The RealReal Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____Commission File Number:001-38953___________________________________________________ The RealReal, Inc. (Exact Name of Registrant as Specified in its Charter)___________________________________________________ Delaware( State or other jurisdiction ofincorporation or organization)55 Francisco StreetSuite 400San Francisco,CA(Address of principal executive offices) (855)435-5893 (Registrant’s telephone number, including area code)__________________________________________________________________ Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of November5, 2025, the registrant had116,682,847shares of common stock, $0.00001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)1Condensed Balance Sheets as ofSeptember30, 2025andDecember31, 20241Condensed Statements of Operations for theThree and NineMonths EndedSeptember30, 2025and20242Condensed Statements of Stockholders’Deficitas ofSeptember30, 2025and20243Condensed Statements of Cash Flows for theNine Months EndedSeptember30, 2025and20245Notes to Unaudited Condensed Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 3.Quantitative and Qualitative Disclosures About Market Risk45Item 4.Controls and Procedures45 PART II.OTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 4648666667676869 NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-lookingstatements within the meaning of the federal securities laws. Allstatements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our futureresults of operations and financial position, business strategy and plans, objectives of management for future operations, long term operatingexpenses, the opening of additional retail stores in the future, the development of our automation technology, expectations for capitalrequirements and the use of proceeds from our initial public offering, areforward-lookingstatements. These statements involve known andunknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materiallydifferent from any future results, performance or achievements expressed or implied by theforward-lookingstatements. In some cases, you can identifyforward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,”“could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of theseterms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have basedtheseforward-lookingstatements largely on our current expectations and projections about future events and financial trends that we believemay affect our business, financial condition and results of operations. Theseforward-lookingstatements speak only as of the date of thisQuar