Products and services by year

Products and services	2023	2024	2025
Service	$415.6M	$473.4M	$535.9M
Product	$79.2M	$64.6M	$91.1M
Shipping and Handling	$54.6M	$62.5M	$65.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and adminOther costs

Cost of revenue25¢$176.0M
Selling, general and admin29¢$201.6M
Other costs45¢$314.9M
Income tax0¢$363.0K

Out of $692.8M in revenue.⁷ The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending50¢$18.6M
Kept or used elsewhere50¢$18.4M

Out of $37.0M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$692.8M in 2025+119% since 2019

Gross profit⁸⁹¹⁰¹¹⁷$516.8M in 2025+156% since 2019

Operating income⁸⁹¹⁰¹¹⁷-$23.9M in 2025−76% since 2019

Net income⁸⁹¹⁰¹¹⁷-$41.8M in 2025−58% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenue	$692.8M	$600.5M	$549.3M
Total cost of revenue	$176.0M	$153.0M	$173.0M
Gross profit	$516.8M	$447.5M	$376.3M
Marketing	$63.3M	$55.3M	$58.3M
Operations and technology	$275.9M	$260.8M	$257.0M
Selling, general and administrative	$201.6M	$187.7M	$183.8M
Restructuring charges	$0	$196.0K	$43.5M
Total operating expenses	$540.8M	$504.0M	$542.6M
Loss from operations	-$23.9M	-$56.5M	-$166.3M
Change in fair value of warrant liability	-$35.8M	-$68.2M	$0
Gain on extinguishment of debt	$40.8M	$4.2M	$0
Interest income	$4.3M	$7.9M	$8.8M
Interest expense	-$27.7M	-$21.4M	-$10.7M
Other income, net	$926.0K	$0	$0
Loss before provision for income taxes	-$41.4M	-$133.9M	-$168.2M
Provision for income taxes	$363.0K	$276.0K	$283.0K
Net loss attributable to common stockholders	-$41.8M	-$134.2M	-$168.5M
Net loss per share attributable to common stockholders, basic (in dollars per share)	-$0.36	-$1.24	-$1.65
Net loss per share attributable to common stockholders, diluted (in dollars per share)	-$0.70	-$1.24	-$1.65
Weighted average shares used to compute net loss per share attributable to common stockholders, basic (in shares)	114.9M shares	107.9M shares	101.8M shares
Weighted average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)	116.5M shares	107.9M shares	101.8M shares

Total assets¹⁴⁸⁹¹⁰¹¹⁷$409.0M in 2025−12% since 2019

Total liabilities¹⁴⁸⁹¹⁰¹¹⁷$824.6M in 2025+544% since 2019

Shareholders’ equity⁹¹⁰¹¹⁷-$415.5M in 2025

Cash¹⁴⁸¹⁰¹¹⁷$151.2M in 2025−2% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$151.2M	$172.2M	$175.7M
Accounts receivable	$23.8M	$14.0M
Inventory, net	$30.8M	$23.6M
Prepaid expenses and other current assets	$21.6M	$22.9M
Total current assets	$227.5M	$232.7M
Property and equipment, net	$96.1M	$94.4M
Operating lease right-of-use assets	$64.6M	$75.7M
Restricted cash	$14.8M	$14.9M
Other assets	$5.9M	$5.4M
Total assets	$409.0M	$423.1M
Accounts payable	$14.6M	$11.0M
Accrued consignor payable	$111.5M	$89.7M
Operating lease liabilities, current portion	$24.6M	$22.8M
Convertible Senior Notes, net, current portion	$0	$26.7M
Other accrued and current liabilities	$113.5M	$98.5M
Total current liabilities	$264.2M	$248.7M
Operating lease liabilities, net of current portion	$66.8M	$85.8M
Convertible Senior Notes, net	$230.8M	$276.8M
Non-convertible notes, net	$141.0M	$134.5M
Warrant liability	$114.4M	$78.6M	$0
Other noncurrent liabilities	$7.4M	$6.1M
Total liabilities	$824.6M	$830.5M
Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 118,318,917 and 111,242,479 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	$1.0K	$1.0K
Additional paid-in capital	$880.1M	$846.5M
Accumulated deficit	-$1.3B	-$1.3B
Total stockholders deficit	-$415.5M	-$407.4M	-$303.3M
Total liabilities and stockholders deficit	$409.0M	$423.1M
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	500.0M shares	500.0M shares
Common stock, shares issued (in shares)	118.3M shares	111.2M shares
Common stock, shares, outstanding (in shares)	118.3M shares	111.2M shares

Cash from operations⁸⁹¹⁰¹¹⁷$37.0M in 2025

Capital spending⁸⁹¹⁰¹¹⁷$18.6M in 2025−25% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$18.4M in 2025

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-$41.8M	-$134.2M	-$168.5M
Depreciation and amortization	$33.0M	$33.1M	$31.7M
Stock-based compensation expense	$28.9M	$29.1M	$34.3M
Reduction of operating lease right-of-use assets	$16.1M	$15.2M	$16.7M
Bad debt expense	$2.6M	$2.5M	$2.0M
Non-cash interest expense	$8.2M	$8.7M	$0
Issuance costs allocated to liability classified warrants	$0	$374.0K	$0
Accretion of debt discounts and issuance costs	$2.2M	$2.1M	$2.6M
Property, plant, equipment, and right-of-use asset impairments	$0	$0	$39.7M
Provision for inventory write-downs and shrinkage	$2.2M	$2.6M	$9.8M
Gain on debt extinguishment	-$40.8M	-$4.2M	$0
Change in fair value of warrant liability	$35.8M	$68.2M	$0
Loss (gain) related to warehouse fire, net	-$95.0K	$740.0K	$0
Other adjustments	-$39.0K	-$165.0K	-$515.0K
Accounts receivable	-$12.5M	$767.0K	-$7.0M
Inventory, net	-$9.5M	-$3.7M	$10.9M
Prepaid expenses and other current assets	-$796.0K	$701.0K	$2.0M
Other assets	-$701.0K	$76.0K	-$3.0M
Operating lease liability	-$22.2M	-$20.9M	-$26.5M
Accounts payable	$1.6M	$910.0K	-$425.0K
Accrued consignor payable	$21.8M	$11.5M	-$4.4M
Other accrued and current liabilities	$12.7M	$13.1M	-$464.0K
Other noncurrent liabilities	$304.0K	$382.0K	-$172.0K
Net cash provided by (used in) operating activities	$37.0M	$26.8M	-$61.3M
Insurance proceeds related to warehouse fire	$2.3M	$461.0K	$0
Capitalized proprietary software development costs	-$12.9M	-$11.8M	-$13.0M
Purchases of property and equipment	-$18.6M	-$14.2M	-$29.2M
Net cash used in investing activities	-$29.2M	-$25.6M	-$42.1M
Proceeds from exercise of stock options	$1.0M	$376.0K	$19.0K
Proceeds from issuance of stock in connection with the Employee Stock Purchase Program	$1.7M	$1.4M	$886.0K
Repayment of 2025 Notes	-$26.7M	$0	$0
Taxes paid related to restricted stock vesting	-$160.0K	-$1.6M	-$679.0K
Cash received from settlement of Capped Calls in conjunction with the Note Exchanges	$1.9M	$396.0K	$0
Issuance costs paid related to the Note Exchanges	-$6.5M	-$5.3M	$0
Net cash (used in) provided by financing activities	-$28.9M	-$4.8M	$226.0K
Net decrease in cash, cash equivalents, and restricted cash	-$21.1M	-$3.5M	-$103.2M
Cash paid for interest	$17.5M	$10.7M	$8.1M
Cash paid for income taxes	$331.0K	$200.0K	$227.0K
Property and equipment additions not yet paid in cash	$3.5M	$1.8M	$1.8M
Capitalized proprietary software development costs not yet paid in cash	$978.0K	$654.0K	$1.1M
Stock-based compensation capitalized to proprietary software development costs	$318.0K	$504.0K	$777.0K
Liability classified warrants issued in connection with the 2024 Note Exchange	$0	$10.4M	$0
Tax withholding liability for restricted stock	$0	$0	$11.0K

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The story

The RealReal was founded in 2011 by Julie Wainwright, an e-commerce entrepreneur. By July 2018, the company had raised $288 million in venture capital funding.

On May 31, 2019, The RealReal submitted a preliminary filing (S-1) to the SEC to go public.

On June 28, 2019, The RealReal went public on Nasdaq under the symbol REAL and raised $300 million during its IPO.

On June 22, 2022, The RealReal announced that its founder and CEO Julie Wainwright had stepped down. The company appointed President and COO Rati Sahi Levesque and its CFO Robert Julian as interim co-CEOs.

On January 25, 2023, The RealReal announced the appointment of E-Commerce and Digital Executive John E. Koryl as CEO and Board Member.

On October 28, 2024, The RealReal announced Rati Sahi Levesque, the company's second employee and co-founder, as CEO.

At the end of 2024, The RealReal announced full year profitability.

From Wikipedia’s article on The RealReal, shared under CC BY-SA 4.0.⁶

Leadership

Who has led The RealReal, and when. Pick a name to see everywhere that person has worked.

FounderJulie Wainwright¹

Products and brands

Services

With nearly 40M members, The RealReal is the largest platform for authenticated luxury resale in the United States. The RealReal offers five ways to sell luxury goods on the platform: in-home pickup, drop-off appointments in its boutiques, meetings with luxury experts, and direct shipping.

The RealReal handles item authentication, pricing (using AI and machine learning), photography, listing, shipping, payments and customer service on behalf of others.

Retail footprint

In 2017, The RealReal opened its first permanent retail store in New York City, and has since opened stores across the US including locations in California, Connecticut, Florida, Illinois, New Jersey, New York and Texas. To date, the company has 17 Luxury Consignment Offices where consignors can drop items off and meet with a valuation specialist, and 14 of those 17 locations allow customers to browse and shop.