The sharp deceleration in revenue growth from Q2's 14.0% to Q3's 2.3% and the 2.5% decline in paper consumable volumes signal weakening core demand, partially offset by Automation growth. Watch Q4 for confirmation of management's expectation that EuropeAsia returns to growth and whether the full-year guidance can be achieved given the slowing trajectory.
Price Chart
Executive Summary
Ranpak reported Q3 2026 net revenue of $101.9M, up 2.3% YoY (3.4% constant currency), and a net loss of $7.2M, improved from a $10.4M loss a year ago. Adjusted EBITDA rose 5.1% to $22.5M. Revenue growth slowed sharply from Q2's 14.0% pace as Protective Packaging Solutions volumes declined 2.5% and EuropeAsia saw destocking. The company maintained its prior full-year guidance, citing Automation growth and margin improvement.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue $101.9M, up 2.3% YoY ($99.6M) and 3.4% constant currency
- Net loss improved to $7.2M from $10.4M in Q3 2025
- Adjusted EBITDA $22.5M, up 5.1% YoY ($21.4M) and 6.1% constant currency
- Automation revenue grew 22.7% to $14.6M; Protective Packaging Solutions paper consumable volumes fell 2.5%
- PPS system placements declined 1.9% YoY to 142.8K machines
- Gross margin expanded 110 bps YoY to 35.6% and 280 bps sequentially from Q2
- Cash balance $53.4M; no borrowings on $50M revolver; $402.8M term loan outstanding
- Management expects to achieve prior full-year guidance
Financial Impact
Revenue growth decelerated to 2.3% from 14.0% in Q2; AEBITDA grew 5.1% vs 15.8% in Q2; gross margin improved 110 bps YoY to 35.6%
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Automation | $14.6M | +22.7% |
| Void-Fill | $42.2M | -2.8% |
| Wrapping | $9.2M | +8.2% |
| Cushioning | $35.9M | +0.3% |
Risk Factors
- Revenue growth decelerated sharply from 14.0% in Q2 to 2.3% in Q3
- Paper consumable volumes declined 2.5% YoY, driven by EuropeAsia destocking
- PPS system placements continue to decline (down 1.9% YoY)
- Net loss persists at $7.2M; accumulated deficit grew to $208.9M
- Foreign currency headwind of 1.1% on revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068022 |
| Document: pack-20261029.htm | 0001628280-26-068022 |
| Document: 0001628280-26-068022-index-headers.html | 0001628280-26-068022 |
| Document: 0001628280-26-068022-index.html | 0001628280-26-068022 |
| Document: 0001628280-26-068022.txt | 0001628280-26-068022 |
| 8-K Data (Synthetic) | 0001628280-26-068022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $3.40 | awaiting T+60 | awaiting T+60 | $3.18 (−6.47%) |
Jul 30, 2026 13w ago | 8-K | $5.17 $3.68 | ▲ +28.82% | ▲ +31.28% | $3.18 (+38.49%) |
Jun 19, 2026 19w ago | Institutional Cluster | $7.27 $3.81 | ▼ −47.59% | ▼ −49.34% | $3.18 (−56.26%) |
Apr 30, 2026 26w ago | 8-K | $5.09 $6.69 | ▲ +31.43% | ▲ +28.33% | $3.18 (−37.52%) |
Apr 24, 2026 27w ago | DEFA14A | $4.12 $7.01 | ▲ +70.15% | ▲ +65.37% | $3.18 (−22.82%) |
Mar 5, 2026 34w ago | 8-K | $4.24 $6.89 | ▲ +62.50% | ▲ +51.20% | $3.18 (−25.00%) |
US Market Status
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