(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Item 2.02 | Results of Operations and Financial Condition. | ||||
| Item 9.01 | Financial Statements and Exhibits. | ||||
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
| RENT THE RUNWAY, INC. | ||||||||||||||
Date: December 12, 2025 | By: | /s/ Siddharth Thacker | ||||||||||||
Name: Siddharth Thacker Chief Financial Officer | ||||||||||||||
| October 31, | January 31, | ||||||||||
| 2025 | 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 50.7 | $ | 77.4 | |||||||
| Restricted cash, current | 4.5 | 4.7 | |||||||||
| Prepaid expenses and other current assets | 11.5 | 11.8 | |||||||||
| Total current assets | 66.7 | 93.9 | |||||||||
| Restricted cash | 4.2 | 4.4 | |||||||||
| Rental product, net | 94.9 | 73.3 | |||||||||
| Fixed assets, net | 24.0 | 28.3 | |||||||||
| Intangible assets, net | 2.3 | 2.4 | |||||||||
| Operating lease right-of-use assets | 30.0 | 32.1 | |||||||||
| Other assets | 8.9 | 5.6 | |||||||||
| Total assets | $ | 231.0 | $ | 240.0 | |||||||
| Liabilities and Stockholders’ Equity (Deficit) | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 12.6 | $ | 6.2 | |||||||
| Accrued expenses and other current liabilities | 31.7 | 20.3 | |||||||||
| Deferred revenue | 12.9 | 10.2 | |||||||||
| Customer credit liabilities | 6.0 | 6.0 | |||||||||
| Operating lease liabilities | 5.4 | 4.7 | |||||||||
| Total current liabilities | 68.6 | 47.4 | |||||||||
| Long-term debt, net | 159.1 | 333.7 | |||||||||
| Operating lease liabilities | 37.0 | 41.0 | |||||||||
| Other liabilities | 1.4 | 0.4 | |||||||||
| Total liabilities | 266.1 | 422.5 | |||||||||
Stockholders’ equity (deficit) | |||||||||||
| Class A common stock | — | — | |||||||||
| Class B common stock | — | — | |||||||||
| Preferred stock | — | — | |||||||||
Additional paid-in capital | 1,063.9 | 940.5 | |||||||||
Accumulated deficit | (1,099.0) | (1,123.0) | |||||||||
Total stockholders’ equity (deficit) | (35.1) | (182.5) | |||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 231.0 | $ | 240.0 | |||||||
| Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Subscription and Reserve rental revenue | $ | 77.0 | $ | 66.3 | $ | 208.2 | $ | 200.9 | |||||||||||||||
| Other revenue | 10.6 | 9.6 | 29.9 | 28.9 | |||||||||||||||||||
| Total revenue, net | 87.6 | 75.9 | 238.1 | 229.8 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Fulfillment | 24.0 | 21.4 | 66.9 | 62.6 | |||||||||||||||||||
| Technology | 10.5 | 8.7 | 29.9 | 27.0 | |||||||||||||||||||
| Marketing | 6.4 | 7.1 | 22.4 | 23.9 | |||||||||||||||||||
| General and administrative | 22.7 | 21.2 | 68.0 | 66.2 | |||||||||||||||||||
| Rental product depreciation and revenue share | 37.7 | 28.2 | 99.1 | 80.1 | |||||||||||||||||||
| Other depreciation and amortization | 2.5 | 3.0 | 7.8 | 9.6 | |||||||||||||||||||
Restructuring charges | — | — | — | 0.2 | |||||||||||||||||||
Total costs and expenses | 103.8 | 89.6 | 294.1 | 269.6 | |||||||||||||||||||
Operating loss | (16.2) | (13.7) | (56.0) | (39.8) | |||||||||||||||||||
Gain on Debt Restructuring | 96.3 | — | 96.3 | — | |||||||||||||||||||
Interest income / (expense), net | (7.0) | (6.1) | (20.2) | (17.7) | |||||||||||||||||||
Other income / (expense), net | 3.4 | 0.9 | 4.1 | 1.1 | |||||||||||||||||||
| Net income (loss) before income tax benefit / (expense) | 76.5 | (18.9) | 24.2 | (56.4) | |||||||||||||||||||
Income tax benefit / (expense) | — | — | (0.2) | (0.1) | |||||||||||||||||||
| Net income (loss) | $ | 76.5 | $ | (18.9) | $ | 24.0 | $ | (56.5) | |||||||||||||||
| Net income (loss) per share attributable to common stockholders, basic | $ | 13.69 | $ | (4.70) | $ | 5.14 | $ | (14.39) | |||||||||||||||
| Net income (loss) per share attributable to common stockholders, diluted | $ | 13.65 | $ | (4.70) | $ | 5.10 | $ | (14.39) | |||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic | 5,586,257 | 4,017,222 | 4,669,517 | 3,925,414 | |||||||||||||||||||
| Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted | 5,602,571 | 4,017,222 | 4,702,107 | 3,925,414 | |||||||||||||||||||
| Nine Months Ended October 31, | |||||||||||
| 2025 | 2024 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | 24.0 | $ | (56.5) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
| Rental product depreciation and write-offs | 32.9 | 35.5 | |||||||||
| Write-off of rental product sold | 11.7 | 12.1 | |||||||||
| Other depreciation and amortization | 7.8 | 9.6 | |||||||||
Loss from write-off of fixed and intangible assets and lease termination | — | 0.2 | |||||||||
| Proceeds from rental product sold | (19.7) | (20.1) | |||||||||
| (Gain) / loss from liquidation of rental product | (0.4) | 0.6 | |||||||||
Gain on Debt Restructuring | (96.3) | ||||||||||
Accrual of paid-in-kind interest | 22.2 | — | |||||||||
| Amortization of debt discount | (0.8) | 20.0 | |||||||||
| Share-based compensation expense | 3.8 | 7.6 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Prepaid expenses and other current assets | 0.3 | 3.3 | |||||||||
| Operating lease right-of-use assets | 2.1 | 2.0 | |||||||||
| Other assets | (3.3) | (1.1) | |||||||||
| Accounts payable, accrued expenses and other current liabilities | 12.0 | 0.2 | |||||||||
| Deferred revenue and customer credit liabilities | 2.7 | 0.7 | |||||||||
| Operating lease liabilities | (3.3) | (2.4) | |||||||||
| Other liabilities | 0.7 | (0.2) | |||||||||
| Net cash (used in) provided by operating activities | (3.6) | 11.5 | |||||||||
INVESTING ACTIVITIES | |||||||||||
| Purchases of rental product | (61.9) | (41.4) | |||||||||
| Proceeds from liquidation of rental product | 2.2 | 3.4 | |||||||||
| Proceeds from sale of rental product | 19.7 | 20.1 | |||||||||
| Purchases of fixed and intangible assets | (2.9) | (2.9) | |||||||||
Net cash (used in) provided by investing activities | (42.9) | (20.8) | |||||||||
FINANCING ACTIVITIES | |||||||||||
| Proceeds from issuance of common stock | 12.5 | — | |||||||||
| Proceeds from long-term debt | 20.0 | — | |||||||||
| Debt restructuring costs paid | (11.6) | — | |||||||||
| Deferred financing costs paid | (0.4) | — | |||||||||
| Deferred equity issuance costs paid | (0.2) | — | |||||||||
| Proceeds from short-term financing agreements | 1.1 | — | |||||||||
| Other financing payments | (2.0) | (1.6) | |||||||||
Net cash (used in) provided by financing activities | 19.4 | (1.6) | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (27.1) | (10.9) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 86.5 | 94.0 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 59.4 | $ | 83.1 | |||||||
| Nine Months Ended October 31, | |||||||||||
| 2025 | 2024 | ||||||||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONDENSED CONSOLIDATED BALANCE SHEETS: | |||||||||||
| Cash and cash equivalents | $ | 50.7 | $ | 74.1 | |||||||
| Restricted cash, current | 4.5 | 4.6 | |||||||||
| Restricted cash, noncurrent | 4.2 | 4.4 | |||||||||
| Total cash and cash equivalents and restricted cash | $ | 59.4 | $ | 83.1 | |||||||
| Supplemental Cash Flow Information: | |||||||||||
Cash payments (receipts) for: | |||||||||||
Fixed operating lease payments, net | $ | 8.6 | $ | 8.2 | |||||||
| Fixed assets and intangibles received in the prior period | — | 0.3 | |||||||||
| Rental product received in the prior period | 2.7 | 1.4 | |||||||||
Non-cash financing and investing activities: | |||||||||||
Financing lease right-of-use asset amortization | $ | 0.2 | $ | 0.4 | |||||||
| ROU assets obtained in exchange for lease liabilities | 0.4 | — | |||||||||
| Adjustments to ROU assets or lease liabilities due to modification or other reassessment events to operating and finance leases | 0.1 | — | |||||||||
| Purchases of fixed assets and intangibles not yet settled | 0.1 | 0.1 | |||||||||
| Purchases of rental product not yet settled | 8.8 | 6.7 | |||||||||
| Debt and rights offering costs not yet settled | 0.4 | — | |||||||||
| Change in common stock related to debt restructuring | 107.6 | — | |||||||||
| Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (in millions) | (in millions) | ||||||||||||||||||||||
Net income (loss) | $ | 76.5 | $ | (18.9) | $ | 24.0 | $ | (56.5) | |||||||||||||||
Interest (income) / expense, net (1) | 7.0 | 6.1 | 20.2 | 17.7 | |||||||||||||||||||
Rental product depreciation | 15.5 | 16.5 | 44.6 | 47.6 | |||||||||||||||||||
Other depreciation and amortization (2) | 2.5 | 3.0 | 7.8 | 9.6 | |||||||||||||||||||
Share-based compensation (3) | 0.9 | 2.2 | 3.8 | 7.6 | |||||||||||||||||||
Write-off of liquidated assets (4) | 0.6 | 1.1 | 1.8 | 3.9 | |||||||||||||||||||
Non-recurring adjustments (5) | (1.8) | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Non-ordinary course legal fees (6) | 2.8 | 0.1 | 4.8 | 0.1 | |||||||||||||||||||
Restructuring charges (7) | — | — | — | 0.2 | |||||||||||||||||||
Gain on Debt Restructuring (8) | (96.3) | — | (96.3) | — | |||||||||||||||||||
Income tax (benefit) / expense | — | — | 0.2 | 0.1 | |||||||||||||||||||
Other (income) / expense, net (9) | (3.4) | (0.9) | (4.1) | (1.1) | |||||||||||||||||||
Other (gains) / losses (10) | — | — | (0.4) | 0.2 | |||||||||||||||||||
Adjusted EBITDA | $ | 4.3 | $ | 9.3 | $ | 6.6 | $ | 29.5 | |||||||||||||||
Net Income (Loss) as a percentage of revenue | 87.3 | % | (24.9) | % | 10.1 | % | (24.6) | % | |||||||||||||||
Adjusted EBITDA Margin (11) | 4.9 | % | 12.3 | % | 2.8 | % | 12.8 | % | |||||||||||||||
| Nine Months Ended October 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (in millions) | ||||||||||||||
| Net cash (used in) provided by operating activities | $ | (3.6) | $ | 11.5 | ||||||||||
| Purchases of rental product | (61.9) | (41.4) | ||||||||||||
| Proceeds from liquidation of rental product | 2.2 | 3.4 | ||||||||||||
| Proceeds from sale of rental product | 19.7 | 20.1 | ||||||||||||
| Purchases of fixed and intangible assets | (2.9) | (2.9) | ||||||||||||
| Free Cash Flow | $ | (46.5) | $ | (9.3) | ||||||||||
| Free Cash Flow Margin | (19.5) | % | (4.0) | % | ||||||||||
Cover |
Dec. 12, 2025 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Dec. 12, 2025 |
| Entity Registrant Name | Rent the Runway, Inc. |
| Entity Incorporation, State or Country Code | DE |
| Entity File Number | 001-40958 |
| Entity Tax Identification Number | 80-0376379 |
| City Area Code | 212 |
| Local Phone Number | 524-6860 |
| Written Communications | false |
| Soliciting Material | false |
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| Pre-commencement Issuer Tender Offer | false |
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| Trading Symbol | RENT |
| Security Exchange Name | NASDAQ |
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