Slide 1: Q1 2026 Financial Results
Q1 2026 Fin an cial Re sults May 7, 2026
Slide 2: Safe Harbor/Disclosure Statement
Q1 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
Q1 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 For the Better Full-servi
Slide 4: Clear and Focused Strategy
Q2 2026 Q1 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
Q1 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: Q1 2026 Key Highlights
Q1 2026 FINANCIAL RESULTS • Strong Top-Line Growth: GMV reached $606M (+24% Y/Y) and Total Revenue increased to $190M (+19% Y/Y) GROWTH & • Engagement Accelerated: Trailing 12-Month Active Buyers MARKET grew 10% Y/Y to 1.08M LEADERSHIP • Flywheel Momentum: 43% of new sellers are now coming from our
Slide 7: Q1 Financial Summary
Q1 2026 FINANCIAL RESULTS Q1 Financial Summary GMV ($M) ACTIVE BUYERS - TTM (000s) +10% +24% YoY YoY 1,083 $616 $606 1,056 1,024 $504 $520 $490 1,001 985 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GMV growth driven by a combination of more TTM Active Buyers grew orders and higher av
Slide 8: Q1 Financial Summary
Q1 2026 FINANCIAL RESULTS Q1 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) 6.9% +18% of Total YoY Revenue $194 $21.9 $190 $174 $165 $160 $13.1 $9.3 $6.8 $4.1 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Revenue growth from Adjusted EBITDA was $13.1M, Consignment Revenue up 18% a
Slide 9: Q1 Financial Summary
Q1 2026 FINANCIAL RESULTS Q1 Financial Summary GROSS MARGIN OPERATING EXPENSES (% of Total Revenue) OPERATIONS & SELLING, GENERAL -50bps MARKETING TECHNOLOGY & ADMINISTRATIVE YoY 75.0% 74.5% 41.9% 38.3% 31.2% 27.6% 9.9% 9.8% Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Gross Margin decreased 50 T
Slide 10: 2026 Outlook
Q1 2026 FINANCIAL RESULTS 2026 Outlook $590M - $600M GMV $2.42B - $2.47B Full Year 2026 Q2 2026 $186M - $189M REVENUE $770M - $784M ADJUSTED $11M - $12M $59M - $67M EBITDA 10
Slide 11: Key Advantages and Differentiators
Q1 Q2 2026 2025 FINANCIAL RESULTS Key Advantages LEADER IN LUXURY RESALE INDUSTRY and Differentiators scaled platform with strong brand equity and rich data assets A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds DIFFERENTIATED MODEL built on foundation of trust,
Slide 12: Appendix
The RealReal Appendix
Slide 13: Obsessions: Brands Trending on TRR
Q1 2026 FINANCIAL RESULTS Q1 2026 Obsessions: Brands Trending on TRR FPO FPO FPO 80’s Opulence Top Tier Investments Gen Z Favorites American Brands* Mugler Hermès Miu Miu The Row Alaïa Chanel Chloé Ralph Lauren Fur Rolex Coach Calvin Klein Collection Schiaparelli Bvlgari Staud Tom Ford Roberto Caval
Slide 14: Key Financial Metrics
Q1 2026 FINANCIAL RESULTS KEY FINANCIAL METRICS 14
Slide 15: Income Statement
Q1 2026 FINANCIAL RESULTS INCOME STATEMENT 15
Slide 16: Balance Sheet 1 of 2
Q1 2026 FINANCIAL RESULTS BALANCE SHEET 1 of 2 16
Slide 17: Balance Sheet 2 of 2
Q1 2026 FINANCIAL RESULTS BALANCE SHEET 2 of 2 17
Slide 18: Free Cash Flow Reconciliation of GAAP to Non-GAAP Results
Q1 2026 FINANCIAL RESULTS FREE CASH FLOW RECONCILIATION OF GAAP TO NON- GAAP RESULTS 18
Slide 19: Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Results
Q1 2026 FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION OF GAAP TO NON- (1) GAAP RESULTS (2) (1) The gain on extinguishment of debt for the three months ended March 31, 2025 reflects the difference between the carrying value of the February 2025 Exchanged Notes and the fair value of the 2031 Notes.
Slide 20: The RealReal
The RealReal