TheRealReal, Inc. (REAL) Form 10-Q — Oct 29, 2026
The RealReal posted Q3 2026 revenue of $206.1 million, up 19% year over year, and swung to net income of $16.0 million from a $54.1 million net loss a year earlier, with Adjusted EBITDA nearly doubling to $17.0 million. GMV grew 23% to $641.5 million on an 8% higher AOV and 15% more orders, though take rate slipped to 36.8% from 37.9% on mix shift toward higher-value items. The quarter was operationally profitable ($1.5M income from operations) for the first time in these comparisons, but headline net income was flattered by a $21.2 million non-cash gain on warrant liability remeasurement as the stock price fell from $15.78 to $8.84 during 2026; diluted EPS remained negative at $(0.04).
Key figures
- Eps
- basic $0.13; diluted $(0.04) for Q3 2026
- Revenue
- 206116000
- Guidance
- None stated; company says existing cash sufficient for at least 12 months
- Net Income
- 16006000
- Total Debt
- Convertible Senior Notes $231.9M net plus non-convertible notes $147.7M net (carrying values)
- Revenue Yoy
- 19% (Q3); 17% (nine months)
- Total Assets
- 403676000
- Cash Position
- 130405000
- Shares Outstanding
- 124713031
- Gmv q3
- 641502000
- Nmv q3
- 490528000
- Term loan
- 150000000
- Gmv q3 yoy
- 23%
- Take rate q3
- 36.8% vs 37.9%
- Adjusted ebitda q3
- 17010000
- Revolving facility
- 25000000
- Adjusted ebitda q3 prior
- 9294000
- Operating cash flow nine months
- 9968000
AI analysis
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