The RealReal reported a 10% dip in total revenue to $143 million for the fourth quarter, with the luxury online platform narrowing its losses to round out the year 2023.

The San Francisco-based company said GMV for the three months ending December 31 fell 9% to $451 million, on the back of a 10% decrease in order numbers. The firm’s average order value, however, increased 10% to $542 during the three months.

Moreover, the firm narrowed its quarterly net loss to $22 million, compared to $39 million in the prior-year period.

For the full-year 2023, the company said total revenue was $549 million, a decrease of 9%, while GMV dipped 5% to $1.73 billion. Annual net losses also narrowed to $168 million, compared to $196 million in 2022.

​“In the fourth quarter of 2023, The RealReal delivered positive Adjusted EBITDA and positive free cash flow,” said John Koryl, chief executive officer of The RealReal.

“These are historic milestones and firsts for the company since our IPO in 2019. Our strategic shift to re-focus on the consignment business is delivering strong progress in our results. We refined our growth model with a focus on profitable supply and in the process we significantly improved our margin structure. We intend to carry forward this improved margin structure as we reaccelerate growth going forward.”

Last month, The RealReal announced the appointment of Ajay Gopal as its new chief financial officer, effective March 18, following the departure of Robert Julian in September last year.