Ranpak Holdings (NYSE: PACK), a small company that provides packaging systems and materials to e-commerce companies and more, is often overlooked. But investors were certainly looking its way today. As of 2:20 p.m. ET, Ranpak stock was up a whopping 51% following the release of its financial results.

Ranpak released financial results for the fourth quarter of 2023 yesterday afternoon. Q4 net revenue was up 14% year over year and up more than Wall Street expected. The company leases its packaging machines, and machine placements were up 1.5%. And higher volume led to higher revenue for its consumable-packaging materials.

Profits also improved for Ranpak. The company had Q4 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of over $24 million, which was its best quarter in 2023. Moreover, its full-year net loss shrank to $27.1 million compared to a net loss of $41.4 million in 2022.

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Source Fool.com