The RealReal, Inc. reported a sharp uptick in adjusted operating earnings in the third quarter, with gross merchandise value (GMV) increasing 20 percent and revenues advancing 17 percent. The luxury resale platform lifted its guidance for the year.

Consignment revenue grew 15 percent compared to the prior year period, and direct revenue grew 47 percent year-over-year in the third quarter. Third quarter Adjusted EBITDA margin was 5.4 percent, an increase of 380 basis points versus the prior year period.

“We delivered another quarter of accelerating growth and expanded margins, with GMV up 20 percent and Adjusted EBITDA ahead of expectations,” said Rati Levesque, CEO of The RealReal. “Through execution against our strategic pillars — unlock supply through our growth playbook, drive operational efficiency and obsess over service — we are changing the way people shop. Given this continued momentum, we are raising our full-year outlook.”

Levesque continued, “Going forward, we see an opportunity to continue to build trust with our sellers and improve the customer experience through deeper consignor relationships, enhanced tools and insights and ongoing AI initiatives. We are at the leading edge of a growing industry, which fuels our ability to shape the evolution of luxury resale and drive sustained profitable growth.”

Third Quarter Highlights

  • GMV was $520 million, an increase of 20 percent compared to the same period in 2024.
  • Total Revenue was $174 million, an increase of 17 percent compared to the same period in 2024.
  • Gross Profit was $129 million, an increase of $18 million compared to the same period in 2024.
  • Gross Margin was 74.3 percent, a decrease of 60 basis points compared to the same period in 2024.
  • Net Loss was $(54) million or (31.1) percent of total revenue, compared to $(18) million or (12.1) percent of total revenue in the same period in 2024. Third Quarter 2025 Net Loss includes a $(44) million adjustment due to the change in fair value of warrant liability.
  • Adjusted EBITDA was $9.3 million or 5.4 percent of total revenue compared to $2.3 million or 1.6 percent of total revenue in the same period in 2024.
  • GAAP basic net loss per share was 47 cents compared to 16 cents in the prior year period, and GAAP diluted net loss per share was 49 cents compared to 17 cents in the prior year period
  • Non-GAAP basic and diluted net loss attributable to common shareholders per share was $(0.04) compared to $(0.09) in the prior year period.

Top-line-related Metrics

  • Trailing twelve months, active buyers were 1,024,000, an increase of 7 percent compared to the same period in 2024.
  • Average order value (AOV) was $584, an increase of 12 percent versus the same period in 2024.

Q4 and Full Year 2025 Guidance
Based on market conditions as of November 10, 2025, The RealReal is raising its full-year guidance.

Image/Chart courtesy The RealReal