Thu, Oct 31, 3:36 PM (250 days ago)
For the third quarter of 2024, Ranpak Holdings Corp. (PACK) reported a net revenue of $92.2 million, reflecting an 11.4% increase from $82.8 million in Q3 2023. Key drivers included growth in void-fill and other sales, although cushioning sales declined. Gross profit rose to $34.4 million, with a gross margin of 37.3%. However, the company recorded a net loss of $8.1 million, up from a loss of $3.3 million a year prior, primarily due to increased SG&A expenses, which surged 37.8% to $28.8 million, largely driven by stock-based compensation. EBITDA decreased to $12.6 million, a 33% drop year-over-year, while AEBITDA rose to $20.5 million, indicating improved operational efficiency. Cash flow from operations improved to $34.9 million, supporting a cash balance of $69.5 million at quarter-end. The company faces challenges from rising input costs, particularly in paper, and currency fluctuations, which may impact future profitability. Overall, while revenue growth is positive, the increased losses and expense pressures highlight ongoing operational challenges.