Ranpak Reports 16% Revenue Increase

By Tamara Parker • Thursday, March 06 15:14 • Permanent Link

Ranpak Holdings Corp (NYSE: PACK) has reported its fourth quarter and full-year 2024 financial results, with net revenue for the fourth quarter increasing 16% year over year to $105.0 million and 17% year over year on a constant currency basis. The company reported a net loss for the fourth quarter of $8.0 million compared to a net loss of $9.3 million for the prior year period.

Adjusted EBITDA for the fourth quarter of 2024 was $25.3 million, up 8% or $1.8 million year over year, also up 8% on a constant currency basis. Packaging system placement increased 1% year over year to approximately 142.7 thousand machines at December 31, 2024.

The company's full-year 2024 net revenue increased 10% and 10% on a constant currency basis, with a net loss of $18.7 million compared to a net loss of $27.1 million for the prior year period. Adjusted EBITDA for the full year 2024 was $83.8 million, up 14% and up 14% on a constant currency basis.

Ranpak's balance sheet and liquidity position as of December 31, 2024, showed a cash balance of $76.1 million and no borrowings on its $50.0 million revolving credit facility, which matures in December 2029. The company had $410.0 million outstanding under its USD-denominated first lien term facility, which matures in December 2031.

Looking ahead to 2025, the company is forecasting net revenue growth in the range of 5% – 11% and EBITDA growth of 5% – 16% on a constant currency basis, translating to a range of $387 – $409 million in net revenue and $88 – $97 million for EBITDA. Ranpak expects increased contributions from strategic accounts in North America and a somewhat improving operating environment in the region, as well as continued somewhat challenging operating environment in Europe/Asia.

Ranpak's strategic account activity foundation drove strong results in 2024, and the company is focusing on volume growth in protective packaging systems, scaling automation, and cash generation to de-lever and achieve a leverage ratio of below 3.0x net debt to adjusted EBITDA.

The company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, March 6, 2025, to discuss these results.

Today the company's shares have moved 3.1% to a price of $6.62. Check out the company's full 8-K submission here.

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