The RealReal(US:REAL)2025-11-10 22:00Financial Performance - The RealReal achieved a record quarterly GMV of $520 million, a 20% year-over-year increase[20, 24] - Revenue reached $174 million, up 17% year-over-year, with Consignment Revenue increasing by 15% and Direct Revenue by 47%[29] - Adjusted EBITDA was $9.3 million, representing 5.4% of Total Revenue, a 380 basis points year-over-year increase[20, 31] - The company generated $14 million in Free Cash Flow[20] Operational Efficiency and Scalability - Athena, the company's AI-enabled product intake process, scaled to approximately 27% of all units and is on track for 30-40% by year-end[20] - Consignment Gross Margin increased by 70 basis points year-over-year to 89.3%[20] - Operating Expenses improved by 620 basis points year-over-year as a percentage of revenue due to operating efficiencies, AI and automation, and fixed cost leverage[20, 34] Customer Engagement - Active Buyers reached an all-time high of 1.024 million, a 7% increase on a trailing 12-month basis[20, 26] - Supply value per existing Luxury Manager increased by 12% year-over-year, driven by a new compensation plan and AI investments[20] - Over 80% of GMV comes from repeat customers[44] Outlook - The company raised its Full-Year 2025 Guidance[20] - The FY25 Adjusted EBITDA outlook reflects approximately 400 basis points margin expansion versus 2024 at the guidance midpoint[20] - Full year GMV is projected to be between $2.099 billion and $2.109 billion[36] - Full year Revenue is projected to be between $687 million and $690 million[36] - Full year Adjusted EBITDA is projected to be between $37.7 million and $38.7 million[36]