Short answer
TheRealReal, Inc. (REAL) filed its Q3 2025 10-Q quarterly report on Nov 10, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $174M (up 17.5% year over year) with net income of −$54M.
Q3 2025 key financials · XBRL
- Revenue
- $174M
- +17.5% YoY · +5.1% QoQ
- Net income
- −$54M
- −201.3% YoY · −375.5% QoQ
- Operating margin
- -4.3%
- Gross margin
- 74.3%
- EPS (diluted)
- −$0.11
- +31.3% YoY · +15.4% QoQ
Source: XBRL data from the TheRealReal, Inc. (REAL) Q3 2025 10-Q on SEC EDGAR. USD.
TheRealReal, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Risk Factors
- No newly added risk factors explicitly stated; updates framed as ongoing challenges from 10-K
- Most materially updated risk: history of losses with net loss $3.0M for nine months ended Sept 30, 2025 vs $134.2M in 2024, stressing need for profitable growth initiatives
- Regulatory risk: compliance with evolving personal data processing laws, cookie tracking regulations, and tax law interpretations remain material and uncertain
- Operational/market risk: dependence on consumer discretionary spending sensitive to macroeconomic downturns, inflation, geopolitical events including Russia-Ukraine and Israel-Hamas conflicts
- Financial risk: potential need for additional capital amid restrictive debt covenants, with accumulated deficit $1,256.8M and liquidity exposure if bank counterparties fail over FDIC insurance limits $250K
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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