Mark Altschwager's questions to RealReal Inc (REAL) leadership • Q1 2025
Question
Mark Altschwager of Baird asked about the Q1 revenue mix relative to expectations and whether full-year assumptions have changed. He also questioned if the company's optimism about benefiting from the macro environment is theoretical or based on observed behavior.
Answer
CFO Ajay Gopal confirmed the Q1 revenue mix was as expected and the full-year guidance for a 10-15% direct revenue contribution is unchanged. CEO Rati Levesque and CFO Ajay Gopal noted that while they believe they are positioned to benefit from tariffs and value-seeking consumers, their confidence is primarily based on their flexible, domestic-sourcing model rather than major observed shifts in behavior yet.