The RealReal, Inc. (REAL) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.858 Good afternoon, everyone. My name is Megan and I will be your conference operator today. 00:00:04.858 -- 00:00:09.505 At this time, I would like to welcome you to the RealReal First Quarter 2026 earnings 00:00:09.505 -- 00:00:14.572 call. All lines have been placed on mute. After the speaker's remarks, there will be 00:00:14.572 -- 00:00:19.619 a question and answer session. At this time, I would like to turn the call over to Caitlin 00:00:19.619 -- 00:00:23.217 Howe, Senior Vice President of Finance. 00:00:23.217 -- 00:00:28.330 Thank you, Operator. Joining me today to discuss our results for the period ended 00:00:28.330 -- 00:00:31.212 March 31st, 2026, 00:00:31.578 -- 00:00:36.991 our Chief Executive Officer and President, Rati Levesque, and Chief Financial Officer, 00:00:36.991 -- 00:00:42.329 Ajay Gopal. Before we begin, I would like to remind you that during today's 00:00:42.329 -- 00:00:47.797 call, we will make forward-looking statements, which involve known and unknown risks 00:00:47.797 -- 00:00:52.965 and uncertainties. Our actual results may differ materially from those suggested in such 00:00:52.965 -- 00:00:58.173 statements. You can find more information about these risks, uncertainties, and other 00:00:58.173 -- 00:01:03.021 factors that could affect our operating results in the company's most recent Form 10-K 00:01:03.021 -- 00:01:07.632 and subsequent quarterly reports on Form 10-Q. 00:01:07.632 -- 00:01:12.840 Today's presentation will also include certain non-GAAP financial measures, both historical 00:01:12.840 -- 00:01:14.823 and forward-looking. 00:01:14.823 -- 00:01:19.691 We have provided reconciliations for historical non-GAAP financial measures to the most 00:01:19.691 -- 00:01:24.779 comparable GAAP mea...