Ranpak Q3 Report 2023
Third Quarter 2023 Highlights
- Packaging systems placement increased 2.5% year over year, to approximately 142,000 machines as of September 30, 2023
- Net revenue increased 6.4% and increased 1.9% adjusting for constant currency
- Net loss of $3.3 million compared to net loss of $8.7 million
- Constant currency AEBITDA1 of $18.0 million for the three months ended September 30, 2023 is up 8.4%
Net revenue for the third quarter of 2023 was $82.8 million compared to $77.8 million in the third quarter of 2022, an increase of $5.0 million or 6.4% year over year. Net revenue was positively impacted by increases in cushioning, void-fill, and other products, partially offset by a decrease in wrapping. Currency rates contributed a benefit of 4.5%, though revenue was negatively affected by lower economic activity, the impact inflationary pressures are having on consumer and corporate budgets, and increased business sponsoring costs. Cushioning increased $2.3 million, or 6.9%, to $35.7 million from $33.4 million; void-fill increased $2.9 million, or 9.3%, to $34.2 million from $31.3 million; wrapping decreased $1.5 million, or 15.6%, to $8.1 million from $9.6 million; and other sales increased $1.3 million, or 37.1%, to $4.8 million from $3.5 million for the third quarter of 2023 compared to the third quarter of 2022. Other net revenue includes automated box sizing equipment and non-paper revenue from packaging systems installed in the field, such as systems accessories. The increase in net revenue is quantified by an increase in the volume of sales of our paper consumable products of approximately 5.2% and a 4.5% decrease in the price or mix of our paper consumable products, partially offset by an increase of 1.1% in sales of automated box sizing equipment. Constant currency net revenue was $85.7 million for the third quarter of 2023, a 1.9% increase from $84.1 million for the third quarter of 2022.