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- **Walmart Deal Milestone**: $700 million 10-year partnership with $300 million in automation spend and $400 million in PPS products.\n- **Automation Surge**: 56% YoY growth in automation revenue, on track for $40-45 million in 2025.\n- **North America Dominance**: 10.9% YoY PPS growth, driven by e-commerce giants and new cushioning products.\n- **Financial Strength**: Q3 EBITDA up 3.5% YoY to $44.5 million, with gross margin improving to 34.5%.\n- **Long-Term Vision**: $800 million revenue target in 5 years (15% from automation) and >25% EBITDA margin.\n

**【CEO Opening Remarks】**
- Announced a strategic partnership with Walmart, potentially worth $700 million over 10 years, including $300 million in automation spend and $400 million in PPS products.\n- Secured a multiyear deal with Medline for warehouse automation solutions, expanding into 14 distribution centers.\n- Highlighted automation revenue growth of 56% YoY and full-year guidance of $40-45 million.\n- North America PPS revenue grew 10.9% YoY, driven by large e-commerce accounts and new product launches.\n- Europe and APAC faced headwinds due to destocking and macroeconomic challenges, but margin initiatives began to show results.\n
**【CFO Financial Commentary】**
- Q3 net revenue increased 4.4% YoY to $216 million, with automation revenue up 140% YoY.\n- Adjusted EBITDA rose 3.5% YoY to $44.5 million, excluding $0.8 million in non-cash warrant expenses.\n- Gross margin improved to 34.5% from 31.3% in Q2, driven by pricing and cost control.\n- Cash balance of $49.9 million, with expectations to end the year with $65-70 million in cash.\n- CapEx for the quarter was $7.8 million, primarily for PPS converters.\n
**【Q&A Highlights】**
- **Walmart Ramp-Up**: Initial contributions in Q3 will accelerate in Q4 and beyond, with potential to become a top customer within 2-3 years.\n- **Automation Growth**: Expect 50%+ YoY growth in automation revenue, driven by backlog and new enterprise deals.\n- **Long-Term Targets**: CEO set a 5-year goal of $800 million in revenue (15% from automation) and >25% EBITDA margin.\n- **Cash Flow**: CFO expects $15-20 million in free cash flow in 2026, with CapEx of $35 million.\n- **Regional Outlook**: North America to lead growth, while Europe and APAC stabilize with new product introductions.\n

Ranpak Holdings Corp. (PACK) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

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Cost of Financing Services

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Operating Expenses

Selling, General and Administrative Expenses

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PACK

PACK fundamentals

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