Celsius Holdings, Inc. reported a significant increase in revenue for the first quarter of 2024, with a 37% rise to $355.7 million compared to $259.9 million in the same period of 2023. The growth was largely attributed to the North American market, which saw a 37% increase in revenue. Gross profit for the quarter also saw a substantial increase of 60%, reaching $182.2 million with a gross profit margin of 51%, up from 44% in the previous year. This improvement was due to lower raw and package material costs and reduced outbound freight costs. Selling, general and administrative expenses rose by 44% to $99.0 million, driven by higher marketing investments, storage and distribution costs, employee costs, and other selling expenses. Other income increased to $9.3 million, up from $4.9 million in the prior year...Show More

Celsius Holdings, Inc. reported a significant increase in revenue for the first quarter of 2024, with a 37% rise to $355.7 million compared to $259.9 million in the same period of 2023. The growth was largely attributed to the North American market, which saw a 37% increase in revenue. Gross profit for the quarter also saw a substantial increase of 60%, reaching $182.2 million with a gross profit margin of 51%, up from 44% in the previous year. This improvement was due to lower raw and package material costs and reduced outbound freight costs. Selling, general and administrative expenses rose by 44% to $99.0 million, driven by higher marketing investments, storage and distribution costs, employee costs, and other selling expenses. Other income increased to $9.3 million, up from $4.9 million in the prior year, primarily due to interest income from money market accounts. Celsius Holdings faced legal challenges, including derivative actions and a lawsuit by Strong Arm Productions, resulting in an $82.6 million jury verdict against the company. Celsius is actively negotiating settlements for the derivative actions and appealing the lawsuit verdict, with accrued liabilities at the lower end of the potential outcome range between $2.1 million and $82.6 million plus interest. The company's business development included the introduction of a new CELSIUS® Essentials line and expansion into international markets through partnerships with Pepsi in Canada and Suntory in the UK, Ireland, France, Australia, and New Zealand. Future plans involve leveraging the incentive program with Pepsi to grow the U.S. product portfolio and continuing international market expansion.