Ranpak, a global sustainable product protection solutions supplier, has reported a net loss of $27.1m in financial year 2023 (FY23), compared to a $41.4m net loss recorded in FY22.

This positive trend is further underscored by a 14.5% increase in constant currency adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), which rose to $76.5m for the year ending 31 December 2023. 

The company’s net revenue for the year also saw an uptick reaching $336.3m, a 3.0% increase from $326.5m in the previous financial year.

Ranpak’s gross profit for FY23 also climbed to $123.3m, up from $99.6m in FY22.  

However, in the fourth quarter (Q4) of FY23, the company reported a net loss of $9.3m compared to a net loss of $7.3m in the same period a year ago. 

The company’s constant currency adjusted EBITDA for the three months ending 31 December 2023 surged by 89.1% to $24.4m. 

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Ranpak’s Q4 FY23 net revenue stood at $90.4m, marking a 13.9% increase from $79.4m in Q4 FY22.

This growth was driven by enhanced performance across product categories, including cushioning and void-fill, and an improved operating environment.  

Ranpak chairperson and CEO Omar Asali said: “We saw continued general improvement in the operating environment in Europe in the quarter and a more pronounced e-commerce holiday season uptick in North America.

“Overall, we continued to claw back our targeted gross margin throughout the year and are encouraged by the volume improvement we began to see in the second half of the year.”

For FY24, Ranpak forecasts net revenue growth between 6% and 12% on a constant currency basis and adjusted EBITDA growth of 5% to 16%, projecting a range of $370m to $390m in constant currency net revenue.