Ranpak (US:PACK)2026-03-05 12:30Financial Performance - Net revenue for Q4 2025 increased by 6.6% year-over-year to $111.9 million, with a constant currency growth of 2.2%[11] - AEBITDA for Q4 2025 was $24.0 million, down 5.1% year-over-year, and down 10.3% on a constant currency basis[11] - Full year 2025 net revenue growth was 4.8% and AEBITDA declined by 8.5% on a constant currency basis[6] - The company reported a net loss of $9.5 million for Q4 2025, compared to a net loss of $8.0 million in the prior year[12] - The net loss for 2025 was $38.3 million, compared to a net loss of $21.5 million in 2024, indicating a worsening of 78.1%[28] - Basic and diluted loss per share for 2025 was $0.45, compared to $0.26 in 2024[28] - For Q4 2025, the net loss was $9.5 million, an increase of 18.8% compared to a net loss of $8.0 million in Q4 2024[42] - EBITDA for the year 2025 was $53.5 million, a decrease of 23.8% from $70.2 million in 2024[46] - AEBITDA for the year 2025 was $79.2 million, down 5.5% from $83.8 million in 2024[46] Revenue Breakdown - Net product revenue for the year ended December 31, 2025, was $332.7 million, an increase of 5.4% from $315.5 million in 2024[28] - Machine lease revenue increased to $62.3 million in 2025, up from $53.4 million in 2024, representing a growth of 13.6%[28] - Total net revenue for 2025 reached $395.0 million, compared to $368.9 million in 2024, marking a year-over-year increase of 7.5%[28] Cash and Liquidity - The company maintains a strong liquidity position with a cash balance of $63.0 million and no borrowings on its $50.0 million Revolving Credit Facility[15] - Cash and cash equivalents at the end of 2025 were $63.0 million, down from $76.1 million at the end of 2024, reflecting a decrease of 17.8%[30] - The company reported a net cash provided by operating activities of $23.1 million for 2025, down from $41.4 million in 2024[32] Asset and Liability Management - Total assets increased to $1,124.9 million in 2025 from $1,104.2 million in 2024, representing a growth of 1.8%[30] - Total liabilities rose to $590.0 million in 2025, up from $556.1 million in 2024, an increase of 6.1%[30] Future Projections - The company forecasts net revenue growth of 5.1% to 12.7% for 2026, estimating revenue between $415 million and $445 million[8] - AEBITDA for 2026 is projected to grow by 5.4% to 19.9%, targeting between $83.5 million and $95 million[8] - The company aims to double its top-line over the next five years while improving its AEBITDA margin profile[7] Operational Metrics - The company achieved a 3.1% overall volume growth in Q4 2025, with Automation growing nearly 40% on a constant currency basis[4] - The installed base of protective packaging systems increased by 2.2% year-over-year to approximately 145.8 thousand machines as of December 31, 2025[17] Expense Analysis - Interest expense for Q4 2025 was $8.6 million, an increase of 10.3% from $7.8 million in Q4 2024[42] - Depreciation and amortization expense for the year 2025 was $66.7 million, slightly up from $65.3 million in 2024[46] Currency Impact - The foreign currency gain for the year 2025 was $(5.3) million, compared to $(1.6) million in 2024, reflecting a 231.3% increase in losses[46] - The constant currency (Non-GAAP) % change for Q4 2025 was 21.7%, indicating a positive trend when excluding foreign currency impacts[42]