Ranpak Holdings (PACK) Company Report

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.
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.
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.
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.

Oct 30, 2025, 12:30 PM

PACK Announces Q3 2025 Results and Strategic Partnerships

PACK

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

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. Additionally, the company entered a multi-year enterprise sales agreement with Medline to provide solutions for up to 14 distribution centers.
For Q3 2025, consolidated net revenue increased 4.4% (or 5.3% excluding the non-cash impact of warrants on a constant currency basis). Automation revenue grew 56% on a constant currency basis , and North America sales increased 10.9%. Gross margins improved to 34.5% compared to 31.3% in Q2 on a constant currency basis.
The company expects full-year automation revenue to be between $40 million and $45 million. They anticipate ending the year with approximately $65 million to $70 million in cash and project generating $15 million to $20 million in free cash flow next year.

Oct 30, 2025, 12:30 PM

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

PACK

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

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

Oct 30, 2025, 11:36 AM

Ranpak Enters Warrant Agreement with Walmart

PACK

New Projects/Investments

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.
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.
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.
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.

Aug 26, 2025, 12:00 AM

Earnings Transcripts

Quarterly earnings call transcripts for Ranpak Holdings.

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