The RealReal Reports $206 Million in Q3 Revenue and Raises Full-Year Outlook

Orders rose 15% to 1.02 million. Trailing-12-month active buyers increased 13% to approximately 1.15 million, and average order value rose 8% to $629. “Q3 was another record quarter for The RealReal,” Rati Levesque, CEO of The RealReal, said in the earnings release.

Adjusted EBITDA, a non-GAAP measure, rose to $17 million from $9.3 million. Its margin increased to 8.3% from 5.4%. The company recorded net income of $16 million, compared with a $54 million loss. That result included a $21.2 million noncash adjustment from a change in the fair value of its warrant liability.

The company forecast 2026 revenue of $806 million to $810 million and GMV of $2.585 billion to $2.600 billion.