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Exhibit 99.2 Nov. 8 , 2021 Dear Stockholders , The RealReal The RealReal Third Quarter 2021 Stockholder Letter We are pleased to announce strong financial results for the third quarter of 2021 with continuing robust top - line growth as well as solid bottom - line improvements . Our product supply has ramped nicely , driven by at - home concierge appointments and our expanded retail footprint . Based on what we know today , we believe the operational and supply impacts to our business from COVID - 19 are effectively behind us , and we are well - positioned for a strong holiday season . Additionally , we believe The RealReal's unique business model is largely insulated from the supply chain shortages and certain of the inflationary impacts many retailers are experiencing . During the third quarter , healthy product supply and strong execution resulted in gross merchandise value ( GMV ) of $ 368 million , an increase of 50 % year - over - year and 46 % compared to the same period in 2019. We achieved these growth rates while also driving improvement in gross profit per order and operating expense leverage , both critical components on our path to profitability . Third quarter gross profit per order was approximately $ 94 , an increase of $ 4 per order , or 4 % improvement year - over - year . In addition , we achieved leverage in all major expense categories in the third quarter of 2021 compared to the third quarter of 2020. While we are in the early innings of delivering operating expense leverage , we believe the Company is starting to see the benefits of previous investments , which will create leverage as we drive toward profitability in the coming quarters . Starting in 2019 and continuing into 2021 , we invested purposefully in strategic areas of the business to support future growth and scalability as well as in necessary costs required to be listed on a public exchange . In particular , we invested in technology , a new authentication center in Phoenix and new , smaller - format neighborhood stores to drive incremental supply . First , we invested in technology primarily related to authentication , pricing and data , which will enable automation in our authentication centers and optimize resale prices without reducing our sales velocity . Second , we accelerated the transition of our authentication center from Brisbane , Calif . , to a larger and lower - cost facility in Phoenix . Finally , we evolved our retail strategy to focus on small - format neighborhood stores and increased the pace of store openings . The smaller format allows us to cost - effectively capture local supply , enhance our brand awareness in select markets , and provide an upscale retail experience for new and returning customers . We plan to open one more store this year and thereafter thoughtfully and strategically expand our retail reach over time . These investments will allow us to drive better unit economics as the business scales . During the third quarter , we also experienced certain pressures to our operations . Specifically , like many retailers , we incurred elevated shipping costs and faced staffing challenges in our authentication centers .