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Ranpak Holdings Corp Class A (PACK-15.74%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenue of $368.9 million for 2024, an increase from $336.3 million in 2023. The increase was driven by higher sales in void-fill and wrapping products, offset by a decline in cushioning products.
Cost of sales increased to $229.1 million from $213.0 million in 2023, primarily due to increased sales volume and higher production costs.
Selling, general, and administrative expenses rose to $111.9 million from $91.8 million, largely due to increased stock-based compensation and employee compensation.
The company reported a net loss of $21.5 million for 2024, compared to a net loss of $27.1 million in 2023.
Interest expense increased to $28.6 million from $24.3 million in 2023, attributed to higher interest rates and additional expenses from deferred financing costs.
Ranpak recorded a loss on extinguishment of debt of $4.8 million due to refinancing activities.
The company identified material weaknesses in its internal control over financial reporting related to automation and machine lease revenue processes, accounting for converting machines, income taxes, and manual journal entry processes.
Ranpak's liquidity position includes cash and cash equivalents of $76.1 million as of December 31, 2024, with no amounts outstanding under its $50.0 million revolving credit facility.
The company continues to focus on expanding its environmentally sustainable product portfolio and increasing its market presence in North America and Europe/Asia.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ranpak Holdings Corp Class A annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.