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Jun 30, 2023
Ranpak Q2 2023 Earnings Report
Ranpak reported a decrease in net revenue but an increase in adjusted EBITDA for Q2 2023.
Key Takeaways
Ranpak Holdings Corp. reported a 5.6% year-over-year decrease in net revenue for the second quarter of 2023, but experienced a 4.4% year-over-year increase in Adjusted EBITDA. Gross margins improved significantly due to a better input cost environment. The company is focused on maximizing cash generation and extracting efficiencies from recent investments.
Packaging systems placement increased by 3.1% year-over-year, reaching approximately 140,700 machines.
Net revenue decreased by 5.6% compared to the previous year.
Net loss was $2.1 million, an improvement from the $11.3 million net loss in the prior period.
Adjusted EBITDA increased by 4.4% year-over-year.
Ranpak
Ranpak
Ranpak Revenue by Segment
Revenue by Segment
Cushioning Revenue
CapyFin.comVoid-Fill Revenue
CapyFin.comWrapping Revenue
CapyFin.comOther Net Revenue
CapyFin.com Forward Guidance
Ranpak is focused on maximizing cash generation through increased volumes and minimizing additional spend. The company expects volume environment to improve, but the timing of that recovery remains unclear given the general macro environment.
Positive Outlook
- State of the art systems and technology
- Full new slate of new product introductions
- Brand new facilities to support growth ambitions
- Team is focused mainly on extracting efficiencies
- Gaining productivity in those areas that are within their control
Challenges Ahead
- Consumers continue to allocate their spend towards experiences and services rather than goods
- European economy remains impacted by the war and inflation
- Volume environment remained challenging
- The timing of that recovery remains unclear given the general macro environment
- Environment remains inconsistent
Revenue & Expenses
Visualization of income flow from segment revenue to net income