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Dec 31, 2023
Ranpak Q4 2023 Earnings Report
Ranpak reported positive Q4 2023 results driven by revenue growth and improved profitability.
Key Takeaways
Ranpak's Q4 2023 net revenue increased by 13.9% year-over-year to $90.4 million, or 10.3% on a constant currency basis to $93.9 million. The company experienced a net loss of $9.3 million, compared to a net loss of $7.3 million in the prior year period. Constant currency Adjusted EBITDA increased by 89.1% to $24.4 million.
Packaging systems placement increased 1.5% year-over-year to approximately 141,200 machines.
Net revenue increased 13.9% year-over-year.
Net loss was $9.3 million compared to $7.3 million in the prior year.
Constant currency Adjusted EBITDA increased 89.1% 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 expects net revenue growth in the area of 6% – 12% and AEBITDA growth of 5% – 16% on a constant currency basis for 2024, resulting in a range of $370 – $390 million in constant currency net revenue and $80 – $89 million for AEBITDA on a constant currency basis.
Positive Outlook
- Continuing return to a more normal operating environment.
- Normalization of e-Commerce buying patterns.
- Strategic account activity ramping up.
- Expected strong top-line growth.
- Steady margin profile consistent with the second half of 2023.
Challenges Ahead
- Somewhat uneven return to a more normal operating environment.
- Slower industrial activity.
- Uncertainty in forecasting currency impact.
- Inability to forecast with reasonable certainty several items necessary to calculate comparable GAAP measures.
- These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP.
Revenue & Expenses
Visualization of income flow from segment revenue to net income