Ranpak Holdings Corp. (PACK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del embalaje sostenible, Ranpak Holdings Corp. (PACK) surge como una fuerza transformadora, revolucionando cómo las industrias protegen y transportan bienes a través de soluciones innovadoras basadas en papel. Al combinar la tecnología de vanguardia con la conciencia ambiental, esta compañía ha creado un modelo de negocio que no solo aborda las necesidades críticas de los sectores de comercio electrónico, automotriz y logística, sino que también defiende la sostenibilidad ecológica. Su enfoque único para el embalaje de protección promete remodelar cómo las empresas piensan sobre el envío, la reducción de residuos y la preservación del producto en un mercado global cada vez más complejo.

Ranpak Holdings Corp. (Pack) - Modelo de negocio: asociaciones clave

Embalaje de fabricantes y proveedores

Ranpak colabora con múltiples proveedores de materiales de embalaje, que incluyen:

Proveedor	Enfoque de asociación	Volumen anual
Westrock Company	Materiales de embalaje protectores basados ​​en papel	$ 15.7 millones en contratos de suministro
Papel internacional	Soluciones de embalaje sostenibles	$ 12.3 millones en adquisiciones anuales

Empresas de logística y transporte

Las asociaciones de logística clave incluyen:

• FedEx Freight: Integración estratégica de envasado
• Soluciones de la cadena de suministro de UPS: optimización de envasado protector
• Logística de XPO: redes de distribución de embalaje

Industrias automotrices y de comercio electrónico

Socio de la industria	Valor de asociación	Duración del contrato
Servicios de cumplimiento de Amazon	$ 47.2 millones de contrato de embalaje anual	Acuerdo de 3 años
Cadena de suministro de Tesla	$ 22.5 millones Contrato de envasado de protección	Asociación de 2 años

Organizaciones ambientales centradas en la sostenibilidad

Asociaciones de colaboración ambiental:

• Coalición de envasado sostenible
• Red de economía circular de la Fundación Ellen MacArthur
• Programa de sostenibilidad del Fondo Mundial de Vida Silvestre

Fabricantes de equipos para soluciones de envasado protectores

Fabricante de equipos	Enfoque tecnológico	Monto de la inversión
Corporación aérea sellada	Maquinaria de embalaje protectora	$ 18.6 millones de desarrollo conjunto
Corporación pregis	Equipo de embalaje ecológico	$ 14.3 millones de asociación tecnológica

Ranpak Holdings Corp. (Pack) - Modelo de negocio: actividades clave

Diseño y producción de soluciones de empaque basadas en papel

En el año fiscal 2022, Ranpak reportó ingresos totales de $ 637.3 millones, con soluciones de empaque basadas en papel que representan una porción significativa de su cartera de productos.

Categoría de productos	Volumen de producción (2022)	Ubicación de fabricación
Sistemas de amortiguación de papel	Más de 500 millones de pies cuadrados	12 instalaciones de fabricación en todo el mundo
Productos de papel de relleno sin vacío	Aproximadamente 350 millones de pies cuadrados	América del Norte, Europa, Asia

Desarrollo de tecnologías de embalaje protectores sostenibles

Ranpak invirtió $ 15.2 millones en investigación y desarrollo en 2022, centrándose en innovaciones de envases sostenibles.

• Soluciones de empaque basadas en papel 100% reciclables
• Uso de plástico reducido en un 75% en sistemas de envasado protectores
• Desarrollo de tecnología de embalaje de carbono neutral

Investigación e innovación en materiales de embalaje

Desglose de gastos de I + D para la innovación de materiales de embalaje en 2022:

Área de innovación	Inversión	Solicitudes de patentes
Materiales sostenibles	$ 6.5 millones	7 nuevas solicitudes de patentes
Tecnologías de amortiguación avanzada	$ 4.7 millones	5 nuevas solicitudes de patentes

Fabricación y distribución de productos de amortiguación y relleno de vacío

Ranpak opera instalaciones de fabricación en múltiples continentes con redes de distribución estratégica.

Región	Instalaciones de fabricación	Capacidad de producción anual
América del norte	6 instalaciones	250 millones de pies cuadrados material de embalaje
Europa	4 instalaciones	180 millones de pies cuadrados material de embalaje
Asia-Pacífico	2 instalaciones	70 millones de pies cuadrados material de embalaje

Servicios de atención al cliente y consultoría técnica

Ranpak proporciona atención al cliente integral en los mercados globales.

• Equipo de soporte técnico 24/7
• Más de 250 representantes dedicados de servicio al cliente
• Soporte disponible en 15 idiomas

Ranpak Holdings Corp. (Pack) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Ranpak opera 17 instalaciones de fabricación a nivel mundial a partir de 2023, con ubicaciones en América del Norte, Europa y Asia. Total de fabricación de pies cuadrados: 456,000 pies cuadrados.

Región	Número de instalaciones	Área de fabricación total
América del norte	8	235,000 pies cuadrados
Europa	6	156,000 pies cuadrados
Asia	3	65,000 pies cuadrados

Tecnologías de envasado protectores propietarios

Ranpak sostiene 48 patentes activas Relacionado con las tecnologías de envasado protectores a partir de 2023.

• Sistemas de amortiguación basados ​​en papel
• Soluciones de embalaje de relleno vacío
• Tecnologías de conversión de papel de Kraft

Ingeniería calificada y equipos de I + D

Fuerza laboral total de I + D: 124 empleados. Inversión anual de I + D: $ 12.3 millones en 2023.

Cartera de propiedad intelectual robusta

Desglose de la propiedad intelectual:

Categoría de IP	Número de activos
Patentes activas	48
Aplicaciones de patentes pendientes	22
Marcas registradas	37

Red de distribución global

Métricas de red de distribución:

• Centros de distribución totales: 29
• Países atendidos: 16
• Volumen de distribución anual: 87,500 toneladas métricas de materiales de embalaje

Ranpak Holdings Corp. (Pack) - Modelo de negocio: propuestas de valor

Soluciones de embalaje ecológicas y reciclables

Ranpak reportó 2023 métricas de sostenibilidad:

Métrico	Valor
Uso de papel reciclado	87% del total de materiales de embalaje
Reducción de carbono	Reducción del 23% en las emisiones de carbono en comparación con 2022
Ingresos de línea de productos sostenibles	$ 124.3 millones en 2023

Tecnologías innovadoras de envasado de protección

La cartera de tecnología de Ranpak incluye:

• Sistemas de amortiguación basados ​​en papel
• Soluciones de embalaje automatizadas
• Tecnologías de llenado vacío

Inversión tecnológica	Cantidad
R&D Gasto 2023	$ 18.2 millones
Solicitudes de patentes	12 nuevas patentes presentadas

Alternativas de embalaje rentables

Datos de comparación de costos:

Tipo de embalaje	Costo por pie cúbico
Embalaje de plástico tradicional	$0.85
Ranpak Paper Solutions	$0.62

Reducción de daños por envío y desperdicio de productos

Métricas de reducción de daños por envío:

Métrico	Porcentaje
Reducción de daños por envío	42% en comparación con el embalaje tradicional
Minimización del desperdicio de productos	Reducción del 35% para los clientes

Soluciones de embalaje personalizables para diversas industrias

Cobertura de la industria:

• Comercio electrónico
• Automotor
• Electrónica
• Cuidado de la salud

Industria	Contribución de ingresos 2023
Comercio electrónico	$ 87.6 millones
Automotor	$ 42.3 millones
Electrónica	$ 33.9 millones
Cuidado de la salud	$ 22.1 millones

Ranpak Holdings Corp. (Pack) - Modelo de negocio: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Ranpak Holdings Corp. mantiene un equipo de ventas dedicado de 87 profesionales de ventas directas en América del Norte y Europa. El equipo genera aproximadamente $ 342.7 millones en ingresos anuales a través de interacciones directas del cliente.

Región de ventas	Número de representantes de ventas	Ventas anuales promedio por representante
América del norte	52	$ 2.1 millones
Europa	35	$ 1.8 millones

Soporte técnico y consulta

Ranpak brinda soporte técnico a través de un equipo dedicado de 42 consultores técnicos, con un tiempo de respuesta promedio de 2.3 horas para consultas de clientes.

• Disponibilidad de soporte técnico 24/7
• Calificación promedio de satisfacción del cliente de 4.6/5
• Inversión anual de soporte técnico: $ 4.3 millones

Plataformas de servicio al cliente en línea

Los canales de servicio al cliente digital incluyen:

• Portal de clientes basado en la web con 12,563 usuarios registrados
• Procesamiento del sistema de boletos de soporte en línea 3,247 solicitudes mensuales
• Aplicación móvil con seguimiento en tiempo real para 687 clientes empresariales

Desarrollo de la asociación a largo plazo

Ranpak mantiene asociaciones a largo plazo con 214 clientes empresariales clave, que representan el 68% de los ingresos anuales totales ($ 487.2 millones en 2023).

Duración de la asociación	Número de clientes	Contribución de ingresos
5+ años	129	$ 331.3 millones
3-5 años	85	$ 155.9 millones

Innovación continua de productos

Inversión en I + D en 2023: $ 22.6 millones, lo que resulta en 7 desarrollos de nuevos productos impulsados ​​por comentarios de los clientes.

• Canales de comentarios de los clientes:
  • Encuestas anuales de satisfacción del cliente
  • Reuniones trimestrales de revisión comercial
  • Comentarios directos a través de interacciones de soporte técnico
• Tasa de éxito de innovación de productos: 63% de adopción del mercado dentro de los primeros 12 meses

Ranpak Holdings Corp. (Pack) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, el equipo de ventas directas de Ranpak consta de 185 profesionales de ventas en las regiones de América del Norte, Europa y Asia Pacífico. El equipo generó $ 492.3 millones en ingresos de ventas directas en 2023.

Región	Representantes de ventas	2023 ingresos por ventas directas
América del norte	87	$ 247.6 millones
Europa	68	$ 164.9 millones
Asia Pacífico	30	$ 79.8 millones

Plataformas de comercio electrónico

Ranpak opera canales de ventas digitales a través de:

• Sitio web de la empresa con capacidades de pedido directo
• Plataforma de negocios de Amazon
• Plataformas de comercio electrónico de suministro industrial

Las ventas en línea representaron el 22.4% de los ingresos totales, aproximadamente $ 103.5 millones en 2023.

Distribuidores de envases industriales

Ranpak mantiene asociaciones con 247 distribuidores de envases industriales a nivel mundial. Estos distribuidores contribuyeron con $ 215.7 millones en ventas para 2023.

Tipo de canal de distribución	Número de socios	Volumen de ventas 2023
Distribuidores nacionales	37	$ 89.3 millones
Distribuidores regionales	142	$ 86.4 millones
Distribuidores industriales especializados	68	$ 40 millones

Ferias comerciales y conferencias de la industria

En 2023, Ranpak participó en 24 ferias internacionales, generando $ 37.2 millones en clientes potenciales y contratos de ventas directas.

Marketing digital y presencia en línea

Los canales de marketing digital generaron el 15.6% de los clientes potenciales de ventas totales en 2023, con las siguientes métricas:

• Seguidores de LinkedIn: 18,500
• Sitio web Visitantes mensuales: 127,000
• Gasto de marketing digital: $ 4.3 millones
• Tasa de conversión: 3.7%

Ranpak Holdings Corp. (Pack) - Modelo de negocio: segmentos de clientes

Compañías de comercio electrónico

Ranpak sirve a compañías de comercio electrónico con soluciones de embalaje protectoras. A partir de 2023, las ventas globales de comercio electrónico alcanzaron los $ 5.8 billones, lo que representa una oportunidad de mercado significativa.

Segmento de comercio electrónico	Tamaño del mercado	Necesidades de embalaje
Amazonas	$ 574 mil millones (ingresos de 2023)	Soluciones de relleno vacío basado en papel
Walmart en línea	$ 73.2 mil millones (2023 ingresos por comercio electrónico)	Materiales de embalaje protectores

Fabricantes de automóviles

Ranpak ofrece soluciones de empaque para el transporte y el almacenamiento de piezas automotrices.

• Mercado mundial de fabricación de automóviles: $ 2.7 billones en 2023
• Los clientes clave incluyen Toyota, Ford y General Motors

Empresas de logística y naves

El segmento de logística representa un mercado crítico para las tecnologías de envasado de Ranpak.

Compañía naviera	Ingresos anuales	Requisitos de embalaje
Fedex	$ 93.5 mil millones (2023)	Soluciones de embalaje protectores
Unión Postal Universal	$ 100.3 mil millones (2023)	Materiales de embalaje sostenibles

Industrias minoristas y de bienes de consumo

Ranpak admite las necesidades de embalaje para varios sectores minoristas.

• Mercado minorista global: $ 31.7 billones en 2023
• Se enfoca clave en soluciones de empaque sostenibles

Fabricantes de equipos industriales

Ranpak ofrece un embalaje especializado para el transporte de equipos industriales.

Segmento de la industria	Valor comercial	Complejidad del embalaje
Maquinaria industrial	$ 1.2 billones (2023)	Requisitos de embalaje de alta protección

Ranpak Holdings Corp. (Pack) - Modelo de negocio: Estructura de costos

Equipos e instalaciones de fabricación

A partir del informe anual de 2023, el valor en libros neto de propiedad, planta y equipo (PP&E) de Ranpak era de $ 83.7 millones. Los gastos de capital para el año totalizaron $ 24.3 millones.

Categoría de equipo	Inversión anual
Maquinaria de fabricación	$ 15.6 millones
Actualizaciones de la instalación	$ 8.7 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para RANPAK en 2023 fueron de $ 6.2 millones, lo que representa el 2.1% de los ingresos totales.

• Costos de desarrollo de software: $ 2.8 millones
• Inversiones de innovación de productos: $ 3.4 millones

Adquisición de materia prima

Los costos totales de las materias primas en 2023 fueron de $ 112.5 millones, con materiales primarios que incluyen:

Tipo de material	Costo de adquisición anual
Materiales a base de papel	$ 68.3 millones
Polímeros de embalaje	$ 44.2 millones

Gastos de trabajo y personal

Los gastos totales de personal para 2023 fueron de $ 95.6 millones.

• Salarios y salarios: $ 72.4 millones
• Beneficios y seguros: $ 15.2 millones
• Capacitación y desarrollo: $ 8.0 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 32.1 millones.

Actividad de marketing	Gasto anual
Marketing digital	$ 12.5 millones
Participación de la feria comercial	$ 5.6 millones
Compensación del equipo de ventas	$ 14.0 millones

Ranpak Holdings Corp. (Pack) - Modelo de negocio: flujos de ingresos

Venta de productos de embalaje en papel

Para el año fiscal 2023, Ranpak reportó ventas netas totales de $ 659.0 millones. Las ventas de productos de empaque basados ​​en papel representaban una parte significativa de este ingreso.

Categoría de productos	Ingresos (2023)	Porcentaje de ventas totales
Soluciones de amortiguación de papel	$ 342.5 millones	52%
Embalaje de papel kraft	$ 216.3 millones	33%

Licencias de tecnología de embalaje protectora

Los ingresos por licencias para tecnologías de envasado patentadas en 2023 generaron $ 47.2 millones en ingresos adicionales.

Servicios de consultoría y soporte técnico

Soporte técnico y servicios de consultoría contribuyeron con $ 33.6 millones al flujo de ingresos de Ranpak en 2023.

Contratos de soluciones de embalaje personalizados

Los contratos de empaque especializados en varias industrias generaron $ 89.4 millones en 2023.

Segmento de la industria	Ingreso por contrato	Índice de crecimiento
Comercio electrónico	$ 52.1 millones	12.5%
Fabricación	$ 37.3 millones	8.7%

Ingresos de expansión del mercado internacional

Las ventas internacionales representaron $ 237.2 millones en 2023, lo que representa el 36% de los ingresos totales de la compañía.

• Mercado europeo: $ 124.5 millones
• Mercado de Asia-Pacífico: $ 68.7 millones
• Mercado latinoamericano: $ 44.0 millones

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.