7Baggers

The RealReal, Inc
(NASDAQ:REAL) 

REAL stock logo

The RealReal, Inc. operates an online marketplace for consigned luxury goods. It offers various product categories, including women's, men's, kids', jewelry, and watches, as well as home and art products. The company was founded in 2011 and is headquartered in San Francisco, California.

Founded: 2011
IPO Price: $20 (Jun 28, 2019)
Full Time Employees: 2,353
CEO: Julie Wainwright  
Sector: Consumer Cyclical
Industry: Specialty Retail
E-Commerce
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• Market Cap:
• Exchange:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                               
      revenue:
    		                           
      consignment revenue
    		149,014,000 134,429,000 128,620,000 123,814,000 128,126,000 116,908,000 112,714,000 115,648,000 113,500,000 102,852,000 96,577,000 102,643,000 110,199,000 93,874,000 96,917,000             
      direct revenue
    		27,214,000 22,928,000 20,495,000 20,454,000 19,524,000 15,623,000 16,724,000 12,709,000 15,964,000 17,356,000 20,887,000 24,953,000 33,252,000 34,005,000 42,646,000 48,823,000 45,262,000 29,387,000 22,460,000 23,735,000 15,512,000 13,645,000 10,523,000 12,942,000 16,649,000 10,695,000 10,263,000 
      shipping services revenue
    		17,823,000 16,216,000 16,073,000 15,765,000 16,345,000 15,224,000 15,496,000 15,443,000 13,909,000 12,964,000 13,391,000 14,308,000 16,204,000 14,824,000 14,872,000             
      total revenue
    		194,051,000 173,573,000 165,188,000 160,033,000 163,995,000 147,755,000 144,934,000 143,800,000 143,373,000 133,172,000 130,855,000 141,904,000 159,655,000 142,703,000 154,435,000 146,700,000 145,125,000 118,838,000 104,912,000 98,817,000 86,268,000 78,052,000 57,389,000 78,239,000 97,321,000 80,485,000 70,976,000 
      yoy
    		18.33% 17.47% 13.97% 11.29% 14.38% 10.95% 10.76% 1.34% -10.20% -6.68% -15.27% -3.27% 10.01% 20.08% 47.20% 48.46% 68.23% 52.25% 82.81% 26.30% -11.36% -3.02% -19.14%     
      qoq
    		11.80% 5.08% 3.22% -2.42% 10.99% 1.95% 0.79% 0.30% 7.66% 1.77% -7.79% -11.12% 11.88% -7.60% 5.27% 1.09% 22.12% 13.27% 6.17% 14.55% 10.53% 36.01% -26.65% -19.61% 20.92% 13.40%  
      cost of revenue:
    		                           
      cost of consignment revenue
    		15,549,000 14,318,000 13,761,000 12,954,000 14,087,000 13,326,000 13,108,000 13,280,000 14,439,000 13,577,000 14,575,000 15,529,000 13,770,000 15,206,000 14,254,000             
      cost of direct revenue
    		20,132,000 18,130,000 17,185,000 15,235,000 16,839,000 12,925,000 13,760,000 12,285,000 13,181,000 15,686,000 20,446,000 25,030,000 36,246,000 28,721,000 36,660,000 40,034,000 36,062,000 25,025,000 19,975,000 20,365,000 13,728,000 11,964,000 8,760,000 10,954,000 13,788,000 8,811,000 7,726,000 
      cost of shipping services revenue
    		13,167,000 12,205,000 11,566,000 11,821,000 11,006,000 10,791,000 10,600,000 10,956,000 9,704,000 9,837,000 9,660,000 11,362,000 13,029,000 12,999,000 15,834,000             
      total cost of revenue
    		48,848,000 44,653,000 42,512,000 40,010,000 41,932,000 37,042,000 37,468,000 36,521,000 37,324,000 39,100,000 44,681,000 51,921,000 63,045,000 56,926,000 66,748,000 68,083,000 64,498,000 47,739,000 41,499,000 40,479,000 33,451,000 28,268,000 21,620,000 29,042,000 34,774,000 28,257,000 24,926,000 
      gross profit
    		145,203,000 128,920,000 122,676,000 120,023,000 122,063,000 110,713,000 107,466,000 107,279,000 106,049,000 94,072,000 86,174,000 89,983,000 96,610,000 85,777,000 87,687,000 78,617,000 80,627,000 71,099,000 63,413,000 58,338,000 52,817,000 49,784,000 35,769,000 49,197,000 62,547,000 52,228,000 46,050,000 
      yoy
    		18.96% 16.45% 14.15% 11.88% 15.10% 17.69% 24.71% 19.22% 9.77% 9.67% -1.73% 14.46% 19.82% 20.64% 38.28% 34.76% 52.65% 42.81% 77.28% 18.58% -15.56% -4.68% -22.33%     
      qoq
    		12.63% 5.09% 2.21% -1.67% 10.25% 3.02% 0.17% 1.16% 12.73% 9.17% -4.23% -6.86% 12.63% -2.18% 11.54% -2.49% 13.40% 12.12% 8.70% 10.45% 6.09% 39.18% -27.29% -21.34% 19.76% 13.42%  
      gross margin %
    		74.83% 74.27% 74.26% 75.00% 74.43% 74.93% 74.15% 74.60% 73.97% 70.64% 65.85% 63.41% 60.51% 60.11% 56.78% 53.59% 55.56% 59.83% 60.44% 59.04% 61.22% 63.78% 62.33% 62.88% 64.27% 64.89% 64.88% 
      operating expenses:
    		                           
      marketing
    		17,702,000 14,146,000 15,548,000 15,855,000 14,610,000 11,604,000 13,759,000 15,283,000 13,815,000 11,591,000 15,351,000 17,518,000 14,659,000 13,511,000 16,997,000 17,961,000 18,371,000 15,708,000 13,109,000 15,561,000 17,066,000 15,186,000 9,639,000 12,922,000 10,896,000 13,390,000 11,715,000 
      operations and technology
    		69,249,000 70,703,000 68,986,000 66,978,000 66,234,000 66,199,000 65,422,000 62,972,000 62,396,000 61,038,000 65,575,000 68,032,000 71,799,000 70,782,000 69,428,000 67,101,000 62,923,000 61,135,000 59,837,000 51,934,000 45,950,000 40,578,000 36,543,000 40,737,000 39,960,000 37,407,000 34,320,000 
      selling, general and administrative
    		51,980,000 51,621,000 48,027,000 49,961,000 46,373,000 47,512,000 47,082,000 46,770,000 43,494,000 44,788,000 44,326,000 49,845,000 48,097,000 46,860,000 52,245,000 48,262,000 43,914,000 44,912,000 44,264,000 43,616,000 38,715,000 35,384,000 32,559,000 35,104,000 34,553,000 28,436,000 25,355,000 
      restructuring charges
    		    49,000   196,000   1,864,000 36,388,000                
      total operating expenses
    		138,931,000 136,470,000 132,561,000 132,794,000 127,217,000 125,315,000 126,263,000 125,221,000 127,111,000 116,561,000 127,116,000 171,783,000 134,555,000 131,305,000 138,670,000 133,324,000 126,809,000 122,255,000 128,210,000 111,111,000 101,731,000 91,148,000 78,741,000 88,763,000 85,409,000 79,233,000 71,390,000 
      income from operations
    		6,272,000 -7,550,000 -9,885,000 -12,771,000 -5,154,000 -14,602,000 -18,797,000 -17,942,000 -21,062,000 -22,489,000 -40,942,000 -81,800,000 -37,945,000 -45,528,000 -50,983,000 -54,707,000 -46,182,000 -51,156,000 -64,797,000 -52,773,000 -48,914,000 -41,364,000 -42,972,000 -39,566,000 -22,862,000 -27,005,000 -25,340,000 
      yoy
    		-221.69% -48.29% -47.41% -28.82% -75.53% -35.07% -54.09% -78.07% -44.49% -50.60% -19.69% 49.52% -17.84% -11.00% -21.32% 3.66% -5.59% 23.67% 50.79% 33.38% 113.95% 53.17% 69.58%     
      qoq
    		-183.07% -23.62% -22.60% 147.79% -64.70% -22.32% 4.77% -14.81% -6.35% -45.07% -49.95% 115.58% -16.66% -10.70% -6.81% 18.46% -9.72% -21.05% 22.78% 7.89% 18.25% -3.74% 8.61% 73.06% -15.34% 6.57%  
      operating margin %
    		3.23% -4.35% -5.98% -7.98% -3.14% -9.88% -12.97% -12.48% -14.69% -16.89% -31.29% -57.64% -23.77% -31.90% -33.01% -37.29% -31.82% -43.05% -61.76% -53.40% -56.70% -53.00% -74.88% -50.57% -23.49% -33.55% -35.70% 
      change in fair value of warrant liability
    		-38,881,000 -43,928,000 4,537,000 42,503,000 -58,958,000 744,000 5,630,000 -15,583,000                    
      gain on extinguishment of debt
    		 3,684,000  37,101,000    4,177,000                    
      interest income
    		956,000 818,000 1,109,000 1,374,000 1,671,000 1,940,000 2,263,000 2,069,000 2,088,000 2,260,000 2,404,000 2,053,000 1,831,000 1,002,000 260,000 98,000 116,000 55,000 107,000 87,000 168,000 448,000 616,000 1,286,000 1,675,000 1,902,000 610,000 
      interest expense
    		-7,258,000 -7,085,000 -7,038,000 -6,320,000 -5,916,000 -5,948,000 -5,769,000 -3,751,000 -2,683,000 -2,673,000 -2,678,000 -2,667,000 -2,458,000 -2,675,000 -2,675,000 -2,664,000 -6,157,000 -6,072,000 -6,006,000 -3,296,000 -2,454,000 -2,406,000 -384,000 -20,000 -44,000 -60,000 -380,000 
      other income
    		284,000 34,000  608,000         38,000 6,000 266,000 -139,000 1,000 5,000  17,000 -22,250  -97,000 8,000    
      income before provision for income taxes
    		-38,627,000 -54,027,000 -11,277,000 62,495,000 -68,357,000 -17,866,000 -16,673,000 -31,030,000 -21,657,000 -22,902,000 -41,216,000 -82,414,000 -38,534,000 -47,195,000 -53,132,000 -57,412,000 -52,222,000 -57,168,000 -70,696,000 -55,965,000 -51,280,000 -43,322,000 -42,837,000 -38,292,000 -21,227,000 -25,282,000 -26,816,000 
      provision for income taxes
    		155,000 24,000 89,000 95,000 98,000 72,000 35,000 71,000 36,000 47,000 114,000 86,000 76,000 63,000 33,000  -27,000 28,000 27,000 28,000 63,000 -17,000 55,000  148,000 -8,000 59,000 
      net income attributable to common stockholders
    		-754,250 -54,051,000 -11,366,000 62,400,000                        
      yoy
    		                           
      qoq
    		-98.60% 375.55% -118.21%                         
      net income margin %
    		-0.39% -31.14% -6.88% 38.99% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 
      loss per share attributable to common stockholders, basic
    		-0.008 -0.47                          
      loss per share attributable to common stockholders, diluted
    		-0.095 -0.49                          
      weighted-average shares used for eps calculation
    		114,871,414 115,893,232 114,044,057 112,038,075                        
      net income per share
    		  -0.1 0.56    -0.3 -0.2 -0.22 -0.41 -0.83 -0.39 -0.49 -0.56 -0.61 -0.56 -0.62 -0.78 -0.62 -0.58 -0.49 -0.49 -0.44 0.17 -0.3 -2.83 
      net loss attributable to common stockholders
    		    -68,455,000 -17,938,000 -16,708,000 -31,101,000 -21,693,000 -22,949,000 -41,330,000 -82,500,000 -38,610,000 -47,258,000 -53,165,000 -57,412,000 -52,195,000 -57,196,000 -70,723,000 -55,993,000 -51,343,000 -43,305,000 -42,892,000 -38,292,000 -21,375,000 -25,274,000 -26,875,000 
      net income per share
    		  -0.1 0.56    -0.3 -0.2 -0.22 -0.41 -0.83 -0.39 -0.49 -0.56 -0.61 -0.56 -0.62 -0.78 -0.62 -0.58 -0.49 -0.49 -0.44 0.17 -0.3 -2.83 
      basic
    		    -0.153 -0.16 -0.16                     
      diluted
    		    -0.153 -0.17 -0.2                     
      shares used to compute net loss per share attributable to common stockholders
    		                           
      basic
    		    26,760,986.5 109,016,060 106,882,054                     
      diluted
    		    26,760,986.5 112,418,751 111,117,389                     
      shares used to compute net loss per share attributable to common stockholders, basic and diluted
    		       105,212,053 718,207 102,648,790 100,973,105 99,608,071 884,628 96,696,417 94,901,943 93,476,106 414,339 91,859,603 91,062,220 90,044,082 410,732 87,869,321 87,064,384 86,588,796 12,922,059 84,634,956 9,494,447 
      restructuring
    		        6,066,000 -856,000                  
      legal settlement
    		            114,000 152,000   1,601,000 500,000 11,000,000         
      consignment and service revenue
    		               97,877,000 99,863,000 89,451,000 82,452,000 75,082,000 70,756,000 64,407,000 46,866,000 65,297,000 80,672,000 69,790,000 60,713,000 
      cost of consignment and service revenue
    		               28,049,000 28,436,000 22,714,000 21,524,000 20,114,000 19,723,000 16,304,000 12,860,000 18,088,000 20,986,000 19,446,000 17,200,000 
      net income
    		                    -51,343,000 -43,305,000 -42,892,000 -38,292,000 -21,375,000 -25,274,000 -26,875,000 
      accretion of redeemable convertible preferred stock to redemption value
    		                           
      other expense
    		                        4,000 -119,000 -1,706,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 
                                 
        assets
      		                           
        current assets
      		                           
        cash and cash equivalents
      		151,231,000 108,422,000 94,345,000 139,602,000 172,212,000 153,179,000 150,746,000 165,996,000 175,709,000 170,811,000 188,890,000 247,145,000 293,793,000 300,439,000 315,890,000 361,007,000 418,171,000 444,809,000 491,648,000 547,859,000 350,846,000 343,092,000 304,348,000 134,662,000 154,446,000 364,995,000 53,314,000 
        accounts receivable
      		23,822,000 24,342,000 22,767,000 27,750,000 13,961,000 15,953,000 16,450,000 19,819,000 17,226,000 13,564,000 5,994,000 8,941,000 12,207,000 8,753,000 6,364,000 8,176,000 7,767,000 6,770,000 5,808,000 5,994,000 7,213,000 4,559,000 6,312,000 3,089,000 7,779,000 8,935,000 9,517,000 
        inventory
      		30,843,000 29,698,000 28,776,000 26,472,000 23,583,000 19,921,000 21,119,000 21,120,000 22,246,000 24,657,000 25,904,000 30,843,000 42,967,000 62,974,000 74,030,000 73,698,000 71,015,000 63,876,000 59,078,000 49,502,000 42,321,000 19,236,000 20,705,000 24,916,000 23,599,000 13,846,000 12,664,000 
        prepaid expenses and other current assets
      		21,595,000 19,961,000 14,445,000 14,323,000 22,913,000 22,677,000 19,134,000 18,387,000 20,766,000 20,933,000 18,866,000 24,202,000 23,291,000 27,095,000 20,715,000 21,379,000 20,859,000 22,319,000 17,634,000 15,267,000 17,072,000 18,255,000 14,950,000 11,273,000 13,804,000 13,071,000 10,563,000 
        total current assets
      		227,491,000 182,423,000 160,333,000 208,147,000 232,669,000 211,730,000 207,449,000 225,322,000 235,947,000 229,965,000 239,654,000 311,131,000 372,258,000 399,261,000 416,999,000 464,260,000 517,812,000 537,774,000 574,168,000 618,622,000 421,469,000 437,298,000 452,249,000 342,532,000 408,439,000 406,137,000 99,430,000 
        property and equipment
      		96,148,000 94,709,000 98,012,000 97,608,000 94,443,000 95,218,000 96,769,000 101,327,000 104,087,000 106,806,000 105,775,000 101,876,000 112,679,000 99,506,000 92,991,000 90,419,000 89,286,000 83,928,000 78,157,000 66,637,000 63,454,000 61,944,000 60,000,000 59,637,000 55,831,000 45,715,000 40,427,000 
        operating lease right-of-use assets
      		64,641,000 68,465,000 70,408,000 73,972,000 75,714,000 79,142,000 82,952,000 84,690,000 86,348,000 94,680,000 91,018,000 95,587,000 127,955,000 132,869,000 135,634,000 140,489,000 145,311,000 146,852,000 141,360,000 143,331,000 118,136,000 115,013,000 118,798,000 124,346,000    
        restricted cash
      		14,808,000 14,859,000 14,859,000 14,859,000 14,911,000 14,911,000 14,911,000 14,910,000 14,914,000 15,757,000 16,805,000                11,700,000 
        other assets
      		5,945,000 5,756,000 5,771,000 5,781,000 5,358,000 5,251,000 5,342,000 5,330,000 5,627,000 5,473,000 5,468,000 3,160,000 2,749,000 2,780,000 2,790,000 3,266,000 2,535,000 2,857,000 2,816,000 2,156,000 2,050,000 2,020,000 3,013,000 3,025,000 2,660,000 1,518,000 6,573,000 
        total assets
      		409,033,000 366,212,000 349,383,000 400,367,000 423,095,000 406,252,000 407,423,000 431,579,000 446,923,000 452,681,000 458,720,000 511,754,000 615,641,000 634,416,000 648,414,000 698,434,000 754,944,000 771,411,000 796,501,000 830,746,000 605,109,000 616,275,000 634,060,000 529,540,000 466,930,000 453,370,000 158,130,000 
        liabilities and stockholders’ deficit
      		                           
        current liabilities
      		                           
        accounts payable
      		14,565,000 11,121,000 13,588,000 19,764,000 11,004,000 10,795,000 12,650,000 14,126,000 8,961,000 8,088,000 13,153,000 8,867,000 11,902,000 9,900,000 8,052,000 6,292,000 4,503,000 8,246,000 13,533,000 9,260,000 14,346,000 5,410,000 5,989,000 9,916,000 11,159,000 5,666,000 4,469,000 
        accrued consignor payable
      		111,497,000 86,803,000 76,009,000 82,278,000 89,718,000 73,242,000 65,465,000 75,800,000 77,122,000 66,525,000 61,837,000 72,114,000 81,543,000 71,771,000 64,443,000 68,653,000 71,042,000 60,366,000 55,035,000 54,484,000 57,053,000 44,490,000 34,883,000 33,489,000 52,820,000 39,870,000 33,404,000 
        operating lease liabilities, current portion
      		24,645,000 24,077,000 23,508,000 22,862,000 22,835,000 22,487,000 22,080,000 21,234,000 20,094,000 19,856,000 20,819,000 20,691,000 20,776,000 20,444,000 19,970,000 19,518,000 18,253,000 15,229,000 15,610,000 15,275,000 14,999,000 15,263,000 15,045,000 14,209,000    
        convertible senior notes, net, current portion
      		   26,704,000 26,653,000 26,600,000 26,550,000                     
        other accrued and current liabilities
      		113,533,000 104,087,000 86,381,000 88,384,000 98,466,000 92,573,000 85,059,000 82,528,000 82,685,000 82,459,000 72,146,000 82,271,000 93,292,000 91,974,000 79,733,000 85,322,000 94,188,000 84,921,000 76,669,000 63,394,000 61,862,000 55,767,000 46,636,000 43,941,000 54,567,000 42,548,000 42,475,000 
        total current liabilities
      		264,240,000 226,088,000 199,486,000 239,992,000 248,676,000 225,697,000 211,804,000 193,688,000 188,862,000 176,928,000 167,955,000 183,943,000 207,513,000 194,089,000 172,198,000 179,785,000 187,986,000 168,762,000 160,847,000 142,413,000 148,260,000 120,930,000 102,553,000 101,555,000 118,546,000 88,084,000 86,846,000 
        operating lease liabilities, net of current portion
      		66,793,000 72,887,000 76,878,000 82,527,000 85,790,000 91,274,000 97,024,000 100,809,000 104,856,000 109,907,000 112,151,000 117,553,000 125,118,000 130,050,000 133,039,000 138,214,000 143,159,000 145,787,000 139,419,000 140,775,000 115,084,000 111,680,000 115,608,000 120,174,000    
        convertible senior notes
      		230,833,000 230,463,000 235,103,000 234,723,000 276,807,000 276,483,000 276,159,000 302,324,000 452,421,000 451,768,000 451,127,000 450,481,000 449,848,000 448,954,000 448,305,000 447,653,000 348,380,000 344,245,000 340,194,000 336,112,000 149,188,000 148,057,000 146,958,000     
        non-convertible notes
      		140,980,000 140,807,000 137,599,000 137,495,000 134,470,000 131,427,000 131,278,000 131,199,000                    
        warrant liability
      		114,353,000 75,472,000 31,544,000 36,081,000 78,584,000 19,626,000 20,370,000 26,000,000                    
        other noncurrent liabilities
      		7,352,000 5,547,000 7,017,000 5,618,000 6,144,000 7,158,000 6,042,000 4,612,000 4,083,000 4,097,000 3,071,000 3,297,000 3,254,000 2,578,000 1,985,000 2,099,000 2,291,000 1,900,000 1,762,000 1,541,000 1,284,000 1,300,000 1,040,000 1,038,000 9,456,000 8,050,000 10,076,000 
        total liabilities
      		824,551,000 751,264,000 687,627,000 736,436,000 830,471,000 751,665,000 742,677,000 758,632,000 750,222,000 742,700,000 734,304,000 755,274,000 785,733,000 775,671,000 755,527,000 767,751,000 681,816,000 660,694,000 642,222,000 620,841,000 413,816,000 381,967,000 366,159,000 222,767,000 128,002,000 96,134,000 96,922,000 
        commitments and contingencies
      		                           
        stockholders’ deficit:
      		                           
        common stock, 0.00001 par value...
      		1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 
        additional paid-in capital
      		880,107,000 871,791,000 864,548,000 855,357,000 846,450,000 839,958,000 832,179,000 823,672,000 816,325,000 807,912,000 799,398,000 790,132,000 781,060,000 771,287,000 758,171,000 742,802,000 841,255,000 826,649,000 813,015,000 797,918,000 723,302,000 713,195,000 703,189,000 699,249,000 693,426,000 690,365,000 1,729,000 
        accumulated deficit
      		-1,295,626,000 -1,256,844,000 -1,202,793,000 -1,191,427,000 -1,253,827,000 -1,185,372,000 -1,167,434,000 -1,150,726,000 -1,119,625,000 -1,097,932,000 -1,074,983,000 -1,033,653,000 -951,153,000 -912,543,000 -865,285,000 -812,120,000 -768,128,000 -715,933,000 -658,737,000 -588,014,000 -532,021,000 -478,995,000 -435,690,000 -392,798,000 -354,506,000 -333,131,000 -307,857,000 
        total stockholders’ deficit
      		-415,518,000 -385,052,000 -338,244,000 -336,069,000 -407,376,000 -345,413,000 -335,254,000 -327,053,000 -303,299,000 -290,019,000 -275,584,000                -306,122,000 
        total liabilities and stockholders’ deficit
      		409,033,000 366,212,000 349,383,000 400,367,000 423,095,000 406,252,000 407,423,000 431,579,000 446,923,000 452,681,000 458,720,000                 
        liabilities and stockholders’ equity
      		                           
        stockholders’ equity
      		                           
        total stockholders’ equity
      		           -243,520,000 -170,092,000 -141,255,000 -107,113,000 -69,317,000 73,128,000 110,717,000 154,279,000 209,905,000 191,293,000 234,308,000 267,901,000 306,773,000 338,928,000 357,236,000  
        total liabilities and stockholders’ equity
      		           511,754,000 615,641,000 634,416,000 648,414,000 698,434,000 754,944,000 771,411,000 796,501,000 830,746,000 605,109,000 616,275,000 634,060,000 529,540,000    
        short-term investments
      		                    4,017,000 52,156,000 105,934,000 168,592,000 208,811,000 5,290,000 13,372,000 
        stockholders’ equity:
      		                           
        accumulated other comprehensive income
      		                    11,000 107,000 401,000 321,000    
        liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ equity
      		                           
        long-term debt, current portion
      		                          6,498,000 
        long-term debt
      		                           
        redeemable convertible preferred stock, 0.00001 par value...
      		                          198,228,000 
        convertible preferred stock 0.00001 par value...
      		                          169,102,000 
        accumulated comprehensive income
      		                        7,000 1,000 5,000 
        total liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ equity
      		                        466,930,000 453,370,000  
        liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ deficit
      		                           
        total liabilities, redeemable convertible preferred stock, convertible preferred stock and stockholders’ deficit
      		                          158,130,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 
                                  
          cash flows from operating activities:
        		                          
          net loss
        		-38,782,000    -68,455,000 -17,938,000 -16,708,000 -31,101,000 -21,693,000 -22,949,000 -41,330,000 -82,500,000 -38,610,000 -47,258,000 -53,165,000 -57,412,000 -52,195,000 -57,196,000 -70,723,000 -55,993,000 -51,343,000 -43,305,000 -42,892,000 -38,292,000 -21,375,000 -25,274,000 
          adjustments to reconcile net loss to cash from operating activities:
        		                          
          depreciation and amortization
        		8,164,000 8,209,000 8,256,000 8,375,000 8,294,000 8,270,000 8,227,000 8,309,000 8,165,000 7,744,000 7,965,000 7,821,000 7,414,000 7,195,000 6,696,000 6,364,000 5,691,000 6,034,000 6,371,000 5,435,000 5,172,000 4,917,000 4,611,000 4,145,000 3,871,000 3,544,000 
          stock-based compensation expense
        		6,771,000 6,605,000 8,208,000 7,359,000 6,502,000 7,758,000 7,702,000 7,120,000 7,980,000 8,536,000 8,766,000 8,991,000 9,118,000 10,841,000 13,665,000 12,514,000 12,478,000 12,592,000 12,813,000 10,919,000 7,411,000 7,372,000 6,129,000 3,410,000 2,795,000 2,519,000 
          reduction of operating lease right-of-use assets
        		4,113,000 4,014,000 3,982,000 3,961,000 3,912,000 3,837,000 3,776,000 3,667,000 3,747,000 3,831,000 3,996,000 5,172,000 5,004,000 4,929,000 4,872,000 4,797,000 4,674,000 4,977,000 5,033,000 4,755,000 4,059,000 3,944,000 3,938,000 4,121,000   
          bad debt expense
        		562,000 831,000 543,000 671,000 654,000 598,000 822,000 424,000 397,000 536,000 378,000 651,000 547,000 453,000 487,000 193,000 397,000 155,000   242,000 187,000 19,000 455,000 163,000 527,000 
          non-cash interest expense
        		6,696,000 -4,000,000 6,043,000 -560,000 4,923,000 -1,940,000 4,883,000 818,000                   
          issuance costs allocated to liability classified warrants
        		    0 0 0 374,000                   
          accretion of debt discounts and issuance costs
        		543,000 603,000 566,000 494,000 520,000 562,000 464,000 581,000 653,000 641,000 646,000 633,000 426,000 649,000 652,000 641,000 4,135,000 4,051,000 3,988,000 1,815,000 1,131,000 1,099,000     
          property, plant, equipment, and right-of-use asset impairments
        		        5,922,000 312,000 614,000 32,891,000               
          provision for inventory write-downs and shrinkage
        		-14,000 743,000 960,000 525,000 111,000 639,000 691,000 1,149,000 947,000 2,305,000 3,085,000 3,446,000               
          gain on debt extinguishment
        		0 -3,684,000 0 -37,101,000 0 0 0 -4,177,000                   
          change in fair value of warrant liability
        		38,881,000 43,928,000 -4,537,000 -42,503,000 58,958,000 -744,000 -5,630,000 15,583,000                   
          loss related to warehouse fire
        		267,000 -9,000   461,000 -110,000                     
          other adjustments
        		-10,000 7,000 8,000 -44,000 463,000 44,000 27,000 -699,000         0 -36,000 41,000 5,000       
          changes in operating assets and liabilities:
        		                          
          accounts receivable
        		-42,000 -2,406,000 4,440,000 -14,460,000 1,338,000 -101,000 2,547,000 -3,017,000 -4,059,000 -8,106,000 2,569,000 2,615,000 -4,001,000 -2,842,000 1,325,000 -602,000 -1,394,000 -1,117,000 -296,000 1,219,000 -2,896,000 1,566,000 -3,242,000 4,235,000 993,000 55,000 
          inventory
        		-1,131,000 -1,665,000 -3,264,000 -3,414,000 -3,773,000 725,000 -606,000 -23,000 1,464,000 -1,058,000 1,854,000 8,678,000 20,007,000 11,056,000 -332,000 -2,683,000 -7,139,000 -4,798,000 -9,576,000 -7,181,000 -24,768,000 1,469,000 4,211,000 -1,317,000 -9,753,000 -1,182,000 
          prepaid expenses and other current assets
        		-1,875,000 -5,516,000 -712,000 7,307,000 -289,000 -3,806,000 1,803,000 2,993,000 104,000 -2,224,000 5,260,000 -1,139,000 3,591,000 -6,781,000 664,000 -426,000 1,321,000 -4,697,000 -2,402,000 1,769,000 1,183,000 -3,305,000 -3,677,000 2,356,000 -733,000 -2,508,000 
          other assets
        		-202,000 2,000 -32,000 -469,000 -153,000 45,000 -74,000 258,000 -194,000 -36,000 -2,359,000 -461,000 -18,000 -40,000 428,000 -779,000 169,000 -41,000 -660,000 -106,000 -30,000 972,000 -29,000 -365,000 -1,162,000 -275,000 
          operating lease liability
        		-5,815,000 -5,493,000 -5,421,000 -5,455,000 -5,620,000 -5,370,000 -4,977,000 -4,916,000 -5,079,000 -9,962,000 -5,279,000 -6,158,000 -4,690,000 -4,679,000 -4,740,000 -3,655,000 -2,737,000 -4,482,000 -4,083,000 -3,983,000 -4,042,000 -3,868,000 -2,121,000 -2,721,000   
          accounts payable
        		950,000 -1,694,000 574,000 1,783,000 73,000 -1,976,000 2,680,000 133,000 1,125,000 -3,313,000 3,148,000 -1,385,000 880,000 500,000 1,537,000 2,030,000 -3,769,000 -4,347,000 3,199,000 -5,072,000 6,964,000 1,365,000 -3,323,000 -2,206,000 4,616,000 1,237,000 
          accrued consignor payable
        		24,694,000 10,794,000 -6,269,000 -7,440,000 16,476,000 7,698,000 -11,382,000 -1,322,000 10,597,000 4,688,000 -10,277,000 -9,429,000 9,772,000 7,328,000 -4,210,000 -2,389,000 10,676,000 5,331,000 551,000 -2,569,000 12,563,000 9,607,000 1,394,000 -19,331,000 12,950,000 6,466,000 
          other accrued and current liabilities
        		5,462,000 21,944,000 -5,489,000 -9,254,000 3,054,000 10,993,000 -1,342,000 385,000 1,035,000 8,140,000 -8,745,000 -894,000 -5,329,000 9,927,000 -5,794,000 -8,627,000 8,971,000 7,330,000 15,168,000 -547,000 5,483,000 8,135,000 3,241,000 -8,865,000 10,192,000 2,238,000 
          other noncurrent liabilities
        		288,000 168,000 -87,000 -65,000 545,000 -111,000 -46,000 -6,000 -54,000 19,000 -161,000 24,000 -108,000 593,000 -114,000 -70,000 391,000 138,000 161,000 257,000 -16,000 260,000 2,000 -412,000 1,406,000 684,000 
          net cash from operating activities
        		49,520,000 19,330,000 -3,570,000 -28,270,000 27,994,000 9,073,000 -6,754,000 -3,467,000 10,523,000 -10,933,000 -30,425,000 -30,433,000 3,698,000 -7,351,000 -38,550,000 -49,354,000 -18,764,000 -35,071,000 -40,508,000 -47,808,000 -38,402,000 -9,436,000 -31,610,000 -54,971,000 3,629,000 -11,945,000 
          capital expenditures
        		-3,689,000 -2,437,000 -7,804,000 -4,714,000 -5,080,000 -4,026,000 -3,001,000 -2,141,000 -3,649,000 -5,764,000 -8,058,000 -11,706,000 -6,453,000 -6,809,000 -4,456,000 -5,143,000 -7,167,000 -9,661,000 -14,717,000 -5,925,000 -49,000 -5,537,000 -4,375,000 -7,257,000 -5,932,000 -6,109,000 
          free cash flows
        		45,831,000 16,893,000 -11,374,000 -32,984,000 22,914,000 5,047,000 -9,755,000 -5,608,000 6,874,000 -16,697,000 -38,483,000 -42,139,000 -2,755,000 -14,160,000 -43,006,000 -54,497,000 -25,931,000 -44,732,000 -55,225,000 -53,733,000 -38,451,000 -14,973,000 -35,985,000 -62,228,000 -2,303,000 -18,054,000 
          cash flow from investing activities:
        		                          
          insurance proceeds related to warehouse fire
        		0 0 590,000 1,719,000 0                      
          capitalized proprietary software development costs
        		-3,231,000 -3,175,000 -3,619,000 -2,864,000 -3,749,000 -2,913,000 -1,958,000 -3,180,000 -3,081,000 -2,356,000 -3,300,000 -4,214,000 -4,214,000 -3,227,000 -3,316,000 -3,304,000 -2,512,000 -2,634,000 -2,416,000 -2,405,000 -2,038,000 -2,861,000 -2,299,000 -1,480,000 -2,597,000 -2,783,000 
          purchases of property and equipment
        		-3,689,000 -2,437,000 -7,804,000 -4,714,000 -5,080,000 -4,026,000 -3,001,000 -2,141,000 -3,649,000 -5,764,000 -8,058,000 -11,706,000 -6,453,000 -6,809,000 -4,456,000 -5,143,000 -7,167,000 -9,661,000 -14,717,000 -5,925,000 -2,568,000 -4,824,000 -4,375,000 -6,486,000 -8,650,000 -6,069,000 
          net cash from investing activities
        		-6,920,000 -5,612,000 -10,833,000 -5,859,000 -8,829,000 -6,478,000 -4,959,000 -5,321,000 -6,730,000 -8,120,000 -11,358,000 -15,920,000 -10,667,000 -10,036,000 -7,772,000 -8,447,000 -9,679,000 -12,295,000 -17,133,000 -4,330,000 43,460,000 45,662,000 56,108,000 32,774,000 -214,404,000 -770,000 
          cash flow from financing activities:
        		                          
          proceeds from exercise of stock options
        		720,000 196,000 90,000 24,000 258,000 6,000 105,000 7,000 0 16,000    1,941,000 328,000 637,000  693,000 786,000 3,973,000       
          proceeds from issuance of stock in connection with the employee stock purchase program
        		814,000 0   789,000 0   440,000 0   500,000 0   1,249,000          
          repayment of 2025 notes
        		0 0                         
          taxes paid related to restricted stock vesting
        		-40,000 -37,000 -29,000 -54,000 -1,179,000 -103,000 -59,000 -305,000 -178,000 -90,000 -116,000 -295,000 -177,000 -5,000   -1,000    0 -227,000 -370,000 -151,000   
          cash received from settlement of capped calls in conjunction with the note exchanges
        		0 408,000 0 1,499,000                       
          issuance costs paid related to the note exchanges
        		-1,336,000 -208,000 -5,004,000 -2,000                       
          net cash from financing activities
        		158,000 359,000 -30,854,000 1,467,000 -132,000 -162,000 -3,536,000 -929,000 262,000 -74,000 333,000 -295,000 323,000 1,936,000 1,205,000 637,000 1,805,000 527,000 1,430,000 249,151,000 2,696,000 2,518,000 145,188,000 2,413,000 226,000 312,696,000 
          net decrease in cash, cash equivalents, and restricted cash
        		                          
          cash, cash equivalents, and restricted cash
        		                          
          beginning of period
        		0 0 0 187,123,000 0 0 0 190,623,000 0 0 0 293,793,000 0 0 0 418,171,000 0 0 0 350,846,000 0 0 0 154,446,000 0 0 
          end of period
        		42,758,000 14,077,000 -45,257,000 154,461,000 19,033,000 2,433,000 -15,249,000 180,906,000 4,055,000 -19,127,000 -41,450,000 247,145,000 -6,646,000 -15,451,000 -45,117,000 361,007,000 -26,638,000 -46,839,000 -56,211,000 547,859,000 7,754,000 38,744,000 169,686,000 134,662,000 -210,549,000 299,981,000 
          cash flow from operating activities:
        		                          
          net decrease in cash, cash equivalents and restricted cash
        		 14,077,000 -45,257,000 -32,662,000  2,433,000 -15,249,000 -9,717,000  -19,127,000                 
          cash, cash equivalents and restricted cash
        		                          
          net income
        		  -11,366,000 62,400,000                       
          adjustments to reconcile net income to cash from operating activities:
        		                          
          gain related to warehouse fire
        		   -380,000                       
          cash received from settlement of capped calls in conjunction with the 2024 note exchange
        		                          
          issuance costs paid related to the 2024 note exchange
        		                          
          net increase in cash, cash equivalents, and restricted cash
        		                          
          supplemental disclosures of cash flow information
        		                          
          cash paid for interest
        		                   7,000 4,000 2,000 1,000 4,000 21,000 313,000 
          cash paid for income taxes
        		                    0      
          supplemental disclosures of non-cash investing and financing activities
        		                          
          property and equipment additions not yet paid in cash
        		                   2,434,000       
          capitalized proprietary software development costs not yet paid in cash
        		                          
          stock-based compensation capitalized to proprietary software development costs
        		                   359,000       
          liability classified warrants issued in connection with the 2024 note exchange
        		                          
          net decrease in principal amount of debt due to the 2024 note exchange
        		                          
          tax withholding liability for restricted stock
        		                     -80,000     
          cash received from settlement of capped calls in conjunction with the note exchange
        		     0 0 396,000                   
          issuance costs paid related to the note exchange
        		     -65,000 -4,206,000 -1,027,000                   
          accrued interest on convertible notes
        		           575,000    575,000 -575,000 631,000 -575,000 1,469,000       
          loss on disposal of property and equipment and impairment of capitalized proprietary software
        		           36,000               
          gain on lease termination
        		        0                  
          proceeds from maturities of short-term investments
        		                0 0 0 4,000,000 55,998,000 45,415,000 62,782,000 114,020,000 5,283,000 11,100,000 
          proceeds from issuance of 2028 convertible notes, net of issuance costs
        		                          
          purchase of capped calls in conjunction with the issuance of the 2028 convertible senior notes
        		                0 0         
          purchases of property and equipment included in accounts payable and other accrued and current liabilities
        		                    2,519,000 -713,000     
          purchases of capitalized proprietary software development costs included in accounts payable and other accrued and current liabilities
        		                    -163,000 -131,000     
          loss on disposal/sale of property and equipment and impairment of capitalized proprietary software
        		         126,000    203,000 54,000 175,000           
          net decrease in cash and cash equivalents
        		           -46,648,000               
          cash and cash equivalents
        		                          
          purchases of short-term investments
        		                    0 0 0 -73,280,000 -208,440,000  
          proceeds from issuance of 2025 convertible notes, net of issuance costs
        		                          
          purchase of capped calls in conjunction with the issuance of the 2025 convertible senior notes
        		                          
          proceeds from exercise of stock options and common stock warrants
        		                    1,724,000 2,781,000 1,790,000 2,564,000 281,000 673,000 
          net increase in cash and cash equivalents
        		            -6,646,000 -15,451,000 -45,117,000 -57,164,000  -46,839,000         
          issuance costs associated with issuance of convertible senior notes included in other accrued and current liabilities
        		                    0 -36,000     
          proceeds from issuance of 2028 convertible senior notes, net of issuance costs
        		                 -162,000 -448,000 278,844,000       
          compensation expense related to stock sales by current and former employees
        		                        0 0 
          change in fair value of convertible preferred stock warrant liability
        		                        0 0 
          loss on retirement of property and equipment
        		                142,000          
          proceeds from issuance of common stock in initial public offering, net of issuance costs
        		                        55,000  
          proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
        		                        0 0 
          proceeds from issuance of convertible preferred stock, net of issuance costs
        		                        0 0 
          repayment of debt
        		                        0 -6,500,000 
          net increase in cash, cash equivalents and restricted cash
        		                   197,013,000 7,754,000 38,744,000 169,686,000 -19,784,000 -210,549,000 299,981,000 
          proceeds from sale of short-term investments
        		                          
          proceeds from issuance of 2025 convertible senior notes, net of issuance costs
        		                          
          proceeds from issuance of employee stock purchase program
        		                          
          purchase of capped calls
        		                   -33,666,000 0 0     
          capitalized proprietary software development costs additions not yet paid in cash
        		                   430,000       
          issuance costs associated with issuance of 2025 and 2028 convertible senior notes included in other accrued and current liabilities
        		                   1,173,000       
          change in fair value of convertible note derivative liability
        		                          
          accretion of unconditional endowment grant liability
        		                    12,000 12,000 4,000 23,000 24,000 26,000 
          amortization of premiums on short-term investments
        		                    -23,000 137,000 -44,000 -207,000 -358,000 -4,000 
          proceeds from issuance of convertible notes, net of issuance costs
        		                          
          payment of deferred offering costs
        		                          
          issuance cost paid related to conversion of convertible notes
        		                          
          issuance of convertible preferred stock upon extinguishment of convertible notes
        		                          
          issuance of redeemable convertible preferred stock upon extinguishment of convertible notes
        		                          
          accretion of redeemable convertible preferred stock to redemption value
        		                        0 0 
          loss on extinguishment of convertible notes
        		                          
          reclassification of deferred offering costs
        		                          
          conversion of convertible preferred stock warrants in connection with ipo
        		                        0  
          conversion of redeemable convertible preferred stock in connection with ipo
        		                        0  
          conversion of convertible preferred stock in connection with ipo
        		                        0  
          proceeds from issuance of convertible senior notes, net of issuance costs
        		                     -36,000     
          deferred offering costs in accounts payable and accrued liabilities
        		                        -38,000 -2,191,000 
          accretion of debt discounts
        		                        0 2,000 
          purchases of property and equipment included in accounts payable and other current liabilities
        		                       -771,000   
          purchases of capitalized proprietary software development costs included in accounts payable and other current liabilities
        		                       756,000   
          issuance of common stock warrant to third-party service provider
        		                          
          taxes paid related to net share settlement of equity awards
        		                        -110,000  
          purchases of property and equipment included in accounts payable
        		                        2,718,000 -40,000 
          purchases of investments
        		                          
          proceeds from issuance convertible notes, net of issuance costs