The RealReal Inc. showed some forward momentum in the first quarter — and stuck by its financial guidance for the year — but Wall Street wanted something more.

Shares of the luxury resale pioneer slipped 10.8 percent to $6.50 in after-hours trading on Thursday as investors took in the company’s latest results. 

Revenues rose 11 percent to $160 million for the quarter, while gross merchandise volume hit $490 million. Net income was $62 million, up from losses of $31 million a year earlier, reflecting a big change in the fair value of the company’s warrant liability. Adjusted earnings before interest, taxes, depreciation and amortization totaled $4.1 million for the quarter. 

The company also saw its active buyer count rise 7 percent to 985,000. 

Rati Levesque, chief executive officer of The RealReal, said the quarter was strong and that resale was well positioned to weather the trade war. 

“We are reaffirming our full year 2025 guidance despite the uncertainties from tariffs and a less predictable backdrop,” Levesque said. “We occupy a unique position at the intersection of luxury and value, and we source our supply primarily from domestic closets, so there is potential to realize benefits in the current environment. Our strategy is working; we believe our brand is strong and we have built flexibility into our operations that enables us to effectively navigate a range of conditions.”

The company continues to expect revenues of $645 million to $660 million this year, with adjusted EBITDA of $20 million to $30 million.