The RealReal Inc. (REAL) Tops Q1 EPS by 3c, Revenues Miss

The RealReal Inc. (NASDAQ: REAL) reported Q1 EPS of ($0.39), $0.03 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $78.2 million versus the consensus estimate of $81.34 million.

First Quarter Financial Highlights

• Gross Merchandise Volume (GMV) was $257.6 million, up 15% year over year.
• Total Revenue was $78.2 million, up 11% year over year.
• Consignment and Service Revenue was $65.3 million, up 17% year over year.
• Gross Profit was $49.2 million, up 16% year over year.
• Net Loss was ($38.3) million.
• Adjusted EBITDA was ($30.9) million or (39.5%) of total revenue.
• GAAP basic and diluted net loss per share was ($0.44).
• Non-GAAP basic and diluted net loss per share was ($0.39).
• At the end of the first quarter, cash, cash equivalents and short-term investments totaled $303.2 million.
• Since inception through March 31, consignment with The RealReal saved 14,300 metric tons of carbon and saved 660 million liters of water.

“Since we announced preliminary first quarter results on April 14, our operations continued to be constrained by shelter-in-place directives, resulting in a significant GMV headwind,” said Julie Wainwright, CEO of The RealReal. “Faced with the unknown duration of the pandemic, we’ve focused on reducing operating expenses to weather these new challenges and preserving liquidity to ensure we are well positioned for the future. Given the strength of our balance sheet, customer satisfaction, high buyer and consignor repeat rates, and technology innovations driving efficiency, I’m confident we’re well positioned to bounce back quickly once the economy stabilizes and capitalize on the significant opportunity in front of us.”

Financial Outlook

On March 17, the company withdrew its outlook for the first quarter and full year 2020 as a result of the growing impact of the COVID-19 pandemic on its business. Given limited near-term visibility, the company elects to not provide an updated financial outlook.

For earnings history and earnings-related data on The RealReal Inc. (REAL) click here.

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