Ranpak loss widens in Q3 though automation drives revenue growth

Core Insights - Ranpak Holdings reported a net loss of $10.4 million for Q3 2025, compared to a net loss of $8.1 million in the same quarter of 2024 [1][3] - Net revenue for Q3 2025 increased by 8% year-on-year to $99.6 million, or 4.4% on a constant-currency basis, driven by automation, void-fill, and wrapping product lines [1][2] Revenue Breakdown - Cushioning revenue rose by 0.3%, void-fill increased by 4.8%, and wrapping grew by 9% [2] - Automation net revenue saw the largest gain, up 63%, attributed to a 4.5% rise in automated equipment sales [2] Cost and Earnings Management - Adjusted earnings before interest, taxation, depreciation, and amortisation improved by 8.1% year-on-year, or 3.5% on a constant-currency basis, due to top-line leverage and disciplined cost management [3] - The company closed the quarter with a cash balance of $49.9 million and no draws on its $50 million revolving credit facility, maturing in December 2029 [3] Strategic Partnerships - The CEO stated that the third quarter was a significant step towards achieving long-term growth, highlighted by a partnership and warrant agreement with Walmart [4] - The Walmart agreement is estimated to imply up to roughly $700 million in total spend over the life of the contract for full vesting, excluding the cost of paper [5]