Slide 1: Q2 2025 Financial Results
Q2 2025 Financial Results August 7, 2025
Slide 2: Safe Harbor/Disclosure Statement
Q2 2025 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
Q2 2025 FINANCIAL RESULTS Trusted market leader in luxury resale across diverse categories & brands Changing The 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 2025 FINANCIAL RESULTS Clear and Focused Strategy UNLOCK SUPPLY DRIVE OBSESS THROUGH OPERATIONAL OVER GROWTH PLAYBOOK EFFICIENCY SERVICE SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA 4
Slide 5: Proprietary Technology and Data Is A Key Differentiator
Q2 2025 FINANCIAL RESULTS Proprietary Technology and Data Is A Key Differentiator 14+ YEARS OF RICH DATA Including luxury item images and attributes, pricing/transactions, and customer behavior PROPRIETARY ADVANCED AI OPERATIONAL SYSTEMS AND ANALYTICS SOPHISTICATED BEST-IN-CLASS AUTOMATED PERSONALIZ
Slide 6: Q2 2025 Key Highlights
Q2 2025 FINANCIAL RESULTS • Exceeded expectations with record GMV and Revenue RECORD GMV, • Active buyers expanded 6% on a trailing 12-month basis, REVENUE, exceeding 1 million active buyers AND NEW • Focus areas for growth playbook: ○ New sales team compensation plan CONSIGNORS ○ Strategic high-val
Slide 7: Q2 Financial Summary
Q2 2025 FINANCIAL RESULTS Q2 Financial Summary GMV ($M) ACTIVE BUYERS (000s) +6% +14% YoY YoY GMV of $504M, increased 14% Active Buyers expanded to 1 million, up 6% year-over-year, driven primarily by on a trailing 12-month basis reflecting our growth in units and, to a lesser market reach and leade
Slide 8: Q2 Financial Summary
Q2 2025 FINANCIAL RESULTS Q2 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) +4.1% +14% of Revenue YoY Revenue of $165M increased 14% Adjusted EBITDA was $6.8M , or 4.1% of Total Revenue, year-over-year. In Q2, we delivered our increasing $8.6M versus the prior year. Adjusted highest quarterly R
Slide 9: Q2 Financial Summary
Q2 2025 FINANCIAL RESULTS Q2 Financial Summary GROSS MARGIN OPERATING EXPENSES (% of Total Revenue) OPERATIONS & SELLING, GENERAL RESTRUCTURING / MARKETING TECHNOLOGY & ADMINISTRATIVE OTHER +20 bps YoY 0.0% 0.0% Gross Profit of $123M Total Operating Expenses improved 690 bps year-over-year. Excludin
Slide 10: 2025 Outlook
Q2 2025 FINANCIAL RESULTS 2025 Outlook $495M - $502M $2.030B - $2.045B Full Year 2025 GMV Q3 2025 $167M - $170M REVENUE $667M - $674M ADJUSTED $6.1M - $7.1M $29M - $32M EBITDA 10
Slide 11: Key Advantages and Differentiators
Q2 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, expertis
Slide 12: Appendix
The RealReal Appendix
Slide 13: Q2 2025 Obsession Trends
Q2 2025 FINANCIAL RESULTS Q2 2025 Obsession Trends Branded Jewelry Handbags RTW Top Jewelry High end + more accessible Heritage brands trending Luxe Investment Brands Collections brands rise to the top along with Mid-value Cartier Hermes Prada Cartier Love Van Cleef & Arpels Louis Vuitton Brunello J
Slide 14: Key Financial Metrics
Q2 2025 FINANCIAL RESULTS KEY FINANCIAL METRICS 14
Slide 15: Income Statement
Q2 2025 FINANCIAL RESULTS INCOME STATEMENT 15
Slide 16: Balance Sheet 1 of 2
Q2 2025 FINANCIAL RESULTS BALANCE SHEET 1 of 2 16
Slide 17: Balance Sheet 2 of 2
Q2 2025 FINANCIAL RESULTS BALANCE SHEET 2 of 2 17
Slide 18: Free Cash Flow Reconciliation of GAAP to Non-GAAP Results
Q2 2025 FINANCIAL RESULTS FREE CASH FLOW RECONCILIATION OF GAAP TO NON-GAAP RESULTS 18
Slide 19: Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Results
Q2 2025 FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION OF GAAP TO (1) NON-GAAP (2) RESULTS (3) (1) Other charges for the three months ended June 30, 2024 consist of legal settlement charges. (2) The change in fair value of warrant liability for the three months ended June 30, 2025 and June 30, 202
Slide 20: The RealReal
The RealReal