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TheRealReal, Inc. — Investor Overview (company IR deck)
TheRealReal, Inc. (REAL) · 39 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All REAL deck slides
Slide 1 — Investor Overview
Investor Overview 2026
Slide 2 — Safe Harbor/Disclosure Statement
INVESTOR OVERVEW 2026 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, the debt exchange, financial guidance, anticipated growth in 2026, the anticipated impact of generative AI, and mid-range financial targets 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 Free Cash Flow, Adjusted EBITDA, 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).
Slide 3 — Table of Contents
INVESTOR OVERVEW 2026 3 Table of Contents Company Overview The RealReal: By the Numbers What we Do The Total Addressable Market Strategic Pillars Overview Proprietary Data and Technology Investment Thesis Growth Drivers + Strategy Growth Playbook Obsess Over Service Operational Excellence Financial Overview Driving Topline Growth Improving Take Rate & Margins Delivering Profitability Capital Deployment Improved Free Cash Flow Medium-Term Goals • Multi-Channel Consignment Model • Diverse Consignor Base • Expanding the Supply Engine • Personal Advisor of the Closet • Technology as an Accelerator • Marketplace Flywheel • Authentication Expertise • Data-Driven Pricing
Slide 4 — The RealReal by the Numbers(1)
INVESTOR OVERVEW 2026 4 Largest, most trusted luxury resale platform in the world The RealReal by the Numbers(1) HIGH ENGAGEMENT MARKET LEADER ~$2.1B GMV in 2025 >50M Cumulative Items Sold >40 hours Spent Annually Per Active Member on Average 1.1M (2) Trailing 12-month Active Buyers 15,000+ Unique Items Dropped Daily >$550 Average Order Value (AOV) COMPANY OVERVIEW (1) Metrics as of 12/31/2025 (2) Buyers who purchased goods through our online marketplace during the 12 months of the period presented
Slide 5 — Changing The
INVESTOR OVERVEW 2026 5 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 COMPANY OVERVIEW
Slide 6 — Well-Positioned to Seize the Large and Growing
INVESTOR OVERVEW 2026 6 Well-Positioned to Seize the Large and Growing Luxury Fashion Resale Opportunity LUXURY RESALE MARKET ON THE RISE Growing focus on sustainability and circular fashion 35M+ annual luxury buyers in the US primary market(2) 50% of our new sellers are new to luxury resale Increasing interest in resale from younger buyers Luxury Goods Untapped in U.S. Closets ~$200B Luxury goods with potential for resale in our categories(1) Average time consumers keep luxury products 3-5 YEARS Primary luxury market annual sales in U.S. $80B (1) Frost & Sullivan Total Addressable Market assessment for the Luxury Resale Market. (2) US Census Bureau data along with survey results balanced to the US population on age/gender, region, and income COMPANY OVERVIEW
Slide 7 — Clear and
INVESTOR OVERVEW 2026 INVESTOR OVERIVEW 2025 7 UNLOCK SUPPLY THROUGH GROWTH PLAYBOOK OBSESS OVER SERVICE OPERATIONAL EXCELLENCE SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA COMPANY OVERVIEW Clear and Focused Strategy CORPORATE DECK 2026
Slide 8 — Proprietary Technology and
INVESTOR OVERVEW 2026 8 Proprietary Technology and Data Is A Key Differentiator SOPHISTICATED PRICING ALGORITHMS • Algorithmic pricing • Dynamic discounting BEST-IN-CLASS AUTHENTICATION • TRR Vision • Athena WORKFLOW AUTOMATION • Smart Engine • TRR Shield PERSONALIZED EXPERIENCE • My Closet • AI-enabled search ADVANCED AI AND ANALYTICS PROPRIETARY OPERATIONAL SYSTEMS ~15 YEARS OF RICH DATA Including luxury item images and attributes, pricing, transactions, and customer behavior COMPANY OVERVIEW
Slide 9 — Differentiated Model Drives Unique Position
INVESTOR OVERVEW 2026 9 Differentiated Model Drives Unique Position Trust Expertise Reach Margins Capital Efficiency PHYSICAL RESALE SHOPS FIRST PARTY eCommerce PEER-TO-PEER eCommerce GROWTH DRIVERS & STRATEGY Based on internal company assessment
Slide 10 — A Compelling
INVESTOR OVERVEW 2026 INVESTOR OVERIVEW 2025 A Compelling Investment Thesis CORPORATE DECK 2026 10 LEADER IN LUXURY RESALE scaled, asset-light platform with strong brand equity and rich data assets DIFFERENTIATED MODEL built on foundation of trust, expertise and unmatched end-to-end service POWERFUL FLYWHEEL Converting buyers into sellers and accelerating network effects FOCUSED STRATEGY unlocking supply, obsessing over service, and driving efficiencies A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds COMPANY OVERVIEW
Slide 11 — Growth Drivers
Growth Drivers and Strategy 11
Slide 12 — Growth
INVESTOR OVERVEW 2026 Marketing Acquiring buyers who become consignors. The flywheel in action: 40%+ of new consignors come from our existing 1M+ strong buyer base 12 Growth Playbook Unlocking supply and driving flywheel behavior to become the default luxury resale destination Stores Strategically located stores driving ~25% of new consignors, and building trust through expert valuations from gemologists, horologists, and handbag specialists Sales GROWTH DRIVERS & STRATEGY Tenured Luxury Managers cultivating deep consignor relationships, accelerated by SmartSales, our AI-enabled tool surfacing the highest-value opportunities
Slide 13 — Meeting Consignors Where They Are
INVESTOR OVERVEW 2026 13 Multi-channel model reduces friction, creates flexibility and enables convenience Meeting Consignors Where They Are IN-HOME Luxury Managers provide convenient in- home consultation in major markets. They serve as a trusted advisor and maintain deep relationships with our consignor base MULTI-CHANNEL END-TO-END MODEL RETAIL STORES Strategically located stores and pop-up shops, where consignors can drop items off and shop. These physical locations drive trust with consignors through education and free, expert valuations with consignment experts SELF-SERVICE Extending high-value service through virtual consultations and convenient shipping options to our authentication centers GROWTH DRIVERS & STRATEGY
Slide 14 — Unmatched Ability to
INVESTOR OVERVEW 2026 14 Unmatched Ability to Unlock Profitable, Diverse and Curated Supply INVESTOR OVERVIEW 2026 From $50 entry pieces to $350,000+ rare finds — accessibility and aspiration in one platform Decades of luxury at the same destination, from current-season finds to coveted archival pieces Limited editions and irreplaceable pieces you can't get anywhere else CURRENT AND VINTAGE STYLES MIXING HIGH AND LOW ONE-OF-A-KIND PIECES 15,000+ UNIQUE ITEMS DROPPED DAILY GROWTH DRIVERS & STRATEGY
Slide 15 — A Diverse, Affluent and Engaged Consignor Base
INVESTOR OVERVEW 2026 INVESTOR OVERIVEW 2026 15 We serve a large and growing community A Diverse, Affluent and Engaged Consignor Base ~50% of our consignors are Millennials and Gen Z - the demographics aging into peak consigning years $150K+ Household income for ~40% of our new consignors HIGH-EARNING 50%+ of GMV from members who both buy and consign - our “RealRealers” HIGHLY ENGAGED GROWTH DRIVERS & STRATEGY DIGITALLY NATIVE
Slide 16 — Expanding the Supply Engine
INVESTOR OVERVIEW 2026 16 Expanding the Supply Engine Disciplined tests unlocking adjacent supply pools, expanding our TAM DROP-SHIP B2B supply model expanding access to watches, handbags, and fine jewelry, extending our reach into incremental supply PARTNERSHIPS Opportunity to partner with brands and expand programs like REAL Partners, which leverages our community to grow supply INTERNATIONAL EXPANSION Supply and Demand opportunities to extend our brand and model into international markets GROWTH DRIVERS & STRATEGY
Slide 17 — Obsess
INVESTOR OVERVEW 2026 17 Obsess Over Service Informing our mindset in every customer interaction and turning transactions into relationships Upleveling the experience Continuous investment in expertise, data insights, and technology, making service itself a compounding advantage A foundational culture of trust Personal advisor of the closet My Closet, real-time valuations, and the Reconsign module give customers a reason to visit our platform, turning episodic transactions into relationships 15 years of authentication expertise, 40M+ members, and $6B+ paid to consignors underpin the trust that defines our category leadership GROWTH DRIVERS & STRATEGY
Slide 18 — My Closet: System of Record for Luxury Assets
INVESTOR OVERVIEW 2026 My Closet: System of Record for Luxury Assets The product manifestation of our vision to become the personal advisor of the closet PHASE 1 Reconsign Virtual catalog of past TRR purchases with one click reconsignment PHASE 2 Price Estimator On-demand real-time valuations and earnings estimates PHASE 3 PHASE 4 PHASE 5 & Beyond My Closet Foundation Build your virtual closet to track and sell with a single click Visual Intake + Contextual Feedback AI-powered insights & estimates using item photos Dynamic Closet, Insights + Alerts Proactive selling recommendations informed by marketplace dynamics and real-time data A persistent digital connection to every consignor's luxury wardrobe. Deepening engagement, accelerating repeat consignment, and building a moat that other models can’t match
Slide 19 — Technology as an Accelerator
INVESTOR OVERVEW 2026 19 Technology as an Accelerator Integrating data and expertise with industry-leading technology • Concierge service blending human expertise with technology • Tech-enabled full-service experience with flexible self-serve options • Authentication powered by AI, expert review, and 15 years of data • On-demand pricing and earnings estimates for consignors • Reconsign module: a one-click path to resell past TRR purchases • Building toward MyCloset: a true system of record for luxury assets MODERN LUXURY EXPERIENCE CONSIGNOR TRANSPARENCY ENHANCING OUR PLATFORM • Recommendations shaped by each member's tastes and browsing behavior • Visual and agentic search rolling out through 2026 • Real-time trend and 'most obsessed' signals help buyers discover what’s trending in luxury GROWTH DRIVERS & STRATEGY
Slide 20 — 40M+
INVESTOR OVERVEW 2026 20 Cultivating a Rich Member Ecosystem 40M+ Members Convenient end-to-end service Rapid monetization Flexibility Extensive list of brands and product categories accepted Broad member base Unique, highly coveted products World-class authentication Personalized buying experience Entry point to luxury and circular economy CONSIGNORS Provide a Frictionless Experience BUYERS Instill Trust and Access 80%+ of GMV* From Repeat Customers 50%+ of GMV* From individuals who are buyers and consignors GROWTH DRIVERS & STRATEGY *As of 12/31/2025
Slide 21 — Operational
INVESTOR OVERVEW 2026 21 Operational Excellence Using AI and automation to improve unit economics and enable scale World-class authentication operations Athena, our proprietary AI- enabled intake process, driving operating leverage, faster speed-to-site, scale, and accuracy Data-driven pricing Proprietary pricing algorithms, now enhanced with AI-powered image embeddings, give better comparables and maximize earnings Continuous improvement Ongoing investments in automation across intake, listings, and fulfillment are driving higher throughput in our existing footprint GROWTH DRIVERS & STRATEGY
Slide 22 — Deep Authentication
INVESTOR OVERVIEW 2026 22 Deep Authentication Expertise PATEK PHILIPPE WATCH Rigorous process combines AI, PROPRIETARY DATA AND HUMAN EXPERTISE Authentication overseen by 100+ REAL EXPERTS including luxury brand specialists, gemologists, and horologists Comprehensive QUALITY CHECKS across all products and PRICE POINTS facilitated by Vision Model and Shield Technology Leverage NEXT GENERATION TECHNOLOGY to enhance accuracy, increase speed and reduce costs MULTI-FACTOR AUTHENTICATION VERIFIES 50+ DATAPOINTS ON EACH ITEM GROWTH DRIVERS & STRATEGY
Slide 23 — Reference Pricing for the
INVESTOR OVERVEW 2026 23 Reference Pricing for the Luxury Resale Market • Trends, seasonality and market shifts • Condition of items • Scarcity and uniqueness • Market demand and historical data • AI-powered image embeddings sharpen visual comparables • Real-time signals from search and shopping behavior EVALUATE DEMAND BASED ON EACH ITEM'S UNIQUE CHARACTERISTICS DELIVER OPTIMAL BALANCE OF PRICE AND VELOCITY UNIQUE PRICING MODELS LEVERAGE PROPRIETARY DATA AND EXPERTISE • Maximizing consignor earnings • Driving repeat consignment through strong payouts • ~50% of items sell within 30 days • ~80% of items sell within 90 days Leverages hundreds of attributes from 50+ million items sold over 15 years
Slide 24 — Financial Targets
Financial Targets and Outlook 24
Slide 25 — Driving Topline
INVESTOR OVERVEW 2026 25 Driving Topline Growth 1,482 1,816 1,726 1,829 2,030 468 603 549 601 693 2021 2022 2023 2024 2025 GMV Revenue REVENUE AND GROSS MERCHANDISE VALUE ($ million) KEY DRIVERS Unlocking profitable supply through our growth playbook Amplifying our Sales team's efficiency through technologies like our Smart Engine to increase conversion & enhance service excellence Using personalized Marketing to encourage repeat behavior; enhance attribution and add new stores to attract new sellers Longer-term growth opportunities to increase market share and expand our TAM 8% GMV CAGR (2021-2025) FINANCIAL TARGETS & OUTLOOK
Slide 26 — Strong and Sustainable Gross
INVESTOR OVERVEW 2026 26 Strong and Sustainable Gross Margin 34.7% 36.0% 37.5% 38.4% 37.7% 58.5% 57.8% 68.5% 74.5% 74.6% 2021 2022 2023 2024 2025 Take Rate Gross Margin Rate TAKE RATE AND GROSS MARGIN RATE KEY DRIVERS Increasing operational efficiencies by improving productivity and effectiveness in authentication and fulfillment Healthy gross margins and higher gross profit dollars due to improved mix (consign vs direct), and lower returns Growing high-value supply and improve unit economics FINANCIAL TARGETS & OUTLOOK
Slide 27 — Focused on Delivering
INVESTOR OVERVEW 2026 27 Focused on Delivering Sustained Profitability $(127) $(112) $(55) $9 $42 2021 2022 2023 2024 2025 ADJUSTED EBITDA ($ million) Utilization of technology, automation and AI to improve unit economics and drive operational efficiency Strong and sustainable take rate and gross margins Delivering fixed cost leverage from topline growth and optimized structure & processes KEY DRIVERS FINANCIAL TARGETS & OUTLOOK
Slide 28 — Capital Deployment to Drive Growth
INVESTOR OVERVEW 2026 28 Capital Deployment to Drive Growth MAINTAIN FLEXIBLE AND STRONG CAPITAL STRUCTURE REINVEST FOR GROWTH ASSET LIGHT MODEL • Consignment-focused business with minimal inventory • Low capital requirements as we scale • Negative working capital model Disciplined capex of 2-3% of revenue Investments in AI, technology and automation driving operating leverage Supporting initiatives that compound supply, service, and operational scale Two consecutive years of positive free cash flow $80M+ in debt reduction over the past two years, strengthening the balance sheet FINANCIAL TARGETS & OUTLOOK
Slide 29 — Significant Improvement in
INVESTOR OVERVEW 2026 29 Significant Improvement in Cash Flow OPERATING CASH FLOW (12 MTHS ENDING 12/31) ($ million) KEY DRIVERS & HIGHLIGHTS Improved Adjusted EBITDA driven by top- line growth and expense leverage Low level of capital investment required as company scales $(142) $(92) $(61) $27 $37 2021 2022 2023 2024 2025 FINANCIAL TARGETS & OUTLOOK Positive Free Cash Flow for full year 2024 and 2025
Slide 30 — Clear Medium-Term Goals
INVESTOR OVERVEW 2026 30 Clear Medium-Term Goals $549 $600 $693 -10% 2% 6% 18% -15% -10% -5% 0% 5% 10% 15% 20% 25% -300 -100 100 300 500 700 900 1100 2023 2024 2025 Revenue AEBITDA Margin Revenue ($M) & Adjusted EBITDA Margin % FINANCIAL TARGETS & OUTLOOK (1) High-Single Digit to Low-Double Digit HSD to LDD(1) Top-Line Growth Target 15-20% Adjusted EBITDA Margin Target KEY SCALABILITY DRIVERS Strong Revenue Growth • Large and growing TAM with secular tailwinds • Proven ability to unlock supply through our Growth Playbook • Leading brand with engaged community Margin Expansion • Strong unit economics with 73-75% gross margin • Operational efficiencies from leveraging AI with differentiated data and expertise • Fixed cost leverage Network Effects • Larger scale improves supply demand matching, inventory turns, and marketplace liquidity Medium Term Goals
Slide 31 — Potential Path for Strengthening Our
INVESTOR OVERVEW 2026 31 Potential Path for Strengthening Our Balance Sheet and Reducing Total Debt from $388M to $150M(1) $48 $48 $150 $150 $150 $150 $150 $150 $190 $190 $190 $190 $190 $0 $100 $200 $300 $400 2026 2027 2028 2029 2030 2031 $150M Secured debt (due 2033) $190M Convertible notes (due 2031) $48M Convertible notes (due 2028) (For Illustrative Purposes Only - Not a Forecast) FINANCIAL TARGETS & OUTLOOK STRENGHTENING OUR BALANCE SHEET Meaningful Milestones Achieved • Reduced total leverage by over $80M since the beginning of 2024 • Recent changes to Capital Structure creates a potential path to reduce leverage to $150M Margin Expansion • The Company remains focused on topline growth, expanding Adjusted EBITDA Margins and translating the resulting increase in Adjusted EBITDA to operating cash flows. (1) Does not include scheduled amortization and mandatory prepayments of the new $150 million senior secured term loan due 2033 (Year End Estimates in $M) Repayment at maturity via cash on hand Converted to equity if elected by the holders thereof in accordance with their terms
Slide 32 — A Compelling
INVESTOR OVERVEW 2026 INVESTOR OVERIVEW 2025 A Compelling Investment Thesis CORPORATE DECK 2026 32 LEADER IN LUXURY RESALE scaled, asset-light platform with strong brand equity and rich data assets DIFFERENTIATED MODEL built on foundation of trust, expertise and unmatched end-to-end service POWERFUL FLYWHEEL Converting buyers into sellers and accelerating network effects FOCUSED STRATEGY unlocking supply, obsessing over service, and driving efficiencies A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds COMPANY OVERVIEW
Slide 33 — Appendix
Appendix 33
Slide 34 — Building Momentum to Drive Profitable Growth
INVESTOR OVERVEW 2026 1. Buyers who purchased goods through our online marketplace during the 12 months ended on the last day of the period presented 34 Building Momentum to Drive Profitable Growth Driving profitable growth through a flexible, attractive model • Asset-light • High margin • Low risk Improved operational efficiencies and fixed cost leverage High, stable gross margin rates with improved unit economics and revamped commission structure HIGHLIGHTS 2021 2022 2023 2024 REVENUE ($ million) ACTIVE BUYERS1 (in thousands) GROSS MARGIN (%) ADJUSTED EBITDA ($ million) 0 50 100 150 200 250 Q1 Q2 Q3 Q4 0 200 400 600 800 1000 1200 Q1 Q2 Q3 Q4 0% 20% 40% 60% 80% Q1 Q2 Q3 Q4 -40 -20 0 20 40 Q1 Q2 Q3 Q4 APPENDIX 2025
Slide 35 — Our Multi-Channel Approach to Supply Reduces
INVESTOR OVERVEW 2026 35 Our Multi-Channel Approach to Supply Reduces Friction for our Sellers SUPPLY SIDE Consignors DEMAND SIDE Buyers WHITE GLOVE SELF- SERVICE Pick, Pack & Ship Transfers for final authentication BUYERS BECOME CONSIGNORS CONSIGNORS BECOME BUYERS Store Merchandising In-Store & Online Order Fulfillment Pick, Pack & Ship BOPIS AUTHENTICATION CENTERS Online Purchases In-Store Purchases In-Home Pickup In-Store Drop Off Virtual Appointment Direct Ship At-Home Van Pickup Stores APPENDIX
Slide 36 — We Have the Right Team to Deliver
INVESTOR OVERVEW 2026 36 We Have the Right Team to Deliver Sustainable, Profitable Growth Rati Sahi Levesque PRESIDENT & CHIEF EXECUTIVE OFFICER 20+ years of experience Marketing, merchandising, resale ~15 years The RealReal Ajay Gopal CHIEF FINANCIAL OFFICER 25+ years of experience Finance, marketplace, e-commerce ~2 years The RealReal Luke Friang CHIEF TECHNOLOGY & PRODUCT OFFICER 25+ years of experience Technology, retail, e-commerce ~3 years The RealReal Jessica Fortier SENIOR VICE PRESIDENT, OPERATIONS 20+ years of experience Supply chain, operations and strategy ~5 years The RealReal Todd Suko CHIEF LEGAL OFFICER 25+ years of experience Legal, finance ~6 years The RealReal Tiffany Stevenson CHIEF PEOPLE OFFICER 20+ years of experience Human capital, enterprise transformation <1 year The RealReal Kristen Naiman CHIEF BRAND OFFICER 20+ years of experience Creative & brand strategy, storytelling ~2 years The RealReal Lindsay Ferstandig SENIOR VICE PRESIDENT, MARKETING & STRATEGY 20+ years of experience Marketing, e-commerce, retail, strategy ~1 year The RealReal Tom Hanrahan CHIEF REVENUE OFFICER 20+ years of experience Sales, operations, business development <1 year The RealReal Samantha McCandless CHIEF MERCHANDISING OFFICER 20+ years of experience Supply chain, operations, strategy ~7 years The RealReal
Slide 37 — ADJUSTED
INVESTOR OVERVIEW 2025 Twelve Months Ended December 31 (in $000’s, except percentages) 2025 2024 Net loss $(41,799) $(134,202) Depreciation and amortization 33,004 33,100 Net Interest expense(1) 23,444 13,441 Provision for income taxes 363 276 EBITDA 15,012 (87,385) Stock-based compensation 28,943 29,082 Payroll tax expense on employee stock transactions 1,454 371 Gain on extinguishment of debt (40,785) (4,177) Other(2) -- 1,578 Change in fair value of warrant liability(3) 35,769 68,167 One time expenses(4) 1,711 1,672 Adjusted EBITDA $42,104 $9,308 Adjusted EBITDA (% of revenue) 6.1% 1.6% 37 ADJUSTED EBITDA RECONCILIATION OF GAAP TO NON- GAAP RESULTS APPENDIX (1) As of December 31, 2025 and 2024, interest expense includes $6.0 million and $4.8 million of payment in-kind (“PIK”) interest, respectively, which is non-cash interest expense. PIK interest is added to the principal balance of the 2029 Notes semi-annually. (2) Other consists of CEO separation benefits and transition costs payable to John Koryl pursuant to his separation agreement, as well as legal settlement charges, and restructuring charges. (3) The change in fair value of warrant liability for the years ended December 31, 2025 and 2024 reflects the remeasurement of the warrants issued by the Company in connection with the Note Exchange in February 2024. (4) One time expenses for the year ended December 31, 2025 consist of employee severance costs associated with a departmental reorganization, including certain executives, recorded within Marketing and Selling, General and Administrative expenses on the statements of operations. One time expenses for the year ended December 31, 2024 consists of vendor services settlement and estimated losses, net of estimated insurance recoveries related to the fire at one of our New Jersey authentication centers.
Slide 38 — FREE CASH FLOW
INVESTOR OVERVEW 2026 INVESTOR OVERIVEW 2026 38 RECONCILIATION OF GAAP TO NON-GAAP RESULTS FREE CASH FLOW Twelve Months Ended December 31 (in $000’s, except percentages) 2025 2024 Net cash provided by operating activities $37,010 $26,846 Purchase of property and equipment and capitalized proprietary software development costs (31,533) (26,048) Free cash flow $5,477 $798 APPENDIX