Financial Performance - GMV reached $504 million, a 14% year-over-year increase, driven by unit growth and higher value items[24] - Revenue increased by 14% year-over-year to $165 million, marking the highest quarterly revenue[29] - Adjusted EBITDA was $6.8 million, representing 4.1% of total revenue, an $8.6 million increase compared to the previous year[31] - Gross profit increased by 14% year-over-year to $123 million, resulting in a gross margin of 74.3%[34] Operational Efficiency and Growth - Active buyers expanded by 6% on a trailing 12-month basis, exceeding 1 million[26] - Consignment gross margin increased by 93 basis points year-over-year to 89.3%[20] - Total operating expenses improved by 690 basis points year-over-year[34] Future Outlook - The company raised its full year 2025 outlook, with GMV projected between $2.030 billion and $2.045 billion[20] - Full year 2025 revenue is projected between $667 million and $674 million[20] - Full year 2025 Adjusted EBITDA is projected between $29 million and $32 million[20] Technology and Innovation - AI-driven Athena intake is at approximately 20% of units, with a target of 30-40% by year-end[20]
The RealReal(REAL) - 2025 Q2 - Earnings Call Presentation