Rent the Runway Inc (RENT) Q3 2024 Earnings Report

Rent the Runway reported modest top-line growth in Q3 FY2024 with revenue of $75.9 million (up 4.7% year-over-year) and continued progress toward the company’s stated goal of free cash flow (FCF) breakeven for fiscal 2024. Management reported adjusted EBITDA of $9.3 million (12.3% of revenue) and reiterated full-year adjusted EBITDA guidance of 15%–16% and FCF breakeven for FY2024. GAAP results show an operating loss of $13.7 million and a net loss of $18.9 million (EPS -$4.94). Balance sheet metrics reflect meaningful leverage and negative stockholders’ equity (total assets $251.6M; total liabilities $422.8M; equity -$171.2M) and liquidity that requires monitoring (cash reported between $74M and $83M across filings). Management highlights ongoing inventory investments, improvement in Reserve and Resale channels, product/UX upgrades, and a new $119 subscription offering intended to accelerate subscriber growth in 2025. Execution against inventory and subscriber-acquisition plans, and delivery of Q4 FCF improvement, are the primary near-term performance drivers.