RealReal (6RR) AI Stock Analysis

Company Guidance

For the fourth quarter, management expects GMV of $720 million to $735 million, representing approximately 17% to 19% growth year-over-year; revenue between $218 million and $222 million, or approximately 12% to 14% growth; and adjusted EBITDA in the range of $27.5 million to $29 million, representing a margin of approximately 12.8% at the midpoint. For the full year, it expects GMV of $2.585 billion to $2.6 billion, representing approximately 21% to 22% growth year-over-year; revenue between $806 million and $810 million, or approximately 16% to 17% growth; and adjusted EBITDA in the range of $71.1 million to $72.6 million, representing a margin of approximately 8.9% at the midpoint, an improvement of approximately 280 basis points versus 2025. The company anticipates full year CapEx on PP&E within 2% to 3% of total revenue, ongoing gross margins within the range of 73% to 75%, adding between 200 to 300 basis points every year toward its medium-term 15% to 20% adjusted EBITDA margin target, Athena handling nearly 50% of all items by the end of the year, and total leverage of $150 million or lower in the medium term.