PACK earnings analysis
What we found in PACK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ranpak Holdings Corp. reported a strong Q1 2026 with net revenue of $101.2 million, marking an 11.0% increase compared to $91.2 million in Q1 2025, significantly surpassing earlier estimates. The net loss narrowed to $10.2 million, slightly better than expectations of a $9.0 million loss, resulting in an EPS of -$0.09. Management cited inflationary pressures and foreign currency volatility as key challenges ahead but expressed optimism about growth in automation sales.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Net revenue increased 11.0% year-over-year to $101.2 million from $91.2 million.
- Narrowed Net Loss
- Net loss decreased to $10.2 million from $10.9 million, a 6.4% improvement.
- Significant Increase in Automation Sales
- Sales in the automation segment surged by 112.7%, contributing $13.4 million.
- Positive EBITDA Performance
- EBITDA improved to $11.7 million, a 20.6% year-over-year increase.
- Healthy Gross Margin
- Gross profit margin expanded to 34.5%, up from 33.9% in the prior-year quarter.
- Controlled SG&A Expenses
- SG&A expenses rose modestly by 1.0% to $29.2 million, indicating effective cost management.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Currency Fluctuation Exposure
- Approximately 58% of net revenue was denominated in currencies other than USD, impacting reported results due to volatility.
- Inflationary Pressures Persist
- Management highlighted ongoing inflation that could pressure margins and revenue.
- Dependence on Automation Sales Growth
- Continued reliance on automation sales for growth may introduce risks if market demand fluctuates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Gross margin
- 34.5%
- Segment
- North America: $72.1M
- Segment
- Europe/Asia: $29.1M
What they said about what is next.
No numeric guidance changes provided; management anticipates navigating current economic challenges.
The filing reads better than the one before it.
What came before.
- 10-K · March 5, 2026
- Ranpak grew net revenue 7.1% year-over-year to $395.0M in 2025 but saw gross profit decline to $130.7M and a wider net loss of $38.3M (loss per share $0.45). Growth was driven by void-fill (+$16.3M) and Automation…
- 10-K · March 14, 2024
- Ranpak describes a razor/razor-blade, recurring-consumables model focused on paper-based protective packaging with an installed base of ~141,200 systems and $336.3 million of net revenue in 2023. The company highlights…
- 10-Q · August 3, 2023
- Ranpak reported Q2 2023 net revenue of $81.9 million, down $4.9 million versus Q2 2022 but essentially flat vs Q1 2023 (Q1 implied $81.2 million). Gross profit improved to $30.2 million (36.9% gross margin) and the…
- 10-K · March 31, 2023
- Ranpak positions itself as a systems-based, paper-first protective packaging and end-of-line automation provider with a razor/razor-blade model that drives recurring consumable revenue. The 10-K highlights a 139,100…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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