Luxury resale platform The RealReal announced on Monday that its revenue for the third quarter of 2025 increased 17 percent to $174 million, driven by strong growth in gross merchandise value (GMV) and consignment sales.
The San Francisco-based company reported a 20 percent surge in GMV to $520 million, while consignment sales grew 15 percent during the same period. Direct revenues also saw significant growth, skyrocketing 47 percent in the three months ending September 30.
Net Losses and Financial Adjustments
Despite the revenue growth, net losses widened to $54 million, compared with a net loss of $18 million during the same period in 2024. The company noted that this figure included a $44 million adjustment related to the change in fair value of warrant liability.
CEO Statement and Strategic Outlook
“We delivered another quarter of accelerating growth and expanded margins, with GMV up 20% and adjusted EBITDA ahead of expectations,” said Rati Levesque, CEO of The RealReal.
Levesque added, “Through execution against our strategic pillars — unlock supply through our growth playbook, drive operational efficiency, and obsess over service — we are changing the way people shop.”
Future Revenue and GMV Projections
Looking ahead, The RealReal expects full-year revenues to range between $687 million and $690 million, while GMV is projected between $2.099 billion and $2.109 billion for the twelve-month period.
Earlier this year, the company opened its 16th U.S. store in New Jersey, marking continued expansion in physical retail alongside its online platform.
Conclusion
The RealReal’s Q3 2025 revenue growth highlights the ongoing strength of the luxury resale market, even as net losses continue due to financial adjustments. With strong GMV growth, strategic store expansions, and a focus on operational efficiency, The RealReal revenue trajectory shows potential for long-term growth in both digital and brick-and-mortar channels.
