Ranpak Q1 loss narrows to US$10.2M as automated packaging revenue more than doubles

GLOBAL – Ranpak has reported a net loss of US$10.2 million in Q1 2026, narrowing from US$10.9 million a year earlier, as net revenue rose 11% to US$101.2 million, driven by automation revenue more than doubling to US$13.4 million.

Adjusted EBITDA came in at US$18.9 million for the quarter, up US$1.6 million, a year-on-year increase of 9.2%. 

Higher revenue from automation, void-fill, and cushioning offset a decline in wrapping, which edged down 1.1% to US$9.3 million. Cushioning revenue increased 4% to US$36.6 million and void-fill rose 4% to US$41.9 million. 

Protective packaging solutions machine placements reached 144,100 at March 31, 2026, up 0.2% from a year earlier.

Automation as the Growth Engine

The 112.7% surge in automation revenue stands out as the quarter’s most significant trend.

Automated packaging systems, machines that produce right-sized void-fill, cushioning, or wrapping on demand, reduce labour costs, material waste, and shipping expenses for e-commerce and industrial customers. 

As labour shortages persist and dimensional weight pricing penalises underfilled boxes, demand for automation has accelerated. 

Ranpak’s deepening relationships with Amazon and Walmart, cited by chairman and CEO Omar Asali, suggest that large-scale e-commerce operators are driving this growth.

Regional Dynamics

PPS volumes increased 0.8% year-on-year, with growth in the EMEA region. 

North America faced a difficult comparison because Q1 sales last year had risen 33.5%. Large enterprise e-commerce activity in North America remained strong while the distribution channel was below the level recorded a year earlier. 

The company noted that consolidated PPS volume growth was achieved in ten of the past 11 quarters.

Leadership Perspective

Omar Asali, chairman and CEO of Ranpak, explained that he is pleased with how the company started the year and how effectively it is navigating a dynamic environment. 

He noted that while global conflicts create additional uncertainty in the near term, the company believes it is structurally well-positioned. 

He added that Ranpak’s automated solutions deliver meaningful efficiencies and cost savings, which have become even more critical in recent months.

When Automation Becomes the Engine

A net loss of US$10.2 million is still a loss. But the 112.7% jump in automation revenue signals where Ranpak’s future lies. 

As e-commerce giants automate their packaging lines, the companies that supply the machines grow faster than the companies that supply only the material. Ranpak’s loss narrowed; its automation pipeline widened.

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