Ranpak reported third‑quarter 2025 results with net revenue of $99.6 million, an 8.0% year‑over‑year increase and a 4.4% rise on a constant‑currency basis. Gross margin expanded to 34.5% from 31.1% in the second quarter, though it fell from 37.3% in Q3 2024. Adjusted EBITDA rose to $21.4 million, up 8.1% from $19.8 million in Q3 2024, while the company posted a net loss of $10.4 million versus $8.1 million in the prior year quarter.
The automation segment drove the majority of growth, with net revenue reaching $11.9 million, a 63% increase from $7.3 million in Q3 2024. Ranpak projects automation net revenue of $40–$45 million for 2025, representing a 33–50% rise from 2024. The core Protective Packaging segment grew 3.3% in revenue, although global volumes experienced a slight contraction.
Ranpak highlighted a partnership with Walmart that includes 22.5 million warrants vesting as Walmart spends $300 million on Ranpak products over ten years, with up to $100 million of that spend earmarked for automation. Management described the deal as transformative and a key driver of future automation adoption.
The company reiterated its 2025 guidance of $406.5 million in net revenue and $83.3 million in adjusted EBITDA. Guidance remains unchanged from prior periods, and management expects margin expansion as automation operations approach breakeven profitability in the fourth quarter.
Analysts noted that while the company’s net loss widened, the strong automation growth and Walmart partnership signal a strategic shift toward sustainable, automated solutions, even as concerns about long‑term revenue growth and profitability margins persist.
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