Company Overview - The RealReal operates an online marketplace for consigned luxury goods, connecting sellers and buyers of premium products through a digital platform [6][9] - The company generates revenue by facilitating the resale of authenticated luxury items, serving fashion-conscious consumers and collectors in the United States [9] Financial Performance - For the third quarter, The RealReal reported a 20% year-over-year increase in Gross Merchandise Value (GMV) and a 17% increase in revenue [10] - The adjusted EBITDA margin improved by 380 basis points to 5.4%, indicating a meaningful shift in profitability compared to recent years [10] - The company's total revenue for the trailing twelve months (TTM) is $662.8 million, with a net income of -$71.5 million [4] Market Position - The RealReal's market capitalization is approximately $1.6 billion, with shares priced at $13.98, reflecting a 128% increase over the past year, significantly outperforming the S&P 500, which is up 13% in the same period [3][4] - As of September 30, Manatuck Hill Partners held nearly 1.3 million shares of The RealReal, representing about 4.5% of its 13F reportable assets under management (AUM) [2][3] Growth Indicators - The company is showing signs of durable operating momentum, with accelerating growth and expanding margins, leading to raised full-year guidance [7] - Rising average order values and a growing active-buyer base indicate improving engagement within the platform [10] Investment Insights - Despite shares trading roughly 50% below pandemic-era highs, the recent performance suggests that The RealReal is executing better and demonstrating improved profitability and cash generation [7][12] - Sustained margin expansion and disciplined cost control will be crucial for the stock to achieve a more durable re-rating in the market [12]

Core Insights - The RealReal, a luxury resale marketplace, has seen its stock price increase by over 200% in the past year, indicating strong sector momentum [1][4] - Notable insider sales occurred on November 21, 2025, with CFO Ajay Gopal selling 30,196 shares and CEO Rati Sahi Levesque selling 97,036 shares [1][9] Company Overview - The RealReal operates a curated online marketplace for consigned luxury goods, including apparel, jewelry, watches, and home decor [5][6] - The company follows a commission-based model, generating revenue from the sale of authenticated pre-owned luxury items on behalf of consignors [5] - As of the latest financial data, the company reported a total revenue of $662.79 million and a net income of -$71.47 million [4] Insider Transactions - Ajay Gopal's sale of 30,196 shares represented 2.5% of his direct holdings, reducing his stake to 1,184,612 shares, valued at approximately $16.0 million post-transaction [2][8] - The shares were sold at around $13.06 each, with a closing price of $13.52 on the transaction date, reflecting a significant appreciation of 202% over the previous twelve months [8][11] - CEO Rati Sahi Levesque's sale accounted for about 5.7% of her shares, indicating a broader trend of insider selling among the executive team [9][10] Market Context - The surge in The RealReal's stock price, reaching a three-year high, may have prompted insiders to liquidate some of their holdings [11] - Despite the insider sales, both the CFO and CEO retain substantial amounts of stock, suggesting confidence in the company's future [11]

Core Insights - The RealReal reported $173.57 million in revenue for Q3 2025, a 17.5% year-over-year increase, and an EPS of -$0.49, compared to -$0.09 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $169.53 million by 2.39%, while the EPS fell short of the consensus estimate of -$0.14 by 250% [1] Financial Performance Metrics - Average Order Value (AOV) was $584.00, surpassing the estimated $554.00 [4] - The number of orders was 890, slightly below the estimated 900 [4] - Gross Merchandise Value (GMV) reached $519.81 million, exceeding the estimate of $498.3 million [4] - Consignment revenue was $134.43 million, below the estimate of $140.1 million but reflecting a 15% increase year-over-year [4] - Direct revenue was $22.93 million, significantly above the estimated $18.81 million, marking a 46.8% year-over-year increase [4] - Shipping services revenue was $16.22 million, in line with the estimate of $16.2 million, representing a 6.5% year-over-year increase [4] Stock Performance - The RealReal's shares have returned +16.3% over the past month, outperforming the Zacks S&P 500 composite's +0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Insights - The RealReal will release its financial results for Q2 2025 on August 7, 2025, after market close [1] - A conference call to discuss the financial results will take place at 2:00 p.m. Pacific Time [1] Company Overview - The RealReal is the largest online marketplace for authenticated resale luxury goods, boasting over 40 million members [2] - The company employs a rigorous authentication process with hundreds of in-house experts, including gemologists and brand authenticators [2] - The RealReal supports the circular economy by giving new life to luxury items across various categories, including fashion, jewelry, art, and home [2] - The company offers services such as free virtual appointments, in-home pickup, and direct shipping to facilitate the selling process for consignors [2]

Core Insights - The RealReal has successfully paid off the remaining $26,749,000 of its 3% Convertible Senior Notes due 2025, marking a significant step in reducing its overall debt [1][2] - The company has reduced its total indebtedness by $63 million year to date and $81 million over the last 16 months, indicating a strong focus on deleveraging [1][2] - The CFO highlighted that the paydown enhances financial flexibility and supports strategic growth initiatives, reinforcing the company's position in the luxury resale market [2] Company Overview - The RealReal is the largest online marketplace for authenticated resale luxury goods, boasting over 38 million members [3] - The company employs a rigorous authentication process with hundreds of in-house experts to ensure the reliability of its platform for buying and selling luxury items [3] - The RealReal promotes sustainability by supporting the circular economy, offering services such as free virtual appointments, in-home pickups, and direct shipping for consignors [3]