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O PRADA The RealReal Q2 2026 Financial Results August 6 , 2026
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Q2 2026 FINANCIAL RESULTS 2 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. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “target,” “contemplate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the recent geopolitical events, and uncertainty surrounding macroeconomic trends, financial guidance, anticipated growth in 2026, the anticipated impact of generative AI, and financial targets, goals and projections. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, inflation, macroeconomic uncertainty, geopolitical instability, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations, labor shortages and other reasons. More information about factors that could affect the company's operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investor.therealreal.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements. These materials and the accompanying oral presentations also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation. In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes the non-GAAP financial measures of Adjusted EBITDA, Free Cash Flow, and Adjusted EBITDA Margin (Adjusted EBITDA as a percentage of revenue). These non-GAAP measures are presented for supplemental information purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of other GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included at the end of this presentation. We have not reconciled forward-looking Adjusted EBITDA to the most directly comparable GAAP measures of Net Income (Loss) because we cannot predict with reasonable certainty the ultimate outcomes of certain components of such reconciliations, including payroll tax expense on employee stock transactions, that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future Net Income (Loss).
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Q2 2026 FINANCIAL RESULTS 3 Changing The Way People Shop For the Better Trusted market leader in luxury resale across diverse categories & brands Rich data and technology expertise driving pricing and authentication Full-service approach reduces friction for consignors and unlocks supply Tenured sales team nurtures highly-engaged community of buyers & consignors Capital-light consignment business model with attractive margins
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Q2 2026 FINANCIAL RESULTSQ2 2025 FINANCIAL RESULTS 4 Clear and Focused Strategy UNLOCK SUPPLY THROUGH GROWTH PLAYBOOK OBSESS OVER SERVICE OPERATIONAL EXCELLENCE Q2 2026 FINANCIAL RESULTS SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA
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Q2 2026 FINANCIAL RESULTS 5 Proprietary Technology and Data Is A Key Differentiator SOPHISTICATED PRICING ALGORITHMS BEST-IN-CLASS AUTHENTICATION AUTOMATED WORKFLOW PERSONALIZED EXPERIENCE PROPRIETARY OPERATIONAL SYSTEMS ADVANCED AI AND ANALYTICS ~15 YEARS OF RICH DATA ON >50 MILLION ITEMS Including luxury item images and attributes, pricing/transactions, and customer behavior
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Q2 2026 FINANCIAL RESULTS GROWTH & MARKET LEADERSHIP 6 Q2 2026 Key Highlights STRONG PROFITABILITY & FY’26 OUTLOOK • Expanded Margins: Q2 Adj. EBITDA of $13.5M (7.0% margin), up 290 bps Y/Y • Q3 2026 Outlook: Projecting GMV of $610M – $620M and Adj. EBITDA of $13.5M – $14.5M • Raised FY'26 Outlook: Projecting FY26 GMV of $2.535B – $2.565B and Adj. EBITDA of $66M – $69M AI-DRIVEN EFFICIENCY AND SCALABILITY • Significant OpEx Leverage: Operating Expenses leveraged 470 basis points Y/Y as a percent of revenue • Athena AI Intake: On track for year-end target of nearly 50% of items flowing fully through our AI-enabled intake system • AI Pricing Fully Launched: Initial pricing, lifecycle discounting, and image-based valuation all operating as planned • Record Top-Line Growth: GMV reached an all-time high of $617M, our 4th consecutive quarter above 20% GMV growth, Total Revenue increased to $193M (+17% Y/Y) • Engagement Accelerated: Trailing 12-Month Active Buyers grew 11% Y/Y, surpassing 1.1M • Flywheel Momentum: 44% of new consignors came from our active buyer base
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Q2 2026 FINANCIAL RESULTS Active Buyers surpassed 1.1 million, accelerating for the fourth consecutive quarter 7 Q2 Financial Summary GMV ($M) ACTIVE BUYERS - TTM (000s) +22% YoY Record GMV, our fourth consecutive quarter of growth above 20% year-over-year +11% YoY
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Q2 2026 FINANCIAL RESULTS 8 Q2 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) +17% YoY 7.0% of Total Revenue Revenue growth from Consignment Revenue up 15% and Direct Revenue up 26% YoY Adjusted EBITDA was $13.5M, or 7.0% of Total Revenue, up 290 basis points YoY
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Q2 2026 FINANCIAL RESULTS 9 Q2 Financial Summary GROSS MARGIN +10bps YoY Gross Profit grew 17% to $143 million as Gross Margin expanded 10 basis points YoY OPERATING EXPENSES (% of Total Revenue) Total Operating Expenses leveraged 470 bps YoY as a percent of revenue driven by AI and automation, partially offset by a deliberate increase in marketing investment MARKETING OPERATIONS & TECHNOLOGY SELLING, GENERAL & ADMINISTRATIVE
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Q2 2026 FINANCIAL RESULTS Full Year 2026 Q3 2026 10 GMV$610M - $620M REVENUE $194M - $198M ADJUSTED EBITDA$13.5M - $14.5M $66M - $69M $2.54B - $2.57B $788M - $797M 2026 Outlook
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Q2 2026 FINANCIAL RESULTSQ2 2025 FINANCIAL RESULTS Key Advantages and Differentiators Q2 2026 FINANCIAL RESULTS 11 LEADER IN LUXURY RESALE INDUSTRY scaled platform with strong brand equity and rich data assets DIFFERENTIATED MODEL built on foundation of trust, expertise and unmatched end-to-end service A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds POWERFUL FLYWHEEL Converting buyers into sellers and accelerating network effects FOCUSED STRATEGY unlocking supply, obsessing over service, and operational excellence
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Appendix 12
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Q2 2026 FINANCIAL RESULTS Khaite The Row TOTEME Brunello Cucinelli Jil Sander 13 Q2 2026 Obsessions: Brands Trending on TRR Gen Z Favorites Modern Luxury Miu Miu Coach Staud Cult Gaia Jacquemus Chloé FPO FPO Top Tier InvestmentsMaximalist Hermès Chanel Rolex Bvlgari Patek Philippe Audemars Piguet Roberto Cavalli Dries van Noten Emilio Pucci Missoni Versace
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Q2 2026 FINANCIAL RESULTS 14 KEY FINANCIAL METRICS
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Q2 2026 FINANCIAL RESULTS 15 INCOME STATEMENT
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Q2 2026 FINANCIAL RESULTS 16 BALANCE SHEET 1 of 2
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Q2 2026 FINANCIAL RESULTS 17 BALANCE SHEET 2 of 2
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Q2 2026 FINANCIAL RESULTS 18 FREE CASH FLOW RECONCILIATION OF GAAP TO NON-GAAP RESULTS
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Q2 2026 FINANCIAL RESULTS 19 ADJUSTED EBITDA RECONCILIATION OF GAAP TO NON-GAAP RESULTS (1) The change in fair value of warrant liability for the three and six months ended June 30, 2026 and June 30, 2025 reflects the remeasurement of the Warrants issued by the Company in connection with the 2024 Note Exchange in February 2024. (1)