Celsius Holdings Reports Third Quarter 2025 Financial Results
Quarterly revenue of
Celsius Holdings’ retail sales increased
Strategic energy leadership role and broadened distribution partnership within PepsiCo, portfolio expansion, and strengthened leadership team position Celsius Holdings for next phase of growth
Summary of Third Quarter 2025 Financial Results
|
Summary Financials |
3Q 2025 |
3Q 2024 |
Change |
YTD 2025 |
YTD 2024 |
Change |
|
(Millions except for percentages and EPS) |
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|
Revenue |
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|
|
|
|
|
|
N. America |
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|
|
|
|
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International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
(1053)% |
|
|
(49)% |
|
Net Income att. to Common Shareholders |
|
|
(11683)% |
|
|
(58)% |
|
|
|
|
|
|
(60)% |
|
|
Adjusted Diluted EPS* |
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|
|
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Adjusted EBITDA* |
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*The company reports financial results in accordance with generally accepted accounting principles in |
John Fieldly, Chairman and CEO of Celsius Holdings, said: “The third quarter marked another important step in Celsius Holdings’ transformation in a year full of growth catalysts. We strengthened our long-term partnership with PepsiCo and united CELSIUS, Alani Nu, and Rockstar Energy under one total energy portfolio. Combined, our brands grew nearly twice as fast as the
| ____________________ |
1 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
2 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy (CELSIUS, Alani Nu, Rockstar Energy combined) |
FINANCIAL AND MARKET HIGHLIGHTS FOR THE THIRD QUARTER OF 2025
For the three months ended Sept. 30, 2025, revenue totaled approximately
The CELSIUS brand’s third quarter 2025 U.S. scanner growth rate was
International revenue totaled
For the three months ended Sept. 30, 2025, gross profit increased by
Selling, general and administrative expenses for the three months ended Sept. 30, 2025, increased
Diluted earnings per share for the third quarter of 2025 was
Alani Nu Distribution Agreement
PepsiCo has agreed to fund the termination fees associated with moving a significant portion of Alani Nu into the PepsiCo distribution system resulting in a net neutral cash position for the company. While the company’s cash position will not be affected by the termination process, generally accepted accounting principles require the company to record the estimated termination expenses in the income statement, while the payments received from PepsiCo to fund such terminations are required to be recorded on the balance sheet and amortized over the life of the distribution agreement resulting in a timing difference on the income statement.
| ____________________ |
3 Please see “Use of Non-GAAP Measures”. |
Retail Performance
Retail sales of the Celsius Holdings portfolio (CELSIUS, Alani Nu and Rockstar Energy) in
CELSIUS brand retail sales increased
Alani Nu brand retail sales increased
Rockstar Energy brand retail sales decreased
New Leadership Appointments
Celsius Holdings has recently appointed Rishi Daing to the role of Chief Marketing Officer, Garrett Quigley to the role of President - Celsius International, and Ghire Shivprasad to the role of Chief Human Resources Officer. These appointments reflect the company’s continued focus on operational excellence and delivering sustainable, long-term growth.
2025 YEAR-TO-DATE FINANCIAL HIGHLIGHTS
For the nine months ended Sept. 30, 2025, revenue totaled approximately
International revenue totaled
For the nine months ended Sept. 30, 2025, gross profit increased by
Selling, general and administrative expenses for the nine months ended Sept. 30, 2025, increased
Diluted earnings per share for the first nine months of 2025 was
As we transition a large portion of the Alani Nu business into our largest distributor, inventory movements will affect reported results, as the company primarily recognizes revenue upon delivery to its distributor partners and retailers. During this process, former distributors will wind down their inventory and return any remaining products while the new distributor will build Alani Nu inventory in advance of assuming distribution and will likely optimize its warehousing and distribution centers, which may affect sales and inventory levels amongst all of our brands.
| ____________________ |
4 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
5 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
6 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
7 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
8 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
9 Circana Total US MULO+ w/C L13W ended 9/28/25, RTD Energy |
10 Please see “Use of Non-GAAP Measures”. |
Third Quarter 2025 Earnings Webcast
Management will host a webcast today, Thursday, Nov. 6, 2025, at 8:00 a.m. ET to discuss the company’s third quarter 2025 financial results with the investment community. Investors are invited to join the webcast accessible from https://ir.celsiusholdingsinc.com. Downloadable files, an audio replay and transcript will be made available on the Celsius Holdings investor relations website.
About Celsius Holdings, Inc.
Celsius Holdings, Inc. (Nasdaq: CELH) is a functional beverage company and the owner of energy drink brand CELSIUS®, hydration brand CELSIUS HYDRATIONTM, health and wellness brand Alani Nu® and Rockstar Energy®. Born in fitness and pioneering the rapidly growing, better-for-you, functional beverage category, the company creates and markets leading functional beverage products. For more information, please visit www.celsiusholdingsinc.com.
Forward-Looking Statements
This press release contains statements by Celsius Holdings, Inc. (“Celsius Holdings”, “we”, “us”, “our” or the “Company”) that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our prospects, plans, business strategy and expected financial and operational results. You can identify these statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would”, ”could”, ”project”, ”plan”, “potential”, ”designed”, “seek”, “target”, variations of these terms, the negatives of such terms and similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. You should not rely on forward-looking statements because our actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: changes to our commercial agreements with PepsiCo, Inc.; management’s plans and objectives for international expansion and global operations; general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our ability to successfully integrate business that we may acquire, including Alani Nutrition LLC (“Alani Nu”) and Rockstar Energy; our ability to achieve the benefits that we expect to realize as a result of our acquisitions, including Alani Nu and Rockstar Energy; the potential negative impact on our financial condition and results of operations if we fail to achieve the benefits that we expect to realize as a result of our business acquisitions, including Alani Nu and Rockstar Energy; liabilities of the businesses that we acquire that are not known to us; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company’s ability to comply with the rules and regulations of the Securities and Exchange Commission (the “SEC”); and those other risks and uncertainties discussed in the reports we have filed with the SEC, such as our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date the statements were made. We do not undertake any obligation to update forward-looking information, except to the extent required by applicable law.
CELSIUS HOLDINGS, INC. - FINANCIAL TABLES
Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) |
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|
September 30,
|
|
December 31,
|
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ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
805,955 |
|
$ |
890,190 |
|
Restricted cash |
|
126,508 |
|
|
— |
|
Accounts receivable-net[1] |
|
513,682 |
|
|
270,342 |
|
Inventories-net |
|
282,514 |
|
|
131,165 |
|
Prepaid expenses and other current assets [2] |
|
163,395 |
|
|
18,759 |
|
Deferred other costs-current[3] |
|
49,520 |
|
|
14,124 |
|
Total current assets |
|
1,941,574 |
|
|
1,324,580 |
|
|
|
|
|
|||
Property, plant and equipment-net |
|
80,925 |
|
|
55,602 |
|
Deferred tax assets |
|
110,410 |
|
|
38,699 |
|
Other long-term assets |
|
35,809 |
|
|
29,990 |
|
Deferred other costs-non-current[3] |
|
784,214 |
|
|
234,215 |
|
Brands-net |
|
1,280,353 |
|
|
907 |
|
Customer relationships-net |
|
117,466 |
|
|
11,306 |
|
Goodwill |
|
914,957 |
|
|
71,582 |
|
Total Assets |
$ |
5,265,708 |
|
$ |
1,766,881 |
|
|
|
|
|
|||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable[4] |
$ |
97,794 |
|
$ |
41,287 |
|
Accrued expenses[5] |
|
311,768 |
|
|
148,780 |
|
Income taxes payable |
|
49,590 |
|
|
10,834 |
|
Accrued distributor termination fees |
|
252,953 |
|
|
||
Accrued promotional allowance[6] |
|
234,068 |
|
|
135,948 |
|
Contingent consideration |
|
25,000 |
|
|
||
Deferred revenue - current[7] |
|
25,557 |
|
|
9,513 |
|
Other current liabilities |
|
32,258 |
|
|
19,173 |
|
Total current liabilities |
|
1,028,988 |
|
|
365,535 |
|
|
|
|
|
|||
Long-term debt |
|
861,472 |
|
|
— |
|
Deferred revenue-non-current[8] |
|
387,432 |
|
|
157,714 |
|
Other long term liabilities |
|
24,431 |
|
|
19,215 |
|
Total Liabilities |
|
2,302,323 |
|
|
542,464 |
|
|
|
|
|
|||
Commitment and contingencies |
|
|
|
|||
|
|
|
|
|||
Mezzanine Equity: |
|
|
|
|||
Series A convertible preferred stock, |
|
852,355 |
|
|
824,488 |
|
Series B convertible preferred stock, |
|
907,920 |
|
|
— |
|
Stockholders’ Equity: |
|
|
|
|||
Common stock, |
|
101 |
|
|
79 |
|
Additional paid-in capital |
|
1,035,021 |
|
|
297,579 |
|
Accumulated other comprehensive income (loss) |
|
2,508 |
|
|
(3,250 |
) |
Retained earnings |
|
165,480 |
|
|
105,521 |
|
Total Stockholders’ Equity |
|
1,203,110 |
|
|
399,929 |
|
Total Liabilities, Mezzanine Equity and Stockholders’ Equity |
$ |
5,265,708 |
|
$ |
1,766,881 |
|
[1] Includes |
[2] Includes |
[3] Amounts in this line item are associated with a related party for all periods presented. |
[4] Includes |
[5] Includes |
[6] Includes |
[7] Includes |
[8] Includes |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands, except per share amounts) (Unaudited)
|
|||||||||||||||
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenue[1] |
$ |
725,106 |
|
|
$ |
265,748 |
|
|
$ |
1,793,641 |
|
|
$ |
1,023,433 |
|
Cost of revenue[2] |
|
352,827 |
|
|
|
143,519 |
|
|
|
868,138 |
|
|
|
509,899 |
|
Gross profit |
|
372,279 |
|
|
|
122,229 |
|
|
|
925,503 |
|
|
|
513,534 |
|
Selling, general and administrative expenses[3] |
|
205,571 |
|
|
|
125,443 |
|
|
|
563,799 |
|
|
|
339,310 |
|
Distributor Termination |
|
246,707 |
|
|
|
— |
|
|
|
246,707 |
|
|
|
— |
|
(Loss) Income from operations |
|
(79,999 |
) |
|
|
(3,214 |
) |
|
|
114,997 |
|
|
|
174,224 |
|
|
|
|
|
|
|
|
|
||||||||
Other (expense) income: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
4,847 |
|
|
|
11,112 |
|
|
|
16,731 |
|
|
|
31,399 |
|
Interest expense |
|
(18,243 |
) |
|
|
— |
|
|
|
(36,323 |
) |
|
|
— |
|
Other, net[4] |
|
5,364 |
|
|
|
277 |
|
|
|
7,022 |
|
|
|
(356 |
) |
Total other (expense) income |
|
(8,032 |
) |
|
|
11,389 |
|
|
|
(12,570 |
) |
|
|
31,043 |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income before provision for income taxes |
|
(88,031 |
) |
|
|
8,175 |
|
|
|
102,427 |
|
|
|
205,267 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
27,017 |
|
|
|
(1,819 |
) |
|
|
(19,167 |
) |
|
|
(41,317 |
) |
Net (loss) income |
$ |
(61,014 |
) |
|
$ |
6,356 |
|
|
$ |
83,260 |
|
|
$ |
163,950 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends on convertible preferred stock[5] |
|
(9,657 |
) |
|
|
(6,913 |
) |
|
|
(23,289 |
) |
|
|
(20,588 |
) |
Income allocated to participating preferred stock[5] |
|
— |
|
|
|
|
|
(5,272 |
) |
|
|
(12,357 |
) |
||
Net income (loss) attributable to common stockholders |
$ |
(70,671 |
) |
|
$ |
(557 |
) |
|
$ |
54,699 |
|
|
$ |
131,005 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income: |
|
|
|
|
|
|
|
||||||||
Foreign currency translation gain (loss), net of income tax |
|
330 |
|
|
|
2,025 |
|
|
|
5,758 |
|
|
|
363 |
|
Comprehensive (loss) income |
$ |
(70,341 |
) |
|
$ |
1,468 |
|
|
$ |
60,457 |
|
|
$ |
131,368 |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) earnings per share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.27 |
) |
|
$ |
— |
|
|
$ |
0.22 |
|
|
$ |
0.56 |
|
Diluted |
$ |
(0.27 |
) |
|
$ |
— |
|
|
$ |
0.22 |
|
|
$ |
0.55 |
|
*Please refer to Note 3 in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025, for Earnings per Share reconciliations. |
|
[1] Includes |
[2] Includes |
[3] Includes |
[4] Includes |
[5] Amounts in this line item are associated with a related party for all periods presented. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
|||||||||||||||
Reconciliation of GAAP net income to non-GAAP adjusted EBITDA and Adjusted EBITDA Margin
|
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net income (GAAP measure) |
$ |
(61,014 |
) |
|
$ |
6,356 |
|
|
$ |
83,260 |
|
|
$ |
163,950 |
|
Add back/(Deduct): |
|
|
|
|
|
|
|
||||||||
Net interest (expense) income |
|
13,396 |
|
|
|
(11,112 |
) |
|
|
19,592 |
|
|
|
(31,399 |
) |
Provision for income taxes |
|
(27,017 |
) |
|
|
1,819 |
|
|
|
19,167 |
|
|
|
41,317 |
|
Depreciation and amortization expense |
|
8,786 |
|
|
|
2,241 |
|
|
|
20,516 |
|
|
|
4,888 |
|
Non-GAAP EBITDA |
|
(65,849 |
) |
|
|
(696 |
) |
|
|
142,535 |
|
|
|
178,756 |
|
Stock-based compensation1 |
|
7,384 |
|
|
|
5,377 |
|
|
|
18,847 |
|
|
|
13,685 |
|
Foreign exchange |
|
1,258 |
|
|
|
(277 |
) |
|
|
(462 |
) |
|
|
356 |
|
Reorganization Costs2 |
|
— |
|
|
|
— |
|
|
|
482 |
|
|
|
— |
|
Acquisition and Integration Costs3 |
|
15,322 |
|
|
|
— |
|
|
|
54,289 |
|
|
|
— |
|
Penalties4 |
|
— |
|
|
|
— |
|
|
|
710 |
|
|
|
— |
|
Inventory step-up adjustment5 |
|
756 |
|
|
|
— |
|
|
|
22,448 |
|
|
|
— |
|
Distributor Termination6 |
|
246,707 |
|
|
|
— |
|
|
|
246,707 |
|
|
|
— |
|
Non-GAAP Adjusted EBITDA |
$ |
205,578 |
|
|
$ |
4,404 |
|
|
$ |
485,556 |
|
|
$ |
192,797 |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP Adjusted EBITDA Margin |
|
28.4 |
% |
|
|
1.7 |
% |
|
|
27.1 |
% |
|
|
18.8 |
% |
Reconciliation of GAAP diluted Earnings per share to non-GAAP Adjusted diluted Earnings per share
|
|||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
Diluted earnings per share (GAAP measure) |
$ |
(0.27 |
) |
|
$ |
(0.00 |
) |
|
$ |
0.22 |
|
$ |
0.55 |
Add back/(Deduct)7: |
|
|
|
|
|
|
|
||||||
Acquisition and Integration Costs3 |
|
0.04 |
|
|
|
— |
|
|
|
0.15 |
|
|
— |
Distributor Termination6 |
|
0.65 |
|
|
|
— |
|
|
|
0.67 |
|
|
— |
Inventory step-up adjustment5 |
|
— |
|
|
|
— |
|
|
|
0.06 |
|
|
— |
Non-GAAP adjusted diluted earnings per share |
$ |
0.42 |
|
|
$ |
— |
|
|
$ |
1.10 |
|
$ |
0.55 |
____________________ |
1 Selling, general and administrative expenses related to employee non-cash stock-based compensation expense. Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees and directors. The Company believes that the exclusion provides a more accurate comparison of operating results and is useful to investors to understand the impact that stock-based compensation expense has on its operating results. |
2 Impairment charges for the Fast brand in the EMEA region. |
3 Fees and professional services related to acquisition activity. |
4 Accrued expense in the quarter ended March 31, 2025, related to contractual co-packer obligations. |
5 Non-cash inventory valuation step-up from the Alani Nu and Rockstar acquisition which was recognized as an adjustment to the cost of revenue in the quarter ended June 30, 2025, and September 30, 2025. |
6 Distributor termination expense accrued in the quarter ended September 30, 2025. |
7 Add backs and deductions are net of their respective impacts from tax and reallocation of earnings to participating securities. The total tax effect of the adjusted items for the quarter ended September 30, 2025 was |
Reconciliation of GAAP SG&A as a % of Revenue to non-GAAP Adjusted SG&A as a % of Revenue
|
|||||||||
|
Three months ended
|
|
Nine months ended
|
||||||
|
|
2025 |
|
|
|
|
2025 |
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses |
$ |
205,571 |
|
|
|
$ |
563,799 |
|
|
Percentage of Revenue |
|
28.4 |
% |
|
|
|
31.4 |
% |
|
(Deduct): |
|
|
|
|
|
||||
Acquisition and Integration Costs3 |
|
(15,322 |
) |
|
|
|
(54,289 |
) |
|
Non-GAAP Adjusted SG&A |
$ |
190,249 |
|
|
|
$ |
509,510 |
|
|
Percentage of Revenue |
|
26.2 |
% |
|
|
|
28.4 |
% |
|
| 3 Fees and professional services related to acquisition activity |
USE OF NON-GAAP MEASURES
Celsius defines Adjusted EBITDA as net income before net interest (expense) income, income tax expense (benefit), and depreciation and amortization expense, further adjusted by excluding stock-based compensation expense, foreign exchange gains or losses, distributor termination fees, legal settlement costs, reorganization costs, acquisition costs, penalties, and inventory step-up adjustment. Adjusted EBITDA Margin is the ratio between the company’s Adjusted EBITDA and net revenue, expressed as a percentage. Adjusted diluted earnings per share is GAAP diluted earnings per share net of add backs and deductions for distributor termination, legal settlement costs, reorganization costs, acquisitions and integration costs, penalties, and inventory step-up adjustment. Adjusted SG&A is GAAP SG&A adjusted for acquisition costs. SG&A as a % of revenue is the ratio between Adjusted SG&A and net revenue. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue are non-GAAP financial measures.
Celsius uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue for operational and financial decision-making and believes these measures are useful in evaluating its performance because they eliminate certain items that management does not consider indicators of Celsius’ operating performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue may also be used by many of Celsius’ investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. Celsius believes that the presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue, provides useful information to investors by allowing an understanding of measures that it uses internally for operational decision-making, budgeting and assessing operating performance.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share, Adjusted SG&A, and Adjusted SG&A as a percentage of revenue are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of Celsius’ results as reported under GAAP. Celsius strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
Because non-GAAP financial measures are not standardized, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted diluted earnings per share. Adjusted SG&A, and Adjusted SG&A as percentage of revenue as defined by Celsius, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare Celsius’ use of these non-GAAP financial measures with those used by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251106158022/en/
Paul Wiseman
Investors: investorrelations@celsius.com
Press: press@celsius.com
Source: Celsius Holdings, Inc.
