Ranpak Holdings Reports 6.8% Revenue Growth but Faces Increased Losses in Q2 2025

Ranpak Holdings Corp. reported its financial results for the second quarter and first half of 2025, revealing a net revenue of $92.3 million for the quarter, a 6.8% increase from $86.4 million in the same period of 2024. For the six months ended June 30, 2025, net revenue reached $183.5 million, up 6.9% from $171.7 million year-over-year. However, the company experienced a net loss of $7.5 million in the second quarter, compared to a net income of $5.5 million in the prior year, and a net loss of $18.4 million for the first half of 2025, significantly higher than the $2.6 million loss reported in the same period of 2024.

The increase in revenue was primarily driven by a rise in sales of void-fill products, which grew by 15.0% to $81.4 million for the first half of 2025, while cushioning sales remained relatively stable. However, the company faced challenges with rising costs, as the cost of sales increased by 14.9% to $123.7 million for the first half, leading to a gross profit decline to $59.8 million from $64.0 million. Selling, general, and administrative expenses also rose by 4.5% to $57.7 million, contributing to the overall loss from operations of $17.7 million for the first half of 2025, compared to a loss of $10.0 million in the previous year.

Ranpak's operational metrics showed a slight increase in its installed base of Protective Packaging Solutions (PPS) systems, which reached approximately 145,000 units as of June 30, 2025, up from 141,200 units a year earlier. The company continues to expand its geographic footprint, with significant revenue contributions from both North America and Europe/Asia. In North America, net revenue increased by 22.0% to $84.9 million, while Europe/Asia saw a decline of 3.4% to $98.6 million, reflecting varying market conditions across regions.

The company attributed its financial challenges to several factors, including increased interest expenses, which rose by 47.8% to $17.0 million, and foreign currency fluctuations that impacted revenue and costs. Additionally, Ranpak recorded a $5.8 million unrealized gain on its strategic investment in Pickle Robot Co., contrasting with a $17.9 million non-operating income in the previous year that included litigation proceeds and a gain on the sale of patents. Looking ahead, Ranpak remains focused on addressing its operational challenges and is optimistic about future growth, particularly in the void-fill segment, while continuing to monitor market conditions and cost pressures.