Ranpak, a provider of eco-friendly packing materials and solutions, has announced a 5.5% increase in net revenue for the second quarter (Q2) of financial year 2024 (FY24), reaching $86.4m compared with the $81.9m reported in Q2 FY23.
Ranpak attributed the increase in net revenue to a rise in void-fill products, although this was partially offset by a decrease in cushioning and other net revenues.
Despite this revenue growth, the company experienced a loss from operation of $5.2m in Q2 FY24, against an income from operation of $4.4m in Q2 FY23.
The company’s net income for the quarter stood at $5.5m, improving from a net loss of $2.1m in the same period last year.
Its gross profit for the quarter also saw a slight increase to $31.7m, up 5% from $30.2m in the prior year’s quarter.
Ranpak chair and CEO Omar Asali said: “We are pleased to build on our momentum to start the year and deliver a solid performance in the second quarter that included growth in volumes, sales, adjusted EBITDA [earnings before interest, taxes, depreciation, and amortisation] and an increase in our cash position.
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By GlobalData“We were pleased to execute on our strategic account activity plan in the second quarter and see the beginnings of large e-commerce players in North America making the plastic to paper shift while publicly citing the benefits of paper versus air pillows.
Geographically, net revenue in North America for Q2 FY24 totalled $37.7m, up from $32.2m in the same period the previous year.
However, net revenue in Europe/Asia saw a slight decrease to $48.7m in Q2 FY24 from $49.7m in Q2 FY23.
In the year to date, Ranpak’s net revenue climbed 5.3% to $171.7m, compared to $163.1m in the same period last year.
The company’s loss from operation for the first half (H1) of FY24 widened to $10.0m from a loss of $4.5m in H1 FY23.
In April this year, Ranpak introduced two of its eco-friendly packaging solutions in North America, reinforcing its commitment to sustainability.
