Celsius Holdings, Inc. has reported a significant decrease in revenue for the third quarter of 2024, with a 31% drop to $265.7 million from $384.8 million in the same period last year. The decline was largely attributed to a $123.9 million reduction in sales from its largest distributor due to inventory optimization. Despite this, European revenues increased by 47% to $16.2 million, driven by successful product launches. Gross profit also saw a decrease of 37% to $122.2 million, with a gross profit margin drop from 50% to 46%. Selling, general and administrative expenses rose by 30% to $125.4 million, primarily due to increased marketing investments and employee costs. Net loss attributable to common stockholders was $0.6 million, a stark contrast to the $70.4 million net income in the previous year. The company has faced legal...Show More

Celsius Holdings, Inc. has reported a significant decrease in revenue for the third quarter of 2024, with a 31% drop to $265.7 million from $384.8 million in the same period last year. The decline was largely attributed to a $123.9 million reduction in sales from its largest distributor due to inventory optimization. Despite this, European revenues increased by 47% to $16.2 million, driven by successful product launches. Gross profit also saw a decrease of 37% to $122.2 million, with a gross profit margin drop from 50% to 46%. Selling, general and administrative expenses rose by 30% to $125.4 million, primarily due to increased marketing investments and employee costs. Net loss attributable to common stockholders was $0.6 million, a stark contrast to the $70.4 million net income in the previous year. The company has faced legal challenges, including a jury verdict against it for $82.6 million in compensatory damages, which it is currently appealing. Celsius has also completed the acquisition of Big Beverages Contract Manufacturing for $75 million, aiming to strengthen its production capabilities. Looking forward, Celsius plans to expand its international presence, with new distribution agreements in Canada, the United Kingdom, Ireland, Australia, New Zealand, France, Belgium, Netherlands, and Luxembourg.