Ranpak | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 99.6 M

Revenue: As of FY2025 Q3, the actual value is USD 99.6 M, missing the estimate of USD 99.94 M.

EPS: As of FY2025 Q3, the actual value is USD -0.12.

EBIT: As of FY2025 Q3, the actual value is USD 3 M.

Financial Metrics by Segment

Net Revenue

• Net revenue for the third quarter increased 8.0% year over year to $99.6 million, including a $0.8 million non-cash reduction for warrants, and increased 4.4% year over year on a constant currency basis.

Net Loss

• Net loss for the third quarter was $10.4 million compared to a net loss of $8.1 million for the prior year period.

Adjusted EBITDA (AEBITDA)

• Adjusted EBITDA for the third quarter was $21.4 million, an increase of 8.1%, or $1.6 million, year over year (3.5% increase on a constant currency basis), including a $0.8 million non-cash reduction for warrants.

Gross Margin

• Gross margin for the third quarter expanded to 34.5% from 31.1% in the second quarter.

Packaging Systems Placement

• Packaging systems placement increased 1.4% year over year to approximately 145.6 thousand machines as of September 30, 2025.

Segment Revenue Breakdown

• Cushioning: Increased $0.1 million, or 0.3%, to $35.8 million from $35.7 million.
• Void-Fill: Increased $2.0 million, or 4.8%, to $43.4 million from $41.4 million.
• Wrapping: Increased $0.7 million, or 9.0%, to $8.5 million from $7.8 million.
• Automation: Increased $4.6 million, or 63.0%, to $11.9 million from $7.3 million.

Cash Flow

• Net cash provided by operating activities for the nine months ended September 30, 2025, was $3.6 million compared to $34.9 million for the same period in 2024.
• Net cash used in investing activities for the nine months ended September 30, 2025, was $27.6 million compared to $24.7 million for the same period in 2024.
• Net cash used in financing activities for the nine months ended September 30, 2025, was $5.3 million compared to $2.3 million for the same period in 2024.

Balance Sheet

• Cash and cash equivalents as of September 30, 2025, were $49.9 million compared to $76.1 million as of December 31, 2024.
• Total assets as of September 30, 2025, were $1,129.6 million compared to $1,104.2 million as of December 31, 2024.
• Total liabilities as of September 30, 2025, were $591.8 million compared to $556.1 million as of December 31, 2024.

Outlook / Guidance

• Ranpak expects Automation to achieve approximately $40–$45 million in net revenue for 2025, setting the stage for an expected strong fourth quarter.
• The company is confident in its ability to sustain the trajectory of margin improvement through year-end, positioning to close 2025 on a high note.
• Ranpak believes it is well-positioned to deliver differentiated solutions that fuel global expansion and long-term value creation.