Q2 2024 RealReal Inc Earnings Call Transcript
Key Points
- The RealReal Inc (REAL) reported a 17% year-over-year increase in consignment revenue for Q2 2024.
- Active buyers grew by 9% compared to the same period in 2023.
- Adjusted EBITDA improved by $21 million year-over-year, marking the 11th consecutive quarter of improvement.
- Revenue grew by $16 million in the first half of 2024, with a $46 million improvement in adjusted EBITDA compared to the prior year.
- The company increased the midpoint of its full-year adjusted EBITDA guidance and is now guiding to positive adjusted EBITDA for full-year 2024.
- Average selling price (ASP) was down 3% in Q2 2024.
- There is a potential slowdown in consumer spending, with some compression in prices driven by a preference for more discounted products.
- The company remains cautious about the second half of 2024 due to modest pressure on consumer spending.
- Despite improvements, adjusted EBITDA was still negative $1.8 million in Q2 2024.
- The company is supply-constrained, which could impact future growth if not managed effectively.
Good day and thank you for standing by. Welcome to the RealReal second-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Caitlin Howe, Senior Vice President of Finance. Please go ahead.
Thank you, operator. Joining me today to discuss our results for the period ended June 30, 2024 are Chief Executive Officer, John Koryl; President and Chief Operating Officer, Rati Levesque, and Chief Financial Officer, Ajay Gopal.
Before we begin, I would like to remind you that during today's call, we will make forward-looking statements, which involve known and unknown risks and uncertainties. Our actual results may differ materially from those suggested in such statements. You can find more information about these risks, uncertainties, and other factors that could affect our operating results in the company's most recent Form 10-K and
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