Ranpak Holdings Corp.

Listed Company

PACKCIK 0001712463NYSEAcceleratedConverted Paper & Paperboard Prods (No Contaners/Boxes)E9FY ends Dec 31

Period

FY 2025

Revenue

$395.00M

Net Income

$-38.30M

Total Assets

$1.12B

Equity

$534.90M

Shares Out

85.54M

Op. Cash Flow

$23.10M

Business

Ranpak Holdings Corp. provides environmentally sustainable, systems-based product protection and end-of-line automation solutions for e-commerce and industrial supply chains. The company offers paper-based protective packaging products (Void-Fill, Cushioning, Wrapping), Automation and Automated Paper Solutions, machine vision and cold chain liners, and associated high-margin consumable paper materials and services. Ranpak operates through two reporting segments—North America and Europe/Asia—covering its Protective Packaging Solutions (PPS) and Automation product lines. It sells primarily through a global network of distributors, direct sales to select end-users, and integrator partners across more than 50 countries.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net product revenue	333	316	285	276	—
Machine lease revenue	62	53	52	50	—
Net revenue	395	369	336	327	384
Cost of product sales	237	203	181	193	—
Cost of leased machines	27	26	32	34	—
Gross profit	131	140	123	100	149
Selling, general and administrative expenses	115	112	92	106	98
Depreciation and amortization expense	36	35	34	32	35
Other operating expense, net	5	6	5	5	3
Loss from operations	−24	−13	−8	−43	12
Interest expense	34	29	24	21	—
Foreign currency gain	−5	−2	−300,000	−2	−5
Loss on extinguishment of debt	0	5	0	0	—
Other non-operating income, net	−6	−21	−200,000	−4	0
Loss before income tax benefit	−48	−24	−31	−57	−5
Income tax benefit	−9	−2	−4	−15	−2
Net loss	−38	−22	−27	−41	−3
Basic (in usd per share)	−0.45	−0.26	−0.33	−0.51	−0.04
Diluted (in usd per share)	−0.45	−0.26	−0.33	−0.51	−0.04
Basic (in shares)	84	83	82	82	79
Diluted (in shares)	84	83	82	82	79
Foreign currency translation adjustments	−3	−4	2	−7	−13
Interest rate swap adjustments	0	−3	−8	14	7
Cross currency swap adjustments	−100,000	0	0	3	2
Total other comprehensive loss, before tax	−3	−8	−6	7	−6
(Benefit) provision for income taxes related to other comprehensive income (loss)	−6	700,000	−3	4	2
Total other comprehensive income (loss), net of tax	2	−8	−3	3	−8
Comprehensive loss, net of tax	−36	−30	−30	−39	−11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	76	62	63	104
Accounts receivable, net	48	44	32	33	44
Inventories	31	22	17	25	33
Income tax receivable	2	2	900,000	2	3
Prepaid expenses and other current assets	11	8	13	17	8
Total current assets	154	151	125	140	192
Property, plant, and equipment, net	139	138	142	—	—
Operating lease right-of-use assets, net	24	21	24	6	7
Goodwill	457	444	450	447	453
Intangible assets, net	292	312	345	372	407
Deferred tax assets	400,000	100,000	100,000	600,000	100,000
Other assets	59	39	36	45	29
Total assets	1,125	1,104	1,123	1,134	1,213
Accounts payable	37	27	18	24	34
Accrued liabilities and other	24	29	22	11	32
Current portion of long-term debt	6	6	3	1	1
Operating lease liabilities, current	4	4	4	2	2
Deferred revenue	14	3	2	900,000	3
Total current liabilities	84	68	48	39	72
Long-term debt	396	401	398	392	400
Deferred tax liabilities	51	62	72	81	98
Derivative instruments	33	1	6	4	2
Operating lease liabilities, non-current	24	21	25	4	4
Other liabilities	1	3	2	1	900,000
Total liabilities	590	556	551	521	577
Commitments and contingencies Note 13	—	—	—	—	—
Class A common stock, $0.0001 par, 200,000,000 shares authorized at December 31, 2025 and 2024; shares issued and outstanding: 84,385,870 and 83,267,367 at December 31, 2025 and 2024, respectively	0	0	—	—	—
Additional paid-in capital	722	700	694	704	689
Accumulated deficit	−184	−145	−124	−97	−55
Accumulated other comprehensive loss	−4	−6	2	5	3
Total shareholders' equity	535	548	572	613	636
Total liabilities and shareholders' equity	1,125	1,104	1,123	1,134	1,213

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	67	65	70	69	74
Amortization of deferred financing costs	1	3	2	2	2
Loss on disposal of property, plant, and equipment	300,000	1	1	1	—
Gain on sale of patents	0	−5	0	0	—
Deferred income taxes	−8	−7	−6	−20	−13
Amortization of initial value of interest rate swap	0	−1	−2	−800,000	−800,000
Foreign currency gain	−5	−2	−300,000	−2	−6
Stock-based compensation expense	8	6	−10	18	—
Provision for common stock warrants	5	0	0	—	—
Amortization of cloud-based software implementation costs	4	4	3	3	0
Unrealized (gain) loss on strategic investments	−6	400,000	0	−4	0
Accounts receivable	−4	−12	7	9	−7
Inventories	−8	−5	5	8	−17
Income tax receivable	0	−1	400,000	600,000	—
Prepaid expenses and other current assets	1	600,000	−2	−2	−500,000
Accounts payable	9	9	−700,000	−12	6
Accrued liabilities and other	−7	8	7	−14	—
Change in other assets and liabilities	4	−7	6	−13	−12
Net cash provided by operating activities	23	41	53	1	54
Purchases of converter equipment	−27	−28	−31	−32	−42
Purchases of other property, plant, and equipment	−3	−5	−24	−13	−12
Proceeds from sale of patents	0	5	0	0	—
Proceeds from sale of property, plant, and equipment	0	0	3	0	0
Cash paid for strategic investments	−3	−5	0	−2	−14
Net cash used in investing activities	−33	−33	−52	−38	−70
Proceeds from debt facilities	0	410	0	0	—
Principal payments on term loans	−4	−391	−2	—	—
Payment of exit costs related to debt facilities	0	−4	0	0	—
Financing costs of debt facilities	0	−10	−1	0	−600,000
Proceeds from hedging instruments	700,000	0	0	—	—
Proceeds from financing arrangements	1	700,000	3	—	—
Payments on financing arrangements	−1	−2	−500,000	—	—
Payments on finance lease liabilities	−2	−1	−1	−900,000	−700,000
Tax payments for withholdings on stock-based awards distributed	−1	−400,000	−500,000	−3	0
Net cash (used in) provided by financing activities	−7	2	−2	−5	72
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4	3	800,000	200,000	−1
Net (Decrease) Increase in Cash and Cash Equivalents	−13	14	−800,000	−41	55

Filings

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