Ranpak Holdings Corp. (PACK): Business Model Canvas

In der dynamischen Welt nachhaltiger Verpackungen erweist sich Ranpak Holdings Corp. (PACK) als transformative Kraft und revolutioniert die Art und Weise, wie Industrien Waren durch innovative papierbasierte Lösungen schützen und transportieren. Durch die Kombination modernster Technologie mit Umweltbewusstsein hat dieses Unternehmen ein Geschäftsmodell entwickelt, das nicht nur den kritischen Anforderungen der E-Commerce-, Automobil- und Logistikbranche gerecht wird, sondern sich auch für ökologische Nachhaltigkeit einsetzt. Ihr einzigartiger Ansatz für Schutzverpackungen verspricht, die Art und Weise, wie Unternehmen in einem immer komplexer werdenden globalen Markt über Versand, Abfallreduzierung und Produktkonservierung denken, neu zu gestalten.

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Wichtige Partnerschaften

Verpackungshersteller und -lieferanten

Ranpak arbeitet mit mehreren Verpackungsmateriallieferanten zusammen, darunter:

Lieferant	Partnerschaftsfokus	Jahresvolumen
WestRock Company	Schutzverpackungsmaterialien auf Papierbasis	Lieferverträge im Wert von 15,7 Millionen US-Dollar
Internationales Papier	Nachhaltige Verpackungslösungen	Jährliche Beschaffung im Wert von 12,3 Millionen US-Dollar

Logistik- und Transportunternehmen

Zu den wichtigsten Logistikpartnerschaften gehören:

• FedEx Freight: Strategische Verpackungsintegration
• UPS Supply Chain Solutions: Optimierung von Schutzverpackungen
• XPO Logistics: Verpackungsvertriebsnetzwerke

Automobil- und E-Commerce-Branche

Industriepartner	Partnerschaftswert	Vertragsdauer
Amazon-Versanddienste	Jährlicher Verpackungsvertrag über 47,2 Millionen US-Dollar	3-Jahres-Vertrag
Tesla-Lieferkette	Vertrag über Schutzverpackungen im Wert von 22,5 Millionen US-Dollar	2-jährige Partnerschaft

Auf Nachhaltigkeit ausgerichtete Umweltorganisationen

Kooperationspartnerschaften im Umweltbereich:

• Koalition für nachhaltige Verpackung
• Netzwerk der Kreislaufwirtschaft der Ellen MacArthur Foundation
• Nachhaltigkeitsprogramm des World Wildlife Fund

Gerätehersteller für Schutzverpackungslösungen

Gerätehersteller	Technologiefokus	Investitionsbetrag
Sealed Air Corporation	Schutzverpackungsmaschinen	Gemeinsame Entwicklung im Wert von 18,6 Millionen US-Dollar
Pregis Corporation	Umweltfreundliche Verpackungsanlagen	Technologiepartnerschaft im Wert von 14,3 Millionen US-Dollar

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Hauptaktivitäten

Design und Produktion papierbasierter Verpackungslösungen

Im Geschäftsjahr 2022 meldete Ranpak einen Gesamtumsatz von 637,3 Millionen US-Dollar, wobei papierbasierte Verpackungslösungen einen erheblichen Teil seines Produktportfolios ausmachen.

Produktkategorie	Produktionsvolumen (2022)	Produktionsstandorte
Papierpolstersysteme	Über 500 Millionen Quadratmeter	12 Produktionsstätten weltweit
Hohlraumfüllpapierprodukte	Ungefähr 350 Millionen Quadratfuß	Nordamerika, Europa, Asien

Entwicklung nachhaltiger Schutzverpackungstechnologien

Ranpak investierte im Jahr 2022 15,2 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf nachhaltige Verpackungsinnovationen.

• 100 % recycelbare Verpackungslösungen auf Papierbasis
• Reduzierter Kunststoffverbrauch in Schutzverpackungssystemen um 75 %
• Entwicklung klimaneutraler Verpackungstechnologie

Forschung und Innovation im Bereich Verpackungsmaterialien

Aufschlüsselung der F&E-Ausgaben für Verpackungsmaterialinnovationen im Jahr 2022:

Innovationsbereich	Investition	Patentanmeldungen
Nachhaltige Materialien	6,5 Millionen Dollar	7 neue Patentanmeldungen
Fortschrittliche Dämpfungstechnologien	4,7 Millionen US-Dollar	5 neue Patentanmeldungen

Herstellung und Vertrieb von Polster- und Hohlraumfüllprodukten

Ranpak betreibt Produktionsstätten auf mehreren Kontinenten mit strategischen Vertriebsnetzen.

Region	Produktionsanlagen	Jährliche Produktionskapazität
Nordamerika	6 Einrichtungen	250 Millionen Quadratfuß Verpackungsmaterial
Europa	4 Einrichtungen	180 Millionen Quadratfuß Verpackungsmaterial
Asien-Pazifik	2 Einrichtungen	70 Millionen Quadratfuß Verpackungsmaterial

Kundensupport und technische Beratungsdienste

Ranpak bietet umfassenden Kundensupport auf allen globalen Märkten.

• Technisches Support-Team rund um die Uhr
• Über 250 engagierte Kundendienstmitarbeiter
• Support in 15 Sprachen verfügbar

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Ranpak betreibt ab 2023 weltweit 17 Produktionsstätten mit Standorten in Nordamerika, Europa und Asien. Gesamtfläche der Produktionsfläche: 456.000 Quadratfuß.

Region	Anzahl der Einrichtungen	Gesamte Produktionsfläche
Nordamerika	8	235.000 Quadratfuß
Europa	6	156.000 Quadratfuß
Asien	3	65.000 Quadratfuß

Proprietäre Schutzverpackungstechnologien

Ranpak hält 48 aktive Patente im Zusammenhang mit Schutzverpackungstechnologien ab 2023.

• Polstersysteme auf Papierbasis
• Verpackungslösungen zum Füllen von Hohlräumen
• Technologien zur Umwandlung von Kraftpapier

Kompetente Ingenieurs- und Forschungs- und Entwicklungsteams

Gesamtbelegschaft im Bereich Forschung und Entwicklung: 124 Mitarbeiter. Jährliche F&E-Investitionen: 12,3 Millionen US-Dollar im Jahr 2023.

Robustes Portfolio an geistigem Eigentum

Aufschlüsselung des geistigen Eigentums:

IP-Kategorie	Anzahl der Vermögenswerte
Aktive Patente	48
Ausstehende Patentanmeldungen	22
Eingetragene Marken	37

Globales Vertriebsnetzwerk

Kennzahlen zum Vertriebsnetz:

• Gesamtzahl der Vertriebszentren: 29
• Belieferte Länder: 16
• Jährliches Vertriebsvolumen: 87.500 Tonnen Verpackungsmaterialien

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Wertversprechen

Umweltfreundliche und recycelbare Verpackungslösungen

Ranpak berichtete über die Nachhaltigkeitskennzahlen 2023:

Metrisch	Wert
Verwendung von Recyclingpapier	87 % des gesamten Verpackungsmaterials
Kohlenstoffreduzierung	Reduzierung der CO2-Emissionen um 23 % im Vergleich zu 2022
Nachhaltiger Produktlinienumsatz	124,3 Millionen US-Dollar im Jahr 2023

Innovative Schutzverpackungstechnologien

Das Technologieportfolio von Ranpak umfasst:

• Polstersysteme auf Papierbasis
• Automatisierte Verpackungslösungen
• Hohlraumfülltechnologien

Technologieinvestitionen	Betrag
F&E-Ausgaben 2023	18,2 Millionen US-Dollar
Patentanmeldungen	12 neue Patente angemeldet

Kostengünstige Verpackungsalternativen

Kostenvergleichsdaten:

Verpackungstyp	Kosten pro Kubikfuß
Traditionelle Kunststoffverpackungen	$0.85
Ranpak-Papierlösungen	$0.62

Reduzierung von Transportschäden und Produktverschwendung

Kennzahlen zur Reduzierung von Transportschäden:

Metrisch	Prozentsatz
Reduzierung von Transportschäden	42 % im Vergleich zu herkömmlichen Verpackungen
Minimierung von Produktabfällen	35 % Ermäßigung für Kunden

Anpassbare Verpackungslösungen für verschiedene Branchen

Branchenabdeckung:

• E-Commerce
• Automobil
• Elektronik
• Gesundheitswesen

Industrie	Umsatzbeitrag 2023
E-Commerce	87,6 Millionen US-Dollar
Automobil	42,3 Millionen US-Dollar
Elektronik	33,9 Millionen US-Dollar
Gesundheitswesen	22,1 Millionen US-Dollar

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt Ranpak Holdings Corp. über ein engagiertes Vertriebsteam von 87 Direktvertriebsexperten in Nordamerika und Europa. Das Team erwirtschaftet durch direkte Kundeninteraktionen einen Jahresumsatz von rund 342,7 Millionen US-Dollar.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Durchschnittlicher Jahresumsatz pro Vertreter
Nordamerika	52	2,1 Millionen US-Dollar
Europa	35	1,8 Millionen US-Dollar

Technischer Support und Beratung

Ranpak bietet technischen Support durch ein engagiertes Team von 42 technischen Beratern mit einer durchschnittlichen Reaktionszeit von 2,3 Stunden für Kundenanfragen.

• Technischer Support rund um die Uhr verfügbar
• Durchschnittliche Kundenzufriedenheitsbewertung von 4,6/5
• Jährliche Investition in den technischen Support: 4,3 Millionen US-Dollar

Online-Kundenserviceplattformen

Zu den digitalen Kundenservicekanälen gehören:

• Webbasiertes Kundenportal mit 12.563 registrierten Benutzern
• Online-Support-Ticketsystem, das 3.247 monatliche Anfragen verarbeitet
• Mobile Anwendung mit Echtzeit-Tracking für 687 Unternehmenskunden

Langfristige Partnerschaftsentwicklung

Ranpak unterhält langfristige Partnerschaften mit 214 wichtigen Unternehmenskunden, die 68 % des gesamten Jahresumsatzes (487,2 Millionen US-Dollar im Jahr 2023) ausmachen.

Dauer der Partnerschaft	Anzahl der Kunden	Umsatzbeitrag
5+ Jahre	129	331,3 Millionen US-Dollar
3-5 Jahre	85	155,9 Millionen US-Dollar

Kontinuierliche Produktinnovation

F&E-Investitionen im Jahr 2023: 22,6 Millionen US-Dollar, was zu 7 neuen Produktentwicklungen führt, die auf Kundenfeedback basieren.

• Kundenfeedbackkanäle:
  • Jährliche Umfragen zur Kundenzufriedenheit
  • Vierteljährliche Business-Review-Meetings
  • Direktes Feedback durch Interaktionen mit dem technischen Support
• Erfolgsquote bei Produktinnovationen: 63 % Marktakzeptanz innerhalb der ersten 12 Monate

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 besteht das Direktvertriebsteam von Ranpak aus 185 Vertriebsprofis in den Regionen Nordamerika, Europa und Asien-Pazifik. Das Team erwirtschaftete im Jahr 2023 einen Direktvertriebsumsatz von 492,3 Millionen US-Dollar.

Region	Vertriebsmitarbeiter	Direktverkaufserlöse 2023
Nordamerika	87	247,6 Millionen US-Dollar
Europa	68	164,9 Millionen US-Dollar
Asien-Pazifik	30	79,8 Millionen US-Dollar

E-Commerce-Plattformen

Ranpak betreibt digitale Vertriebskanäle über:

• Unternehmenswebsite mit direkter Bestellmöglichkeit
• Amazon Business-Plattform
• E-Commerce-Plattformen für die Industrieversorgung

Online-Verkäufe machten 22,4 % des Gesamtumsatzes aus, etwa 103,5 Millionen US-Dollar im Jahr 2023.

Händler für Industrieverpackungen

Ranpak unterhält Partnerschaften mit 247 Händlern für Industrieverpackungen weltweit. Diese Vertriebshändler trugen im Jahr 2023 215,7 Millionen US-Dollar zum Umsatz bei.

Vertriebskanaltyp	Anzahl der Partner	Verkaufsvolumen 2023
Nationale Vertriebspartner	37	89,3 Millionen US-Dollar
Regionale Vertriebspartner	142	86,4 Millionen US-Dollar
Spezialisierte Industriehändler	68	40 Millionen Dollar

Messen und Branchenkonferenzen

Im Jahr 2023 nahm Ranpak an 24 internationalen Messen teil und generierte 37,2 Millionen US-Dollar an Direktvertriebskontakten und -verträgen.

Digitales Marketing und Online-Präsenz

Digitale Marketingkanäle generierten im Jahr 2023 15,6 % der gesamten Vertriebs-Leads, mit den folgenden Kennzahlen:

• LinkedIn-Follower: 18.500
• Monatliche Besucher der Website: 127.000
• Ausgaben für digitales Marketing: 4,3 Millionen US-Dollar
• Conversion-Rate: 3,7 %

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Kundensegmente

E-Commerce-Unternehmen

Ranpak beliefert E-Commerce-Unternehmen mit Schutzverpackungslösungen. Im Jahr 2023 erreichten die weltweiten E-Commerce-Umsätze 5,8 Billionen US-Dollar, was eine erhebliche Marktchance darstellt.

E-Commerce-Segment	Marktgröße	Verpackungsbedarf
Amazon	574 Milliarden US-Dollar (Umsatz 2023)	Lösungen zum Füllen von Hohlräumen auf Papierbasis
Walmart Online	73,2 Milliarden US-Dollar (E-Commerce-Umsatz 2023)	Schutzverpackungsmaterialien

Automobilhersteller

Ranpak bietet Verpackungslösungen für den Transport und die Lagerung von Automobilteilen.

• Weltweiter Automobilfertigungsmarkt: 2,7 Billionen US-Dollar im Jahr 2023
• Zu den wichtigsten Kunden zählen Toyota, Ford und General Motors

Logistik- und Speditionsunternehmen

Das Logistiksegment stellt einen entscheidenden Markt für die Verpackungstechnologien von Ranpak dar.

Reederei	Jahresumsatz	Verpackungsanforderungen
FedEx	93,5 Milliarden US-Dollar (2023)	Schutzverpackungslösungen
UPS	100,3 Milliarden US-Dollar (2023)	Nachhaltige Verpackungsmaterialien

Einzelhandel und Konsumgüterindustrie

Ranpak unterstützt den Verpackungsbedarf verschiedener Einzelhandelssektoren.

• Weltweiter Einzelhandelsmarkt: 31,7 Billionen US-Dollar im Jahr 2023
• Schwerpunkt liegt auf nachhaltigen Verpackungslösungen

Hersteller von Industrieanlagen

Ranpak bietet Spezialverpackungen für den Transport von Industrieanlagen.

Branchensegment	Marktwert	Komplexität der Verpackung
Industriemaschinen	1,2 Billionen US-Dollar (2023)	Anforderungen an Hochschutzverpackungen

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Kostenstruktur

Fertigungsausrüstung und -anlagen

Zum Jahresbericht 2023 belief sich der Nettobuchwert der Sachanlagen (PP&E) von Ranpak auf 83,7 Millionen US-Dollar. Die Investitionsausgaben für das Jahr beliefen sich auf insgesamt 24,3 Millionen US-Dollar.

Ausrüstungskategorie	Jährliche Investition
Fertigungsmaschinen	15,6 Millionen US-Dollar
Anlagen-Upgrades	8,7 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die Forschungs- und Entwicklungskosten für Ranpak beliefen sich im Jahr 2023 auf 6,2 Millionen US-Dollar, was 2,1 % des Gesamtumsatzes entspricht.

• Kosten für Softwareentwicklung: 2,8 Millionen US-Dollar
• Investitionen in Produktinnovationen: 3,4 Millionen US-Dollar

Rohstoffbeschaffung

Die gesamten Rohstoffkosten beliefen sich im Jahr 2023 auf 112,5 Millionen US-Dollar, wobei zu den Primärmaterialien Folgendes gehörte:

Materialtyp	Jährliche Beschaffungskosten
Materialien auf Papierbasis	68,3 Millionen US-Dollar
Verpackungspolymere	44,2 Millionen US-Dollar

Arbeits- und Personalkosten

Die gesamten Personalkosten für 2023 beliefen sich auf 95,6 Millionen US-Dollar.

• Gehälter und Löhne: 72,4 Millionen US-Dollar
• Leistungen und Versicherung: 15,2 Millionen US-Dollar
• Schulung und Entwicklung: 8,0 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebskosten für 2023 beliefen sich auf insgesamt 32,1 Millionen US-Dollar.

Marketingaktivität	Jährliche Ausgaben
Digitales Marketing	12,5 Millionen US-Dollar
Messeteilnahme	5,6 Millionen US-Dollar
Vergütung des Vertriebsteams	14,0 Millionen US-Dollar

Ranpak Holdings Corp. (PACK) – Geschäftsmodell: Einnahmequellen

Verkauf von papierbasierten Verpackungsprodukten

Für das Geschäftsjahr 2023 meldete Ranpak einen Gesamtnettoumsatz von 659,0 Millionen US-Dollar. Der Verkauf papierbasierter Verpackungsprodukte machte einen erheblichen Teil dieses Umsatzes aus.

Produktkategorie	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
Papierpolsterlösungen	342,5 Millionen US-Dollar	52%
Verpackung aus Kraftpapier	216,3 Millionen US-Dollar	33%

Lizenzierung von Schutzverpackungstechnologie

Die Lizenzeinnahmen für proprietäre Verpackungstechnologien führten im Jahr 2023 zu zusätzlichen Einnahmen in Höhe von 47,2 Millionen US-Dollar.

Beratungs- und technische Supportdienste

Technischer Support und Beratungsdienste trugen im Jahr 2023 33,6 Millionen US-Dollar zur Einnahmequelle von Ranpak bei.

Maßgeschneiderte Verpackungslösungsverträge

Spezialisierte Verpackungsverträge in verschiedenen Branchen erwirtschafteten im Jahr 2023 89,4 Millionen US-Dollar.

Branchensegment	Vertragserlöse	Wachstumsrate
E-Commerce	52,1 Millionen US-Dollar	12.5%
Herstellung	37,3 Millionen US-Dollar	8.7%

Einnahmen aus der internationalen Marktexpansion

Der internationale Umsatz belief sich im Jahr 2023 auf 237,2 Millionen US-Dollar, was 36 % des Gesamtumsatzes des Unternehmens entspricht.

• Europäischer Markt: 124,5 Millionen US-Dollar
• Asien-Pazifik-Markt: 68,7 Millionen US-Dollar
• Lateinamerikanischer Markt: 44,0 Millionen US-Dollar

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Ranpak Holdings Corp. in late 2025, focusing only on the hard numbers that back up their claims.

Sustainable, paper-based alternative to plastic protective packaging.

Ranpak Holdings Corp. offers packaging materials that are fundamentally renewable, biodegradable, and 100% curbside recyclable. This commitment to paper directly addresses the increasing consumer demand for environmental action, as 81% of consumers believe it is very important for companies to take action that improves the environment.

The company has set clear, measurable environmental targets:

• Commitment to source at least 75% recycled pulp by 2030.
• In 2024, the aggregate paper supply was 66% recycled pulp.
• Goal to obtain FSC, SFI, or PEFC certification for 100% of paper packaging materials by 2030.
• Commitment to reduce absolute Scope 1 and 2 GHG emissions by 46% by 2030.

It's worth noting that in 2024, 66% of Ranpak's raw material supply consisted of renewable materials, a slight dip from 70% in 2023, which management attributes to the growth of their automation business.

End-of-line automation systems for high-volume fulfillment.

The focus on automation is clearly paying off in the financials. For the third quarter of 2025, Automation net revenue surged to $11.9 million, representing a massive year-over-year increase of 63.0%. Management believes the Automation segment remains on track to achieve approximately $40-$45 million in net revenue for the full year 2025.

The installed base of their protective packaging systems continues to grow, showing market penetration:

Metric	As of September 30, 2025	Year-over-Year Change (Q3)
Packaging System Placements	Approximately 145.6 thousand machines	Increased 1.4%

This installed base supports the paper consumables business, which saw global volumes increase by 12.0% in Q1 2025.

Reduced shipping costs by minimizing package void (right-sizing).

While I don't have a direct dollar figure for customer shipping cost reduction, the value proposition is tied directly to the performance of the paper-based cushioning, void-fill, and wrapping solutions, which inherently minimize void space. The North American Protective Packaging Systems (PPS) volume growth hit 45% in Q1 2025, showing strong adoption of these right-sizing solutions in that key market. The company's strategy is to provide solutions that make businesses better and offer strong returns on investment, especially when tariffs make other automation solutions more expensive.

High-quality cushioning, void-fill, and wrapping product protection.

The core protective packaging segment continues to deliver solid revenue, even as automation accelerates. Here's the breakdown of the paper product revenue streams for the third quarter of 2025:

Product Line	Q3 2025 Net Revenue	Year-over-Year Growth (Q3)
Void-fill	$43.4 million	Increased 4.8%
Cushioning	$35.8 million	Increased 0.3%
Wrapping	$8.5 million	Increased 9.0%

Total net revenue for Q3 2025 reached $99.6 million. The growth in void-fill and wrapping outpaced cushioning in the quarter.

Operational efficiency and labor savings for e-commerce giants.

The automation push is directly aimed at operational efficiency and labor savings for large shippers. The transformative partnership signed with Walmart in August 2025 is a concrete example of this value capture. Under that agreement, Walmart received 22.5 million warrants, which vest based on spending targets that could imply up to $700 million in total spend on Ranpak products over ten years. Management believes over $100 million of this potential spend would be allocated to Automation.

Internally, Ranpak is also driving efficiency to benefit the customer value equation. They implemented cost-cutting measures, including a 3% global workforce reduction and logistics optimization, which are expected to improve North American gross margins by 3-5 points by year-end 2025. The company finished Q3 2025 with $49.9 million in cash and no borrowings on its $50.0 million revolving credit facility.

Finance: draft 13-week cash view by Friday.

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Customer Relationships

You're looking at how Ranpak Holdings Corp. keeps its customers locked in, especially as they push hard into automation. The relationship strategy clearly splits between big players and smaller users.

Dedicated, high-touch sales and service for large Enterprise accounts.

The focus on Enterprise customers is driving major growth in the Automation segment. For example, in the third quarter of 2025, Automation net revenue surged by 63.0% year-over-year, reaching $11.9 million for that quarter alone. Ranpak expects the full-year 2025 Automation net revenue to be approximately $40-$45 million. This high-touch approach is exemplified by the transformative partnership signed with Walmart in August 2025. This deal involves 22.5 million warrants vesting based on Walmart's spending targets, which could imply up to $700 million in total spend over ten years, with over $100 million potentially allocated to Automation products.

The solutions driving these deep enterprise relationships include several integrated technologies:

• Pad'it! ™ - automated pad insertion for streamlined operations.
• PadPak Guardian Bulk - paper-based cushioning for optimal shipping protection.
• DecisionTower™ - void measuring and error reduction technology.
• Cut'it! EVO- automated height reduction and lid application.
• Print'it! - on-demand, full-color box-top printing across multiple box sizes.

Long-term contracts and systems-based deployment for recurring revenue.

The deployment of packaging systems forms the backbone of the recurring revenue stream. As of September 30, 2025, Ranpak Holdings Corp. had approximately 145.6 thousand packaging system placements globally, a 1.4% increase year-over-year. The Walmart warrant structure is a concrete example of tying long-term commitment to system utilization, as vesting is based on spending over ten years. This systems-based model ensures a continuous need for Ranpak's Protective Packaging consumables.

Exclusive distribution channel management for smaller end-users.

For smaller end-users, the reliance is more on the exclusive distribution channel. However, this channel experienced headwinds; uncertainty across the globe weighed on the exclusive distribution channel in the second quarter of 2025, leading to a less robust May and June globally. Still, global paper volumes increased 5.2% in Q2 2025, showing underlying demand even with channel softness.

Packaging consulting and training services for optimization.

Optimization is delivered through the integration of technology that provides data-driven insights, effectively acting as ongoing consulting. Solutions like the DecisionTower™ technology directly address error reduction and void measurement, which translates to material optimization consulting for the customer. The company is evolving into a sustainable tech-based company redefining intralogistics with smart packaging solutions that use Physical AI to analyze and react to warehouse data.

Building trust through a shared sustainability vision.

Trust is cemented by aligning with customer sustainability goals, which Ranpak Holdings Corp. quantifies rigorously. The commitment to circularity and responsible sourcing is central to these customer discussions.

Sustainability Metric	2030 Goal	2024 Progress
Certified Fiber Supply (FSC®, SFI®, or PEFC)	100% of paper packaging materials	92% of aggregate paper supply certified
Recycled Pulp in Aggregate Paper Supply	At least 75%	66% of aggregate paper supply
Post-Consumer Waste (PCW) or Alternative Pulp	At least 25%	56% of aggregate paper supply

For context on material composition in 2023, 70% of the pulp used was recycled (both PIW & PCW), which was a 9% increase from 2022.

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Channels

The Channels component for Ranpak Holdings Corp. relies on a dual approach, blending broad third-party reach with targeted direct engagement, especially for high-value automation solutions.

Direct sales force for major e-commerce and retail customers

Direct sales efforts focus on securing large Enterprise accounts, particularly those transitioning from plastic to paper packaging solutions in North America. The North American Protective Packaging Systems (PPS) business showed continued strength, with North American sales volume increasing 3.7% year over year in the third quarter of 2025. This direct channel also handles the placement and sale of proprietary converting equipment.

The historical split shows that direct sales to end-users accounted for approximately 9.5% of net revenue in 2022.

Global network of exclusive third-party distributors

The majority of Ranpak Holdings Corp.'s consumable sales flow through its global network of exclusive third-party distributors. In 2022, sales to these distributors represented 90.5% of the company's net revenue. As of late 2022, this network comprised approximately 300 distributors worldwide. However, uncertainty across the globe weighed on this exclusive distribution channel in the second quarter of 2025, leading to a less robust May and June globally.

The installed base served by this channel is substantial:

• Total installed systems across all channels: approximately 145.6 thousand machines as of September 30, 2025.
• Total end-users served across all channels (as of 2022): over 36,000.

Direct placement/sale of proprietary converting equipment

Revenue from packaging systems, which includes direct placement and sales of proprietary converting equipment, is tracked under Automation net revenue and Other net revenue. Automation net revenue saw significant growth in the third quarter of 2025, increasing 63.0% year over year to $11.9 million. The increase in total net revenue for the third quarter of 2025 was quantified by a 4.5% increase in automated equipment sales. Ranpak Holdings Corp. forecasts total Automation net revenue for the full year 2025 to be between $40 million and $45 million. This segment is a key focus, especially following a transformative partnership and warrant agreement signed with Walmart in August 2025, which is anticipated to drive significant revenue growth in automation.

Global manufacturing and distribution footprint (North America, Europe, Asia)

Ranpak Holdings Corp. supports its channels through a global operational footprint, with a majority of its revenue historically derived from Europe and Asia. The company maintains its corporate office in Concord Township, Ohio, United States of America.

The geographic revenue distribution for the full year 2024 was:

Region	Net Revenue Percentage (2024)
Europe	48%
North America	44%
Asia and other locations	8%

Key international locations and subsidiaries supporting this footprint include operations in:

• The Netherlands (Ranpak CZ BV)
• France (NeoPack Solutions S.A.S.)
• Japan (Ranpak KK)
• China (Ranpak Packaging Technology (Qingdao) Co. Ltd)
• Australia (Ranpak Australia Pty Ltd)

The company also has operations in Brazil.

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Ranpak Holdings Corp. as of late 2025. The customer base is clearly split between high-volume users needing automation and those needing core protective materials across different geographies. This segmentation drives how Ranpak Holdings Corp. structures its sales and service efforts.

Large-scale e-commerce and retail enterprises represent a critical, high-growth segment, especially with the focus on automation. A prime example is the transformative partnership signed with Walmart in August 2025. This agreement includes a warrant structure where Walmart received 22.5 million warrants at a strike price of $6.8308, vesting based on spending over ten years. The potential total spend under this partnership is cited as up to $700 million over the contract's life. This segment is heavily targeted by the Automation business line, which saw net revenue surge 63.0% year-over-year in Q3 2025 to $11.9 million.

Global industrial supply chains and manufacturing companies form the base for the Protective Packaging business. This group relies on Ranpak Holdings Corp. for its core paper consumables like cushioning, void-fill, and wrapping. In the third quarter of 2025, the Protective Packaging segment net revenue grew by 3.3% year-over-year. The overall installed base of packaging systems supporting these users reached approximately 145.6 thousand machines as of September 30, 2025, a 1.4% increase year-over-year.

Third-party logistics (3PL) providers and fulfillment centers are served through the same protective and automation solutions, often overlapping with the large e-commerce enterprises but also including independent logistics operators. The company's strategic focus on end-of-line automation is designed to solve efficiency challenges for these high-throughput operations.

Small to mid-sized end-users are generally reached indirectly. Ranpak Holdings Corp. generates revenue by serving customers directly, but also through a network of exclusive paper packaging solution distributors. This channel helps ensure broad market penetration for the paper consumables beyond the largest direct accounts.

The customer base is distinctly geographically segmented into North America and Europe/Asia, with performance varying significantly between the two as of late 2025. North America is showing stronger current momentum, while Europe/Asia presents a volume recovery opportunity.

Here's a quick look at the geographic performance from the third quarter of 2025:

Geographic Segment	Q3 2025 Net Revenue Change (Y/Y)	Q3 2025 Protective Packaging Volume Change (Y/Y)	Full Year 2025 Automation Revenue Target
North America	10.9% increase	3.7% volume increase	Majority of $40-$45 million target
Europe/APAC	5.8% reported increase (-0.6% constant currency)	Underlying challenges noted	Focus for volume recovery

The full-year 2025 Automation net revenue target is set between $40 million and $45 million, with the majority of that expected to be driven by North American adoption.

You should track the ongoing volume trends in Europe/APAC; if that region starts showing positive constant currency growth, it signals broader market health for Ranpak Holdings Corp.

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Cost Structure

You're looking at the expenses that Ranpak Holdings Corp. is managing to deliver its packaging and automation solutions. It's a mix of heavy upfront investment and ongoing material costs, which is typical for a company deploying equipment.

The cost structure is heavily influenced by the capital intensity of the business. Manufacturing and deploying the packaging systems require significant upfront spending. For instance, Capital Expenditures (CapEx) in the first quarter of 2025 were reported at $7.5 million, largely directed toward PPS converter spend, which speaks directly to the fixed asset base investment required to support volume growth.

The Cost of Goods Sold (COGS) for paper raw materials is a major variable cost component. While the specific Q1 2025 COGS figure isn't explicitly isolated, the pressure is evident: Gross Profit for Q1 2025 was $30.9 million on net revenue of $91.2 million. By the second quarter of 2025, the Cost of product sales had risen to $56.0 million, indicating significant input cost pressure that compressed the Q2 Gross Profit to $28.9 million.

Operating expenses are closely watched, especially the overhead. Selling, General, and Administrative (SG&A) expenses, excluding RSU expense, were $28.9 million in the first quarter of 2025. This represented an increase of 0.4% versus the prior year's first quarter, even as the company deferred some spend.

Ranpak Holdings Corp. is actively working to manage these costs through targeted actions. Management has identified structural cost reductions totaling $8 million, which are being implemented across the organization. Furthermore, the company executed on headcount reduction, cutting staff by 3% since April 2025, with the full run rate of this cost-out expected to reach $2 million per quarter by the fourth quarter of 2025.

Investment in the future, particularly in automation, is another key cost area. Ranpak Holdings Corp. is investing in R&D to support its automation segment, which is targeted for approximately 50% growth in 2025. While a specific R&D dollar amount for Q1 2025 isn't immediately available, the focus on automation is a strategic allocation of resources.

Here is a snapshot of key cost and related financial metrics from the first half of 2025:

Cost/Expense Metric	Period	Amount (Millions USD)
Selling, General & Administrative (SG&A)	Q1 2025	$28.9
Gross Profit	Q1 2025	$30.9
Cost of Product Sales	Q2 2025	$56.0
Gross Profit	Q2 2025	$28.9
Capital Expenditures (CapEx)	Q1 2025	$7.5
Identified Structural Cost Reductions (Annualized)	2025 Plan	$8.0
Targeted Quarterly Cost Out Run Rate	Starting Q4 2025	$2.0

You should keep an eye on how these costs translate into the gross margin profile, especially in North America, where the company is targeting a 300 to 500 basis point gross margin improvement in the second half of the year due to these cost actions.

• High fixed cost driver: Manufacturing and deploying Packaging Systems.
• Significant variable cost: Paper raw materials for consumables.
• Cost-cutting focus: Headcount reduction of 3% since April 2025.
• Automation investment: Supporting a segment targeted for 50% growth in 2025.
• Non-cash headwind: Amazon warrants caused a $0.8 million reduction to Q1 2025 revenue.

Ranpak Holdings Corp. (PACK) - Canvas Business Model: Revenue Streams

You're looking at how Ranpak Holdings Corp. brings in money, which is a mix of selling the things they make and the machines that make them work. The core of the business is definitely the recurring revenue from sales of high-margin specialized paper consumables. This is the bread and butter, the steady stream that keeps the lights on, though the volume of these sales saw a slight dip of approximately 0.3% in Q3 2025 compared to the prior year period.

Next up, you have the revenue tied to the sales or leasing fees from the proprietary converting equipment. This is connected to the physical footprint of their technology. As of September 30, 2025, Ranpak Holdings Corp. had approximately 145.6 thousand packaging systems placed, which was a 1.4% increase year-over-year. This placement growth supports the ongoing consumable sales.

The real growth story right now is the Automation segment revenue. This area saw a massive 63.0% surge in Q3 2025 compared to Q3 2024, hitting $11.9 million in net revenue for the quarter. Management believes this segment remains on track to achieve between $40-$45 million in net revenue for the full year 2025.

To give you a clearer picture of the top-line performance, here's how the revenue broke down in the third quarter of 2025:

Revenue Stream Category	Q3 2025 Net Revenue Amount	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Total Net Revenue	$99.6 million	8.0%
Automation Net Revenue	$11.9 million	63.0%
Protective Packaging Net Revenue (Implied Total)	$87.7 million	3.3%

The Protective Packaging revenue, which is where the core paper consumables sit, is further detailed by product line for Q3 2025. This shows you the specific streams within the traditional business:

• Void-fill revenue was $43.4 million.
• Cushioning revenue was $35.8 million.
• Wrapping revenue was $8.5 million.

When you look at the full-year expectation, the company is guiding toward a full-year 2025 Adjusted EBITDA (AEBITDA) of $83.3 million, using year-to-date actuals and the midpoint of the remaining guidance range. This guidance does factor in an expected non-cash reduction of between $4 million and $6 million in 2025 related to warrant expense recognition. The 8.0% year-over-year increase in Q3 net revenue to $99.6 million was positively impacted by growth in automation, void-fill, and wrapping.