Ranpak Holdings has posted a net loss of $9.5m for the fourth quarter (Q4) of 2025, compared with an $8m loss in the same quarter of 2024.
Quarterly net revenue rose to $111.9m, up 6.6% from $105m a year earlier.
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This figure reflects non-cash reductions of $1.3m to void-fill and $1.0m to automation net revenue related to warrant provisions.
Sales growth was reported in the void-fill, wrapping, and automated equipment segments while cushioning revenue declined.
Cushioning sales decreased by $1.6m (4.5%) to $34.3m, void-fill rose by $3.7m (7.6%) to $52.3m, wrapping increased by $1.2m (11.7%) to $11.5m, and automated equipment saw sales climb by $3.6m (35.3%) to $13.8m compared to the previous year’s fourth quarter.
The rise in void-fill revenue was attributed mainly to higher e-commerce demand in North America.
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By GlobalDataAt the quarter’s end, Ranpak held a cash balance of $63m and reported no borrowings on its $50m revolving credit facility, which matures in December 2029.
The company reported an outstanding balance of $405.9m under its first lien term facility as of 31 December 2025, maturing in December 2031.
For the full year, Ranpak’s net revenue increased by 7.1% to $395m.
The annual net loss widened to $38.3m from $21.5m reported in the previous year.
The company projects net revenue growth between 5.1% and 12.7% and AEBITDA [adjusted earnings before interest, taxes, depreciation, and amortisation] growth between 5.4% and 19.9% for fiscal 2026 compared to actual results for fiscal 2025, with anticipated net revenue between $415m and $445m and AEBITDA ranging from $83.5m to $95m.
Outlook statements also indicate expectations for significant growth in Automation and continued development of large enterprise relationships in North America, along with gradual improvements in operating conditions across the North America and EMEA regions.
Ranpak chairman and CEO Omar Asali commented: “We are pleased to report volume growth in each region in the fourth quarter, resulting in positive volume growth for Ranpak in nine of the past ten quarters.
“We also achieved our largest quarterly revenue ever in Automation as that business continues its rapid growth trajectory and is set up well for further growth in 2026.”
