US-based sustainable packaging provider Ranpak has reported net revenue of $105m for the fourth quarter (Q4) of fiscal year 2024 (FY24), an increase of 16% compared to $90.4m in the fourth quarter of 2023.
The company attributed the increase to an increase in void-fill, wrapping, and other sales, partially offset by a decrease in cushioning sales.
For the fourth quarter ended 31 December 2024, the company posted a net loss of $8m compared to a net loss of $9.3m for the prior year’s period.
Its adjusted earnings before interest, taxes, depreciation, and amortisation (AEBITDA) in the latest quarter was $25.3m which is up by 8%, or $1.8m, year over year, and also up 8% on a constant currency basis.
The company’s net revenue increased by 10% in the year to $369m in FY24.
It posted a net loss of $18.7m compared to a net loss of $27.1m for the prior year period.
For the year ended 31 December 2024, the company’s AEBITDA increased by 14% to $83.8m, which is an increase of 14% on a constant currency basis
Ranpak chair and CEO Omar Asali said: “We are pleased to finish 2024 on a really positive note with the fourth quarter delivering double-digit volume and top-line growth.
“Volume growth of 12% and 16% net revenue growth across the organisation was driven by North American e-commerce activity which experienced a strong holiday season overall as well as the impact of plastic to paper shift among strategic accounts.
“The strategic account activity foundation we had been building and discussing for the past couple of years drove strong results in 2024 in a challenging environment and provides Ranpak with an excellent springboard going into 2025.”
