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Ranpak Holdings Corp.

CIK:0001712463|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net product revenue	$ 86.4	$ 77.8	$ 168.2	$ 155.4
Machine lease revenue	18.8	14.5	38.2	28.1
Net revenue	105.2	92.3	206.4	183.5
Cost of product sales	64.4	56.0	123.9	110.8
Cost of leased machines	6.3	7.4	13.1	12.9
Gross profit	34.5	28.9	69.4	59.8
Selling, general and administrative expenses	27.6	28.8	56.8	57.7
Depreciation and amortization expense	8.6	8.8	17.6	17.8
Other operating expense, net	0.7	1.0	1.2	2.0
Loss from operations	(2.4)	(9.7)	(6.2)	(17.7)
Interest expense	8.1	8.3	16.7	17.0
Foreign currency loss (gain)	0.2	(2.6)	1.5	(5.2)
Other non-operating expense (income), net	0.1	(5.9)	0.1	(5.9)
Loss before income tax benefit	(10.8)	(9.5)	(24.5)	(23.6)
Income tax benefit	(2.9)	(2.0)	(6.4)	(5.2)
Net loss	$ (7.9)	$ (7.5)	$ (18.1)	$ (18.4)
Basic loss per share (in usd per share)	$ (0.09)	$ (0.09)	$ (0.21)	$ (0.22)
Diluted loss per share (in usd per share)	$ (0.09)	$ (0.09)	$ (0.21)	$ (0.22)
Weighted average number of shares outstanding – basic (in shares)	85,632,691	84,274,167	85,393,528	83,987,624
Weighted average number of shares outstanding – diluted (in shares)	85,632,691	84,274,167	85,393,528	83,987,624
Other comprehensive income (loss), before tax
Foreign currency translation adjustments	$ 0.7	$ (4.6)	$ (0.6)	$ (7.2)
Cross-currency swap adjustments	0.4	(0.6)	0.0	(1.2)
Total other comprehensive income (loss), before tax	1.1	(5.2)	(0.6)	(8.4)
Provision (benefit) for income taxes related to other comprehensive income (loss)	0.5	(4.6)	1.1	(7.0)
Total other comprehensive income (loss), net of tax	0.6	(0.6)	(1.7)	(1.4)
Comprehensive loss, net of tax	$ (7.3)	$ (8.1)	$ (19.8)	$ (19.8)

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net loss	$ (18.1)	$ (18.4)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	32.6	31.9
Amortization of deferred financing costs	0.7	0.6
(Gain) Loss on disposal of property, plant, and equipment	(0.4)	0.2
Deferred income taxes	(2.6)	(1.8)
Foreign currency loss (gain)	1.5	(5.2)
Stock-based compensation expense	2.5	4.1
Provision for common stock warrants	3.4	2.0
Amortization of cloud-based software implementation costs	2.2	1.9
Unrealized gain on strategic investments	0.0	(5.8)
Changes in operating assets and liabilities:
Accounts receivable	(3.1)	1.2
Inventories	(2.5)	(15.0)
Income tax receivable	(4.4)	(4.0)
Prepaid expenses and other current assets	(2.2)	(4.6)
Accounts payable	0.8	5.2
Accrued liabilities and other	(0.6)	2.6
Change in other assets and liabilities	(2.7)	0.2
Net cash provided by (used in) operating activities	7.1	(4.9)
Cash Flows from Investing Activities
Purchases of converter equipment	(11.3)	(15.2)
Purchases of other property, plant, and equipment	(3.6)	(2.1)
Cash paid for strategic investments	(10.0)	(2.5)
Net cash used in investing activities	(24.9)	(19.8)
Cash Flows from Financing Activities
Principal payments on term loans	(2.1)	(2.1)
Proceeds from financing arrangements	3.8	0.0
Payments on financing arrangements	(1.3)	(0.4)
Payments on finance lease liabilities	(0.9)	(1.5)
Other financing activities, net	(0.6)	(0.9)
Net cash used in financing activities	(1.1)	(4.9)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(0.9)	2.7
Net Decrease in Cash and Cash Equivalents	(19.8)	(26.9)
Cash and Cash Equivalents, beginning of period	63.0	76.1
Cash and Cash Equivalents, end of period	$ 43.2	$ 49.2

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 43.2	$ 63.0
Accounts receivable, net	49.4	47.7
Inventories	32.7	30.6
Income tax receivable	6.2	1.9
Prepaid expenses and other current assets	14.0	10.6
Total current assets	145.5	153.8
Property, plant and equipment, net	131.6	138.7
Operating lease right-of-use assets, net	21.8	24.0
Goodwill	454.0	457.2
Intangible assets, net	275.6	291.8
Deferred tax assets	0.4	0.4
Other assets	67.8	59.0
Total assets	1,096.7	1,124.9
Current liabilities
Accounts payable	36.5	36.7
Accrued liabilities and other	22.9	23.9
Current portion of long-term debt	6.8	5.5
Operating lease liabilities, current	3.5	3.9
Deferred revenue	11.6	14.0
Total current liabilities	81.3	84.0
Long-term debt	395.8	396.4
Deferred tax liabilities	48.8	50.7
Derivative instruments	27.5	33.4
Operating lease liabilities, non-current	22.1	24.2
Other liabilities	1.3	1.3
Total liabilities	576.8	590.0
Commitments and contingencies – Note 13
Shareholders’ equity
Class A common stock, $0.0001 par, 200,000,000 shares authorized at June 30, 2026 and December 31, 2025; shares issued and outstanding: 85,750,150 and 84,385,870 at June 30, 2026 and December 31, 2025, respectively	0.0	0.0
Additional paid-in capital	727.1	722.3
Accumulated deficit	(201.7)	(183.6)
Accumulated other comprehensive loss	(5.5)	(3.8)
Total shareholders’ equity	519.9	534.9
Total liabilities and shareholders’ equity	$ 1,096.7	$ 1,124.9