Financial Performance - For the three months ended September 30, 2025, Gross Merchandise Value (GMV) was $519.8 million, an increase of 20% from $433.1 million in the same period of 2024[161]. - Net Merchandise Value (NMV) for the same period was $397.1 million, up 18.5% from $335.2 million year-over-year[161]. - Total revenue for the three months ended September 30, 2025, was $173.6 million, a 17.4% increase from $147.8 million in the same period of 2024[187]. - Adjusted EBITDA for the three months ended September 30, 2025, was $9.3 million, compared to $2.3 million in the same period of 2024[187]. - The net loss for the three months ended September 30, 2025, was $54.1 million, compared to a net loss of $17.9 million in the same period of 2024[187]. Revenue Breakdown - Consignment revenue reached $134.4 million, representing a 15% increase compared to $116.9 million in the prior year[161]. - Direct revenue rose by $7.3 million, or 47%, to $22.9 million for the three months ended September 30, 2025, primarily due to higher sell-through of high-value inventory[191]. - Shipping services revenue increased by $1.0 million, or 7%, to $15,224,000 for the three months ended September 30, 2025, driven by a 7% increase in the number of orders[192]. - Direct revenue increased by $18.8 million, or 42%, to $63,877,000 for the nine months ended September 30, 2025, primarily driven by higher sell-through of high-value inventory[214]. - Shipping services revenue increased by $1.9 million, or 4%, to $48,054,000 for the nine months ended September 30, 2025, primarily due to a 6% increase in the number of orders[215]. Cost and Expenses - Total cost of revenue for the three months ended September 30, 2025, was $44.7 million, up from $37.0 million in the same period of 2024[187]. - Marketing expenses for the three months ended September 30, 2025, were $14.1 million, compared to $11.6 million in the same period of 2024[187]. - Operations and technology expenses increased to $70.7 million for the three months ended September 30, 2025, from $66.2 million in the same period of 2024[187]. - Selling, general and administrative expenses were $51.6 million for the three months ended September 30, 2025, compared to $47.5 million in the same period of 2024[187]. - Cost of direct revenue increased by $11.6 million, or 30%, to $38,970,000 for the nine months ended September 30, 2025, attributed to the increase in direct revenue[218]. Customer Metrics - Active buyers increased to 1,024 in Q3 2025, up from 958 in Q3 2024, indicating a growth in the customer base[161]. - Repeat consignors accounted for over 80% of Gross Merchandise Value (GMV) in both Q3 2025 and Q3 2024, highlighting strong customer loyalty[155]. - As of September 30, 2025, 16% of buyers also consigned items, while 49% of consignors made purchases, indicating a strong network effect within the marketplace[157]. Market and Operational Insights - The company continues to invest in technology and infrastructure, with approximately 1.4 million square feet of leased authentication centers in Arizona and New Jersey to support growth[158]. - The company expects operating expenses to decrease as a percentage of revenue over the longer term[182]. - Total gross margin decreased by 60 basis points for the three months ended September 30, 2025, compared to the same period in 2024[199]. - Operations and technology expenses increased by $12.1 million, or 6%, but decreased as a percentage of revenue from 45% to 41%[225][226]. - Selling, general and administrative expenses increased by $8.2 million, or 6%, and decreased as a percentage of revenue from 32% to 30%[227][228]. Financial Position and Debt - As of September 30, 2025, the company had cash and cash equivalents of $108.4 million and an accumulated deficit of $1,256.8 million[234]. - Net cash used in operating activities was $12.5 million, primarily due to a net loss of $3.0 million and cash outflows from operating assets and liabilities[240]. - The Company exchanged $145.8 million of 2025 Notes and $6.5 million of 2028 Notes for $135.0 million of 2029 Notes, which bear an interest rate of 13.00% per annum[252]. - Cash requirements related to the 2031 Notes amount to $234.9 million, with $7.6 million expected to be paid within the next 12 months[258]. - The Company anticipates ongoing inflationary pressures that may affect costs and financial condition[261].

Exhibit 99.1 THE REALREAL ANNOUNCES THIRD QUARTER 2025 RESULTS Company delivers profitable growth with record high quarterly Revenue and Gross Merchandise Value, strengthening its leadership position in luxury resale "We delivered another quarter of accelerating growth and expanded margins, with GMV up 20% 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 efficie ...

Core Insights - The RealReal reported a strong third quarter for 2025, with gross merchandise value (GMV) increasing by 20% year-over-year and total revenue rising by 17% compared to the same period in 2024 [1][9] - The company achieved a significant growth in direct revenue, which surged by 47% year-over-year, while consignment revenue grew by 15% [1][9] - Adjusted EBITDA margin improved to 5.4%, reflecting an increase of 380 basis points from the prior year [1][9] Financial Performance - Third quarter 2025 GMV reached $520 million, up from $433 million in the same quarter of 2024 [9] - Total revenue for the third quarter was $174 million, compared to $149 million in the prior year [9] - Gross profit was reported at $129 million, an increase of $18 million year-over-year, with a gross margin of 74.3%, down 60 basis points from the previous year [9] Guidance and Outlook - The company raised its full-year guidance based on positive market conditions and ongoing growth momentum [4][6] - For Q4 2025, GMV is expected to be between $585 million and $595 million, with total revenue projected between $188 million and $191 million [6] - Adjusted EBITDA for Q4 is anticipated to be in the range of $17.5 million to $18.5 million, with full-year adjusted EBITDA expected between $37.7 million and $38.7 million [6] Strategic Initiatives - The CEO emphasized the importance of building trust with sellers and enhancing customer experience through improved consignor relationships and AI initiatives [2] - The company aims to continue shaping the luxury resale market, leveraging operational efficiency and customer service as key strategic pillars [2] Operational Metrics - The trailing twelve months active buyers increased to 1,024,000, marking a 7% rise compared to the same period in 2024 [9] - The average order value (AOV) reached $584, reflecting a 12% increase year-over-year [9]

Core Insights - The RealReal, Inc. is a leading online marketplace for authenticated luxury consignment, specializing in pre-owned luxury goods such as clothing, jewelry, and home decor [1] - The company is set to release its quarterly earnings on November 10, 2025, with Wall Street estimating an EPS of approximately -$0.06 and analysts predicting a more significant loss of $0.14 per share, indicating a 55.6% decline year-over-year [2][6] Financial Performance - Despite the anticipated decline in earnings, The RealReal's revenue is expected to rise by 14% year-over-year, reaching $168.47 million for the quarter ending in September 2025, suggesting an expanding market presence [3][6] - The company has a negative price-to-earnings (P/E) ratio of -88.62, indicating negative earnings, while the price-to-sales ratio is about 4.92, suggesting investors are willing to pay nearly five times the company's sales per share [5] - The enterprise value to sales ratio is approximately 5.51, reflecting the company's valuation relative to its sales [5] Market Sentiment - There has been an 8.3% downward revision in the consensus EPS estimate over the past 30 days, which may influence potential investor actions regarding the stock [4][6]

Core Insights - The RealReal is set to report earnings, with analysts expecting a revenue growth of 15.8% year on year to $171.1 million, an improvement from the previous year's 11% increase [2] - The company has consistently exceeded revenue expectations, beating estimates by an average of 2.8% over the past two years [3] Financial Performance - Last quarter, The RealReal reported revenues of $165.2 million, which was a 14% year-on-year increase and beat analysts' expectations by 3.6% [1] - The company reported an impressive growth in user base, reaching 1 million users, up 163% year on year [1] Market Context - The RealReal's stock has performed well, increasing by 15.7% over the past month, while the average share price of online marketplace stocks has declined by 3.6% [5] - The average analyst price target for The RealReal is $12.63, compared to its current share price of $10.93 [5] Peer Comparison - In the online marketplace segment, peers like EverQuote and Shutterstock have reported varying results, with EverQuote showing a year-on-year revenue growth of 20.3% and Shutterstock reporting a 3.8% increase [4]

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Core Insights - Wall Street analysts anticipate The RealReal (REAL) will report a quarterly loss of -$0.14 per share, reflecting a year-over-year decline of 55.6% [1] - Expected revenues are projected at $168.47 million, representing a 14% increase from the same quarter last year [1] - There has been an 8.3% downward revision in the consensus EPS estimate over the past 30 days, indicating a collective reassessment by analysts [1][2] Revenue Projections - Analysts estimate 'Revenue- Consignment revenue' will reach $140.10 million, indicating a year-over-year increase of 19.8% [4] - The consensus for 'Revenue- Direct revenue' is projected at $18.81 million, suggesting a 20.4% increase year over year [4] - 'Revenue- Shipping services revenue' is expected to be $16.20 million, reflecting a 6.4% year-over-year change [4] Key Metrics Forecast - The Average Order Value (AOV) is predicted to be $554.00, up from $522.00 in the same quarter last year [5] - The number of orders is forecasted to reach 900, compared to 829 in the same quarter of the previous year [5] - Gross Merchandise Value (GMV) is expected to be $498.30 million, an increase from $433.07 million a year ago [5] Stock Performance - The RealReal shares have increased by 9.4% over the past month, outperforming the Zacks S&P 500 composite, which rose by 1.3% [6] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [6]

Core Viewpoint - The RealReal (REAL) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ending September 2025, with actual results being crucial for stock price movement [1][2]. Financial Performance Expectations - The company is expected to post a quarterly loss of $0.14 per share, reflecting a year-over-year change of -55.6% [3]. - Revenues are projected to reach $168.47 million, representing a 14% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 8.33% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for The RealReal is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +3.70%, suggesting a bullish outlook from analysts [12]. Earnings Surprise Prediction - A positive Earnings ESP reading indicates a likely earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10]. - The RealReal currently holds a Zacks Rank of 3, which, along with the positive Earnings ESP, suggests a higher probability of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, The RealReal was expected to post a loss of $0.15 per share but actually reported a loss of -$0.13, resulting in a positive surprise of +13.33% [13]. - Over the past four quarters, the company has exceeded consensus EPS estimates two times [14]. Industry Context - In the broader context of the Zacks Consumer Products - Discretionary industry, Interparfums (IPAR) is expected to report earnings of $1.85 per share for the same quarter, indicating a year-over-year change of -4.2% [18]. - Interparfums' revenue is expected to be $430.01 million, up 1.3% from the previous year, but it has an Earnings ESP of -8.11%, complicating predictions for an earnings beat [19][20].

Core Insights - The search for profitable stocks in San Francisco revealed unexpected results, with a focus on biotech and other sectors rather than solely A.I. related companies [1][2] Company Performance - Nektar Therapeutics (NKTR) is the top performer, with a 150% increase in the past 90 days, focusing on treatments for dermatitis and Alopecia areata, with a bullish price target of $93.60 from analysts [5] - Sunrun (RUN), a solar power company, has doubled in value over three months, experiencing significant volatility, with shares fluctuating from $6 to above $20 [6] - The RealReal (REAL), a resale company for luxury items, is trading slightly above the median price target set by analysts, indicating potential caution for investors [7] - Planet Labs (PL), an 'earth intelligence' company, has seen its stock nearly double in a year, with sales more than doubling over the last four years, though it has experienced volatility [8] - Other notable companies include Fastly (FSLY), Maze Therapeutics (MAZE), Olema Pharmaceuticals (OLMA), Septerna (SEPN), and Cytokinetics (CYTK), all of which have performed well recently, particularly in the biotech sector [9]

Core Insights - Luxury resale platforms are experiencing faster growth compared to the primary market, prompting major fashion houses to reconsider their strategies to retain customers [2] Industry Summary - The RealReal, a leading luxury resale platform, is highlighted as a significant player in this growing market [2]