The RealReal, Inc. (REAL) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.738 Good afternoon, everyone. My name is Lennius and I will be your conference operator today. 00:00:05.738 -- 00:00:10.824 At this time, I would like to welcome you to the RealReal fourth quarter 2025 earnings 00:00:10.824 -- 00:00:15.970 call. All lines have been placed on mute. After the speaker's remarks, 00:00:15.970 -- 00:00:18.654 there will be a question and answer session. 00:00:18.654 -- 00:00:22.919 At this time, I would like to turn the call over to Caitlin Howe, Senior Vice President 00:00:22.919 -- 00:00:24.280 of Finance. 00:00:24.280 -- 00:00:29.371 Thank you, Operator. Joining me today to discuss our results for the period ended 00:00:29.371 -- 00:00:32.178 December 31st, 2025, 00:00:32.178 -- 00:00:37.690 our Chief Executive Officer and President, Ratsi Levesque, and Chief Financial 00:00:37.690 -- 00:00:42.813 Officer, Ajay Gopal. Before we begin, I would like to remind you that during 00:00:42.813 -- 00:00:47.918 today's call, we will make forward-looking statements, which involve known and 00:00:47.918 -- 00:00:50.881 unknown risks and uncertainties. 00:00:50.881 -- 00:00:57.205 Our actual results may differ materially from those suggested in such statements. 00:00:57.247 -- 00:01:01.572 You can find more information about these risks, uncertainties, and other factors that 00:01:01.572 -- 00:01:06.637 could affect our operating results in the company's most recent Form 10-K and subsequent 00:01:06.637 -- 00:01:10.198 quarterly reports on Form 10-Q. 00:01:10.332 -- 00:01:15.418 Today's presentation will also include certain non-GAAP financial measures, both historical 00:01:15.418 -- 00:01:20.424 and forward-looking. We have provided reconciliations for historical non-GAAP 00:01:20.424 -- 00:01:25.149 financial meas...