Ghansham Panjabi

Danny Eggerichs

Greg Palm

Kieran McCabe

Troy Jensen

- PACK announced a strategic and economic partnership with **Walmart**, representing a potential for up to **$700 million** in total spend over 10 years, including **$300 million** excluding paper costs, in exchange for warrants to purchase up to **22.5 million shares** at a strike price of **$6.83** per share.  **[0001712463_2215829_1]**  Additionally, the company entered a multi-year enterprise sales agreement with **Medline** to provide solutions for up to **14 distribution centers**.  **[0001712463_2215829_1]** 
- For Q3 2025, consolidated net revenue increased **4.4%** (or **5.3%** excluding the non-cash impact of warrants on a constant currency basis).  **[0001712463_2215829_1]**  Automation revenue grew **56%** on a constant currency basis  **[0001712463_2215829_2]** , and North America sales increased **10.9%**.  **[0001712463_2215829_2]** **[0001712463_2215829_4]**  Gross margins improved to **34.5%** compared to **31.3%** in Q2 on a constant currency basis.  **[0001712463_2215829_3]** 
- The company expects full-year automation revenue to be between **$40 million and $45 million**.  **[0001712463_2215829_2]**  They anticipate ending the year with approximately **$65 million to $70 million** in cash  **[0001712463_2215829_4]** **[0001712463_2215829_13]**  and project generating **$15 million to $20 million** in free cash flow next year.  **[0001712463_2215829_13]**

PACK Announces Q3 2025 Results and Strategic Partnerships

- **PACK** reported a **net revenue** increase of **8.0%** to **$99.6 million** for Q3 2025 compared to Q3 2024, driven by a **63.0%** increase in global automation equipment sales.  **[0001712463_2215311:9]** **[0001712463_2215311:14]** 
- **Adjusted EBITDA** for Q3 2025 grew by **8.1%** to **$21.4 million** compared to Q3 2024, while **gross margin** improved to **34.5%** from **31.3%** in Q2 2025.  **[0001712463_2215311:9]** **[0001712463_2215311:10]** **[0001712463_2215311:18]** 
- Strategic partnerships established in 2025 with Amazon and Walmart are projected to generate over **$1 billion** in revenue over the next 8-10 years, with the Walmart agreement alone implying up to **$700 million** in reported spend over 10 years.  **[0001712463_2215311:11]** 
- The company concluded Q3 2025 with **$49.9 million** in cash on hand and expects to end the year with approximately **$65 million** to **$70 million**.  **[0001712463_2215311:9]** **[0001712463_2215311:12]**

PACK Reports Q3 2025 Results with Strong Automation Sales and Strategic Partnerships

- Ranpak Holdings Corp. reported **net revenue of $99.6 million** for the third quarter of 2025, an **8.0% increase** year-over-year, alongside a **net loss of $10.4 million**.  **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:1]** 
- **Adjusted EBITDA grew 8.1%** year-over-year to **$21.4 million** in Q3 2025, with gross margins expanding to **34.5%** from 31.1% in the second quarter.  **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:1]** **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:2]** 
- Automation net revenue surged **63.0%** to **$11.9 million**, driven by a new partnership and warrant agreement with **Walmart** that could imply up to **$700 million in total spend** over ten years.  **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:1]** **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:3]** 
- Packaging System placement increased **1.4%** year-over-year to approximately **145.6 thousand machines** as of September 30, 2025.  **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:1]** **[1712463_0001628280-25-047326_a04pack-202509xex99x1.htm:3]**

Ranpak Holdings Corp. Reports Q3 2025 Financial Results and Walmart Partnership

- Ranpak Holdings Corp. entered into a Transaction Agreement with Walmart Inc. on **August 22, 2025**, under which Ranpak agreed to issue a warrant to Walmart.  **[1712463_0000950103-25-010681_dp233343_ex1001.htm:0]** **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- The warrant grants Walmart the right to acquire **up to 22,500,000 shares** of Ranpak's common stock at an exercise price of **$6.8308 per share**, expiring on **August 22, 2035**.  **[1712463_0000950103-25-010681_dp233343_ex0401.htm:0]** **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- **2,250,000 Warrant Shares vested immediately** on August 22, 2025, with the remainder vesting based on Walmart's payments, fully vesting upon an aggregate spend of **$300 million**.  **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- The issuance of Warrant Shares in excess of the Warrant Shares Cap or below the minimum price requires **stockholder approval** to comply with NYSE rules, with a meeting scheduled no later than **330 days from August 22, 2025**.  **[1712463_0000950103-25-010681_dp233343_ex1001.htm:23]**

Ranpak Holdings (PACK)