Ranpak Holdings Corp.
ranpak.comWhat Do They Do?
Sells paper-based protective packaging systems and materials, plus end-of-line automation and machine-vision solutions, to e-commerce and industrial businesses.
10-K for FY2025, filed Mar 5, 2026Ranpak Holdings Corp. (“Ranpak,” the “Company,” “we,” or “us”) is a leading provider of Protective Packaging Solutions (“PPS”) products and…View ↗
Our PPS ProductsView ↗
Our Automated Paper Solutions (“APS”) and Automated Solutions (“AS”) (collectively, “Automation”) product lines enable customers to…View ↗
How Do They Make Money?
Most sales come from paper consumables used in the company’s protective packaging systems; paper sales are counted when shipped. Customers also pay per-unit fees to use the systems under agreements of less than a year, while automation equipment is sold outright, with installation, service and other offerings also sold.
10-K for FY2025, filed Mar 5, 2026We derive the majority of our net revenue through the sale of high-margin paper consumables that work exclusively with our PPS systems.…View ↗
Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the…View ↗
Our PPS business utilizes a razor/razor-blade model where our proprietary PPS systems are provided to our distributors and end-users for a…View ↗
We sell our PPS products to end-users primarily through an established distributor network and direct sales to select end-users. For both…View ↗
Unlike our PPS systems, we do not retain ownership of our AS systems, and in most cases do not retain ownership of our APS systems. Rather…View ↗
Our Automated Paper Solutions (“APS”) and Automated Solutions (“AS”) (collectively, “Automation”) product lines enable customers to…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by reportable segment ↗
$395M
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10-K for FY2025, filed Mar 5, 2026
$395M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
North America
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
47%
FY2022: 41%
|
North America, FY2025
$186M Sources
|
Sold outright |
|
Europe/Asia
Sold outright
10-K for FY2025, filed Mar 5, 2026 |
53%
FY2022: 59%
|
Europe/Asia, FY2025
$209M Sources
|
Sold outright |
Who Are Their Customers?
Distributors buy most paper packaging materials and resell them to end-users; Ranpak also sells systems and automation directly to select end-users and through warehouse-automation integrators.
10-K for FY2025, filed Mar 5, 2026Distributors. We sell the vast majority of our paper packaging materials to an established network of over 250 distributors worldwide…View ↗
End-Users. In addition, we sell our PPS systems and Automation products directly to certain select end-users, including those that operate…View ↗
Integrators. We also sell our Automated Solutions to end-customers through a network of warehouse automation integrators. Many…View ↗
10-K for FY2025, filed Mar 5, 2026
During 2025 and 2024, one customer comprised 12.6% and 10.2% of our net revenue, respectively. During 2023, no customers exceeded 10% of…View ↗
Do Revenues Turn Into Profits?
No. It lost $38.3M in FY2025.
10-K for FY2025, filed Mar 5, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
−$7.9MView ↗
- ▲ +5% (Loss)
- vs −$7.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Flat. Revenue was $395M in FY2025, about the same as the $383.9M of FY2021.
Broader automation offering
Automation has broadened beyond dunnage insertion and box sizing to include machine-vision tools, data subscriptions, extended service warranties, packaging-line solutions, spare parts and consumables.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 5, 2026Unique Approach to Automation. Our Automated Paper Solutions (“APS”) and Automated Solutions (“AS”) (collectively, “Automation”) product…View ↗
Automated Dunnage Insertion. Our APS systems pair three-dimensional computer vision with Ranpak converters to automatically determine the…View ↗
Automated Box-Sizing. Our AS systems include several automated box-sizing solutions and corrugated case erectors to tailor the size of the…View ↗
Who Do They Compete With?
Competes with Sealed Air, Pregis, Intertape Polymer Group, Storopack, Sprick, Packsize International, CMC Packaging Automation, and Smurfit WestRock
10-K for FY2025, filed Mar 5, 2026The protective packaging industry is highly competitive, featuring both large, scaled, multi-national conglomerates and smaller, regional…View ↗
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