← TheRealReal, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $34.4m | $154.4m | $350.8m | $418.2m | $293.8m | $175.7m | $172.2m | $151.2m | |
| Accounts receivable | $7.6m | $7.8m | $7.2m | $7.8m | $12.2m | $17.2m | $14.0m | $23.8m | |
| Inventory, net | $10.4m | $23.6m | $42.3m | $71.0m | $43.0m | $22.2m | $23.6m | $30.8m | |
| Prepaid expenses and other current assets | $9.7m | $13.8m | $17.1m | $20.9m | $23.3m | $20.8m | $22.9m | $21.6m | |
| Total current assets | $89.1m | $408.4m | $421.5m | $517.8m | $372.3m | $235.9m | $232.7m | $227.5m | |
| Property and equipment, net | $33.3m | $55.8m | $63.5m | $89.3m | $112.7m | $104.1m | $94.4m | $96.1m | |
| Operating lease right-of-use assets | — | — | $118.1m | $145.3m | $128.0m | $86.3m | $75.7m | $64.6m | |
| Other assets | $1.8m | $2.7m | $2.0m | $2.5m | $2.7m | $5.6m | $5.4m | $5.9m | |
| Restricted cash | $11.2m | — | — | — | $0 | $14.9m | $14.9m | $14.8m | |
| Operating lease liabilities, current portion | — | — | $15.0m | $18.3m | $20.8m | $20.1m | $22.8m | $24.6m | |
| Convertible Senior Notes, net, current portion | — | — | — | — | — | $0 | $26.7m | $0 | |
| Other accrued and current liabilities | $42.0m | $54.6m | $61.9m | $94.2m | $93.3m | $82.7m | $98.5m | $113.5m | |
| Operating lease liabilities, net of current portion | — | — | $115.1m | $143.2m | $125.1m | $104.9m | $85.8m | $66.8m | |
| Convertible Senior Notes, net | — | — | $149.2m | $348.4m | $449.8m | $452.4m | $276.8m | $230.8m | |
| Non-convertible notes, net | — | — | — | — | — | $0 | $134.5m | $141.0m | |
| Warrant liability | — | — | — | — | — | $0 | $78.6m | $114.4m | |
| Total stockholders’ deficit | ($257.7m) | $338.9m | $191.3m | $73.1m | ($170.1m) | ($303.3m) | ($407.4m) | ($415.5m) | |
| Total assets | $135.4m | $466.9m | $605.1m | $754.9m | $615.6m | $446.9m | $423.1m | $409.0m | |
| Total liabilities and stockholders’ deficit | $135.4m | $466.9m | $605.1m | $754.9m | $615.6m | $446.9m | $423.1m | $409.0m | |
| Accounts payable | $5.1m | $11.2m | $14.3m | $4.5m | $11.9m | $9.0m | $11.0m | $14.6m | |
| Accrued consignor payable | $35.3m | $52.8m | $57.1m | $71.0m | $81.5m | $77.1m | $89.7m | $111.5m | |
| Total current liabilities | $88.4m | $118.5m | $148.3m | $188.0m | $207.5m | $188.9m | $248.7m | $264.2m | |
| Other noncurrent liabilities | $7.3m | $9.5m | $1.3m | $2.3m | $3.3m | $4.1m | $6.1m | $7.4m | |
| Total liabilities | $98.9m | $128.0m | $413.8m | $681.8m | $785.7m | $750.2m | $830.5m | $824.6m | |
| Commitments and contingencies (Note 12) | — | — | $0 | $0 | — | — | — | — | |
| Common stock, $0.00001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 118,318,917 and 111,242,479 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | 1k | 1k | 1k | 1k | 1k | 1k | 1k | |
| Additional paid-in capital | — | $693.4m | $723.3m | $841.3m | $781.1m | $816.3m | $846.5m | $880.1m | |
| Accumulated deficit | ($257.7m) | ($354.5m) | ($532.0m) | ($768.1m) | ($951.2m) | ($1.1b) | ($1.3b) | ($1.3b) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.