Business
The RealReal Announces First Quarter 2022 Results
Q1 2022 Gross Merchandise Value Increased 31% Year-Over-YearQ1 2022 Total Revenue Increased 48% Year-Over-Year SAN FRANCISCO, May 10, 2022 (GLOBE NEWSWIRE) --
About this update from The Realreal, Inc.
[{"type":"text","content":"Q1 2022 Gross Merchandise Value Increased 31% Year-Over-YearQ1 2022 Total Revenue Increased 48% Year-Over-Year SAN FRANCISCO, May 10, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL)—the world’s largest online marketplace for authenticated, resale luxury goods—today reported financial results for its first quarter ended March 31, 2022. The company reported solid top-line growth and significant operating expense leverage. First quarter 2022 gross merchandise value (GMV) increased 31%, compared to the same period in 2021. “We are pleased with our financial results for the first quarter of 2022, which exceeded our expectations on both the top- and bottom-line. The strong growth is particularly noteworthy given the COVID-related staff absences in our Authentication Centers early in the year, which negatively impacted the time for processing and launching items on our website. During the first quarter, we also continued to deliver significant operating expense leverage on both our fixed and variable expenses,” said Julie Wainwright, founder and CEO of The RealReal. Wainwright added, “We continue to see strong demand in our business despite recent geopolitical events and uncertainty surrounding macroeconomic trends. In fact, as inflation has ramped and prices have increased in the primary (i.e. new goods) luxury market, we believe The RealReal is a demonstrated value option offering unique and highly coveted items in our online marketplace. We believe we are well positioned for a strong year.” Robert Julian, CFO of The RealReal, stated, “Based on our strong first quarter results, we are pleased to confirm our full year 2022 guidance that was provided previously. Additionally, we are on track to achieve the financial targets in our Vision 2025 based on the key assumptions of continued top-line growth of at least 30% annually, variable cost productivity and fixed cost leverage.” First Quarter Financial Highlights GMV was $428 million, an increase of 31% compared to the same period in 2021Total Revenue was $147 million, an increase of 48% compared to the same period in 2021Net Loss was $57 million compared to $56 million in the same period in 2021Adjusted EBITDA was $(35.3) million or (24.1)% of total revenue compared to $(35.6) million or (36.1)% of total revenue in the first quarter of 2021GAAP basic and diluted net loss per share ...