[Form 4] Celsius Holdings, Inc. Insider Trading Activity

Q: How much did Camping World Holdings (CWH) earn per share in Q2 2025?

Diluted EPS was $0.48 , up from $0.22 in Q2 2024.

Q: What drove revenue growth for CWH in the June-quarter 2025?

Growth came from new vehicles (+8%), used vehicles (+19%), finance & insurance (+12%) and modest gains in Good Sam services.

Q: Why did CWH’s operating cash flow turn negative in 2025?

The company invested heavily in inventory (+$239 m) and saw higher receivables, flipping OCF to –$44.6 m YTD.

Q: What is CWH’s current dividend policy?

CWH paid a quarterly cash dividend of $0.125 per Class A share in both Q1 and Q2 2025.

Q: How did the balance sheet change since December 2024?

Cash fell to $118 m , inventories rose to $2.06 bn , and floor-plan notes increased to $1.28 bn ; long-term debt remained near $1.48 bn.

Q: Did CWH adjust any prior financial statements?

Yes, it recorded an immaterial revision to deferred tax assets, boosting APIC by $33.4 m and equity by $43.8 m.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Camping World Holdings (CWH) Q2 2025 10-Q key takeaways

Revenue rose 9.4% YoY to $1.98 bn; six-month sales up 6.9% to $3.39 bn.
Profitability improved: gross profit +8% to $592 m; operating income +37% to $130 m. Operating margin expanded 130 bp to 6.6%.
Net income attributable to CWH advanced to $30.2 m (EPS $0.48) from $9.8 m (EPS $0.22). Six-month EPS turned positive at $0.29 vs. –$0.28.
Segment drivers: New-vehicle revenue +8.0%, Used-vehicle +19.0%, F&I +12.4%. Good Sam Services grew 3.2%.
Expense trends: SG&A up 4.2% to $437 m; combined interest expense fell 19% to $51.8 m, supporting bottom-line growth.
Balance sheet: cash declined to $118 m (–43% YTD) as inventories expanded $239 m and floor-plan notes rose $118 m. Long-term debt steady at $1.48 bn; total leverage 4.7 × equity.
Cash flow pressure: YTD operating cash outflow of $44.6 m (vs. +$84.3 m LY) driven by working-capital build; investing cash outflow $180 m for capex & acquisitions.
Shareholder returns: quarterly dividend maintained at $0.125/sh (paid $15.7 m YTD); no share repurchases apart from tax-withholding on RSUs.
Other items: immaterial tax-asset restatement increased deferred tax asset by $43.8 m and APIC by $33.4 m.

Overall, stronger sales and cost control lifted earnings, but negative operating cash flow and higher inventory/floor-plan debt warrant monitoring.

Principali risultati di Camping World Holdings (CWH) nel 10-Q del secondo trimestre 2025

Ricavi aumentati del 9,4% su base annua, raggiungendo 1,98 miliardi di dollari; vendite semestrali in crescita del 6,9% a 3,39 miliardi di dollari.
Miglioramento della redditività: utile lordo in crescita dell'8% a 592 milioni di dollari; reddito operativo aumentato del 37% a 130 milioni di dollari. Margine operativo ampliato di 130 punti base al 6,6%.
Utile netto attribuibile a CWH salito a 30,2 milioni di dollari (EPS 0,48$) da 9,8 milioni (EPS 0,22$). L'EPS semestrale è diventato positivo a 0,29$ rispetto a –0,28$.
Fattori di crescita per segmento: ricavi da veicoli nuovi +8,0%, usati +19,0%, finanziamenti e assicurazioni +12,4%. Good Sam Services è cresciuto del 3,2%.
Tendenze delle spese: spese SG&A aumentate del 4,2% a 437 milioni di dollari; oneri finanziari complessivi diminuiti del 19% a 51,8 milioni, a supporto della crescita dell’utile netto.
Situazione patrimoniale: liquidità scesa a 118 milioni di dollari (–43% da inizio anno) a causa dell’aumento delle scorte di 239 milioni e delle note di finanziamento del magazzino cresciute di 118 milioni. Debito a lungo termine stabile a 1,48 miliardi; leva finanziaria totale pari a 4,7 volte il patrimonio netto.
Pressione sui flussi di cassa: flusso di cassa operativo da inizio anno negativo per 44,6 milioni (rispetto a +84,3 milioni nello scorso anno), causato dall’aumento del capitale circolante; flusso di cassa da investimenti negativo per 180 milioni destinati a capex e acquisizioni.
Ritorni agli azionisti: dividendo trimestrale confermato a 0,125$ per azione (pagati 15,7 milioni da inizio anno); nessun riacquisto di azioni, eccetto per la ritenuta fiscale sulle RSU.
Altri elementi: rettifica non significativa di un credito d’imposta che ha incrementato l’attivo per imposte differite di 43,8 milioni e l’APIC di 33,4 milioni.

In generale, vendite più forti e controllo dei costi hanno migliorato gli utili, ma il flusso di cassa operativo negativo e l’aumento di scorte e debito di magazzino richiedono attenzione.

Points clés du 10-Q du deuxième trimestre 2025 de Camping World Holdings (CWH)

Chiffre d'affaires en hausse de 9,4 % en glissement annuel à 1,98 milliard de dollars ; ventes semestrielles en progression de 6,9 % à 3,39 milliards.
Amélioration de la rentabilité : marge brute +8 % à 592 millions ; résultat opérationnel +37 % à 130 millions. La marge opérationnelle s'est élargie de 130 points de base à 6,6 %.
Résultat net attribuable à CWH passé à 30,2 millions de dollars (BPA 0,48 $) contre 9,8 millions (BPA 0,22 $). Le BPA semestriel est devenu positif à 0,29 $ contre –0,28 $.
Moteurs par segment : revenus véhicules neufs +8,0 %, véhicules d'occasion +19,0 %, financement et assurance +12,4 %. Good Sam Services a progressé de 3,2 %.
Tendances des dépenses : SG&A en hausse de 4,2 % à 437 millions ; charges d’intérêts combinées en baisse de 19 % à 51,8 millions, soutenant la croissance du résultat net.
Bilan : trésorerie en baisse à 118 millions (–43 % depuis le début de l'année) en raison de l'augmentation des stocks de 239 millions et des notes de financement de stock de 118 millions. Dette à long terme stable à 1,48 milliard ; effet de levier total de 4,7 × capitaux propres.
Pression sur les flux de trésorerie : flux de trésorerie opérationnel cumulé négatif de 44,6 millions (contre +84,3 millions l'an dernier) dû à l’accroissement du fonds de roulement ; flux de trésorerie d’investissement négatif de 180 millions pour capex et acquisitions.
Rendements aux actionnaires : dividende trimestriel maintenu à 0,125 $ par action (15,7 millions versés depuis le début de l'année) ; aucun rachat d’actions hormis la retenue fiscale sur RSU.
Autres éléments : retraitement mineur d’actif fiscal ayant augmenté l’actif d’impôt différé de 43,8 millions et l’APIC de 33,4 millions.

Globalement, des ventes plus solides et un contrôle des coûts ont soutenu les bénéfices, mais un flux de trésorerie opérationnel négatif ainsi qu’une hausse des stocks et de la dette de financement méritent une surveillance.

Positive

Revenue up 9.4% YoY, with broad-based growth in new, used, F&I and service lines.
Operating income +37% and EPS more than doubled to $0.48, showing operating leverage.
Interest expense down 19%, improving coverage to ~2.5×.
Dividend maintained at $0.125 per share, signalling confidence.
Deferred tax restatement increased equity by $43.8 m without cash impact.

Negative

Operating cash flow –$44.6 m YTD versus +$84.3 m prior year, driven by inventory build.
Inventory ballooned to $2.06 bn, requiring higher floor-plan debt (+10%).
Cash balance fell 43% to $118 m, tightening liquidity.
Total liabilities up 6.8% to $4.68 bn, leverage remains high at ~9× EBITDA (implied).
Immaterial but recurring restatements highlight prior tax-accounting weaknesses.

Insights

TL;DR – Solid top-line and EPS beat, but cash burn and inventory build temper enthusiasm.

Revenue growth across all major lines—especially used RVs (+19%) and F&I (+12%)—drove a 37% jump in operating income. Margin expansion came despite heavier SG&A, helped by lower floor-plan and senior debt interest. EPS of $0.48 nearly doubles prior-year quarter and supports the steady $0.125 dividend (6% yield at recent prices).

However, working-capital swings turned $85 m positive OCF last year into a $45 m outflow, cutting cash by $90 m YTD while inventory sits at $2.06 bn. Floor-plan borrowings climbed 10% to fund this build, lifting total current liabilities 21%. Long-term leverage is unchanged but net debt is higher.

Net: results are incrementally positive for sentiment, yet sustainability hinges on converting inventory to cash during the seasonally stronger second half.

TL;DR – Leverage stable but liquidity weakening; inventory risk increasing.

Debt metrics remain steady—long-term debt at $1.48 bn and no revolver balance—yet cash dropped 43% to $118 m. Floor-plan notes rose to $1.28 bn, pushing current ratio to 1.26×. YTD FCF is deeply negative (≈$225 m after capex and acquisitions), funded largely via floor-plan and asset sales.

Interest coverage improved to 2.5× (EBIT/interest) on stronger EBIT and lower rates, offering bondholders a modest cushion. The company’s quarterly dividend and ongoing M&A may strain liquidity if demand softens, especially with elevated inventories and macro headwinds cited in the risk section.

I assign a neutral outlook: credit profile is not deteriorating sharply, but tighter cash and higher working-capital needs reduce flexibility.

Principali risultati di Camping World Holdings (CWH) nel 10-Q del secondo trimestre 2025

Ricavi aumentati del 9,4% su base annua, raggiungendo 1,98 miliardi di dollari; vendite semestrali in crescita del 6,9% a 3,39 miliardi di dollari.
Miglioramento della redditività: utile lordo in crescita dell'8% a 592 milioni di dollari; reddito operativo aumentato del 37% a 130 milioni di dollari. Margine operativo ampliato di 130 punti base al 6,6%.
Utile netto attribuibile a CWH salito a 30,2 milioni di dollari (EPS 0,48$) da 9,8 milioni (EPS 0,22$). L'EPS semestrale è diventato positivo a 0,29$ rispetto a –0,28$.
Fattori di crescita per segmento: ricavi da veicoli nuovi +8,0%, usati +19,0%, finanziamenti e assicurazioni +12,4%. Good Sam Services è cresciuto del 3,2%.
Tendenze delle spese: spese SG&A aumentate del 4,2% a 437 milioni di dollari; oneri finanziari complessivi diminuiti del 19% a 51,8 milioni, a supporto della crescita dell’utile netto.
Situazione patrimoniale: liquidità scesa a 118 milioni di dollari (–43% da inizio anno) a causa dell’aumento delle scorte di 239 milioni e delle note di finanziamento del magazzino cresciute di 118 milioni. Debito a lungo termine stabile a 1,48 miliardi; leva finanziaria totale pari a 4,7 volte il patrimonio netto.
Pressione sui flussi di cassa: flusso di cassa operativo da inizio anno negativo per 44,6 milioni (rispetto a +84,3 milioni nello scorso anno), causato dall’aumento del capitale circolante; flusso di cassa da investimenti negativo per 180 milioni destinati a capex e acquisizioni.
Ritorni agli azionisti: dividendo trimestrale confermato a 0,125$ per azione (pagati 15,7 milioni da inizio anno); nessun riacquisto di azioni, eccetto per la ritenuta fiscale sulle RSU.
Altri elementi: rettifica non significativa di un credito d’imposta che ha incrementato l’attivo per imposte differite di 43,8 milioni e l’APIC di 33,4 milioni.

In generale, vendite più forti e controllo dei costi hanno migliorato gli utili, ma il flusso di cassa operativo negativo e l’aumento di scorte e debito di magazzino richiedono attenzione.

Points clés du 10-Q du deuxième trimestre 2025 de Camping World Holdings (CWH)

Chiffre d'affaires en hausse de 9,4 % en glissement annuel à 1,98 milliard de dollars ; ventes semestrielles en progression de 6,9 % à 3,39 milliards.
Amélioration de la rentabilité : marge brute +8 % à 592 millions ; résultat opérationnel +37 % à 130 millions. La marge opérationnelle s'est élargie de 130 points de base à 6,6 %.
Résultat net attribuable à CWH passé à 30,2 millions de dollars (BPA 0,48 $) contre 9,8 millions (BPA 0,22 $). Le BPA semestriel est devenu positif à 0,29 $ contre –0,28 $.
Moteurs par segment : revenus véhicules neufs +8,0 %, véhicules d'occasion +19,0 %, financement et assurance +12,4 %. Good Sam Services a progressé de 3,2 %.
Tendances des dépenses : SG&A en hausse de 4,2 % à 437 millions ; charges d’intérêts combinées en baisse de 19 % à 51,8 millions, soutenant la croissance du résultat net.
Bilan : trésorerie en baisse à 118 millions (–43 % depuis le début de l'année) en raison de l'augmentation des stocks de 239 millions et des notes de financement de stock de 118 millions. Dette à long terme stable à 1,48 milliard ; effet de levier total de 4,7 × capitaux propres.
Pression sur les flux de trésorerie : flux de trésorerie opérationnel cumulé négatif de 44,6 millions (contre +84,3 millions l'an dernier) dû à l’accroissement du fonds de roulement ; flux de trésorerie d’investissement négatif de 180 millions pour capex et acquisitions.
Rendements aux actionnaires : dividende trimestriel maintenu à 0,125 $ par action (15,7 millions versés depuis le début de l'année) ; aucun rachat d’actions hormis la retenue fiscale sur RSU.
Autres éléments : retraitement mineur d’actif fiscal ayant augmenté l’actif d’impôt différé de 43,8 millions et l’APIC de 33,4 millions.

07/30/2025 - 04:10 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Milmoe William H.

(Last)

(First)

(Middle)

190 S.E. 5TH AVENUE, SUITE 200

(Street)

DELRAY BEACH

33483

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Celsius Holdings, Inc. [ CELH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/28/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		300,000	D	$40.1588	2,400,000	I	See Footnote⁽¹⁾
Common Stock	07/29/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		300,000	D	$40.1588	2,100,000	I	See Footnote⁽¹⁾
Common Stock	07/30/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		300,000	D	$40.1588	1,800,000	I	See Footnote⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	07/28/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			300,000	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	300,000	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	07/29/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			300,000	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	300,000	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	07/30/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			300,000	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	300,000	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾

Explanation of Responses:

1. The Reporting Person is one of the two personal representatives of the Estate of Carl DeSantis, which holds a one hundred percent (100%) beneficial ownership interest in GRAT 1, LLC ("GRAT 1"). Accordingly, the Reporting Person has shared voting and dispositive control over the shares held by GRAT 1, LLC..

2. On July 28, 2025, July 29, 2025, and July 30, 2025 GRAT 1 settled three tranches of a prepaid variable forward sale transaction (the "VPF") entered into on August 1, 2022 with an unaffiliated third-party buyer. For these three tranches of the VPF, GRAT 1 elected full physical settlement.

3. In full physical settlement of each of these three tranches of the VPF, the contract for the VPF obligated (i) GRAT 1 to deliver to the buyer 300,000 shares (adjusted for stock splits) of CELH common stock T+1 (the "Share Number") following the maturity of these tranches (occurring on July 25, 2025, July 28, 2025, and July 29, 2025), and (ii) the buyer to pay GRAT 1 an amount in cash equal to: (a) if the volume-weighted average price of CELH common stock on the maturity date for the tranche (each, a "Settlement Price") was greater than $30.1191 (the "Floor Price"), but less than or equal to $40.1588 (the "Cap Price"), the product of (x) the Share Number and (y) the excess of Settlement Price over the Floor Price; and (b) if Settlement Price was greater than the Cap Price, the product of (x) the Share Number and (y) $10.0397.

4. On each of July 25, 2025, July 28, 2025, and July 29, 2025, the Settlement Price was greater than the Cap Price. Accordingly, GRAT 1 transferred to the buyer a number of CELH shares and the buyer paid GRAT 1 amounts in cash determined pursuant to the formula above.

	/s/ William H. Milmoe	07/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How much did Camping World Holdings (CWH) earn per share in Q2 2025?

Diluted EPS was $0.48, up from $0.22 in Q2 2024.

What drove revenue growth for CWH in the June-quarter 2025?

Growth came from new vehicles (+8%), used vehicles (+19%), finance & insurance (+12%) and modest gains in Good Sam services.

Why did CWH’s operating cash flow turn negative in 2025?

The company invested heavily in inventory (+$239 m) and saw higher receivables, flipping OCF to –$44.6 m YTD.

What is CWH’s current dividend policy?

CWH paid a quarterly cash dividend of $0.125 per Class A share in both Q1 and Q2 2025.

How did the balance sheet change since December 2024?

Cash fell to $118 m, inventories rose to $2.06 bn, and floor-plan notes increased to $1.28 bn; long-term debt remained near $1.48 bn.

Did CWH adjust any prior financial statements?

Yes, it recorded an immaterial revision to deferred tax assets, boosting APIC by $33.4 m and equity by $43.8 m.

[Form 4] Celsius Holdings, Inc. Insider Trading Activity

Insights

FAQ

How much did Camping World Holdings (CWH) earn per share in Q2 2025?

What drove revenue growth for CWH in the June-quarter 2025?

Why did CWH’s operating cash flow turn negative in 2025?

What is CWH’s current dividend policy?

How did the balance sheet change since December 2024?

Did CWH adjust any prior financial statements?

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[Form 4] Celsius Holdings, Inc. Insider Trading Activity

Insights

Equity Research Analyst positive

Credit Analyst neutral

FAQ

How much did Camping World Holdings (CWH) earn per share in Q2 2025?

What drove revenue growth for CWH in the June-quarter 2025?

Why did CWH’s operating cash flow turn negative in 2025?

What is CWH’s current dividend policy?

How did the balance sheet change since December 2024?

Did CWH adjust any prior financial statements?

NASDAQ:CELH

CELH Rankings

CELH Latest News

CELH Latest SEC Filings

CELH Stock Data