Ranpak Holdings Corp. reported first‑quarter 2026 results on April 30, 2026, with net revenue of $101.2 million, up 11.0 % year‑over‑year and 4.5 % on a constant‑currency basis. The company posted a diluted loss of $0.12 per share, which matched the consensus estimate of $0.12 but missed the higher estimate of $0.08. Adjusted EBITDA rose to $18.9 million, a 9.2 % increase from $17.3 million in Q1 2025, and remained flat on a constant‑currency basis.
Automation net revenue surged 112.7 % to $13.4 million, a jump that drove the majority of the top‑line growth. Protective‑packaging solutions (PPS) volume grew 0.8 % year‑over‑year, reflecting steady demand in EMEA and large enterprise wins. Gross margin improved 210 basis points to 43.1 % excluding warrants and depreciation, driven by pricing power in the automation segment and cost‑control measures across the business.
Liquidity remained strong, with $48.5 million in cash and no drawdowns on the revolving credit facility. CapEx for the quarter was $8.3 million, well below 2023 and 2024 levels, while SG&A excluding RSU expense fell 1.5 % on a constant‑currency basis. Management highlighted that cost‑out and margin efficiencies are taking hold, supporting the margin expansion.
In the earnings call, CEO Omar Asali said, “Automation delivered an exceptionally strong quarter, increasing 111% year‑over‑year on a constant currency basis and excluding the impact of warrants.” CFO William Drew added, “Our cost out and margin efficiencies are taking hold, driving 210 bps of gross margin improvement to 43.1 %, excluding warrants and depreciation.”
Investors reacted positively, citing the strong automation growth and revenue beat as key drivers. The company faced headwinds in the North American distribution channel, where sales were below the challenging comparison of the prior year, and input‑cost inflation in Europe. Tailwinds included favorable currency movements, especially the euro, and strategic partnerships with Amazon and Walmart that underpin automation demand.
Compared with Q1 2025, Ranpak posted a net loss of $10.9 million and a diluted loss per share of $0.13, underscoring the improvement in profitability. The 11 % revenue growth and 9.2 % rise in adjusted EBITDA signal a trajectory toward a more profitable, automation‑driven business model, while the company’s strong cash position provides flexibility to invest in further automation expansion.
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