TheRealReal: GMV Strength As Supply Broadens

TheRealReal delivered strong Q2 results with GMV growth exceeding 20% and raised full-year guidance. REAL's shift to a consignment-only model has driven gross margins to the mid-70s and enabled capital-light expansion. Physical store expansion in premium U.S. cities is enhancing brand prestige and hybrid retail presence. Adjusted EBITDA is rapidly improving, supported by economies of scale and AI-driven workflow automation.

With the S&P 500 vaulting to fresh all-time highs, often it's difficult to remember that we're in the midst of a choppy U.S. macroeconomy. What has been interesting about the Q2 earnings season, meanwhile, is seeing wh ich consumer-facing companies