Ranpak (US:PACK)2025-05-06 11:31Financial Performance - Net revenue for Q1 2025 increased by 6.9% year over year to $91.2 million, with an 8.8% increase on a constant currency basis [10]. - The net loss for Q1 2025 was $10.9 million, compared to a net loss of $8.1 million in the same period last year [10]. - Adjusted EBITDA for Q1 2025 was $17.3 million, down 9.9% year over year, and down 7.8% on a constant currency basis [10]. - EBITDA for Q1 2025 was $9.7 million, down 37.0% from $15.4 million in Q1 2024 [38]. - Adjusted EBITDA (AEBITDA) decreased to $17.3 million in Q1 2025, a decline of 9.9% from $19.2 million in Q1 2024 [38]. - The company reported a foreign currency gain of $2.6 million in Q1 2025, compared to a gain of $1.4 million in Q1 2024, representing an increase of 85.7% [38]. Revenue Breakdown - Cushioning revenue decreased by $7.2 million, or 19.3%, to $30.1 million, while void-fill revenue increased by $11.0 million, or 33.2%, to $44.1 million [15]. - Global volumes grew by 12.0% in the quarter, driven by strong North American e-commerce activity [4]. Cash and Liquidity - The company reported a cash balance of $65.5 million with no borrowings on its $50.0 million Revolving Credit Facility [17]. - Cash and cash equivalents at the end of Q1 2025 were $65.5 million, down from $76.1 million at the beginning of the period, marking a decrease of 13.9% [31]. Assets and Liabilities - Total assets increased to $1,119.5 million as of March 31, 2025, up from $1,104.2 million at December 31, 2024, representing a growth of 1.4% [29]. - Total current liabilities rose to $87.7 million in Q1 2025, an increase of 28.3% from $68.4 million in Q4 2024 [29]. - Long-term debt remained relatively stable at $399.5 million as of March 31, 2025, compared to $400.8 million at December 31, 2024 [29]. - Inventory levels increased significantly to $35.3 million in Q1 2025, up from $21.7 million in Q4 2024, indicating a rise of 62.6% [29]. - Accounts payable increased to $37.1 million in Q1 2025, compared to $26.9 million in Q4 2024, reflecting a growth of 37.9% [29]. Strategic Actions - The company is taking actions to improve its margin profile and adjust its cost structure in response to the current environment [7]. - The company anticipates continued strong growth in automation sales driven by discussions with enterprise customers [5]. Installed Base - The installed base of packaging systems increased by 2.1% year over year to approximately 143.8 thousand machines as of March 31, 2025 [18]. Other Financial Metrics - Adjusted EBITDA figures reflect a 420 basis points headwind related to the non-cash impact from Amazon warrants, amounting to $0.8 million [6]. - Net loss for the first quarter of 2025 was $10.9 million, compared to a net loss of $8.1 million in the same period of 2024, reflecting a 34.6% increase in losses [31].