Financial Performance - Net revenue increased by 6.9% on an actual basis and 8.8% on a constant currency basis, driven by higher volumes[14] - Adjusted EBITDA decreased by 9.9% on an actual basis and 7.8% on a constant currency basis, including a 420 bps headwind from Amazon warrant reduction in revenue ($0.8 million)[14] - Gross margin decreased by 4.0% year over year to 33.9%, impacted by increased contribution from North American void-fill and lower volumes in EMEA/APAC, as well as a 90 bp impact from non-cash Amazon warrant revenue reduction[14] - Net loss was $(10.9) million, compared to $(8.1) million in the prior year[28] Regional Performance - North America revenue increased by 33.5% versus prior year due to higher PPS sales driven by e-commerce activity among large enterprise accounts as well as in the distribution channel[14] - EMEA/APAC revenue decreased by 6.0% on a constant currency basis (9.0% on an actual basis) driven by a 1 pt decline in volume, 3 pts of price/mix (lower cushioning), and 2 pts Automation[14] Liquidity and Capitalization - The company finished 1Q25 with $65.5 million cash on hand[14] - Net Leverage Ratio was 4.3x as of March 31, 2025[27] Operational Factors - Volume growth was strong at 12.0%, but partially offset by price/mix (-2.4%) and a decrease from Amazon warrants (-0.9%)[14] - Actions have been taken in Q2 to improve price, defer discretionary spend, and reduce structural costs to improve margin profile and focus on cash generation[14]