TheRealReal Q3 2025: Strong top‑line growth, loss shrinks, raised full‑year outlook

The RealReal, Inc. delivered a standout third quarter for 2025, reporting a 17 % year‑over‑year increase in revenue to about $174 million, and a 20 % rise in gross merchandise value (GMV) to approximately $520 million. Adjusted EBITDA reached $9.3 million, or 5.4 % of revenue—up 380 basis points from the prior year. However, on a GAAP basis the company still posted a net loss of around $54 million, largely driven by a non‑cash warrant liability adjustment. Looking ahead, the company raised its full‑year GMV guidance to roughly $2.10 – $2.11 billion and expects Q4 GMV of $585 – $595 million with revenue of $188 – $191 million. CEO Rati Levesque highlighted the company’s three strategic pillars—unlocking supply, operational efficiency and service obsession—as driving the momentum, while CFO Ajay Gopal noted the platform’s expanding cross‑generational appeal and higher‑value consignor activity. In short: The RealReal is capitalizing on the growing luxury resale market, turning stronger growth and improving margins into a more confident outlook—even as it continues to work through legacy losses. #TheRealReal #LuxuryResale #Q32025Earnings #CircularEconomy #SlimScan #GrowthStocks #CANSLIM