Ranpak Holdings Corp. (Pack): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'emballage durable, Ranpak Holdings Corp. (PACK) émerge comme une force transformatrice, révolutionnant la façon dont les industries protègent et transportent les produits à travers des solutions papier innovantes. En mélangeant la technologie de pointe avec la conscience de l'environnement, cette entreprise a conçu un modèle commercial qui répond non seulement aux besoins critiques des secteurs du commerce électronique, de l'automobile et de la logistique, mais défend également la durabilité écologique. Leur approche unique de l'emballage de protection promet de remodeler la façon dont les entreprises pensent de l'expédition, de la réduction des déchets et de la préservation des produits sur un marché mondial de plus en plus complexe.

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs d'emballage

Ranpak collabore avec plusieurs fournisseurs de matériaux d'emballage, notamment:

Fournisseur	Focus de partenariat	Volume annuel
Westrock Company	Matériaux d'emballage de protection en papier	15,7 millions de dollars de contrats d'approvisionnement
Journal international	Solutions d'emballage durables	12,3 millions de dollars en achat annuel

Sociétés de logistique et de transport

Les partenariats logistiques clés comprennent:

• FedEx Freight: intégration stratégique des emballages
• Solutions de chaîne d'approvisionnement UPS: optimisation de l'emballage protecteur
• XPO Logistique: réseaux de distribution d'emballage

Industries de l'automobile et du commerce électronique

Partenaire de l'industrie	Valeur de partenariat	Durée du contrat
Services d'Amazon Fulfillment	Contrat d'emballage annuel de 47,2 millions de dollars	Accord de 3 ans
Chaîne d'approvisionnement de Tesla	Contrat d'emballage de protection de 22,5 millions de dollars	Partenariat de 2 ans

Organisations environnementales axées sur la durabilité

Partenariats de collaboration environnementale:

• Coalition d'emballage durable
• Réseau de l'économie circulaire de la Fondation Ellen MacArthur
• Programme de durabilité du Fonds de la faune mondiale

Fabricants d'équipement pour des solutions d'emballage de protection

Fabricant d'équipements	Focus technologique	Montant d'investissement
Scelled Air Corporation	Machines d'emballage protectrices	18,6 millions de dollars de développement conjoint
Pregis Corporation	Équipement d'emballage respectueux de l'environnement	Partnership technologique de 14,3 millions de dollars

Ranpak Holdings Corp. (Pack) - Modèle d'entreprise: Activités clés

Conception et production de solutions d'emballage sur papier

Au cours de l'exercice 2022, Ranpak a déclaré un chiffre d'affaires total de 637,3 millions de dollars, avec des solutions d'emballage en papier représentant une partie importante de leur portefeuille de produits.

Catégorie de produits	Volume de production (2022)	Lieux de fabrication
Systèmes d'amortissement en papier	Plus de 500 millions de pieds carrés	12 installations de fabrication dans le monde
Produits papier-remplissage de vides	Environ 350 millions de pieds carrés	Amérique du Nord, Europe, Asie

Développer des technologies de protection durable

Ranpak a investi 15,2 millions de dollars dans la recherche et le développement en 2022, en se concentrant sur les innovations d'emballage durables.

• Solutions d'emballage en papier 100% recyclables
• Utilisation réduite de plastique de 75% dans les systèmes d'emballage protecteur
• Développement technologique d'emballage neutre en carbone

Recherche et innovation dans les matériaux d'emballage

Répartition des dépenses de R&D pour l'emballage d'innovation matérielle en 2022:

Zone d'innovation	Investissement	Demandes de brevet
Matériaux durables	6,5 millions de dollars	7 nouvelles demandes de brevet
Technologies d'amortissement avancées	4,7 millions de dollars	5 nouvelles demandes de brevet

Fabrication et distribution des produits d'amorti et de remplissage de vide

Ranpak exploite des installations de fabrication sur plusieurs continents avec des réseaux de distribution stratégiques.

Région	Installations de fabrication	Capacité de production annuelle
Amérique du Nord	6 installations	250 millions de pieds carrés.
Europe	4 installations	180 millions de pieds carrés.
Asie-Pacifique	2 installations	70 millions de pieds carrés.

Support client et services de conseil technique

Ranpak fournit un support client complet sur les marchés mondiaux.

• Équipe de support technique 24/7
• Plus de 250 représentants du service client dédié
• Support disponible en 15 langues

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Ranpak exploite 17 installations de fabrication dans le monde en 2023, avec des emplacements en Amérique du Nord, en Europe et en Asie. Fabrication totale en pieds carrés: 456 000 pieds carrés.

Région	Nombre d'installations	Zone de fabrication totale
Amérique du Nord	8	235 000 pieds carrés
Europe	6	156 000 pieds carrés
Asie	3	65 000 pieds carrés

Technologies de protection de protection exclusive

Ranpak tient 48 brevets actifs liés aux technologies de l'emballage protectrice en 2023.

• Systèmes d'amortissement sur papier
• Vides pour remplir les solutions d'emballage
• Technologies de conversion de papier kraft

Équipes d'ingénierie et de R&D qualifiées

Total R&D Effectif: 124 employés. Investissement annuel de R&D: 12,3 millions de dollars en 2023.

Portfolio de propriété intellectuelle robuste

Répartition des propriétés intellectuelles:

Catégorie IP	Nombre d'actifs
Brevets actifs	48
Demandes de brevet en instance	22
Marques enregistrées	37

Réseau de distribution mondial

Métriques du réseau de distribution:

• Centres de distribution totaux: 29
• Pays servis: 16
• Volume de distribution annuel: 87 500 tonnes métriques de matériel d'emballage

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: propositions de valeur

Solutions d'emballage respectueuses de l'environnement et recyclables

Ranpak a rapporté des mesures de durabilité en 2023:

Métrique	Valeur
Utilisation du papier recyclé	87% du total des matériaux d'emballage
Réduction du carbone	23% de réduction des émissions de carbone par rapport à 2022
Revenus de lignes de produits durables	124,3 millions de dollars en 2023

Technologies de protection innovantes

Le portefeuille technologique de Ranpak comprend:

• Systèmes d'amortissement sur papier
• Solutions d'emballage automatisées
• Numez les technologies de remplissage

Investissement technologique	Montant
Dépenses de R&D 2023	18,2 millions de dollars
Demandes de brevet	12 nouveaux brevets déposés

Alternatives d'emballage rentables

Données de comparaison des coûts:

Type d'emballage	Coût par pied cube
Emballage en plastique traditionnel	$0.85
Solutions de papier Ranpak	$0.62

Réduction des dommages causés par l'expédition et des déchets de produits

Mesures de réduction des dommages d'expédition:

Métrique	Pourcentage
Réduction des dommages pour expédition	42% par rapport à l'emballage traditionnel
Minimisation des déchets de produits	Réduction de 35% pour les clients

Solutions d'emballage personnalisables pour diverses industries

Couverture de l'industrie:

• Commerce électronique
• Automobile
• Électronique
• Soins de santé

Industrie	Contribution des revenus 2023
Commerce électronique	87,6 millions de dollars
Automobile	42,3 millions de dollars
Électronique	33,9 millions de dollars
Soins de santé	22,1 millions de dollars

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: relations clients

Engagement de l'équipe de vente directe

Au quatrième trimestre 2023, Ranpak Holdings Corp. maintient une équipe de vente dédiée de 87 professionnels des ventes directes en Amérique du Nord et en Europe. L'équipe génère environ 342,7 millions de dollars de revenus annuels grâce à des interactions clients directes.

Région de vente	Nombre de représentants commerciaux	Ventes annuelles moyennes par représentant
Amérique du Nord	52	2,1 millions de dollars
Europe	35	1,8 million de dollars

Soutien technique et consultation

Ranpak fournit un soutien technique par le biais d'une équipe dédiée de 42 consultants techniques, avec un temps de réponse moyen de 2,3 heures pour les demandes de renseignements des clients.

• Disponibilité du support technique 24/7
• Évaluation moyenne de satisfaction du client de 4,6 / 5
• Investissement annuel de support technique: 4,3 millions de dollars

Plateformes de service client en ligne

Les canaux de service client numérique comprennent:

• Portail client basé sur le Web avec 12 563 utilisateurs enregistrés
• Traitement du système de billets d'assistance en ligne 3 247 demandes mensuelles
• Application mobile avec suivi en temps réel pour 687 clients d'entreprise

Développement de partenariat à long terme

Ranpak maintient des partenariats à long terme avec 214 clients clés des entreprises, ce qui représente 68% des revenus annuels totaux (487,2 millions de dollars en 2023).

Durée du partenariat	Nombre de clients	Contribution des revenus
Plus de 5 ans	129	331,3 millions de dollars
3-5 ans	85	155,9 millions de dollars

Innovation continue des produits

Investissement en R&D en 2023: 22,6 millions de dollars, résultant en 7 nouveaux développements de produits motivés par les commentaires des clients.

• Canaux de rétroaction des clients:
  • Enquêtes annuelles sur la satisfaction des clients
  • Réunions de révision des entreprises trimestrielles
  • Rétroaction directe grâce aux interactions de support technique
• Taux de réussite sur l'innovation des produits: 63% d'adoption du marché au cours des 12 premiers mois

Ranpak Holdings Corp. (pack) - Modèle commercial: canaux

Équipe de vente directe

Depuis 2024, l'équipe de vente directe de Ranpak se compose de 185 professionnels de la vente à travers l'Amérique du Nord, l'Europe et les régions d'Asie-Pacifique. L'équipe a généré 492,3 millions de dollars de revenus de ventes directs en 2023.

Région	Représentants des ventes	2023 Revenus de ventes directes
Amérique du Nord	87	247,6 millions de dollars
Europe	68	164,9 millions de dollars
Asie-Pacifique	30	79,8 millions de dollars

Plates-formes de commerce électronique

Ranpak exploite les canaux de vente numériques à travers:

• Site Web de l'entreprise avec des capacités de commande directe
• Plateforme commerciale Amazon
• Plateformes de commerce électronique de l'offre industrielle

Les ventes en ligne représentaient 22,4% des revenus totaux, soit environ 103,5 millions de dollars en 2023.

Distributeurs d'emballages industriels

Ranpak maintient des partenariats avec 247 distributeurs d'emballages industriels dans le monde. Ces distributeurs ont contribué 215,7 millions de dollars en ventes pour 2023.

Type de canal de distribution	Nombre de partenaires	2023 Volume de vente
Distributeurs nationaux	37	89,3 millions de dollars
Distributeurs régionaux	142	86,4 millions de dollars
Distributeurs industriels spécialisés	68	40 millions de dollars

Salons commerciaux et conférences de l'industrie

En 2023, Ranpak a participé à 24 salons internationaux, générant 37,2 millions de dollars en prospects et contrats directs.

Marketing numérique et présence en ligne

Les canaux de marketing numérique ont généré 15,6% du total des prospects en 2023, avec les mesures suivantes:

• LinkedIn adeptes: 18 500
• Visiteurs mensuels du site Web: 127 000
• Dépenses en marketing numérique: 4,3 millions de dollars
• Taux de conversion: 3,7%

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: segments de clientèle

Entreprises de commerce électronique

Ranpak dessert des sociétés de commerce électronique avec des solutions d'emballage de protection. En 2023, les ventes mondiales de commerce électronique ont atteint 5,8 billions de dollars, ce qui représente une opportunité de marché importante.

Segment de commerce électronique	Taille du marché	Besoins d'emballage
Amazone	574 milliards de dollars (revenus 2023)	Solutions de remplissage de vide sur papier
Walmart en ligne	73,2 milliards de dollars (2023 revenus de commerce électronique)	Matériaux d'emballage de protection

Constructeurs automobiles

Ranpak fournit des solutions d'emballage pour le transport et le stockage des pièces automobiles.

• Marché mondial de la fabrication automobile: 2,7 billions de dollars en 2023
• Les clients clés incluent Toyota, Ford et General Motors

Compagnies de logistique et d'expédition

Le segment logistique représente un marché critique pour les technologies d'emballage de Ranpak.

Compagnie maritime	Revenus annuels	Exigences d'emballage
FedEx	93,5 milliards de dollars (2023)	Solutions d'emballage de protection
Hauts	100,3 milliards de dollars (2023)	Matériel d'emballage durable

Industries de la vente au détail et de biens de consommation

Ranpak prend en charge les besoins d'emballage pour divers secteurs de vente au détail.

• Marché mondial de détail: 31,7 billions de dollars en 2023
• Focus clé sur les solutions d'emballage durables

Fabricants d'équipements industriels

Ranpak fournit des emballages spécialisés pour le transport des équipements industriels.

Segment de l'industrie	Valeur marchande	Complexité d'emballage
Machines industrielles	1,2 billion de dollars (2023)	Exigences d'emballage de protection haute

Ranpak Holdings Corp. (pack) - Modèle d'entreprise: Structure des coûts

Équipement et installations de fabrication

En ce qui concerne le rapport annuel de 2023, la valeur comptable de la propriété, de l'usine et de l'équipement de Ranpak (PP&E) était de 83,7 millions de dollars. Les dépenses en capital pour l'année ont totalisé 24,3 millions de dollars.

Catégorie d'équipement	Investissement annuel
Machinerie de fabrication	15,6 millions de dollars
Mises à niveau des installations	8,7 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Ranpak en 2023 étaient de 6,2 millions de dollars, ce qui représente 2,1% des revenus totaux.

• Coûts de développement de logiciels: 2,8 millions de dollars
• Investissements sur l'innovation des produits: 3,4 millions de dollars

Achat de matières premières

Les coûts totaux des matières premières en 2023 étaient de 112,5 millions de dollars, avec des matériaux primaires, notamment:

Type de matériau	Coût d'achat annuel
Matériaux papier	68,3 millions de dollars
Polymères d'emballage	44,2 millions de dollars

Frais de main-d'œuvre et de personnel

Les dépenses totales du personnel pour 2023 étaient de 95,6 millions de dollars.

• Salaires et salaires: 72,4 millions de dollars
• Avantages et assurance: 15,2 millions de dollars
• Formation et développement: 8,0 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 32,1 millions de dollars.

Activité marketing	Dépenses annuelles
Marketing numérique	12,5 millions de dollars
Participation des salons commerciaux	5,6 millions de dollars
Compensation de l'équipe de vente	14,0 millions de dollars

Ranpak Holdings Corp. (Pack) - Modèle d'entreprise: Strots de revenus

Ventes de produits d'emballage sur papier

Pour l'exercice 2023, Ranpak a déclaré des ventes nettes totales de 659,0 millions de dollars. Les ventes de produits d'emballage sur papier représentaient une partie importante de ces revenus.

Catégorie de produits	Revenus (2023)	Pourcentage des ventes totales
Solutions d'amorti en papier	342,5 millions de dollars	52%
Emballage en papier kraft	216,3 millions de dollars	33%

Licence de technologie d'emballage de protection

Les revenus de licence pour les technologies d'emballage propriétaires en 2023 ont généré 47,2 millions de dollars de revenus supplémentaires.

Services de conseil et de support technique

Les services de soutien technique et de conseil ont contribué 33,6 millions de dollars à la source de revenus de Ranpak en 2023.

Contrats de solution d'emballage personnalisés

Des contrats d'emballage spécialisés dans diverses industries ont généré 89,4 millions de dollars en 2023.

Segment de l'industrie	Revenus contractuels	Taux de croissance
Commerce électronique	52,1 millions de dollars	12.5%
Fabrication	37,3 millions de dollars	8.7%

Revenus d'expansion du marché international

Les ventes internationales ont représenté 237,2 millions de dollars en 2023, ce qui représente 36% du total des revenus de l'entreprise.

• Marché européen: 124,5 millions de dollars
• Marché Asie-Pacifique: 68,7 millions de dollars
• Marché latino-américain: 44,0 millions de dollars

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.