pack-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________

FORM 10-Q

_______________________________________________________________


			x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


			o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 001-38348

_______________________________________________________________

RANPAK HOLDINGS CORP.

_______________________________________________________________


Delaware			98-1377160
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

7990 Auburn Road

Concord Township, Ohio 44077

(440) 354-4445

_______________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	PACK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 23, 2026, the registrant had 85,544,875 of its Class A common shares, $0.0001 par value per share, outstanding.

Ranpak Holdings Corp.

Quarterly Report on Form 10-Q

For the Period Ended March 31, 2026

Table of Contents


			Page
Part I – Financial Information			1
Item 1. Condensed Consolidated Financial Statements (Unaudited)			1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			30
Part II – Other Information			30
Item 1. Legal Proceedings			30
Item 1A. Risk Factors			30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30
Item 3. Defaults Upon Senior Securities			30
Item 4. Mine Safety Disclosures			30
Item 5. Other Information			30
Item 6. Exhibits			31
Signatures			32

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Index to Unaudited Condensed Consolidated Financial Statements

Ranpak Holdings Corp.


Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025

Unaudited Condensed Consolidated Balance Sheets – March 31, 2026 and December 31, 2025

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025

Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025

Notes to the Unaudited Condensed Consolidated Financial Statements

Ranpak Holdings Corp.

Unaudited Condensed Consolidated Statements of Operations

and Comprehensive Loss

(in millions, except share and per share data)


	Three Months Ended March 31,
	2026		2025
Net product revenue	$	81.8	$	77.6
Machine lease revenue	19.4		13.6
Net revenue	101.2		91.2
Cost of product sales	59.5		54.8
Cost of leased machines	6.8		5.5
Gross profit	34.9		30.9
Selling, general and administrative expenses	29.2		28.9
Depreciation and amortization expense	9.0		9.0
Other operating expense, net	0.5		1.0
Loss from operations	(3.8)		(8.0)
Interest expense	8.6		8.7
Foreign currency loss (gain)	1.3		(2.6)

Loss before income tax benefit	(13.7)		(14.1)
Income tax benefit	(3.5)		(3.2)
Net loss	$	(10.2)	$	(10.9)

Basic and diluted loss per share	$	(0.12)	$	(0.13)

Weighted average number of shares outstanding – basic and diluted	84,837,453		83,697,897

Other comprehensive loss, before tax
Foreign currency translation adjustments	$	(1.3)	$	(2.6)
Cross-currency swap adjustments	(0.4)		(0.6)
Total other comprehensive loss, before tax	(1.7)		(3.2)
Provision (benefit) for income taxes related to other comprehensive loss	0.6		(2.4)
Total other comprehensive loss, net of tax	(2.3)		(0.8)
Comprehensive loss, net of tax	$	(12.5)	$	(11.7)

______________________________________________________________________

See notes to unaudited condensed consolidated financial statements.

Ranpak Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets

(in millions, except share data)


	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	48.5	$	63.0
Accounts receivable, net	43.6		47.7
Inventories	33.7		30.6
Income tax receivable	4.1		1.9
Prepaid expenses and other current assets	13.8		10.6
Total current assets	143.7		153.8
Property, plant and equipment, net	135.3		138.7
Operating lease right-of-use assets, net	22.7		24.0
Goodwill	454.4		457.2
Intangible assets, net	283.0		291.8
Deferred tax assets	0.4		0.4
Other assets	67.6		59.0
Total assets	$	1,107.1	$	1,124.9
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	35.1	$	36.7
Accrued liabilities and other	24.8		23.9
Current portion of long-term debt	6.6		5.5
Operating lease liabilities, current	3.6		3.9
Deferred revenue	13.1		14.0
Total current liabilities	83.2		84.0
Long-term debt	396.5		396.4
Deferred tax liabilities	49.5		50.7
Derivative instruments	29.0		33.4
Operating lease liabilities, non-current	23.0		24.2
Other liabilities	1.4		1.3
Total liabilities	582.6		590.0
Commitments and contingencies – Note 13
Shareholders’ equity
Class A common stock, $0.0001 par, 200,000,000 shares authorized at March 31, 2026 and December 31, 2025; shares issued and outstanding: 85,529,338 and 84,385,870 at March 31, 2026 and December 31, 2025, respectively	—		—
Additional paid-in capital	724.4		722.3
Accumulated deficit	(193.8)		(183.6)
Accumulated other comprehensive loss	(6.1)		(3.8)
Total shareholders’ equity	524.5		534.9
Total liabilities and shareholders’ equity	$	1,107.1	$	1,124.9

______________________________________________________________________

See notes to unaudited condensed consolidated financial statements.

Ranpak Holdings Corp.

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity

(in millions, except share data)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total
	Class A
	Shares	Amount
Balance at December 31, 2025	84,385,870	$	—	$	722.3	$	(183.6)	$	(3.8)	$	534.9
Stock-based awards vested and distributed	1,133,298	—		(0.7)		—		—		(0.7)
Director shares issued	10,170	—		—		—		—		—
Amortization of restricted stock units	—	—		1.3		—		—		1.3
Provision for common stock warrants	—	—		1.5		—		—		1.5
Net loss	—	—		—		(10.2)		—		(10.2)
Other comprehensive loss	—	—		—		—		(2.3)		(2.3)
Balance at March 31, 2026	85,529,338	$	—	$	724.4	$	(193.8)	$	(6.1)	$	524.5


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total
	Class A
	Shares	Amount
Balance at December 31, 2024	83,267,367	$	—	$	699.6	$	(145.3)	$	(6.2)	$	548.1
Stock-based awards vested and distributed	943,902	—		(1.2)		—		—		(1.2)
Director shares issued	11,060	—		—		—		—		—
Amortization of restricted stock units	—	—		2.1		—		—		2.1
Initial vesting of common stock warrants	—	—		6.0		—