Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation April 14, 2026
Slide 2: Forward-Looking Statements Disclaimer
Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements herein that do not relate to matters of historical fact should be considered forward-looking statements. These statem
Slide 3: Agenda
Agenda 01 Q4 + FY2025 Summary 02 2026 Plans 03 Q1 + FY2026 Guidance Q4 2025 Earnings Presentation 3
Slide 4: Q4 + FY 2025 Summary
Q4 + FY 2025 Summary Q4 2025 Earnings Presentation 4
Slide 5: Q4'25 Key Metrics and Financial Highlights
Q4’25 Key Metrics and Financial Highlights ACTIVE SUBSCRIBERS(1) TOTAL SUBSCRIBERS(3) TOTAL REVENUE 143.8k, Up 20.1% YoY $91.7M AVERAGE ACTIVE SUBSCRIBERS(2) 185.1K 183.6k Up 20.0% YoY 146.4k, Up 16.0% YoY Up 11.9% YoY NET INCOME (LOSS) / GROSS PROFIT / MARGIN ADJ. EBITDA / MARGIN(4) MARGIN $35.4M /
Slide 6: FY2025 Key Metrics and Financial Highlights
FY2025 Key Metrics and Financial Highlights ACTIVE SUBSCRIBERS(1) TOTAL SUBSCRIBERS(3) TOTAL REVENUE 143.8k, Up 20.1% YoY $329.8M AVERAGE ACTIVE SUBSCRIBERS(2) 185.1K 183.6k Up 7.7% YoY 143.6k, Up 8.3% YoY Up 11.9% YoY NET INCOME (LOSS) / GROSS PROFIT / MARGIN ADJ. EBITDA / MARGIN(4) MARGIN $107.5M
Slide 7: Ending Active Subscribers as of January 31, 2026 Up 20% YoY
Ending Active Subscribers as of January 31, 2026 Up 20% YoY Subscribers (in thousands) YoY Growth YoY Active Subs 82% 27% 15% 10% 8% 11% (2)% (1)% 0% (6)% 1% (5)% 1% 13% 12% 20% YoY Avg Active Subs 94% 51% 20% 12% 9% 9% 4% (1)% (0)% (3)% (3)% (2)% (2)% 7% 13% 16% Paused % of Total 24% 28% 24% 26% 22
Slide 8: Total Revenue Up 20% YoY in Q4'25
Total Revenue Up 20% YoY in Q4’25 Total Revenue, Net ($ in Millions) Highlights: ● 92% of revenue from subscribers in Q4’25 YoY Growth 100% 64% 31% 18% 11% (1)% (6)% 1% 1% 4% 5% 1% (7)% 3% 15% 20% Note: FY22 ended January 31, 2023; FY23 ended January 31, 2024; FY24 ended January 31, 2025; FY25 ended
Slide 9: Revenue to Gross Profit - Q4'25 and Q4'24
Revenue to Gross Profit - Q4’25 and Q4’24 Fiscal Quarter Ended January 31, 2026 (in $M) % of Revenue 24% 17% 21% 39% Fiscal Quarter Ended January 31, 2025 (in $M) % of Revenue 26% 22% 14% 38% Note: Calculations are based on unrounded figures. 9
Slide 10: Revenue to Gross Profit - FY25 and FY24
Revenue to Gross Profit - FY25 and FY24 Fiscal Year Ended January 31, 2026 (in $M) % of Revenue 27% 18% 22% 33% Fiscal Year Ended January 31, 2025 (in $M) % of Revenue 27% 21% 14% 38% Note: Calculations are based on unrounded figures. 10
Slide 11: Gross Profit to Adjusted EBITDA - Q4'25 and Q4'24
Gross Profit to Adjusted EBITDA - Q4’25 and Q4’24 Fiscal Quarter Ended January 31, 2026 (in $M) % of Revenue 39% (5)% (10)% (23)% (2)% 0% 0% 19% 0% 2% 20% Fiscal Quarter Ended January 31, 2025 (in $M) % of Revenue 38% (6)% (11)% (27)% (4)% 0% 3% 26% 0% 4% 23% Note: See GAAP to Non-GAAP Reconciliation
Slide 12: Gross Profit to Adjusted EBITDA - FY25 and FY24
Gross Profit to Adjusted EBITDA - FY25 and FY24 Fiscal Year Ended January 31, 2026 (in $M) % of Revenue 33% (8)% (12)% (27)% (3)% 0% 1% 21% 0% 3% 8% Fiscal Year Ended January 31, 2025 (in $M) % of Revenue 38% (9)% (12)% (28)% (4)% (0)% 3% 25% 0% 2% 15% Note: See GAAP to Non-GAAP Reconciliation in app
Slide 13: Adjusted EBITDA to Free Cash Flow - FY25 and FY24
Adjusted EBITDA to Free Cash Flow - FY25 and FY24 Twelve Months Ended January 31, 2026 (in $M) % of Revenue 8% (23)% (1)% (0)% 4% (2)% 1% (14)% Twelve Months Ended January 31, 2025 (in $M) % of Revenue 15% (16)% (1)% 1% (1)% (0)% 1% (2)% Note: See GAAP to Non-GAAP Reconciliation in appendix. Free ca
Slide 14: 2026 Plans
2026 Plans Q4 2025 Earnings Presentation 14
Slide 15: FY25 Was a Year of Meaningful Growth and Structural Transformation
FY25 Was a Year of Meaningful Growth and Structural Transformation Drove growth by making the biggest Inventory acquisition in RTR history Active subscribers grew +20% YoY, ending at 144k Subscriber satisfaction at a peak, with a net promoter score +39% YoY Strengthened our capital structure Q4 2025
Slide 16: 2026 Goals
2026 Goals Delivering the closet of her dreams better, faster, and with more flexibility than ever Diversifying revenue streams through marketplace, advertising, and new B2B services Implementing AI innovation across the business 16 16
Slide 17: New Set of Revenue Generating Strategies
We Are Embarking on a New Set of Revenue Generating Strategies Designed to Expand the Services We Bring to Our Customers and Brand Partners Marketplace 3rd Party Dry Cleaning Services Advertising Revenue Launched a Marketplace pilot that Leveraging our infrastructure to offer dry Focused on scaling
Slide 18: We Want Inventory to Feel Better Than Ever
We Want Inventory to Feel Better Than Ever Opportunistic Procurement In a tumultuous retail environment, some premium brands are seeking immediate liquidation. We see an opportunity for RTR to access high-cost categories and elevated brands at attractive economics. Exclusive Design Momentum Expandin
Slide 19: Transform How She Discovers Inventory by Investing in AI Technology
We Aim to Transform How She Discovers Inventory by Investing in AI Technology Outfit Groupings The Robust PDP Conversational Search Moving away from searching for a single unit Transforming the Product Detail Page into a Improving "Use Case" search. We envision a toward discovering complete looks and
Slide 20: Growing Customer Acquisition with Authenticity: Scaling Word-of-Mouth Tactics
Growing Customer Acquisition with Authenticity: Scaling Word-of-Mouth Tactics Leaning into AI Engine Reallocating a Doubling down on Optimization (AEO) and significant portion of our community-centric SEO strategies designed paid media marketing content and featuring to ensure RTR is the top budget t
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Slide 22: Driving Retention & Revenue Per Customer by Expanding Membership Flexibility
Focus on Driving Retention & Revenue Per Customer by Expanding Membership Flexibility Successfully Grew our Add-on Business Goal to Drive More Revenue Per Customer in 2026 by Further Scaling Add-ons, as well as in FY25 Resale and Reserve Before Year-over-year Growth in Subscription Add-on Gross Book
Slide 23: Q1 & FY2026 Guidance
Q1 & FY2026 Guidance Q4 2025 Earnings Presentation 23
Slide 24: Q1'26 and FY2026 Guidance
Q1’26 and FY2026 Guidance Q1’26 Guidance Total Revenue: $85M - $87M Adjusted EBITDA Margin1: -5% to -7% of Revenue FY2026 Guidance Total Revenue: Double Digit Growth vs FY2025 1 Adjusted EBITDA Margin : 4% - 7% 2 Rental Product Acquired : $45M - $50M 1 Reconciliation of Adjusted EBITDA, Adjusted EBI
Slide 25: Appendix
Appendix Q4 2025 Earnings Presentation 25
Slide 26: Improved the Financial Profile of RTR Significantly Since FY22
Improved the Financial Profile of RTR Significantly Since FY22 Note: See GAAP to Non-GAAP Reconciliation in appendix. Free cash flow defined as net cash (used in) provided by operating activities and net cash (used in) provided by investing activities on a combined 26 basis. Margins calculated as percen
Slide 27: Condensed Consolidated Statements of Operations
Three Months Three Months Year Ended Year Ended Ended 1/31/2026 Ended 1/31/2025 1/31/2026 1/31/2025 Condensed (In millions, except per share amounts) Total revenue, net $91.7 $76.4 $329.8 $306.2 Consolidated Fulfillment 21.6 20.2 88.5 82.8 Technology 9.4 8.7 39.3 35.7 Marketing 4.6 4.3 27.0 28.2 Stat
Slide 28: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (in millions) As Of 1/31/2026 As Of 1/31/2025 Cash and cash equivalents $50.4 $77.4 Restricted cash, current 4.5 4.7 Prepaid expenses and other current assets 11.8 11.8 Restricted cash, fixed 4.2 4.4 Rental product, net 86.0 73.3 Fixed and intangible assets, net
Slide 29: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements Year Ended Year Ended Year Ended of Cash Flows 1/31/2026 1/31/2025 1/31/2024 (in millions) Net income (loss) $22.6 $(69.9) $(113.2) Net cash (used in) provided by operating activities 3.5 12.9 (15.7) Net cash (used in) provided by investing activities (49.5) (20.1)
Slide 30: Selected Cash Flows Detail and Supplemental
Selected Cash Flows Detail and Year Ended Year Ended Supplemental (in millions) 1/31/2026 1/31/2025 Cash Flow INVESTING ACTIVITIES Purchases of rental product $(75.9) $(49.2) Information Proceeds from liquidation of rental product Proceeds from sale of rental product $2.6 $28.4 $5.4 $28.1 Purchases
Slide 31: Reconciliation of Purchases of Rental Product to Rental Product Acquired
Reconciliation of Purchases of Rental Product to Year Ended 1/31/2026 Year Ended 1/31/2025 Rental (in millions) Cost of owned rental product paid for in the period, Product Purchases of rental product $(75.9) $(49.2) as presented on the Condensed Consolidated Statements of Cash Flows. Cost of owned
Slide 32: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation Three Months Ended 1/31/2026 Three Months Ended 1/31/2025 Year Ended 1/31/2026 Year Ended 1/31/2025 Year Ended 1/31/2024 Year Ended 1/31/2023 of Net Income (in millions) Net income (loss) $(1.4) $(13.4) $22.6 $(69.9) $(113.2) $(138.7) (Loss) to Interest (income) / expense, net Rental
Slide 33: Reconciliation of Cash Used by Operating Activities to Free Cash Flow
Reconciliation of Cash Used by Operating Activities to Three Three Three Months Months Months Ended Ended Ended Year Ended Year Ended Year Ended Year Ended Free Cash 1/31/2026 1/31/2025 1/31/2024 1/31/2026 1/31/2025 1/31/2024 1/31/2023 (in millions) Flow Net cash (used in) provided by operating acti
Slide 34: Operating Expense Detail
Operating Expense Three Months Ended 1/31/2026 Three Months Ended 1/31/2025 Year Ended 1/31/2026 Year Ended 1/31/2025 Detail (in millions) Technology $9.4 $8.7 $39.3 $35.7 Marketing $4.6 $4.3 $27.0 $28.2 General and administrative $20.8 $20.6 $88.8 $86.8 Total operating expenses $34.8 $33.6 $155.1 $