The RealReal Inc. (NASDAQ: REAL) reported Q3 EPS of $0.15, $0.52 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $72.6 million versus the consensus estimate of $51.16 million.

Q3 2020 Highlights

• Launched three new lenders in U.S. Appraisal and four new lenders in U.S. Title
• Market adjusted growth of 6.1% in U.S. Appraisal (14.9% for origination only)
• Market adjusted growth of 159.7% in U.S. Title (57.2% for refinance only)
• Purchased 64 thousand shares under our normal course issuer bid (“NCIB”) at a cost of $432 thousand

“We reported $20.9 million of consolidated Adjusted EBITDA(A) in the third quarter, twice the amount we posted in the same quarter last year, and delivered consolidated Adjusted EBITDA(A) margins of 47.6%. U.S. Title Adjusted EBITDA(A) was $13.3 million, surpassing the performance of our U.S. Appraisal segment for the first time, and our U.S. Appraisal segment delivered $10.8 million of Adjusted EBITDA(A), its highest on record. The U.S. mortgage market continued to demonstrate its resilience in the third quarter, despite the impact of COVID-19. Historical record lows in U.S. mortgage interest rates buoyed the demand for mortgage refinancing, which more than offset the temporary decline in purchase transactions as well as the significant drop in home equity and default transactions,” said Real Matters Chief Executive Officer Jason Smith.

“We continue to believe that the lower interest rate environment, which we entered into prior to this crisis, has created a significant multi-year opportunity for us and that the ability of lenders to increase their underwriting capacity during COVID-19 remains the most significant hurdle to industry growth. We remain thankful for the dedication and commitment of our employees and the field professionals on our network for their ongoing diligence to support our clients and their customers throughout this pandemic,” added Smith.

For earnings history and earnings-related data on The RealReal Inc. (REAL) click here.