NASDAQ$REAL

RealReal Inc · Q3 2021 earnings

Q3 2021 earnings · · Investor relations

Briefing

Reported strong top-line growth and solid bottom-line improvements.

The RealReal announced its Q3 2021 results, with GMV increasing by 50% year-over-year to $368 million and total revenue increasing by 53% year-over-year to $119 million. The company's gross profit per order also improved by $4 year-over-year to $94.

  • GMV increased 50% year-over-year to $368 million.
  • Total revenue increased 53% year-over-year to $119 million.
  • Gross profit per order improved $4 year-over-year to $94.
  • Trailing 12-months active buyers reached 772,000, an increase of 25% compared to the same period in 2020.

Headline financials

Total Revenue

$119M

Previous: $78.1M+52.3%
EPS (adj)

-$0.47

Previous: -$0.41-14.6%
Gross Merchandise Value

$368M

Previous: $245M+50.0%
Active Buyers

772.0K

Previous: 617.3K+25.1%
Average Order Value

$486.00

Previous: $446.00+9.0%
Number of Orders

757.0K

Previous: 550.1K+37.6%
Take Rate

34.9%

Previous: 35.4%-1.4%
Capital Expenditures

-$30.3M

Previous: -$15.7M-93.2%
Free Cash Flow

-$87.5M

Previous: -$59M-48.3%
Net Income

-$57.2M

Previous: -$43.3M-32.1%
Operating Income

-$51.2M

Previous: -$41.4M-23.7%
Gross Profit

$71.1M

Previous: $49.8M+42.8%
Cash & Equivalents

$445M

Previous: $343M+29.6%
Total Assets

$771M

Previous: $616M+25.2%
Stock-Based Comp

$12.6M

Previous: $7.37M+70.8%

Revenue & EPS history

RealReal · Revenue · Quarterly

$119M

Q3 2021+52.3%vs Q3 2020
Beat estimate in 7 of 13 quarters(54%)
ActualEstimate

Revenue by segment

RealReal · $119M total across 2 segments · Q3 2021

  • Consignment
    $89.5M+39.0%
  • Direct
    $29.4M+115.5%

Forward guidance

Overall, the business is experiencing very positive trends and the company believes these trends will continue through the end of the year and into 2022. While the company is in the early innings of delivering operating expense leverage, it believes the company is starting to see the benefits of its previous investments, which will create leverage as it drives toward profitability in the coming quarters

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2021

Historical avgQ3 2021

-2.0%

Avg return

Earnings day

+2.3%

Avg return

5 days after

-0.3%

Avg return

30 days after

33%

9 / 27 earnings

Positive

+61.4%

Q4 2023

Best reaction

-30.6%

Q1 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-5.1%-28.2%-31.8%
Q4 2025-1.5%-2.1%-30.8%
Q3 2025+37.7%+23.6%+27.2%
Q1 2025-30.6%-21.8%-21.7%
Q4 2024-18.8%-0.5%-31.5%
Q3 2024+22.4%+25.8%+105.7%
Q2 2024-23.2%-21.0%-26.5%
Q1 2024-3.1%-1.9%-10.0%
Q4 2023+61.4%+118.1%+128.7%
Q3 2023+25.8%+30.8%+43.4%
Q2 2023+12.1%+17.0%+19.3%
Q1 2023-10.6%-18.2%+24.1%
Q4 2022+11.2%+21.6%-11.9%
Q3 2022-15.8%+18.0%+9.4%
Q2 2022-14.1%-19.4%-40.7%
Q1 2022-25.4%-18.7%-33.4%
Q4 2021-0.9%+11.7%-1.6%
Q3 2021+19.4%+21.1%+3.4%
Q2 2021-18.6%-18.4%-27.5%
Q1 2021-27.9%-36.6%-17.2%
Q4 2020-12.0%-9.5%-25.4%
Q3 2020-9.1%-14.9%-4.5%
Q2 2020+1.9%+12.3%+3.8%
Q1 2020+5.7%+5.7%+19.1%
Q4 2019+0.0%-6.4%-48.8%
Q3 2019-15.5%-23.0%-24.4%
Q2 2019-20.1%-3.6%-5.4%
Q1 2019
Q4 2018
Q3 2018
Q2 2018
Q1 2018

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