TheRealReal Q1 revenue up 19% to $190M; Chanel mediation fails, case heads to trial

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Q1 2026 revenue grew 19% YoY to $189.7M with GMV up 24% to $606.4M, driven by stronger consignor supply and buyer demand. Operating loss narrowed 82% to $2.3M from $12.8M, and Adjusted EBITDA jumped 218% to $13.1M.

  MD&A: Financial Results verify on EDGAR →
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  Two years of mediation with Chanel failed; court settlement conference in March 2026 also unsuccessful. Stay lifted, case now proceeding to discovery and pretrial proceedings. Company filed amended counterclaims in April 2026 adding antitrust, tort, and statutory claims based on newly-discovered conduct.

  Legal Proceedings: Chanel verify on EDGAR →
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  Court denied class certification in shareholder suit (July 2025), limiting case to two opt-out shareholders. Plaintiff appealed; appeal remains pending, so outcome not yet final.

  Legal Proceedings: Shareholder Suit verify on EDGAR →