The Realreal, Inc. · NASDAQ:REAL
The Realreal — Q3 2026 Earnings Presentation
21 slides from The Realreal's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Financial Results
Q3Q3 2026 2026 Financial Financial Results Results October October 29, 2026 29, 2026
Slide 2: Safe Harbor/Disclosure Statement
Q3 2026 FINANCIAL RESULTS Safe Harbor/Disclosure Statement These materials contain forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. I
Slide 3: Changing The Way People Shop For the Better
Q3 2026 FINANCIAL RESULTS Changing The Trusted market leader in luxury resale across diverse categories & brands Tenured sales team nurtures highly-engaged community of buyers & consignors Way People Shop Rich data and technology expertise driving pricing and authentication Full-service approach red
Slide 4: Clear and Focused Strategy
Q2 2026 Q3 2025 FINANCIAL RESULTS Clear and Focused Strategy UNLOCK SUPPLY OBSESS OPERATIONAL THROUGH OVER EXCELLENCE GROWTH PLAYBOOK SERVICE SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA 4
Slide 5: Proprietary Technology and Data Is A Key Differentiator
Q3 2026 FINANCIAL RESULTS Proprietary Technology and Data Is A Key Differentiator ~15 YEARS OF RICH DATA ON >50 MILLION ITEMS Including luxury item images and attributes, pricing/transactions, and customer behavior PROPRIETARY ADVANCED AI OPERATIONAL SYSTEMS AND ANALYTICS SOPHISTICATED BEST-IN-CLASS
Slide 6: Q3 2026 Key Highlights
Q3 2026 FINANCIAL RESULTS • Record GMV of $642M, up 23% Y/Y; accelerating to 40%+ on a two-year stacked basis CUSTOMERS & • Record Revenue of $206M, up 19% Y/Y; record Orders up 15% Y/Y — strongest order growth since 2022 MARKET • TTM Active Buyers exceeded 1.15M, up 13% Y/Y; LEADERSHIP • Gen Z buye
Slide 7: Q3 Financial Summary
Q3 2026 FINANCIAL RESULTS Q3 Financial Summary GMV ($M) ACTIVE BUYERS - TTM (000s) +13% +23% YoY YoY $642 1,152 $616 $606 $617 1,107 1,083 $520 1,056 1,024 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 GMV increased 23% versus last year, up over Active Buyers accelerated to +13% 40% on
Slide 8: Q3 Financial Summary
Q3 2026 FINANCIAL RESULTS Q3 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) 8.3% +19% of Total YoY Revenue $21.9 $206 $194 $190 $193 $17.0 $174 $13.1 $13.5 $9.3 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Balanced growth with Consignment Revenue Adjusted EBITDA was $17.0M, up 18
Slide 9: Q3 Financial Summary
Q3 2026 FINANCIAL RESULTS Q3 Financial Summary GROSS MARGIN OPERATING EXPENSES (% of Total Revenue) OPERATIONS & SELLING, GENERAL +60bps MARKETING TECHNOLOGY & ADMINISTRATIVE YoY 74.3% 74.9% 40.7% 38.1% 29.7% 27.3% 8.1% 8.8% Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Q3'25 Q3'26 Gross Profit grew 20% to $1
Slide 10: Potential Path for Strengthening Our Balance Sheet and Reducing Total Debt to $150M
Q3 2026 FINANCIAL RESULTS Potential Path for Strengthening Our STRENGTHENING Balance Sheet and Reducing Total OUR BALANCE Debt to $150M(1) SHEET (For Illustrative Purposes Only - not a forecast, projection or target. Actual outcomes will depend on, among other things, our cash flows, the trading pri
Slide 11: 2026 Outlook
Q3 2026 FINANCIAL RESULTS 2026 Outlook $720M - $735M GMV $2.585B - $2.600B Full Year 2026 Q4 2026 $218M - $222M REVENUE $806M - $810M $27.5M - ADJUSTED $71.1M - $29.0M EBITDA $72.6M 11
Slide 12: Key Advantages and Differentiators
Q2 2026 Q3 2025 FINANCIAL RESULTS Key Advantages LEADER IN LUXURY RESALE INDUSTRY scaled platform with strong brand equity and highly engaged member and Differentiators base A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds DIFFERENTIATED MODEL built on foundation
Slide 13: Appendix
The RealReal Appendix
Slide 14: Obsessions: Brands Trending on TRR
Q3 2026 FINANCIAL RESULTS Q3 2026 Obsessions: Brands Trending on TRR FPO New Classics Investment Worthy Print Maximalism Gen Z Favorites Phoebe Philo Chanel Dries van Noten Miu Miu TOTEME Hermès Roberto Cavalli Coach Róhe Rolex Emilio Pucci Cult Gaia TWP Patek Philippe Etro Jacquemus Heirlome Bvlgar
Slide 15: Key Financial Metrics
Q3 2026 FINANCIAL RESULTS KEY FINANCIAL METRICS 15
Slide 16: Income Statement
Q3 2026 FINANCIAL RESULTS INCOME STATEMENT 16
Slide 17: Balance Sheet 1 of 2
Q3 2026 FINANCIAL RESULTS BALANCE SHEET 1 of 2 17
Slide 18: Balance Sheet 2 of 2
Q3 2026 FINANCIAL RESULTS BALANCE SHEET 2 of 2 18
Slide 19: Free Cash Flow Reconciliation of GAAP to Non-GAAP Results
Q3 2026 FINANCIAL RESULTS FREE CASH FLOW RECONCILIATION OF GAAP TO NON- GAAP RESULTS 19
Slide 20: Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Results
Q3 2026 FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION OF GAAP TO NON- (1) GAAP RESULTS (2) (3) (1) The gain on extinguishment of debt for the three months ended September 30, 2025 reflects the difference between the carrying value of the 2025 Exchanged Notes and the fair value of the 2031 Notes.
Slide 21: The RealReal
The RealReal