Strategic Investments	12 Months Ended
Strategic Investments	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Strategic Investments	Strategic Investments As part of our strategy, we continuously evaluate opportunities for strategic investments that align with our mission. We hold investments in Pickle Robot Co. (“Pickle”) and Creapaper GmbH (“Creapaper”). Pickle is a robotics-solutions company which has developed robots for sorting, loading and unloading packaged goods. Creapaper uses a patented process to produce grass fiber, a raw material required for producing their grasspaper packaging products. We account for our investment in Pickle under the ASC Topic 321, Investments - Equity Securities, measurement alternative for equity securities without readily determinable fair values, as there are no quoted market prices for this investment. The investment is measured at cost and adjusted to fair value when there is an observable price change, and is assessed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. We account for our investment in Creapaper under ASC Topic 323, Investments - Equity Method and Joint Ventures, using the equity method and adjust the carrying value of our investment by our proportionate ownership of Creapaper’s earnings or losses. Our strategic investments are included in Other assets on the Consolidated Balance Sheets. In 2025, we invested an additional $2.5 million in cash in exchange for preferred shares in Pickle. The additional cash investment was considered an observable price change that required remeasurement of the carrying value of our investment which resulted in a $5.8 million unrealized gain and is included within other non-operating income, net in our Consolidated Statements of Operations and Comprehensive Loss. As of December 31, 2025, the carrying value of our investment in Pickle was $22.1 million, inclusive of a cumulative net upward adjustments of $9.3 million. As of December 31, 2024, the carrying value of our investment in Pickle was $13.8 million. As of December 31, 2025 and 2024, the carrying value of our investment in Creapaper was $4.8 million and $4.5 million, respectively.

Ranpak Holdings Corp. 10-K