PACK · Ranpak Holdings Corp.

Ranpak's first quarter 2026 results reflect solid top-line growth driven by automation, which surged 112.7% to $13.4 million, offsetting modest declines in wrapping and cushioning. Net revenue of $101.2 million increased 11.0% year-over-year (4.5% on a constant currency basis), including a $1.7 million non-cash reduction from warrants. Gross profit rose 12.9% to $34.9 million, with gross margin expanding 60 basis points to 34.5%, aided by favorable mix and cost discipline. Net loss improved to $10.2 million from $10.9 million, while Adjusted EBITDA grew 9.2% to $18.9 million, though margin slipped 30 basis points to 18.7% due to warrant impact and SG&A increases. Management highlighted strong automation momentum, with net revenue up 111% constant currency excluding warrants, and noted PPS volume growth in EMEA exceeding expectations. The company ended the quarter with $48.5 million cash and no revolver borrowings, providing financial flexibility. CEO Omar Asali expressed confidence in the growth trajectory, citing deepening relationships with Amazon and Walmart and margin initiatives gaining traction. No forward guidance was provided in the release.