0001468327-26-000031 | 10-Q | XBRL Viewer

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Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2026 USD ($) vote $ / shares shares	Apr. 30, 2026 USD ($) vote $ / shares shares	Jan. 31, 2026 $ / shares shares
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)	0	0	0
Preferred stock, shares issued (in shares)	0	0	0
At The Market Offering
Class of Warrant or Right [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		45,358
Sale of stock, price (in usd per share) \| $ / shares	$ 5.52	$ 5.52
Consideration received on transaction \| $		$ 0.2
Sale of stock, commission fee, percent		0.03
Sale of stock, aggregate offering price \| $	$ 40.0
Common Class A
Class of Warrant or Right [Line Items]
Votes per common share \| vote	1	1
Common Class B
Class of Warrant or Right [Line Items]
Votes per common share \| vote	20	20
Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Preferred Stock \| IPO
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001

Liquidity	3 Months Ended
Liquidity	Apr. 30, 2026
Liquidity [Abstract]
Liquidity	Liquidity The Company has incurred net losses from operations of $(18.9) million for the three months ended April 30, 2026. The Company has incurred significant recurring net operating losses since inception and has an accumulated deficit of $(1,119.3) million as of April 30, 2026. The Company has historically relied on debt and equity financing to fund its operations. The Company’s principal sources of liquidity are existing cash and cash equivalents and cash flows from operating activities. There is no remaining borrowing availability under the Company’s New Credit Agreement, as defined below. The Company’s cash flows (used in) provided by operations for the three months ended April 30, 2026 were $(3.8) million compared to $8.3 million for the three months ended April 30, 2025. Cash out flows from investing activities for the three months ended April 30, 2026 were $(9.8) million compared to $(14.7) million for the three months ended April 30, 2025. As of April 30, 2026, the Company held cash and cash equivalents of $37.1 million and long-term debt of $157.1 million with a maturity date in October 2029. The Company experienced net operating losses for the last three years and an increase in such losses during the year ended January 31, 2026 as compared to the year ended January 31, 2025. The Company also experienced positive cash flows from operations in fiscal years 2025 and 2024, though it continued to have cash outflows related to its investing activities. The increase in cash flows (used) in investing activities during the year ended January 31, 2026 as compared to the year ended January 31, 2025 was due to a strategic, intentional increase in its investment in rental product purchases, inclusive of additional units, from multiple acquisition channels for fiscal year 2025. To the extent the Company is impacted by macroeconomic trends, or other factors, including, but not limited to, lower demand for our business, increased rental product spend, or tariffs, the Company plans to preserve liquidity by reducing fixed and variable costs, which may include additional reductions to labor, operating expenses, and/or capital expenditures. However, these actions may not provide sufficient incremental liquidity to fund the Company’s long-term obligations. See “Note 6 - Long-Term Debt” for a description of the Company’s Recapitalization Transactions completed in October 2025. On January 28, 2026, the Company entered into the First Amendment to the New Credit Agreement which permanently removed the minimum liquidity maintenance covenant. The Second Amendment was executed on April 1, 2026 and provides the Company with the ability to capitalize interest in lieu of cash payments until May 3, 2027. The Company expects that its existing resources and future cash flows from operations and cash and cash equivalents, will provide it with sufficient liquidity to meet its obligations for at least the next twelve months from the issuance date of these financial statements. The Company plans to explore additional funding sources to increase liquidity and strengthen its balance sheet. However, there can be no assurance plans will be completed.

Summary of Significant Accounting Policies

3 Months Ended

Apr. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company adjusted the weighted-average shares used in computing net loss per share for all periods presented in the Condensed Consolidated Statements of Operations to reflect the bonus element from the rights offering completed in October 2025. See “Note 12 - Net Loss per Share Attributable to Common Stockholders” for additional information.

The unaudited interim condensed consolidated financial statements and related disclosures have been prepared by management on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary for a fair statement of the results for the interim periods presented.

The results for the three months ended April 30, 2026 are not necessarily indicative of the operating results expected for the year ending January 31, 2027 or any future period. The condensed consolidated balance sheet as of January 31, 2026 is derived from the audited consolidated financial statements. Certain information and notes normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, the unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended January 31, 2026, which can be found in the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2026.

Fiscal Year

The Company’s fiscal year ends on January 31 of the next calendar year. For example, references to “fiscal year 2026” refer to the fiscal year ending January 31, 2027, references to “fiscal year 2025” refer to the fiscal year ended January 31, 2026, and references to “fiscal year 2024” refer to the fiscal year ended January 31, 2025.

Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The Company has one operating and reportable segment as the CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

The key measure of segment profit or loss that the CODM uses to make operating decisions, allocate resources, and evaluate financial performance is the Company’s net loss as reported in the Company’s condensed consolidated statements of operations.

Significant expenses within net loss include fulfillment, technology, marketing, and general and administrative expenses, rental product depreciation and revenue share, and other depreciation and amortization. These operating expenses are each separately presented in the condensed consolidated statements of operations. Other segment items within net loss include interest income (expense), net, other income (expense), net and income tax benefit (expense). The CODM evaluates financial performance by comparing consolidated expenses against the budget and forecasted expenses to inform decision-making.

All revenue is attributed to customers based in the United States and substantially all the Company’s long-lived assets are located in the United States.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful life and salvage value of rental product, incremental borrowing rate to determine lease liabilities, valuation of share-based compensation, and recoverability of long-lived assets.

As of April 30, 2026, the effects of the macroeconomic environment on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As additional information becomes available, the Company’s estimates may change materially in future periods.

Concentrations of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash investments with high credit quality financial institutions. The Company believes no significant credit risk exists with respect to these financial instruments.

No single customer accounted for more than 5% of the Company’s revenue during the three months ended April 30, 2026 and 2025.

Fair Value Measurements and Financial Instruments

Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements. These measurements are conducted on an ongoing basis, at least annually. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities, are as follows:

Level 1: Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs, in which there is little or no market data which require the Company to develop its own assumptions.

Observable inputs are based on market data obtained from independent sources. Unobservable inputs reflect the Company’s assessment of the assumptions market participants would use to value certain financial instruments. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Cash, Cash Equivalents and Restricted Cash

The Company had restricted cash balances for cash collateralized standby letters of credit as of April 30, 2026 and January 31, 2026 of $8.2 million and $8.7 million, respectively, primarily to satisfy security deposit requirements on its leases, as well as for rental product purchases and credit card transactions.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Balance Sheets, which sum to the total of the same amounts shown in the Company’s Condensed Consolidated Statements of Cash Flows (in millions):


	April 30,		January 31,
	2026		2026
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	37.1	$	50.4
Restricted cash, current	4.0		4.5
Restricted cash, noncurrent	4.2		4.2
Total cash and cash equivalents and restricted cash	$	45.3	$	59.1

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist primarily of shipping rebates, accounts receivable, net, interest receivable, prepaid insurance, prepaid technology expenses, and prepaid taxes.

Rental Product, Net

The Company considers rental product to be a long-term productive asset and, as such, classifies it as a noncurrent asset on the Condensed Consolidated Balance Sheets.

Rental product is stated at cost, less accumulated depreciation. The Company depreciates rental product, less an estimated salvage value, over the estimated useful lives of the assets using the straight-line method. The useful life is determined based on historical trends and an assessment of any future changes. The salvage value considers the historical trends and projected liquidation proceeds for the assets. The estimated useful lives and salvage values are described below:


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

In accordance with its policy, the Company reviews the estimated useful lives and salvage values of rental product on an ongoing basis.

The Company offers its customers an opportunity to purchase items in rentable condition prior to the end of their useful life. In such instances, the Company considers the disposal of rental product to be a sale and, as such, records the proceeds as other revenue and the net book value of the items at the time of sale as rental product depreciation in the condensed consolidated statements of operations within Rental product depreciation and revenue share. Write-offs for losses on lost, damaged, and unreturned apparel and accessories are also recorded within Rental product depreciation and revenue share.

Once it is no longer considered rentable, rental product in a sellable condition is classified as held for sale and written down to salvage value. The value of rental product held for sale as of April 30, 2026 and January 31, 2026 was $1.5 million and $1.8 million, respectively. The accelerated depreciation related to rental product held for sale was $0.7 million and $1.5 million for the three months ended April 30, 2026 and 2025, respectively. The accelerated depreciation is presented on the condensed consolidated statements of operations within Rental product depreciation and revenue share.

When rental product is liquidated, the Company records the gain or loss calculated as proceeds, net of the remaining salvage value and costs to sell, within general and administrative expenses on the condensed consolidated statement of operations. The gain or loss from the liquidation of rental product is included as an adjustment to reconcile net loss to net cash used by operating activities in the condensed consolidated statements of cash flows.

The purchases of rental product as well as the proceeds from the sale and liquidation of rental product are classified as cash flows from investing activities on the condensed consolidated statements of cash flows because the predominant activity of the rental product purchased is to generate rental revenue and such classification is consistent with the classification of long-term asset activity. Proceeds from the sale of rental product were $6.4 million and $4.9 million for the three months ended April 30, 2026 and 2025, respectively. Proceeds from the liquidation of rental product, net of costs to sell, were $0.4 million and $0.9 million for the three months ended April 30, 2026 and 2025, respectively.

Revenue Recognition

Subscription and a-la-carte rental fees (“Subscription and Reserve rental revenue”) are recognized in accordance with Leases, Topic 842 (“ASC 842”). Other revenue, primarily related to the sale of rental product, is recognized under Revenue from Contracts with Customers, Topic 606 (“ASC 606”) at the date of delivery of the product to the customer. Other revenue represented 14% and 11% of total revenue for the three months ended April 30, 2026 and 2025, respectively. Sales of rental product to customers within Other revenue represented 13% and 11% of total revenue for the three months ended April 30, 2026 and 2025, respectively.

Revenue is presented net of promotional discounts, customer credit issuances and refunds and recognized in accordance with either ASC 842 or ASC 606. The Company recognizes discounts on subscription and reserve fees ratably over the subscription or rental period. Discounts on sales of rental product to customers are recognized upon delivery. Refunds and customer credit issuances are recognized over the subscription or rental period or when returned items are received. Revenue is presented net of taxes that are collected from customers and remitted to governmental authorities.

The Company issued gift cards and customer credits during the three months ended April 30, 2026 and the years ended January 31, 2026 and 2025. In the year ended January 31, 2026, the Company modified its arrangement with its third-party gift card partner. Under the current model, the partner maintains the legal obligation to the holder and holds the associated cash until the customer applies the gift card to their Rent the Runway account. Upon application, the gift card is converted into a customer credit, at which point the Company recognizes a liability and corresponding receivable from the partner. In the year ended January 31, 2025, the Company operated under a different model with the same third-party gift card partner where the Company received cash and recognized a liability at the time of gift card issuance. The gift cards issued during the three months ended April 30, 2026 and the years ended January 31, 2026 and 2025 were immaterial to the Company’s condensed consolidated financial statements. Upon redemption of the gift card or credit, revenue is recognized in line with the customer’s rental or item purchase. The Company’s gift card liability and customer credit liability are presented within Customer credit and gift card liabilities on the Condensed Consolidated Balance Sheets. During the three months ended April 30, 2026, $0.5 million of credits included in the customer credit liability as of January 31, 2026 were redeemed. Gift cards and customer credits do not have expiration dates. Over time, a portion of these instruments is not redeemed. The Company recognizes breakage income related to these instruments based on the redemption pattern method. The Company continues to maintain the full liability for the unredeemed portion of the gift cards and credits when the Company has any legal obligation to remit such credits to government authorities in relevant jurisdictions.

Subscription and Reserve Rental Revenue

Subscription fees are recognized ratably over the subscription period, commencing on the date the subscriber enrolls in the rental program. The fees are collected upon enrollment. The subscription automatically renews on a monthly basis until cancelled or paused by the customer. Subscribers can pause or cancel their subscriptions at any time.

The Company recognizes fees for a-la-carte rentals ratably over the rental period, which starts with the date of delivery of rental product to the customer. A-la-carte rental orders can be placed up to four months prior to the rental start date and the customer’s payment form is charged upon order confirmation. The Company defers recognizing the fees and any related promotions for a-la-carte rentals until the date of delivery, and then recognizes those fees ratably over the four- or eight-day rental period. Additionally, the Company receives consideration from late fees associated with its Subscription and Reserve rental programs, which are considered variable lease payments.

The Company accrues for credits and refunds issued subsequent to the balance sheet date that relate to rentals prior to the balance sheet date. These amounts were not material as of April 30, 2026 and January 31, 2026.

Other Revenue

Other revenue consists primarily of revenue from the sale of rental product. The Company recognizes revenue from the sale of rental product in accordance with ASC 606. Sale of rental product occurs when a customer purchases rental product at a discounted price, calculated as a percentage of retail value. Payment is due upon order confirmation and there is no financing component. The single performance obligation associated with rental product sales is generally satisfied upon delivery of the rental product to the customer. The Company does not have any material contractual receivables, assets or liabilities with respect to other revenue as of April 30, 2026 and January 31, 2026.

From time to time, other revenue may include revenue generated from pilots and other growth initiatives which may cause quarterly fluctuations in the Other revenue line.

Share-Based Compensation

The Company recognizes all employee share-based compensation as an expense in the condensed consolidated financial statements. Equity classified awards are measured at the grant date fair value of the award. The Company estimates grant date fair value of stock options using the Black-Scholes option pricing model. The fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service period of the award. Determining the fair value of options at the grant date requires judgment, including the expected term that stock options will be outstanding prior to exercise, the associated volatility, and the expected dividend yield. The fair value of common stock is based on the closing price of the common stock on the date of grant as reported on Nasdaq. Upon grant of awards, the Company also estimates an amount of forfeitures that will occur prior to vesting. There were no stock options granted during the three months ended April 30, 2026 and 2025.

The Company has granted two types of restricted stock units denominated in shares of Class A common stock: RSUs which vest upon satisfaction of time-based service conditions and performance-based RSUs (“PSUs”) which will vest upon satisfaction of time-based service and performance-based conditions. We also grant certain PSUs to certain executives which also include market-based conditions. The Company records share-based compensation expense for these RSUs on a straight-line basis over the requisite service period. Stock-based compensation expense for PSUs with performance-based conditions, expense will be recognized based on estimated performance against established performance targets and revisions will be recorded as a cumulative adjustment to earnings in the period of the revision. For PSUs with market-based conditions, the grant date fair value is determined using a valuation model that incorporates the probability of achieving the market condition, and expense is recognized over the requisite service period. The Company also estimates an amount of forfeitures that will occur prior to vesting. See “Note 11 - Share-based Compensation Plans” for a description of the accounting for share-based awards.

Interest Income and Expense

Interest income and expense consist primarily of interest on the Company’s debt facility, debt discount (premium) amortization, and financing lease interest expense offset by interest income earned. The Company recognized interest and debt discount (premium) amortization expense of $0.5 million and $7.0 million during the three months ended April 30, 2026 and 2025, respectively.

Interim Impairment Evaluation

During the three months ended April 30, 2026 and year ended January 31, 2026, the Company concluded a triggering event had occurred during the first quarter of fiscal year 2026 and fiscal year 2025 due to a decline in the Company’s stock price. For the three months ended April 30, 2026 and year ended January 31, 2026, the Company performed a quantitative assessment and concluded the undiscounted cash flows expected to be generated by the use and/or eventual disposition of the Company’s long-lived assets exceeded their carrying values. Therefore, no impairment was recognized for the three months ended April 30, 2026 and year ended January 31, 2026.

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Interim Reporting (Topic 270): Narrow Scope Improvements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, to improve the navigability of required interim disclosures and clarify when the guidance is applicable. The amendments provide additional guidance on what disclosures should be provided in interim reporting periods and adds a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2028, and early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its financial statement disclosures.

Intangibles—Goodwill and Other—Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the accounting for software costs accounted for under ASC 350-40. The amendments remove all references to software development stages and require entities to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the intended function. This standard is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. The amendments are to be applied retrospectively, prospectively, or a modified transition approach may be used based on the status of the project and whether software costs were capitalized before the date of adoption. The Company is currently evaluating the impact that the adoption of this standard will have on the consolidated financial statements.

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date of ASU 2024-03. The amendments require disclosure of additional information about specific expense categories in the notes to the financial statements. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either prospectively to financial statements issued for reporting periods after the effective date of this Update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on the consolidated financial statements.

Stockholders' Equity - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 30, 2026	Jan. 31, 2026
Equity Classified Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	131,574	131,574
Fair Value at Issuance	$ 13.4	$ 13.4
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	4,144	4,144
Exercise Price (in usd per share)	$ 150.80	$ 150.80
Fair Value at Issuance	$ 0.3	$ 0.3
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	911	911
Exercise Price (in usd per share)	$ 150.80	$ 150.80
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	746	746
Exercise Price (in usd per share)	$ 150.80	$ 150.80
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	828	828
Exercise Price (in usd per share)	$ 150.80	$ 150.80
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	828	828
Exercise Price (in usd per share)	$ 150.80	$ 150.80
Fair Value at Issuance	$ 0.1	$ 0.1
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	1,760	1,760
Exercise Price (in usd per share)	$ 340.77	$ 340.77
Fair Value at Issuance	$ 0.2	$ 0.2
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	1,408	1,408
Exercise Price (in usd per share)	$ 340.77	$ 340.77
Fair Value at Issuance	$ 0.2	$ 0.2
TriplePoint
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	1,232	1,232
Exercise Price (in usd per share)	$ 340.77	$ 340.77
Fair Value at Issuance	$ 0.1	$ 0.1
CHS (US) Management LLC
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	19,717	19,717
Exercise Price (in usd per share)	$ 420.00	$ 420.00
Fair Value at Issuance	$ 5.3	$ 5.3
CHS (US) Management LLC
Class of Warrant or Right [Line Items]
Number of Shares (in shares)	100,000	100,000
Exercise Price (in usd per share)	$ 100.00	$ 100.00
Fair Value at Issuance	$ 6.9	$ 6.9

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	April 30,		January 31,
	2026		2026
Revenue share payable	$	15.9	$	11.5
Accrued operating and general expenses	11.5		8.6
Accrued payroll related expenses	2.6		3.5
Accrued interest	—		2.8
Sales and other taxes	2.7		2.3
Short-term financing	0.1		0.4
Accrued expenses and other current liabilities	$	32.8	$	29.1

The borrowing rate for the short-term financing obligation was 8.00% as of April 30, 2026 and January 31, 2026, respectively.

Leases - Lessee Accounting (Tables)

3 Months Ended

Apr. 30, 2026

Leases [Abstract]

Schedule of Lessee Lease Obligations - Operating Lease

The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of April 30, 2026:


	Operating		Financing
Fiscal year:
2026	$	8.6	$	0.2
2027	11.3		0.2
2028	11.4		0.2
2029	10.0		0.1
2030	6.9		0.1
Thereafter	12.0		0.2
Total minimum lease payments	60.2		1.0
Imputed interest	(20.2)		(0.2)
Lease liabilities as of April 30, 2026	$	40.0	$	0.8

Schedule of Lessee Lease Obligations - Finance Lease

The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of April 30, 2026:


	Operating		Financing
Fiscal year:
2026	$	8.6	$	0.2
2027	11.3		0.2
2028	11.4		0.2
2029	10.0		0.1
2030	6.9		0.1
Thereafter	12.0		0.2
Total minimum lease payments	60.2		1.0
Imputed interest	(20.2)		(0.2)
Lease liabilities as of April 30, 2026	$	40.0	$	0.8

Share-based Compensation Plans (Tables)

3 Months Ended

Apr. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity during the period indicated is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value
Balances as of January 31, 2026	12,089	$	175.64	2.55	$	—
Granted	—	—
Exercised	—	—
Forfeited	(1,005)	144.67
Balances as of April 30, 2026	11,084	$	178.45	2.30	$	—
Exercisable as of April 30, 2026	11,084	$	178.45	2.30	$	—

Schedule of RSU Activity

RSUs activity during the period indicated is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of January 31, 2026	2,343,505	$	8.38
Granted	802,395	5.97
Vested/Released	(28,509)	8.96
Forfeited	(35,318)	8.41
Unvested and outstanding as of April 30, 2026	3,082,073	$	7.74

Schedule of Classification of Share-based Compensation Expense

The classification of share-based compensation for the three months ended April 30, 2026 and 2025, respectively, presented within each line item of the Condensed Consolidated Statements of Operations is as follows:


	Three Months Ended April 30,
	2026		2025
Technology	$	0.2	$	0.3
Marketing	—		—
General and administrative	1.3		1.2
Total share-based compensation	$	1.5	$	1.5

Income Taxes (Details) - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1.1	$ 1.1

Summary of Significant Accounting Policies - Estimated Useful Lives and Salvage Values (Details)	3 Months Ended
	Apr. 30, 2026
Apparel
Accounting Policies [Line Items]
Useful Life	3 years
Salvage Value	20.00%
Accessories
Accounting Policies [Line Items]
Useful Life	2 years
Salvage Value	30.00%

Rental Product, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Rental Product [Abstract]
Depreciation and write-offs, rental product and rental product sold	$ 13.8	$ 13.2

Leases - Lessee Accounting - Maturities of Operating and Financing Lease Obligations (Details) $ in Millions	Apr. 30, 2026 USD ($)
Operating
2026	$ 8.6
2027	11.3
2028	11.4
2029	10.0
2030	6.9
Thereafter	12.0
Total minimum lease payments	60.2
Imputed interest	(20.2)
Operating lease, liability	40.0
Financing
2026	0.2
2027	0.2
2028	0.2
2029	0.1
2030	0.1
Thereafter	0.2
Total minimum lease payments	1.0
Imputed interest	(0.2)
Finance lease, liability	$ 0.8

Liquidity (Details) - USD ($) $ in Millions	3 Months Ended
Liquidity (Details) - USD ($) $ in Millions	Apr. 30, 2026	Apr. 30, 2025	Jan. 31, 2026
Accounting Policies [Line Items]
Net loss attributable to common stockholders	$ (18.9)	$ (26.1)
Accumulated deficit	(1,119.3)		$ (1,100.4)
Net cash (used in) provided by operating activities	(3.8)	8.3
Net cash (used in) provided by investing activities	(9.8)	$ (14.7)
Cash and cash equivalents	37.1		50.4
Long-term debt, net	157.1		$ 156.6
Related Party
Accounting Policies [Line Items]
Long-term debt, net	$ 157.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Leases - Lessee Accounting

3 Months Ended

Apr. 30, 2026

Leases [Abstract]

Leases - Lessee Accounting

During the year ended January 31, 2025, the Company entered into a sublease agreement for the ninth floor of its corporate headquarters in Brooklyn, NY for the remainder of the lease term through November 2032. The sublease commenced in December 2024 and does not relieve the Company of its primary lease obligations. The Company recorded immaterial additional assets for the sublease and the net amount received from the sublease is recorded in general and administrative expenses on the Condensed Consolidated Statements of Operations.

The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of April 30, 2026:


	Operating		Financing
Fiscal year:
2026	$	8.6	$	0.2
2027	11.3		0.2
2028	11.4		0.2
2029	10.0		0.1
2030	6.9		0.1
Thereafter	12.0		0.2
Total minimum lease payments	60.2		1.0
Imputed interest	(20.2)		(0.2)
Lease liabilities as of April 30, 2026	$	40.0	$	0.8

Amortization of financing lease right-of-use assets were $0.1 million and $0.1 million for the three months ended April 30, 2026 and 2025, respectively.

Leases - Lessee Accounting

The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of April 30, 2026:


	Operating		Financing
Fiscal year:
2026	$	8.6	$	0.2
2027	11.3		0.2
2028	11.4		0.2
2029	10.0		0.1
2030	6.9		0.1
Thereafter	12.0		0.2
Total minimum lease payments	60.2		1.0
Imputed interest	(20.2)		(0.2)
Lease liabilities as of April 30, 2026	$	40.0	$	0.8

Amortization of financing lease right-of-use assets were $0.1 million and $0.1 million for the three months ended April 30, 2026 and 2025, respectively.

Commitment and Contingencies (Tables)

3 Months Ended

Apr. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation

The Company had the following non-cancelable minimum purchase commitments related to technology services as of April 30, 2026:


	Commitment
Fiscal year:
2026	$	5.5
2027	4.2
Commitments as of April 30, 2026	$	9.7

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026	Oct. 28, 2025
Debt Instrument [Line Items]
Less: current portion of long-term debt	$ 0.0	$ 0.0
Total noncurrent long-term debt	157.1	156.6
Term Loan
Debt Instrument [Line Items]
Debt Facility, net			$ 149.5
Temasek Term Loan
Debt Instrument [Line Items]
Debt Facility, net	157.1	156.6
Temasek Term Loan \| Term Loan
Debt Instrument [Line Items]
Debt Facility principal outstanding	120.0	120.0
Add: payment-in-kind interest	2.7	0.0
Add: unamortized debt premium	$ 34.4	$ 36.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Fair Value Measurements (Details) $ in Millions	Apr. 30, 2026 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 117.9

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Stockholders' Equity (Tables)

3 Months Ended

Apr. 30, 2026

Equity [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of April 30, 2026 and January 31, 2026, the Company had the following outstanding warrants:


Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		Fair Value at Issuance		Expiration Date
Equity classified:
TriplePoint	Nov-16	4,144	Common	$	150.80	$	0.3	Oct-26
TriplePoint	Jun-17	911	Common	150.80		0.1		Oct-26
TriplePoint	Sep-17	746	Common	150.80		0.1		Oct-26
TriplePoint	Jan-18	828	Common	150.80		0.1		Oct-26
TriplePoint	Apr-18	828	Common	150.80		0.1		Oct-26
TriplePoint	Nov-15	1,760	Common	340.77		0.2		Oct-26
TriplePoint	Jun-16	1,408	Common	340.77		0.2		Oct-26
TriplePoint	Sep-16	1,232	Common	340.77		0.1		Oct-26
CHS (US) Management LLC	Oct-21	19,717	Common	420.00		5.3		Oct-28
CHS (US) Management LLC	Jan-23	100,000	Common	100.00		6.9		Jan-30
		131,574				$	13.4

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	April 30,		January 31,
	2026		2026
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	37.1	$	50.4
Restricted cash, current	4.0		4.5
Restricted cash, noncurrent	4.2		4.2
Total cash and cash equivalents and restricted cash	$	45.3	$	59.1

Schedule of Estimated Useful Lives and Salvage Values

The estimated useful lives and salvage values are described below:


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

Rental Product, Net - Rental Product Breakdown (Details) - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026
Rental Product [Line Items]
Rental product, gross	$ 166.8	$ 160.2
Less: accumulated depreciation	(75.2)	(74.2)
Rental product, net	91.6	86.0
Apparel
Rental Product [Line Items]
Rental product, gross	161.6	155.5
Accessories
Rental Product [Line Items]
Rental product, gross	$ 5.2	$ 4.7

Share-based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Apr. 30, 2026	Jan. 31, 2026
Weighted Average Exercise Price
Balances, Beginning (in usd per share)	$ 175.64
Granted (in usd per share)	0
Exercised (in usd per share)	0
Forfeited (in usd per share)	144.67
Balances, Ending (in usd per share)	178.45	$ 175.64
Exercisable (in usd per share)	$ 178.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term, Outstanding (in years)	2 years 3 months 18 days	2 years 6 months 18 days
Exercisable, Weighted Average Remaining Contract Term (in years)	2 years 3 months 18 days
Aggregate Intrinsic Value	$ 0.0	$ 0.0
Exercisable, Aggregate Intrinsic Value	$ 0.0
2019 Plan
Number of Shares
Balances Beginning (shares)	12,089
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(1,005)
Balances, Ending (in shares)	11,084	12,089
Exercisable (in shares)	11,084

Share-based Compensation Plans

3 Months Ended

Apr. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

2009 Stock Incentive Plan and 2019 Stock Incentive Plan

In 2009, the Company adopted its stock incentive plan (the “2009 Plan”) to grant equity to employees and service providers. In 2019, the Company adopted a new stock incentive plan (the “2019 Plan”) which replaced the 2009 Plan. The Company has granted RSUs and stock options, each of which is settleable in shares. Options are generally granted for a 10-year term, and generally vest and become fully exercisable over four years of service. While no shares are available for future issuance under the 2009 Plan or the 2019 Plan, they continue to govern outstanding equity awards granted thereunder. Outstanding awards granted under the 2009 Plan and 2019 Plan are exercisable for or settled in shares of Class A common stock. There are no outstanding RSUs under the 2009 Plan and 2019 Plan as of April 30, 2026. There will not be any further equity grants under the 2009 and 2019 Plans.

Amended and Restated 2021 Incentive Award Plan

The Company's Amended and Restated 2021 Incentive Award Plan (the "2021 Plan") was adopted by the Board and approved by stockholders in October 2021 and became effective upon the effective date of the IPO. The 2021 Plan replaced the 2019 Plan and no further grants will be made under the 2019 Plan. The terms of equity awards granted under the 2021 Plan in the year ended January 31, 2022 were generally consistent with those granted under the 2019 Plan, as described above. RSUs granted under the 2021 Plan in the year ended January 31, 2022 generally vest over four years and do not have liquidity-based vesting conditions. RSUs granted under the 2021 Plan during the years ended January 31, 2026 and 2025 have a shorter vesting period of one to two years. There will not be any further equity grants under the 2021 Plan. See below for details of the Second Amended and Restated 2021 Incentive Award Plan.

Second Amended and Restated 2021 Incentive Award Plan

In October 2025, the Company’s stockholders approved the Second Amended and Restated 2021 Incentive Award Plan (the “Amended 2021 Plan”), which the Board approved in September 2025, to increase the number of shares of Class A common stock reserved for issuance thereunder by 6,130,499 shares of Class A common stock and to extend the expiration date to the tenth anniversary of the closing date, October 28, 2035. Further, effective on December 15, 2025, the Board increased the number of shares of Class A common stock reserved for issuance thereunder by 3,899,439 shares of Class A common stock, which increase is subject to approval by the Company’s stockholders at the Company’s 2026 annual meeting of stockholders. As of April 30, 2026, there were 3,797,654 shares of Class A common stock available for issuance under the Amended 2021 Plan. RSUs granted under the Amended 2021 Plan generally vest over a four-year period and PSUs vest based on the satisfaction of time-vesting requirements, achievement of performance targets, and market-based conditions where applicable. The PSU awards have been included assuming payout at target level. There will not be any further equity grants of Class B common stock. Shares of Class B common stock are not available for issuance under the Amended 2021 Plan.

In addition, we have granted RSUs outside of the Amended 2021 Plan in reliance on the employment inducement award exemption set forth in Nasdaq Listing Rule 5635(c)(4). These RSUs are generally subject to the terms of the Amended 2021 Plan and vest over a four-year period.

The grant date fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The option pricing model considers several variables and assumptions in estimating the fair value of share-based awards. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve at the date of grant. There were no stock options granted during the three months ended April 30, 2026 or year ended January 31, 2026.

Stock Options

Stock option activity during the period indicated is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (in years)	Aggregate Intrinsic Value
Balances as of January 31, 2026	12,089	$	175.64	2.55	$	—
Granted	—	—
Exercised	—	—
Forfeited	(1,005)	144.67
Balances as of April 30, 2026	11,084	$	178.45	2.30	$	—
Exercisable as of April 30, 2026	11,084	$	178.45	2.30	$	—

During the year ended January 31, 2024, the Company completed an option exchange designed to incentivize and retain employees, directors and other service providers by providing the ability to exchange outstanding stock options for RSUs representing the right to receive Class A common stock. Stock options relating to 331,370 shares of Class A and Class B common stock were forfeited in exchange for 132,546 RSUs which generally vest over two years. The Company recognized $0.8 million of incremental stock compensation expense from the RSUs granted as a result of the option exchange which will be recognized over the two year vesting period.

The Company currently uses authorized and unissued shares to satisfy the exercise of stock option awards.

RSUs

RSUs activity during the period indicated is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of January 31, 2026	2,343,505	$	8.38
Granted	802,395	5.97
Vested/Released	(28,509)	8.96
Forfeited	(35,318)	8.41
Unvested and outstanding as of April 30, 2026	3,082,073	$	7.74

As of April 30, 2026, there was $14.0 million of unrecognized compensation cost related to RSUs granted that is expected to be recognized over a weighted average period of 3.5 years. Of the total unrecognized compensation cost, an immaterial amount related to RSUs granted as a result of the option exchange.

Performance RSUs

Fiscal Year 2026

During the three months ended April 30, 2026, the Company granted 2,005,988 PSU awards to an employee. The awards vest upon the satisfaction of performance-based and market conditions, subject to continued employment through such date. The performance-based condition requires the occurrence of a liquidity event, which is not considered probable as of April 30, 2026. The awards also include a market condition based on achieving a target equity value of the Company. The performance condition is applicable through October 28, 2029, after which time the awards vest solely on the market condition, which is assessed as of October 28, 2029 and as of each subsequent fiscal quarter. Share-based compensation expense related to these awards was nominal for the three months ended April 30, 2026. The PSU awards have been excluded from the calculation of weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, as the performance-based and market conditions have not been met.

Fiscal Year 2025

PSU awards require the achievement of certain performance targets established by the Company’s Board of Directors during a three-year performance period. PSU awards vest following the last day of the performance period, subject to continued employment through such date. Share-based compensation expense is recognized based on the Company’s best estimate of expected performance.

During the year ended January 31, 2026, the Company’s Board of Directors approved 2,206,540 PSU awards for employees. These awards were not deemed granted during the three months ended April 30, 2026 and year ended January 31, 2026 as the performance metrics and targets have not been established. There were no PSU awards granted prior to fiscal year 2025. The Company recognized no share-based compensation expense for the PSU awards during the three months ended April 30, 2026 and year ended January 31, 2026 as the performance metrics and targets have not been established or met. The PSU awards have been excluded from the calculation of weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted, as the performance-based condition has not been met. The PSU awards may vest up to 200% of the number of awards granted based on the achievement of performance targets.

Share-Based Compensation Summary


	Three Months Ended April 30,
	2026		2025
Technology	$	0.2	$	0.3
Marketing	—		—
General and administrative	1.3		1.2
Total share-based compensation	$	1.5	$	1.5

The Company recognized an immaterial amount and $0.4 million of share-based compensation expense during the three months ended April 30, 2026 and 2025, respectively, on the RSUs granted as a result of the option exchange discussed above.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026
Payables and Accruals [Abstract]
Revenue share payable	$ 15.9	$ 11.5
Accrued operating and general expenses	11.5	8.6
Accrued payroll related expenses	2.6	3.5
Accrued interest	0.0	2.8
Sales and other taxes	2.7	2.3
Short-term financing	0.1	0.4
Accrued expenses and other current liabilities	$ 32.8	$ 29.1

Related Party Transactions (Details) $ in Millions		3 Months Ended
Related Party Transactions (Details) $ in Millions	Oct. 28, 2025 USD ($)	Apr. 30, 2026 USD ($)	Apr. 30, 2025 USD ($)	Jan. 31, 2026 USD ($)
Related Party Transaction [Line Items]
Long-term debt, net		$ 157.1		$ 156.6
Accrual of paid-in-kind interest		2.7	$ 0.0
Related Party
Related Party Transaction [Line Items]
Long-term debt, net		157.1
Accrual of paid-in-kind interest		$ 2.7
New Term Loans \| Common Class A \| Related Party
Related Party Transaction [Line Items]
Parent, ownership percentage, related party		0.85
Existing Debt \| Term Loan
Related Party Transaction [Line Items]
Troubled debt restructuring, debtor, current period, restructuring, additional cash	$ 10.0
Existing Debt \| Term Loan \| Related Party
Related Party Transaction [Line Items]
Troubled debt restructuring, debtor, current period, restructuring, additional cash	$ 10.0

Share-based Compensation Plans - Schedule of Classification of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 1.5	$ 1.5
Technology
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	0.2	0.3
Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	0.0	0.0
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 1.3	$ 1.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders' Equity

3 Months Ended

Apr. 30, 2026

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

ATM Offering

On April 15, 2026, the Company entered into an at-the-market sales agreement for the sale of shares of the Company’s Class A common stock (the “ATM offering”). During the three months ended April 30, 2026, the Company sold 45,358 shares of Class A common stock at a weighted average price of $5.52 per share for proceeds of $0.2 million, net of commissions of 3% and allocated equity issuance costs. The Company may sell shares up to an aggregate offering price of $40 million. As of the date of this Form 10-Q, our public float was less than $75 million. As a result, we are subject to the limitations of General Instruction I.B.6 to Form S-3 until such time as our public float exceeds $75 million, which means we only have the capacity to sell shares up to one-third of our public float under our registration statement on Form S-3, including the ATM offering, in any 12-month period.

Rights Offering

See “Note 6 - Long-Term Debt” and “Note 12 - Net Loss per Share Attributable to Common Stockholders” for information regarding the rights offering.

Common Stock

Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to twenty votes per share, as well as dividends if and when declared by the Board and, upon liquidation, dissolution, winding up or other liquidation event of the Company, all assets available for distribution to common stockholders. There are no redemption provisions with respect to common stock.

In connection with the closing of the Recapitalization Transactions, all outstanding shares of the Company’s Class B common stock were converted into shares of Class A common stock on a one-for-one basis, such that no shares of Class B common stock remain outstanding. See “Note 6 - Long-Term Debt” and “Note 11 — Share-based Compensation Plans” in the Notes to the Condensed Consolidated Financial Statements for more information.

Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. No shares were issued or outstanding as of April 30, 2026.

Warrants

As of April 30, 2026 and January 31, 2026, the Company had the following outstanding warrants:


Outstanding Warrants	Date Issued	Number of Shares	Class of Shares	Exercise Price (Per Warrant)		Fair Value at Issuance		Expiration Date
Equity classified:
TriplePoint	Nov-16	4,144	Common	$	150.80	$	0.3	Oct-26
TriplePoint	Jun-17	911	Common	150.80		0.1		Oct-26
TriplePoint	Sep-17	746	Common	150.80		0.1		Oct-26
TriplePoint	Jan-18	828	Common	150.80		0.1		Oct-26
TriplePoint	Apr-18	828	Common	150.80		0.1		Oct-26
TriplePoint	Nov-15	1,760	Common	340.77		0.2		Oct-26
TriplePoint	Jun-16	1,408	Common	340.77		0.2		Oct-26
TriplePoint	Sep-16	1,232	Common	340.77		0.1		Oct-26
CHS (US) Management LLC	Oct-21	19,717	Common	420.00		5.3		Oct-28
CHS (US) Management LLC	Jan-23	100,000	Common	100.00		6.9		Jan-30
		131,574				$	13.4

As of April 30, 2026 and January 31, 2026, all outstanding warrants were equity-classified and recorded as additional paid-in capital. Equity-classified contracts are not subsequently remeasured unless reclassification is required from equity to liability classification.

The fair value was estimated using the Black-Scholes option pricing model. The fair value is subjective and is affected by changes in inputs to the valuation model including the fair value per share of the underlying stock, the expected term of each warrant, volatility of the Company’s stock and peer company stock, and risk-free rates based on the U.S. Treasury yield curves.

- Definition

The entire disclosure for equity.

+ References

+ Details

Cover - shares	3 Months Ended
Cover - shares	Apr. 30, 2026	May 29, 2026
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2026
Document Transition Report	false
Entity File Number	001-40958
Entity Registrant Name	RENT THE RUNWAY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0376379
Entity Address, Address Line One	10 Jay Street
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11201
City Area Code	(212)
Local Phone Number	524-6860
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	RENT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001468327
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		33,586,429
Common Class B
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		0

Share-based Compensation Plans - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 15, 2025	Oct. 31, 2025	Apr. 30, 2026	Apr. 30, 2025	Jan. 31, 2026	Jan. 31, 2024	Jan. 31, 2022	Jan. 31, 2020
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			1,005
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)			3,797,654
2021 Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares)	3,899,439	6,130,499
Option Exchange Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)						331,370
Granted (in shares)						132,546
Unrecognized compensation cost						$ 0.8
Stock option modification, incremental compensation expense			$ 0.0	$ 0.4
Employee Stock Option \| 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period (in years)								10 years
Award vesting period (in years)								4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)						2 years
Granted (in shares)			802,395
Unrecorded compensation expense			$ 14.0
Unrecognized compensation cost period for recognition (in years)			3 years 6 months
Restricted Stock Units (RSUs) \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years					4 years
Restricted Stock Units (RSUs) \| 2021 Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					1 year
Restricted Stock Units (RSUs) \| 2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					2 years
Restricted Stock Units (RSUs) \| Option Exchange Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecorded compensation expense			$ 0.0
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			2,005,988		2,206,540
Share-based compensation arrangement by share-based payment award, award requisite service period (in years)					3 years
Award vesting rights (in percent)			200.00%

Related Party Transactions	3 Months Ended
Related Party Transactions	Apr. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	Related Party Transactions As of April 30, 2026, the Company had outstanding long-term debt, net of $157.1 million with the Investor Group. The debt is presented as Long-term debt, net on the Condensed Consolidated Balance Sheets. The Investor Group held 85% of the voting power of the Company’s outstanding Class A Common Stock as of April 30, 2026. The Company recognized a nominal amount of interest expense related to the $10.0 million of new term loans held by other members of the Investor Group during the three months ended April 30, 2026. The Company recognized $2.7 million of paid-in-kind interest during the three months ended April 30, 2026. On January 28, 2026, the Company entered into the First Amendment. The First Amendment removed the minimum liquidity maintenance covenant. On April 1, 2026, the Company entered into the Second Amendment to the New Credit Agreement. The Second Amendment provides the Company with the ability to capitalize interest in lieu of cash payments until May 3, 2027. See “Note 6 - Long-Term Debt” for additional information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation Plans - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Apr. 30, 2026 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) \| shares	2,343,505
Granted (in shares) \| shares	802,395
Vested/Released (in shares) \| shares	(28,509)
Forfeited (in shares) \| shares	(35,318)
Unvested and outstanding, ending balance (in shares) \| shares	3,082,073
Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding, beginning balance (in usd per share) \| $ / shares	$ 8.38
Granted (in usd per share) \| $ / shares	5.97
Vested/Released (in usd per share) \| $ / shares	8.96
Forfeited (in usd per share) \| $ / shares	8.41
Unvested and outstanding, ending balance (in usd per share) \| $ / shares	$ 7.74

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Apr. 30, 2026

Accounting Policies [Abstract]

Consolidation

Basis of Presentation

The Company’s condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company adjusted the weighted-average shares used in computing net loss per share for all periods presented in the Condensed Consolidated Statements of Operations to reflect the bonus element from the rights offering completed in October 2025. See “Note 12 - Net Loss per Share Attributable to Common Stockholders” for additional information.

Fiscal Year

Segment Information

All revenue is attributed to customers based in the United States and substantially all the Company’s long-lived assets are located in the United States.

Use of Estimates

Concentrations of Credit Risks

Fair Value Measurements and Financial Instruments

Level 1: Observable inputs, such as quoted prices in active markets for identical assets and liabilities.

Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs, in which there is little or no market data which require the Company to develop its own assumptions.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy

Cash, Cash Equivalents and Restricted Cash

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist primarily of shipping rebates, accounts receivable, net, interest receivable, prepaid insurance, prepaid technology expenses, and prepaid taxes.

Rental Product, Net

The Company considers rental product to be a long-term productive asset and, as such, classifies it as a noncurrent asset on the Condensed Consolidated Balance Sheets.


	Useful Life	Salvage Value
Apparel	3 years	20	%
Accessories	2 years	30	%

In accordance with its policy, the Company reviews the estimated useful lives and salvage values of rental product on an ongoing basis.

Revenue Recognition

Subscription and Reserve Rental Revenue

Other Revenue

From time to time, other revenue may include revenue generated from pilots and other growth initiatives which may cause quarterly fluctuations in the Other revenue line.

Share-Based Compensation

Interest Income and Expense

Interim Impairment Evaluation

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Interim Reporting (Topic 270): Narrow Scope Improvements

Intangibles—Goodwill and Other—Internal-Use Software

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures

Long-Term Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Oct. 28, 2025	Oct. 31, 2025	Jan. 31, 2026	Apr. 30, 2026	Oct. 27, 2025	Jul. 31, 2025	Jun. 30, 2025	Dec. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Liquidity maintenance covenant	$ 15.0				$ 30.0			$ 30.0	$ 50.0
Exchange Agreement
Debt Instrument [Line Items]
Registration payment arrangement (in usd per share)		$ 4.08
Common Class A
Debt Instrument [Line Items]
Common stock, par value (in usd per share)	$ 0.001		$ 0.001	$ 0.001
Common Class A \| Rights Offering Backstop Commitment
Debt Instrument [Line Items]
Sale of stock, share rights outstanding (in shares)		3,063,725
Consideration received on transaction		$ 12.5
Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 149.5
Debt instrument, unamortized premium	39.5
2023 Amended Temasek Facility
Debt Instrument [Line Items]
Liquidity maintenance covenant						$ 15.0	$ 30.0
Existing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Long-term debt	100.0
Gain on troubled debt restructuring, net of allocated transaction costs	$ 11.8		$ 96.3
Existing Credit Agreement \| Term Loan \| Common Class A
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	26,175,193
New Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 120.0
New Credit Agreement \| Term Loan \| Base Rate
Debt Instrument [Line Items]
Amended interest rate (in percent)	4.00%
New Credit Agreement \| Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Amended interest rate (in percent)	5.00%
New Credit Agreement \| Term Loan \| New Money Term Loans
Debt Instrument [Line Items]
Long-term debt	$ 20.0
Existing Debt \| Term Loan
Debt Instrument [Line Items]
Troubled debt restructuring, debtor, current period, restructuring, outstanding	334.2
Troubled debt restructuring, debtor, current period, restructuring, additional cash	10.0
Debt conversion, original debt, amount	234.2
New Term Loans \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	110.0
New Term Loans \| Term Loan \| Nexus And Story3
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 0.4
Effective interest rate (in percent)			9.83%	9.63%
New Term Loans \| Term Loan \| Lender
Debt Instrument [Line Items]
Effective interest rate (in percent)				0.48%

Accrued Expenses and Other Current Liabilities - Narrative (Details)	Apr. 30, 2026	Jan. 31, 2026
Short Term Financing \| Financing Obligation
Short-Term Debt [Line Items]
Amended interest rate (in percent)	8.00%	8.00%

Commitment and Contingencies

3 Months Ended

Apr. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

See “Note 2 - Summary of Significant Accounting Policies” for information regarding the Company’s restricted cash balances.

The Company had the following non-cancelable minimum purchase commitments related to technology services as of April 30, 2026:


	Commitment
Fiscal year:
2026	$	5.5
2027	4.2
Commitments as of April 30, 2026	$	9.7

Legal Proceedings

From time to time in the normal course of business, various claims and litigation have been asserted or commenced against the Company. Due to uncertainties inherent in litigation and other claims, the Company can give no assurance that it will prevail in any such matters, which could subject the Company to significant liability for damages. Any claims or litigation could have an adverse effect on the Company’s results of operations, cash flows, or business and financial condition in the period the claims or litigation are resolved. Accruals for loss contingencies are recorded when a loss is probable, and the amount of such loss can be reasonably estimated.

On November 14, 2022, a purported stockholder of the Company filed a putative class action lawsuit in the Eastern District of New York against the Company, certain of its officers and directors, and the underwriters of its IPO, entitled Rajat Sharma v. Rent the Runway, Inc., et al. 22-cv-6935 (the “Securities Action”). The complaint alleges that the defendants violated Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”), by making allegedly materially misleading statements, and by omitting material facts necessary to make the statements made therein not misleading concerning, inter alia, the Company’s growth at the time of the IPO. The lawsuit seeks, among other things, compensatory damages, an award of attorneys’ fees and costs and such other relief as deemed just and proper by the Court. On June 8, 2023, the Court appointed Delaware Public Employees’ Retirement System and Denver Employees Retirement Plan as lead plaintiffs. On August 21, 2023, lead plaintiffs filed an amended complaint against the Company, certain of its officers and directors, and the underwriters of its IPO. The amended complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act by allegedly making certain false and misleading statements, and by omitting material facts necessary to make the statements made therein not misleading, concerning, among other things, the Company’s growth prospects and fulfillment costs at the time of the IPO. The lawsuit seeks an award of damages, attorney’s fees and costs, and such other relief as the Court deems just and proper. All defendants moved to dismiss the amended complaint, with the motion fully briefed as of February 23, 2024. On September 25, 2024, the Court issued an order granting in part and denying in part defendants’ motion to dismiss, dismissing the claims based on the Company’s growth prospects statements but allowing certain other claims to proceed. On October 9, 2024, defendants moved for reconsideration of the September 25, 2024 order and/or for certification under 28 U.S.C. § 1292(b), which motion was fully submitted as of October 30, 2024. In response to an application filed by defendants on November 19, 2024, on November 20, 2024, the Court issued an order adjourning defendants’ deadline to file an answer to the amended complaint sine die. On May 16, 2025, the Court issued an order granting Defendants’ motion to extend the time to answer the amended complaint until after the motion for reconsideration is resolved. The Court also determined that a phased approach to discovery was appropriate so as to permit the exchange of “key documents” and to promote the preservation of documents and evidence and directed the parties to submit a proposed initial discovery plan, which they did. The Court approved the initial discovery plan on June 3, 2025.

On September 12, 2025, the Court issued an order granting in part and denying in part defendants’ motion for reconsideration, dismissing all remaining claims except those based on fulfillment costs. Following the order, defendants filed their answers to the amended complaint on October 6, 2025. On October 16, 2025, defendants requested, per the Court’s rules, a pre-motion conference in connection with their anticipated motion for judgment on the pleadings, which plaintiffs opposed. On October 24, 2025, the Court ordered briefing on defendants’ motion for judgment on the pleadings. On November 12, 2025, plaintiffs filed a letter motion seeking an order allowing discovery to proceed during the pendency of defendants’ motion for judgment on the pleadings, which defendants opposed on November 21, 2025. On December 3, 2025, the Court issued an order directing a limited “second phase” of discovery to proceed pending the outcome of defendants’ motion for judgment on the pleadings, focusing on a limited category of information appropriately cabined by the scope of plaintiffs’ remaining claims. On February 17, 2026, the parties submitted a joint letter to the court concerning plaintiffs’ request for further discovery. On March 3, 2026, the court issued an order requiring that, by March 31, 2026, the Company produce those documents it proposed to produce as part of the “second phase” discovery and rejected plaintiffs’ request for additional documents. The Company completed production of “second phase” documents on March 31, 2026. On May 19, 2026, the parties submitted a joint request to the court to stay all proceedings in the matter pending conclusion of the parties’ mediation process. On May 20, 2026, the court temporarily stayed the case until July 13, 2026 and directed the parties to file a status letter or stipulation of dismissal if settlement is reached by July 14, 2026. The Company intends to vigorously defend itself against these claims as necessary. The Company believes it has meritorious defenses to the claims asserted in the amended complaint and any liability for such claims is not currently probable and the potential loss or range of loss is not reasonably estimable.

On October 18, 2024, a purported stockholder of the Company filed a putative stockholder derivative lawsuit on behalf of the Company in the Eastern District of New York against certain of the Company’s officers and directors (“Defendants”), and nominally against the Company, entitled Bandyopadhyay v. Hyman, et al., 24-cv-7321. The complaint, which is largely predicated on the same alleged facts and violations alleged in the Securities Action, asserts claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, waste, and contribution and indemnification and seeks an award of damages, certain equitable relief, and attorneys’ fees and costs. The lawsuit is in its preliminary stages. On December 31, 2024, the Court issued an order staying the derivative action until the resolution of any motions for summary judgment in the Securities Action or notification of a settlement in-principle in the Securities Action, whichever occurs earlier. Defendants intend to vigorously defend themselves against these claims and believe that they have meritorious defenses to the claims asserted in the complaint.

Net Loss per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Apr. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended April 30,
	2026		2025
Numerator:
Net loss attributable to common stockholders	$	(18.9)	$	(26.1)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	33,423,930		4,168,053
Net loss per share attributable to common stockholders, basic and diluted	$	(0.57)	$	(6.26)

Long-Term Debt

3 Months Ended

Apr. 30, 2026

Debt Disclosure [Abstract]

Long-Term Debt

Summary

The following table summarizes the Company’s long-term debt outstanding as of April 30, 2026 and January 31, 2026:


	April 30,		January 31,
	2026		2026

Debt Facility principal outstanding	$	120.0	$	120.0
Add: payment-in-kind interest	2.7		—
Add: unamortized debt premium	34.4		36.6
Debt Facility, net	157.1		156.6
Less: current portion of long-term debt	—		—
Total noncurrent long-term debt	$	157.1	$	156.6

Debt Facility

In December 2023, the Company entered into an amendment to the 2022 Amended Temasek Facility (the “2023 Amended Temasek Facility”). This transaction was accounted for as a troubled debt restructuring. The terms of the amendment provided for (i) elimination of all interest (both payment-in-kind and cash interest) for a period of six full fiscal quarters beginning with the fourth quarter of fiscal year 2023; (ii) reduction of the minimum liquidity maintenance covenant from $50 million to $30 million; and (iii) additional covenants requiring the Company to comply with mutually agreed upon quarterly and annual spend levels. The Company did not record a gain in connection with the restructuring as the total undiscounted future cash payments specified in the 2023 Temasek Facility Amendment exceeded the carrying value of debt.

In July 2025, the Company entered into a Thirteenth Amendment to the 2023 Amended Temasek Facility to extend the due date of the cash interest payment due on August 1, 2025 to August 29, 2025. In August 2025, concurrently with the Exchange Agreement, the Company entered into a Fourteenth Amendment to the Credit Agreement. The Fourteenth Amendment provided that, among other things, (i) interest that would otherwise be payable in cash will be capitalized; and (ii) the liquidity financial covenant level will be reduced from $30 million to $15 million until the closing of the Recapitalization Transactions. The Fourteenth Amendment also eliminated the spend levels for fiscal year 2025.

On October 28, 2025, the Company completed recapitalization transactions to enhance the Company’s financial position and financial flexibility by significantly reducing its existing indebtedness, improving its borrowing rate and extending the maturity of its remaining indebtedness (the “Recapitalization Transactions”).

Under the terms of the Recapitalization Transactions, the Company entered into an amended and restated credit agreement, dated as of October 28, 2025 (the “New Credit Agreement”), by and among the Company, as borrower, CHS (US) Management LLC, as administrative agent (the “Agent”), and CHS US Investments LLC (“Lender”), Gateway Runway, LLC (“Nexus”) and S3 RR Aggregator, LLC, as lenders (“STORY3” and, collectively with Lender and Nexus, the “Investor Group”).

On October 28, 2025, Lender exchanged $100 million of existing outstanding indebtedness on a dollar-for-dollar cashless basis for new term loans under the New Credit Agreement and exchanged the remaining indebtedness for 26,175,193 newly issued shares of the Company’s Class A Common Stock, par value $0.001 per share. The Investor Group also provided an additional $20 million of new term loans, resulting in a total aggregate principal amount of $120 million as of the closing of the Recapitalization Transactions.

The New Credit Agreement requires the Company to comply with specified non-financial covenants including, but not limited to, restrictions on the incurrence of debt, payment of dividends, making of investments, sale of assets, mergers and acquisitions, modifications of certain agreements and its fiscal year, and granting of liens. Term loans under the New Credit Agreement will mature on October 28, 2029, and will bear interest, at the Company’s option, at either (i) a bank reference rate, plus 4.00% or (ii) term SOFR plus 5.00%, in each case per annum. The New Credit Agreement contains various events of default, the occurrence of which could result in the acceleration of obligations under the facility. The New Credit Agreement also modified the then Existing Credit Agreement in certain respects, including by temporarily reducing the minimum liquidity maintenance covenant from $30 million to $15 million during the period from October 28, 2025 until February 20, 2027, which would revert thereafter to $30 million.

In October 2025, the Company also completed a rights offering and issued an aggregate of 3,063,725 shares of the Company’s Class A Common Stock at a price of $4.08 per share, totaling proceeds of $12.5 million.

For a full description of the Recapitalization Transactions and the Company’s debt facility, see the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

The exchange transaction with the existing lender was accounted for as a troubled debt restructuring of $334.2 million of existing outstanding debt, excluding the remaining unamortized debt premium and $10.0 million of additional cash from the Lender, in exchange for $110.0 million of new term loans. The Company exchanged $234.2 million of existing indebtedness for 26,175,193 newly issued shares of the Company’s Class A Common Stock to the lender. As the carrying value of debt reduced by the fair value of the equity issued exceeded the total undiscounted future cash payments, the Company recognized a gain on troubled debt restructuring, net of allocated transaction costs of $11.8 million incurred, of $96.3 million during the year ended January 31, 2026. The gain was reflected in Gain on Debt Restructuring on the Company’s Consolidated Statements of Operations.

Upon completion of the exchange transaction, the carrying value of the new term loans with the Lender was $149.5 million, comprised of the total future undiscounted cash payments to the Lender. The Company recorded a debt premium as a result of the troubled debt restructuring of $39.5 million which will be amortized over the term of the loan.

The Company accounted for the $10.0 million of new term loans issued to Nexus and STORY3 as a new issuance of debt and recorded a debt discount of $0.4 million related to allocated issuance costs. The debt discount will be accreted to the principal amount of the debt through the recognition of noncash interest expense using the effective interest method. The effective interest rate of the debt facility as of January 31, 2026 was 9.83%.

On January 28, 2026, the Company entered into the First Amendment to the New Credit Agreement. The First Amendment removed the minimum liquidity maintenance covenant. On April 1, 2026, the Company entered into the Second Amendment to the New Credit Agreement. The Second Amendment provides the Company with the ability to capitalize interest in lieu of cash payments until May 3, 2027. Pursuant to the Second Amendment, from April 1, 2026 to May 3, 2027, interest payable on the term loans under the New Credit Agreement will be capitalized and added to the principal amount of the term loan outstanding at the end of each fiscal quarter. This transaction was accounted for as a debt modification. The effective interest rate of the new term loans issued to the Lender as of April 30, 2026 was 0.48%. The effective interest rate of the new term loans issued to Nexus and STORY3 as of April 30, 2026 was 9.63%.

The Company determined that all of the embedded features of the New Credit Agreement were clearly and closely related to the debt host and did not require bifurcation as a derivative liability, or the fair value of the feature was immaterial to the Company’s condensed consolidated financial statements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Net Loss per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Numerator:
Net loss attributable to common stockholders	$ (18.9)	$ (26.1)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	33,423,930	4,168,053
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	33,423,930	4,168,053
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.57)	$ (6.26)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.57)	$ (6.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitment and Contingencies (Details) $ in Millions	Apr. 30, 2026 USD ($)
Fiscal year:
2026	$ 5.5
2027	4.2
Commitments as of April 30, 2026	$ 9.7

Subsequent Events (Details) - USD ($)			1 Months Ended	3 Months Ended
Subsequent Events (Details) - USD ($)	May 25, 2026	May 15, 2026	Oct. 31, 2025	Apr. 30, 2026	Apr. 30, 2025	Jun. 03, 2026
Subsequent Event [Line Items]
Stock based compensation expense				$ 1,500,000	$ 1,500,000
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Granted (in shares)				802,395
Former Chief Executive Officer And President Advisory Fee Structure \| Former Chief Executive Officer And President
Subsequent Event [Line Items]
Advisory fee payment			$ 1,587,000
Former Chief Executive Officer And President Advisory Fee Structure \| Subsequent Event \| Former Chief Executive Officer And President
Subsequent Event [Line Items]
Monthly advisory fee		$ 62,500
Stock based compensation expense	$ 457,000
Aggregate fair value		$ 375,000
Former Chief Executive Officer And President Advisory Fee Structure \| Subsequent Event \| Restricted Stock Units (RSUs) \| Former Chief Executive Officer And President
Subsequent Event [Line Items]
Accelerated and vested shares (in shares)		103,047
Interim Chief Executive Officer Compensation Package \| Subsequent Event \| Interim Chief Executive Officer And President
Subsequent Event [Line Items]
Monthly consulting fee		$ 50,000
Annual bonus		$ 125,000
Interim Chief Executive Officer Compensation Package \| Subsequent Event \| Performance Shares \| Interim Chief Executive Officer And President
Subsequent Event [Line Items]
Granted (in shares)		100,000
Payment Structure For Intermin Chief Financial Officer And Treasurer \| Subsequent Event \| Interim Chief Financial Officer And Treasurer
Subsequent Event [Line Items]
Annual base salary						$ 540,000
Target cash bonus, percentage of annual base salary						35.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026
Current assets:
Cash and cash equivalents	$ 37.1	$ 50.4
Restricted cash, current	4.0	4.5
Prepaid expenses and other current assets	13.6	11.8
Total current assets	54.7	66.7
Restricted cash	4.2	4.2
Rental product, net	91.6	86.0
Fixed assets, net	23.3	24.0
Intangible assets, net	1.9	2.0
Operating lease right-of-use assets	28.4	29.3
Other assets	8.6	8.8
Total assets	212.7	221.0
Current liabilities:
Accounts payable	13.4	9.9
Accrued expenses and other current liabilities	32.8	29.1
Deferred revenue	14.5	12.0
Customer credit and gift card liabilities	6.4	6.6
Operating lease liabilities	5.7	5.6
Total current liabilities	72.8	63.2
Long-term debt, net	157.1	156.6
Operating lease liabilities	34.3	35.7
Other liabilities	1.8	1.6
Total liabilities	266.0	257.1
Commitments and Contingencies (Note 14)
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of April 30, 2026 and January 31, 2026; 0 shares issued and outstanding as of April 30, 2026 and January 31, 2026	0.0	0.0
Additional paid-in capital	1,066.0	1,064.3
Accumulated deficit	(1,119.3)	(1,100.4)
Total stockholders’ equity (deficit)	(53.3)	(36.1)
Total liabilities and stockholders’ equity (deficit)	212.7	221.0
Common Class A
Stockholders’ equity (deficit)
Common stock, value, issued	0.0	0.0
Common Class B
Stockholders’ equity (deficit)
Common stock, value, issued	$ 0.0	$ 0.0

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Revenue:
Subscription and Reserve rental revenue	$ 77.7	$ 62.0
Other revenue	12.2	7.6
Total revenue, net	89.9	69.6
Costs and expenses:
Fulfillment	23.6	20.4
Technology	9.4	9.6
Marketing	8.0	8.6
General and administrative	23.4	20.7
Rental product depreciation and revenue share	43.0	27.3
Other depreciation and amortization	2.2	2.7
Total costs and expenses	109.6	89.3
Operating loss	(19.7)	(19.7)
Interest income / (expense), net	(0.3)	(6.3)
Other income / (expense), net	1.1	0.1
Net loss before income tax benefit / (expense)	(18.9)	(25.9)
Income tax benefit / (expense)	0.0	(0.2)
Net loss	$ (18.9)	$ (26.1)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.57)	$ (6.26)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.57)	$ (6.26)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	33,423,930	4,168,053
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	33,423,930	4,168,053

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Apr. 30, 2026
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of April 30, 2026 and January 31, 2026, the carrying amounts of the Company’s cash and cash equivalents, current and noncurrent restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximated their estimated fair value due to their relatively short maturities. The Company’s long-term debt is reported at carrying value on the Condensed Consolidated Balance Sheets. See “Note 6 — Long-Term Debt”. The Company estimates the fair value of its long-term debt using a Black-Derman-Toy (BDT) model based on the Company’s implied credit spread using the median of option adjusted spreads for similar financial instruments with similar credit ratings, and, as such, long-term debt is classified as Level 3 within the fair value hierarchy. As of April 30, 2026, the estimated fair value of the Company’s long-term debt was $117.9 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Apr. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision or benefit from income taxes in interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The estimate of the annual effective income tax rate for the full year is applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The Company continues to maintain a full valuation allowance on all United States net deferred tax assets for all periods presented. The amount of unrecognized tax benefits as of April 30, 2026 and January 31, 2026 was $1.1 million and $1.1 million, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The total amount of unrecognized benefits relating to the Company’s tax position is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. The outcomes and timing of such events are highly uncertain and a reasonable estimate of the range of gross unrecognized tax benefits, excluding interest and penalties, that could potentially be reduced during the next 12 months cannot be made at this time.

- Definition

The entire disclosure for income tax.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Apr. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dhiren Fonseca [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Dhiren Fonseca, Executive Chairman adopted a Rule 10b5-1 trading arrangement on April 24, 2026, that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act solely for the sale of the appropriate number of shares of our Class A common stock needed to satisfy minimum required federal, state, local, and foreign income and/or employment taxes in connection with the vesting of restricted stock units and performance stock units. The arrangement does not have a termination date.
Name	Dhiren Fonseca
Title	Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 24, 2026
Cara Schembri [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On April 17, 2026, Cara Schembri, Chief Legal & Administrative Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act for the sale of up to 20,335 shares of our Class A stock and up to 16,636 restricted stock units (on a net share basis following the vesting, settlement, and sell-to-cover transactions) until April 16, 2027.
Name	Cara Schembri
Title	Chief Legal & Administrative Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	April 17, 2026
Arrangement Duration	364 days
Cara Schembri Trading Arrangement, Class A Stock [Member] \| Cara Schembri [Member]
Trading Arrangements, by Individual
Aggregate Available	20,335
Cara Schembri Trading Arrangement, Restricted Stock Units [Member] \| Cara Schembri [Member]
Trading Arrangements, by Individual
Aggregate Available	16,636

Leases - Lessee Accounting - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
Leases [Abstract]
Finance lease, right-of-use asset, amortization	$ 0.1	$ 0.1

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Apr. 30, 2026	Jan. 31, 2026	Apr. 30, 2025	Jan. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37.1	$ 50.4
Restricted cash, current	4.0	4.5
Restricted cash	4.2	4.2
Total cash and cash equivalents and restricted cash	$ 45.3	$ 59.1	$ 79.4	$ 86.5

Rental Product, Net

3 Months Ended

Apr. 30, 2026

Rental Product [Abstract]

Rental Product, Net

Rental product, net consisted of the following:


	April 30,		January 31,
	2026		2026

Apparel	$	161.6	$	155.5
Accessories	5.2		4.7
	166.8		160.2
Less: accumulated depreciation	(75.2)		(74.2)
Rental product, net	$	91.6	$	86.0

Depreciation and write-offs related to rental product, including write-offs of rental products sold, was $13.8 million and $13.2 million for the three months ended April 30, 2026 and 2025, respectively.

Business	3 Months Ended
Business	Apr. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Description of Business Rent the Runway, Inc.’s (the “Company”) mission is to power women to feel their best every day. Launched in November 2009, the Company has built the world’s first shared designer closet with thousands of styles by hundreds of brand partners. The Company gives customers access to its “unlimited closet” through its subscription offering (“Subscription”) or the ability to rent a-la-carte through its reserve offering (“Reserve”). The Company’s corporate headquarters is located in Brooklyn, New York and its operational facilities are located in Secaucus, New Jersey, and Arlington, Texas. Its wholly-owned subsidiary, Rent the Runway Limited, is located in Galway, Ireland, and is focused on software development and support activities. All revenue is currently generated in the United States. Substantially all revenue is derived from rental subscription fees and a-la-carte rental fees, with a portion derived from the sale of apparel and accessories and other fees.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2026	Apr. 30, 2025
OPERATING ACTIVITIES
Net loss	$ (18.9)	$ (26.1)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Rental product depreciation and write-offs	10.2	10.3
Write-off of rental product sold	3.6	2.9
Other depreciation and amortization	2.2	2.7
Proceeds from rental product sold	(6.4)	(4.9)
(Gain) / loss from liquidation of rental product	0.2	(0.2)
Accrual of paid-in-kind interest	2.7	0.0
Amortization of debt (premium) discount	(2.2)	6.9
Share-based compensation expense	1.5	1.5
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1.8)	0.2
Operating lease right-of-use assets	0.9	0.7
Other assets	0.2	(0.8)
Accounts payable, accrued expenses and other current liabilities	2.8	13.4
Deferred revenue and customer credit liabilities	2.3	2.4
Operating lease liabilities	(1.3)	(1.1)
Other liabilities	0.2	0.4
Net cash (used in) provided by operating activities	(3.8)	8.3
INVESTING ACTIVITIES
Purchases of rental product	(15.2)	(19.3)
Proceeds from liquidation of rental product	0.4	0.9
Proceeds from sale of rental product	6.4	4.9
Purchases of fixed and intangible assets	(1.4)	(1.2)
Net cash (used in) provided by investing activities	(9.8)	(14.7)
FINANCING ACTIVITIES
Proceeds from issuance of common stock	0.2	0.0
Other financing payments	(0.4)	(0.7)
Net cash (used in) provided by financing activities	(0.2)	(0.7)
Net (decrease) increase in cash and cash equivalents and restricted cash	(13.8)	(7.1)
Cash and cash equivalents and restricted cash at beginning of period	59.1	86.5
Cash and cash equivalents and restricted cash at end of period	45.3	79.4
Cash payments (receipts) for:
Interest paid on loans	2.8	0.0
Fixed operating lease payments, net	2.9	2.8
Fixed assets and intangibles received in the prior period	0.2	0.0
Rental product received in the prior period	1.6	2.7
Non-cash financing and investing activities:
Purchases of fixed assets and intangibles not yet settled	0.2	0.0
Purchases of rental product not yet settled	$ 6.4	$ 11.3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2026	Jan. 31, 2026
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	33,464,771	33,390,904
Common stock, shares, outstanding (in shares)	33,464,771	33,390,904
Common Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares, issued (in shares)	0	0
Common stock, shares, outstanding (in shares)	0	0

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	April 30,		January 31,
	2026		2026
Revenue share payable	$	15.9	$	11.5
Accrued operating and general expenses	11.5		8.6
Accrued payroll related expenses	2.6		3.5
Accrued interest	—		2.8
Sales and other taxes	2.7		2.3
Short-term financing	0.1		0.4
Accrued expenses and other current liabilities	$	32.8	$	29.1

Schedule of Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	April 30,		January 31,
	2026		2026
Revenue share payable	$	15.9	$	11.5
Accrued operating and general expenses	11.5		8.6
Accrued payroll related expenses	2.6		3.5
Accrued interest	—		2.8
Sales and other taxes	2.7		2.3
Short-term financing	0.1		0.4
Accrued expenses and other current liabilities	$	32.8	$	29.1

Rental Product, Net (Tables)

3 Months Ended

Apr. 30, 2026

Rental Product [Abstract]

Schedule of Rental Product Breakdown

Rental product, net consisted of the following:


	April 30,		January 31,
	2026		2026

Apparel	$	161.6	$	155.5
Accessories	5.2		4.7
	166.8		160.2
Less: accumulated depreciation	(75.2)		(74.2)
Rental product, net	$	91.6	$	86.0

Net Loss per Share Attributable to Common Stockholders

3 Months Ended

Apr. 30, 2026

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

The Company computes net loss per share attributable to common stockholders under the two-class method required for multiple classes of common stock and participating securities. The rights of the Class A common stock and Class B common stock were substantially identical, other than voting rights. Accordingly, the net loss per share attributable to common stockholders will be the same for Class A and Class B common stock on an individual or combined basis. The Company completed a rights offering in October 2025. As the exercise price for the rights offering was lower than the Company’s stock price, the rights offering contained a bonus element similar to a stock dividend. The Company adjusted the weighted-average shares used in computing net loss per share to reflect the bonus element for the first quarter of fiscal year 2025.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended April 30,
	2026		2025
Numerator:
Net loss attributable to common stockholders	$	(18.9)	$	(26.1)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	33,423,930		4,168,053
Net loss per share attributable to common stockholders, basic and diluted	$	(0.57)	$	(6.26)

As the Company incurred net losses for the three months ended April 30, 2026 and 2025, weighted-average basic shares and weighted-average diluted shares outstanding are equal for these periods.

Long-Term Debt (Tables)

3 Months Ended

Apr. 30, 2026

Debt Disclosure [Abstract]

Schedule of Line of Credit and Long-Term Debt Outstanding

The following table summarizes the Company’s long-term debt outstanding as of April 30, 2026 and January 31, 2026:


	April 30,		January 31,
	2026		2026

Debt Facility principal outstanding	$	120.0	$	120.0
Add: payment-in-kind interest	2.7		—
Add: unamortized debt premium	34.4		36.6
Debt Facility, net	157.1		156.6
Less: current portion of long-term debt	—		—
Total noncurrent long-term debt	$	157.1	$	156.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Jan. 31, 2025		3,916,932
Beginning balance at Jan. 31, 2025	$ (182.5)	$ 0.0	$ 940.5	$ (1,123.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)		64,563
Share-based compensation expense	1.5		1.5
Net loss	(26.1)			(26.1)
Ending balance (in shares) at Apr. 30, 2025		3,981,495
Ending balance at Apr. 30, 2025	(207.1)	$ 0.0	942.0	(1,149.1)
Beginning balance (in shares) at Jan. 31, 2026		33,390,904
Beginning balance at Jan. 31, 2026	(36.1)	$ 0.0	1,064.3	(1,100.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued under stock incentive plan (in shares)		28,509
Stock issued related to the ATM offering, net of issuance costs (in shares)		45,358
Stock issued related to the ATM offering, net of issuance costs	0.2		0.2
Share-based compensation expense	1.5		1.5
Net loss	(18.9)			(18.9)
Ending balance (in shares) at Apr. 30, 2026		33,464,771
Ending balance at Apr. 30, 2026	$ (53.3)	$ 0.0	$ 1,066.0	$ (1,119.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 30, 2026 USD ($) segment	Apr. 30, 2025 USD ($)	Jan. 31, 2026 USD ($)
Accounting Policies [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Rental product held-for-sale	$ 1.5		$ 1.8
Accelerated depreciation	0.7	$ 1.5
Proceeds from sale of rental product	6.4	4.9
Proceeds from liquidation of rental product	0.4	0.9
Customer credits and refunds, including opening balance	$ 0.5
Time for order placement (in months)	4 months
Interest and amortization of debt discounts	$ 0.5	$ 7.0
Cash-Collateralized Standby Letters of Credit
Accounting Policies [Line Items]
Restricted cash	$ 8.2		$ 8.7
Minimum
Accounting Policies [Line Items]
Rental period (in days)	4 years
Maximum
Accounting Policies [Line Items]
Rental period (in days)	8 days
Apparel and accessories \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage (in percent)	14.00%	11.00%
Apparel \| Revenue benchmark \| Product concentration risk
Accounting Policies [Line Items]
Concentration risk, percentage (in percent)	13.00%	11.00%

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 12, 2026, Jennifer Hyman, the Company’s Chief Executive Officer and President of the Company, resigned effective as of May 15, 2026. Pursuant to the Separation, Advisor and Release Agreement between Jennifer Hyman and the Company dated May 12, 2026, she will receive a monthly advisory fee of $62,500 through January 31, 2027, and the payment of $1,587,000 made in October 2025 will vest and no longer be subject to clawback. Additionally, 103,047 restricted stock units will accelerate and vest as of May 25, 2026 resulting in approximately $457,000 of share-based compensation expense to be recognized during the three months ended July 31, 2026. A number of the restricted stock units granted in December 2025, having an aggregate value of $375,000 will remain outstanding and eligible to vest on January, 31, 2027, subject to her continued service with the Company through January 31, 2027. The Company will account for this award as a liability-classified award, remeasure its fair value at each subsequent reporting date, and recognize the related expense through January 31, 2027. The Company appointed Teri Bariquit as interim Chief Executive Officer and President effective as of May 15, 2026. Pursuant to the Statement of Work between Teri Bariquit and the Company dated May 12, 2026, she will receive a monthly consulting fee of $50,000, an annual bonus of up to $125,000, and a performance stock unit award comprising 100,000 shares of the Company’s Class A common stock. On May 18, 2026, Sid Thacker, the Company’s Chief Financial Officer, resigned effective on or about June 3, 2026. On June 3, 2026, the Company appointed David Loretta as interim Chief Financial Officer and Treasurer effective as of June 8, 2026. He will receive an annual base salary of $540,000 and will be eligible to receive a target cash bonus of 35% of his annual base salary for the current fiscal year, pro-rated based on his tenure with the Company. The Company is conducting a search for a permanent Chief Executive Officer and President and Chief Financial Officer.