PART I. FINANCIAL INFORMATION Presents the company's unaudited condensed financial statements and related disclosures for the reporting period Item 1. Financial Statements (Unaudited) Presents unaudited condensed financial statements, including balance sheets, operations, equity, cash flows, and comprehensive notes Condensed Balance Sheets Condensed Balance Sheet Highlights (In thousands) | Metric | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :-------------- | :------------------ | | Cash and cash equivalents | $94,345 | $172,212 | | Total current assets | $160,333 | $232,669 | | Total assets | $349,383 | $423,095 | | Total current liabilities | $199,486 | $248,676 | | Convertible Senior Notes, net, current portion | $— | $26,653 | | Warrant liability | $31,544 | $78,584 | | Total liabilities | $687,627 | $830,471 | | Total stockholders' deficit | $(338,244) | $(407,376) | - Total assets decreased by $73.7 million, and total liabilities decreased by $142.8 million from December 31, 2024, to June 30, 202516 - Stockholders' deficit improved by $69.1 million, from $(407.4) million to $(338.2) million16 Condensed Statements of Operations Condensed Statements of Operations Highlights (In thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $165,188 | $144,934 | $325,221 | $288,734 | | Gross profit | $122,676 | $107,466 | $242,699 | $214,745 | | Loss from operations | $(9,885) | $(18,797) | $(22,656) | $(36,739) | | Change in fair value of warrant liability | $4,537 | $5,630 | $47,040 | $(9,953) | | Gain on extinguishment of debt | $— | $— | $37,101 | $4,177 | | Net income (loss) attributable to common stockholders | $(11,366) | $(16,708) | $51,034 | $(47,809) | | Net income (loss) per share, diluted | $(0.13) | $(0.20) | $(0.27) | $(0.45) | - For the six months ended June 30, 2025, the company reported a net income of $51.0 million, a significant improvement from a net loss of $(47.8) million in the prior year, largely due to gains from changes in fair value of warrant liability and debt extinguishment18 - Total revenue increased by 14.0% for the three months and 12.6% for the six months ended June 30, 2025, compared to the same periods in 202418 Condensed Statements of Stockholders' Equity (Deficit) Stockholders' Deficit Changes (In thousands, except share amounts) | Metric | December 31, 2024 | June 30, 2025 | | :------------------------------------------ | :------------------ | :------------ | | Total Stockholders’ Deficit | $(407,376) | $(338,244) | | Additional Paid-in Capital | $846,450 | $864,548 | | Accumulated Deficit | $(1,253,827) | $(1,202,793) | | Net income (loss) for the period | N/A | $(11,366) (Q2 2025) | | Stock-based compensation expense | N/A | $15,730 (YTD Q2 2025) | - The total stockholders' deficit decreased by $69.1 million from December 31, 2024, to June 30, 2025, primarily driven by a reduction in accumulated deficit21 - Additional paid-in capital increased by $18.1 million during the six months ended June 30, 2025, reflecting stock-based compensation and stock issuances21 Condensed Statements of Cash Flows Condensed Statements of Cash Flows Highlights (In thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net income (loss) | $51,034 | $(47,809) | | Net cash used in operating activities | $(31,840) | $(10,221) | | Net cash used in investing activities | $(16,692) | $(10,280) | | Net cash used in financing activities | $(29,387) | $(4,465) | | Net decrease in cash, cash equivalents and restricted cash | $(77,919) | $(24,966) | | Cash, cash equivalents and restricted cash, End of period | $109,204 | $165,657 | - Net cash used in operating activities increased significantly to $(31.8) million for the six months ended June 30, 2025, from $(10.2) million in the prior year27 - The company repaid $26.7 million of 2025 Notes during the six months ended June 30, 202527 Notes to Unaudited Condensed Financial Statements - The company is an online marketplace for authenticated, consigned luxury goods, headquartered in San Francisco, California32 - Significant accounting estimates include revenue recognition, inventory valuation, stock-based compensation, and fair value measurements of warrant and debt liabilities36 - The 2025 Note Exchange resulted in a $37.1 million gain on debt extinguishment, and the 2024 Note Exchange resulted in a $4.2 million gain on debt extinguishment8190 - Warrant liability decreased by $47.04 million for the six months ended June 30, 2025, contributing to a gain in earnings77 - Total unrecognized stock-based compensation expense was $43.3 million as of June 30, 2025, expected to be recognized over approximately 2.1 years117 - A fire at the Secaucus authentication center in May 2024 resulted in a $0.4 million gain from insurance recoveries for the six months ended June 30, 2025, with ongoing discussions133 - The company maintains a full valuation allowance of $306.9 million against its gross deferred tax assets of $331.5 million143 - The company repaid the outstanding principal and accrued interest of the 2025 Notes, totaling $27.2 million, upon maturity on June 15, 202594 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial condition, operating results, liquidity, capital resources, and critical accounting estimates Overview - The RealReal, Inc. is the world's largest online marketplace for authenticated resale luxury goods, offering an end-to-end service148 - Revenue is primarily generated from consignment sales, direct sales of company-owned inventory, and shipping services150152 - The overall take rate on consigned goods decreased to 37.9% in Q2 2025 from 38.5% in Q2 2024, due to a sales mix shift towards higher value items152 Factors Affecting Our Performance - Consignor growth and retention are crucial, with over 80% of GMV from repeat consignors in Q2 2025 and Q2 2024155 - Buyer growth and retention are key, with 15% of buyers also consigning and 49% of consignors also purchasing in the last twelve months as of June 30, 2025157 - The company continues to invest in physical infrastructure, technology, and talent, including artificial intelligence capabilities, to scale operations and enhance efficiency158 - The business experiences seasonality, with supply increasing in the third and fourth quarters and demand increasing in the fourth quarter, leading to stronger AOV and faster sell-through159 Key Financial and Operating Metrics Key Financial and Operating Metrics (In thousands, except AOV and percentages) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | GMV | $504,105 | $440,914 | $994,510 | $892,855 | | NMV | $379,377 | $329,422 | $750,134 | $664,237 | | Consignment revenue | $128,620 | $112,714 | $252,434 | $228,362 | | Direct revenue | $20,495 | $16,724 | $40,949 | $29,433 | | Shipping services revenue | $16,073 | $15,496 | $31,838 | $30,939 | | Number of orders | 868 | 820 | 1,737 | 1,660 | | Take rate | 37.9 % | 38.5 % | 38.2 % | 38.4 % | | Active buyers | 1,001 | 942 | 1,001 | 942 | | AOV | $581 | $538 | $573 | $538 | - GMV increased by 14.3% for the three months and 11.4% for the six months ended June 30, 2025, compared to the prior year periods161 - Average Order Value (AOV) increased by 8% for the three months and 6% for the six months ended June 30, 2025, compared to the prior year periods161190211 Non-GAAP Financial Measures - Adjusted EBITDA is a key non-GAAP performance measure used to assess operating performance and evaluate business strategies, excluding items not indicative of core operations173174 Adjusted EBITDA Reconciliation (In thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(11,366) | $(16,708) | $51,034 | $(47,809) | | EBITDA | $2,908 | $(4,940) | $78,724 | $(25,979) | | Adjusted EBITDA | $6,839 | $(1,761) | $10,949 | $(4,022) | - Adjusted EBITDA significantly improved, turning positive to $6.8 million for Q2 2025 and $10.9 million for YTD Q2 2025, compared to negative figures in the prior year periods176 Components of our Operating Results - Revenue is comprised of consignment revenue (majority), direct revenue, and shipping services revenue185 - Cost of revenue includes credit card fees, packaging, customer service, website hosting, and inventory adjustments for consignment and direct sales, plus shipping costs181 - Marketing, operations and technology, and selling, general and administrative expenses are expected to decrease as a percentage of revenue over the longer term182183184 - Provision for income taxes primarily consists of state minimum taxes, with a full valuation allowance for net deferred tax assets186 Results of Operations Revenue and Gross Profit Trends (In thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $165,188 | $144,934 | $325,221 | $288,734 | | Total cost of revenue | $42,512 | $37,468 | $82,522 | $73,989 | | Gross profit | $122,676 | $107,466 | $242,699 | $214,745 | | Gross profit margin | 74.3% | 74.1% | 74.6% | 74.3% | - Total revenue increased by 14% for Q2 2025 YoY and 12.6% for YTD Q2 2025 YoY, driven by growth across all revenue streams188 - Net income (loss) improved significantly, shifting from a loss of $(47.8) million in YTD Q2 2024 to a net income of $51.0 million in YTD Q2 2025, primarily due to gains on warrant liability and debt extinguishment188 Comparison of the Three Months Ended June 30, 2025 and 2024 Q2 2025 vs. Q2 2024 Revenue and Expense Changes (In thousands, except percentages) | Metric | 2025 Amount | 2024 Amount | Change ($) | Change (%) | | :------------------------------------------ | :---------- | :---------- | :--------- | :--------- | | Consignment revenue | $128,620 | $112,714 | $15,906 | 14 % | | Direct revenue | $20,495 | $16,724 | $3,771 | 23 % | | Shipping services revenue | $16,073 | $15,496 | $577 | 4 % | | Cost of consignment revenue | $13,761 | $13,108 | $653 | 5 % | | Cost of direct revenue | $17,185 | $13,760 | $3,425 | 25 % | | Cost of shipping services revenue | $11,566 | $10,600 | $966 | 9 % | | Marketing expense | $15,548 | $13,759 | $1,789 | 13 % | | Operations and technology expense | $68,986 | $65,422 | $3,564 | 5 % | | Selling, general and administrative expense | $48,027 | $47,082 | $945 | 2 % | | Change in fair value of warrant liability | $4,537 | $5,630 | $(1,093) | (19)% | | Interest income | $1,109 | $2,263 | $(1,154) | (51)% | | Interest expense | $(7,038) | $(5,769) | $(1,269) | 22 % | - Consignment revenue growth was driven by an 8% increase in AOV and a 6% increase in the number of orders, despite a slight decrease in take rate to 37.9%190 - Operations and technology expense decreased as a percentage of revenue from 45% to 42%, and selling, general and administrative expense decreased from 32% to 29%204206 Comparison of the Six Months Ended June 30, 2025 and 2024 YTD Q2 2025 vs. YTD Q2 2024 Revenue and Expense Changes (In thousands, except percentages) | Metric | 2025 Amount | 2024 Amount | Change ($) | Change (%) | | :------------------------------------------ | :---------- | :---------- | :--------- | :--------- | | Consignment revenue | $252,434 | $228,362 | $24,072 | 11 % | | Direct revenue | $40,949 | $29,433 | $11,516 | 39 % | | Shipping services revenue | $31,838 | $30,939 | $899 | 3 % | | Cost of consignment revenue | $26,715 | $26,388 | $327 | 1 % | | Cost of direct revenue | $32,420 | $26,045 | $6,375 | 24 % | | Cost of shipping services revenue | $23,387 | $21,556 | $1,831 | 8 % | | Marketing expense | $31,403 | $29,042 | $2,361 | 8 % | | Operations and technology expense | $135,964 | $128,394 | $7,570 | 6 % | | Selling, general and administrative expense | $97,988 | $93,852 | $4,136 | 4 % | | Restructuring charges | $— | $196 | $(196) | (100)% | | Change in fair value of warrant liability | $47,040 | $(9,953) | $56,993 | 100 % | | Gain on extinguishment of debt | $37,101 | $4,177 | $32,924 | 100 % | | Interest income | $2,483 | $4,332 | $(1,849) | (43)% | | Interest expense | $(13,358) | $(9,520) | $(3,838) | 40 % | - Direct revenue increased by 39% due to higher sell-through of inventory from out-of-policy returns and the Get Paid Now program213 - A significant gain of $47.0 million from the change in fair value of warrant liability and a $37.1 million gain on debt extinguishment contributed to the improved net income231232 Liquidity and Capital Resources - Cash and cash equivalents were $94.3 million as of June 30, 2025, with an accumulated deficit of $1,202.8 million235 - The company repaid $27.2 million for the 2025 Notes upon maturity in June 2025236 - Debt exchanges in 2024 and 2025 (2024 Note Exchange and 2025 Note Exchange) extended maturities and reduced principal debt by $17.2 million and $36.7 million, respectively235236 - Net cash used in operating activities increased to $(31.8) million for the six months ended June 30, 2025, from $(10.2) million in the prior year240 - Existing cash and cash equivalents are expected to be sufficient to meet working capital and capital expenditures needs for at least the next 12 months237 Contractual Obligations and Commitments - Total commitments and obligations for the 2028 Notes decreased by $189.8 million due to the 2025 Note Exchange258 - Cash requirements related to the 2031 Notes are $181.9 million, with $5.9 million expected to be paid within the next 12 months258 Critical Accounting Estimates - The $37.1 million gain on debt extinguishment from the 2025 Note Exchange is considered a critical estimate due to the judgment involved in valuing the 2031 Notes and assessing the applicable interest rate256 Recent Accounting Pronouncements - There have been no new developments to recently issued accounting standards from those disclosed in the 2024 Annual Report on Form 10-K257 Item 3. Quantitative and Qualitative Disclosures About Market Risk The company faces market risks, primarily interest rate fluctuations on cash, with limited material impact due to short-term holdings - Unrestricted cash and cash equivalents totaled $94.3 million as of June 30, 2025258 - A hypothetical 10% change in interest rates is not expected to materially impact the company's financial condition or results of operations due to the short-term nature of its cash equivalents258 - The company's costs are subject to inflationary pressures, which could adversely affect its business if not offset259 Item 4. Controls and Procedures Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control - Disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level as of June 30, 2025260 - No changes in internal control over financial reporting materially affected or are reasonably likely to materially affect internal control over financial reporting during the period261 - Management acknowledges the inherent limitations of control systems, which provide reasonable, not absolute, assurance against errors and fraud262 PART II. OTHER INFORMATION Provides additional information including legal proceedings, risk factors, equity sales, and corporate governance updates Item 1. Legal Proceedings The company is involved in ongoing legal proceedings, including a trademark lawsuit and a shareholder class action, with uncertain outcomes - Ongoing lawsuit with Chanel, Inc. alleging trademark infringement, unfair competition, and false advertising; settlement discussions are ongoing, with a stay concluding on August 22, 2025265 - A shareholder class action lawsuit saw a tentative ruling on July 14, 2025, denying class certification for the opt-out plaintiff in Marin County Superior Court266 - The company cannot predict or reasonably estimate the ultimate outcome or loss for the ongoing litigations, which could materially affect its financial position or results of operations265266267 Item 1A. Risk Factors Outlines significant risks to business, financial condition, and operating results, including losses, revenue growth, competition, authentication, data security, and debt - The company has a history of losses and may not achieve or maintain profitability in the future, with an accumulated deficit of $1,202.8 million as of June 30, 2025280 - Revenue growth rates may decline due to factors such as inability to attract and retain consignors, general economic conditions, and increased competition281 - The business is highly dependent on consumer discretionary spending and is vulnerable to economic downturns, inflation, and geopolitical instability302 - The accuracy and reliability of authentication processes are critical; any failure or perceived failure could damage the company's reputation and revenue305 - Risks related to data security breaches, fraud, and reliance on third-party hosts and payment processors could lead to unexpected expenses, operational disruptions, and reputational harm321323 - Significant debt ($97.7 million 2028 Notes, $140.8 million 2029 Notes, $146.7 million 2031 Notes) and warrants (7.9 million shares) pose financial risks, including potential dilution, liquidity concerns, and restrictive covenants359364365 - The accounting methods for warrants and convertible notes materially affect reported financial results due to fair value remeasurements and diluted EPS calculations367368 Risks Relating to Our Business and Industry - The company has a history of losses and may not achieve or maintain profitability, with an accumulated deficit of $1,202.8 million as of June 30, 2025280 - Revenue growth rates may decline due to factors such as inability to attract and retain consignors, general economic conditions, and increased market competition281 - The business experiences seasonal and quarterly variations, with a disproportionate amount of revenue and earnings typically realized in the fourth quarter283 - Greater than expected product returns could exceed reserves, adversely affecting revenue and operating results284 - The company may require additional capital for growth, which could result in significant dilution to existing stockholders or restrictive debt covenants285 Risks Relating to Our Strategy - The company may be unable to successfully execute its retail growth strategy, facing challenges in locating suitable retail space, hiring talent, and managing operational costs289 - International expansion would require significant management attention and resources, subjecting the company to new risks related to local cultures, laws, and regulations291 - Growth strategies, including initiatives to pursue new revenue streams like third-party advertising, may not be successfully implemented or generate sustainable revenue and profit292 Risks Relating to Supply - The company's success depends on its ability to obtain sufficient new and recurring supply of pre-owned luxury goods by attracting and retaining consignors cost-effectively293 - Challenges include attracting and retaining talented sales professionals, which is critical for driving the supply of luxury goods294 - Maintaining brand partnerships is essential for enhancing product offerings and increasing supply, requiring trust in authentication and customer service296 Risks Relating to Demand - Continued growth depends on attracting new and retaining repeat buyers, which requires appealing to diverse customer segments and cost-effective marketing297 - Promotional pricing by national retailers and brands on new luxury goods could adversely affect the company's value proposition to consignors and buyers298 - The company must successfully gauge and respond to changing preferences among consignors and buyers, which is challenging given its unique, single-SKU inventory299 - Reliance on consumer discretionary spending makes the business vulnerable to economic downturns, inflation, and geopolitical instability, potentially leading to decreased sales and AOV302 - The industry is highly competitive, with many competitors possessing greater resources, which could force the company to decrease take rates and negatively impact financial performance304 Risks Related to Marketing and Brand Management - The company's success depends on the accuracy and reliability of its authentication processes; any failure or perceived failure could damage its reputation and impact revenue305 - Promoting and sustaining The RealReal brand is critical, requiring consistent luxury service and trust from consignors, buyers, and brand partners307 - Marketing and advertising activities may fail to efficiently drive growth in consignors and buyers, potentially increasing expenses without proportional sales increases308 - Reliance on third parties for website traffic, such as search engines and mobile app stores, exposes the company to risks from algorithm changes or increased competition for advertisements309 - Public disclosure of Environmental, Social and Governance (ESG) metrics and goals may subject the company to increased scrutiny, compliance costs, and reputational risks if goals are not met or methodologies change311312 Risks Related to Our Merchandising and Fulfillment - The company may be unable to attract, train, and retain specialized personnel and skilled employees required for its complex merchandising and fulfillment operations313 - Challenges in identifying and leasing suitable authentication centers in appropriate geographic regions could adversely affect business growth and operating results314 - Damage or destruction to authentication centers or retail stores, such as the May 2024 warehouse fire, could result in significant liabilities, business disruption, and costs exceeding insurance coverage315316 - Shipping is a critical part of the business; changes in arrangements, costs, interruptions, or damage to products in transit could adversely affect operating results and customer satisfaction317 - Failure to successfully leverage technology, including artificial intelligence and machine learning, to automate and drive efficiencies in operations could harm the business due to flaws, failures, or unforeseen third-party use318 Risks Related to Data Security, Privacy and Fraud - Reliance on third-party hosts for the website and mobile app, and third-party payment processors, makes the company vulnerable to service interruptions, errors, or outages319320 - Failure of data or cyber security could lead to unexpected expenses, compromise data assets, disrupt operations, damage reputation, and result in litigation or regulatory action321322 - The company may incur significant losses from various types of fraudulent transactions, including stolen or counterfeit goods and unauthorized credit card use, which could damage its reputation and lead to litigation323324 Risks Relating to Our Leadership and Employees - The company's success depends on its ability to attract and retain key personnel on its executive team and effectively manage leadership succession, as departures could adversely affect the business326 - Labor-related matters, including potential unionization or disputes, could disrupt operations, cause delays, and increase labor costs, materially affecting the business327 Risks Relating to Our Intellectual Property - The company relies on intellectual property rights (copyright, trade secret, trademark) to protect its brand, proprietary information, technologies, and processes; failure to do so could harm its competitive position328 - Disputes over the fair use doctrine, particularly regarding referencing third-party trademarks, could lead to litigation and adversely affect the business329 Risks Relating to Litigation and Regulatory Uncertainty - The company is currently involved in lawsuits, including a trademark dispute with Chanel and a shareholder class action, with uncertain outcomes that could impose significant costs and adversely affect the business329330332 - Use and processing of personal information are subject to evolving privacy and data protection laws (e.g., CCPA, GDPR), increasing compliance obligations, potential penalties, and requiring significant changes to business practices333334 - Restrictions on 'cookie' tracking technologies or changes in technology could decrease internet user information, harming marketing effectiveness and operating results339 - Application of existing tax laws is subject to interpretation, potentially leading to additional tax liabilities, interest, and penalties, and new tax laws could increase obligations346347 - Failure to comply with applicable laws and regulations (e.g., product safety, secondhand goods) may subject the company to fines, penalties, loss of licensure, or facility closures342343 - The company's ability to use its net operating loss carryforwards (NOLs) and other tax attributes may be limited by ownership changes under Sections 382 and 383 of the Code and the Tax Cuts and Jobs Act348 Risks Related to Ownership of Our Common Stock - The market price of the common stock may be volatile or decline steeply regardless of operating performance, influenced by economic conditions, analyst expectations, and stock sales351352 - Short sellers may manipulate and drive down the market price of the common stock, particularly for securities with limited trading volumes or high volatility353355 - Delaware law and provisions in the company's certificate of incorporation and bylaws could make a merger, tender offer, or proxy contest difficult, potentially depressing the trading price of common stock356357 Risks Related to Our Outstanding Notes and Warrants - The company has incurred a significant amount of debt ($97.7 million 2028 Notes, $140.8 million 2029 Notes, $146.7 million 2031 Notes) and may incur additional indebtedness, which could strain cash flows and limit financing options359 - Indentures governing the 2029 Notes contain restrictive covenants (e.g., liquidity not less than $25 million) and events of default, which could hinder strategy execution or materially affect financial position362363 - Transactions relating to Convertible Senior Notes or Warrants may dilute the ownership interest of stockholders upon conversion or exercise364 - The conditional conversion of Convertible Senior Notes or cash settlement of Warrants, if triggered, could adversely affect liquidity and net working capital365 - The accounting method for Warrants (as liabilities at fair value) and Convertible Senior Notes (as a single liability post-ASU 2020-06) materially affects reported financial results due to fair value remeasurements and diluted EPS calculations367368369 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds No unregistered sales of equity securities occurred in Q2 2025, and IPO proceeds information is unchanged - No unregistered sales of equity securities occurred during the second quarter of 2025371 - Information regarding the use of proceeds from the initial public offering has not changed since the last periodic report372 Item 3. Defaults Upon Senior Securities This item is not applicable - This item is not applicable373 Item 4. Mine Safety Disclosures This item is not applicable - This item is not applicable374 Item 5. Other Information Reports on recent corporate governance and personnel changes, including a new board member and interim Chief People Officer - Mark McCaffrey was appointed to the Board of Directors as a Class I Director, effective August 5, 2025, with an annual cash retainer of $35,000 and an annual equity award of $165,000 in restricted stock units375377 - Chatelle Lynch, Chief People Officer, departed effective August 15, 2025, with her separation treated as an involuntary termination without cause, entitling her to severance benefits379380 - Todd Suko was appointed Interim Chief People Officer, effective August 15, 2025, in addition to his Chief Legal Officer and Secretary roles, and will receive an additional stipend of $10,000 per month379382 - No Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during the fiscal quarter ended June 30, 2025384 Item 6. Exhibits Lists all exhibits filed as part of the Form 10-Q, including agreements, certifications, and XBRL documents - The exhibits include the Separation Agreement with Chatelle Lynch (10.1), Letter Agreement with Todd Suko (10.2), certifications from principal executive and financial officers (31.1, 31.2, 32.1, 32.2), and Inline XBRL documents386 Signatures The Form 10-Q was signed on August 7, 2025, by the Chief Executive Officer and Chief Financial Officer - The report was signed by Rati Sahi Levesque, Chief Executive Officer, and Ajay Madan Gopal, Chief Financial Officer, on August 7, 2025390
The RealReal(REAL) - 2025 Q2 - Quarterly Report