Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

The following table presents selected financial information with respect to the Company's single operating segment (in thousands):


	Three Months Ended March 31,
	2025		2024
Total revenue	$	160,033	$	143,800
Less:
Cost of consignment revenue	12,954		13,280
Cost of direct revenue	15,235		12,285
Cost of shipping services revenue	11,821		10,956
Total cost of revenue	40,010		36,521
Gross Profit	120,023		107,279
Less:
People costs	76,012		69,387
Software and purchased services	28,480		28,069
Occupancy expense	9,461		9,480
Depreciation and amortization(1)	8,241		8,286
Stock-based compensation	7,359		7,120
Administration and other segment expenses (2)	3,241		2,683
Restructuring (3)	—		196
Total operating expenses	132,794		125,221
Interest income	1,374		2,069
Interest expense	(6,320)		(3,751)
Gain on extinguishment of debt	37,101		4,177
Change in fair value of warrant liability	42,503		(15,583)
Other income, net	608		—
Provision for income taxes	(95)		(71)
Net income (loss) attributable to common stockholders	$	62,400	$	(31,101)

(1) Expenses reported in operating expenses, excludes depreciation and amortization recorded in cost of revenue.

(2) Administration and other segment expenses include insurance, supplies, and taxes.

(3) Restructuring expenses for the quarter ended March 31, 2024 consists of employee severance charges.

TheRealReal, Inc. 10-Q