Summary by Futu AI
Celsius Holdings reported Q3 2024 revenue of $265.7 million, down 31% from $384.8 million in Q3 2023, primarily due to inventory optimization by its largest distributor PepsiCo. Gross profit decreased 37% to $122.2 million, with margins declining to 46% from 50% year-over-year, impacted by promotional allowances and incentives.Selling, general and administrative expenses rose 30% to $125.4 million, driven by a $17.5 million increase in marketing investments and $9.3 million higher employee costs. The company posted a net loss attributable to common stockholders of $0.6 million compared to net income of $70.4 million in Q3 2023. Cash and equivalents stood at $903.7 million as of September 30, 2024.The company continued international expansion through new distribution partnerships, including Pepsi in Canada and Suntory Group in multiple European markets. On November 1, 2024, Celsius acquired co-packer Big Beverages for $75 million to strengthen its manufacturing capabilities. European revenues grew 47% to $16.2 million, partially offsetting the North American decline.
