What is The RealReal's warrant liability?

The RealReal (REAL) reported warrant liability of $56.11M in Q1 2026.

How has The RealReal's warrant liability changed year-over-year?

The RealReal's warrant liability increased by 55.5% year-over-year, from $36.08M to $56.11M.

What does warrant liability mean?

This represents the fair value of outstanding warrants classified as liabilities on the balance sheet. These instruments often require periodic revaluation, which can introduce volatility into the company's reported earnings. It serves as an indicator of potential future equity issuance and associated financial risk.

The RealReal REAL Warrant liability

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Other financials

Income statement

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Revenue$189.7M+18.5%

Gross profit$141.3M+17.8%

Operating income-$2.3M+82.2%

Net income$38.9M-37.6%

EPS (diluted)-$0.07+50.0%

Balance sheet

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Cash & equivalents$138.8M-10.2%

Total debt$233.4M-13.4%

Total equity-$359.4M-6.9%

Total assets$385.9M-3.6%

Cash flow

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Operating cash flow-$16.6M+41.2%

CapEx$7.5M+58.5%

Free cash flow-$24.1M+26.9%

Valuation

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Market cap$1.55B+169%

Enterprise value$1.64B+138%

P/S2.1×+1.2×

Profitability

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Gross margin74.5%-0.2pp

Operating margin-5.3%-1.9pp

Net margin-9%+5.3pp

FCF margin3.8%+2.7pp

Returns & leverage

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Return on equity-178.6%—

Debt / equity2.2×—

Current ratio0.8×0.0×

Where this comes from

Reported directly by The RealReal in its filing.

Tagged under the XBRL concept real:WarrantLiabilityNoncurrent.

The official record: The RealReal’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is The RealReal's warrant liability?: The RealReal (REAL) reported warrant liability of $56.11M in Q1 2026.
How has The RealReal's warrant liability changed year-over-year?: The RealReal's warrant liability increased by 55.5% year-over-year, from $36.08M to $56.11M.
What does warrant liability mean?: This represents the fair value of outstanding warrants classified as liabilities on the balance sheet. These instruments often require periodic revaluation, which can introduce volatility into the company's reported earnings. It serves as an indicator of potential future equity issuance and associated financial risk.