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Celsius achieved record third quarter revenue of $385 million, up 104% from $188 million for the prior year third quarter, driven predominantly by North American revenue, which increased 107% to $371 million, up from $180 million for the prior year third quarter. North American revenue was driven by expansion in total distribution points and higher SKUs per location. International revenue increased 56% to $13.6 million for the third quarter of 2023, from $8.7 million for the prior year quarter, driven in large part by successful innovation launches, increased velocity, and brand awareness.

Gross profit for the third quarter of 2023 was $194 million, up 147% from $79 million for the prior year third quarter. Gross profit as a percentage of revenue was 50.4% for the three months ended September 30, 2023, up from 41.8% for the prior year third quarter. The 860 basis point improvement in gross profit margin was attributed to continued reductions in package and raw material cost, decreased product waste/scrap, improved freight lane efficiency, and benefits from improved leverage across promotional allowances.

“During the third quarter of 2023, Celsius delivered all-time quarterly record revenue of $385 million in sales and more than $70.5 million in net income, driven by expanded availability of our products and increased consumer awareness. We continued to drive growth of the category by bringing in new loyal consumers, as well as increasing consumption occasions.” commented John Fieldly, President and Chief Executive Officer.


Summary Financials	3Q 2023	3Q 2022	% Change	YTD 2023	YTD 2022	% Change
$(000)’s
Revenue	$384.8	$188.2	104%	$970.6	$475.6	104%
N. America	$371.2	$179.5	107%	$930.5	$448.1	108%
International	$13.6	$8.7	56%	$40.0	$27.5	46%
Gross Margin %	50.4%	41.8%	+860 BPS	48.1%	40.3%	+780 BPS
Net Income att. to Common Shareholders	$70.5	$(186.5)	138%	$142.9	$(170.7)	184%
Diluted Earnings per Share	$0.89	$(2.46)	136%	$1.81	$(2.26)	180%
Adjusted EBITDA*	$103.6	$24.8	318%	$230.4	$57.5	301%

*The Company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), but management believes that disclosure of Adjusted EBITDA, a non-GAAP financial measure that management uses to assess our performance, may provide users with additional insights into operating performance. Please see “Use of Non-GAAP Measures” and reconciliations of this non-GAAP measure to the most directly comparable GAAP measure, both of which can be found below.

Celsius achieved record revenue of $971 million for the first nine months of 2023, up 104% from $476 million for the prior year period. North American revenue grew 108% to $931 million for the first nine months of 2023 from $448 million for the prior year first nine months driven by continued gains in distribution points and SKUs per location. International revenue increased 46% to $40 million for the first nine months of 2023, from $27 million for the prior year first nine months driven in large part by successful innovation launches, increased velocity, and brand awareness.

Third Quarter Company Highlights

OUTPACING ENERGY

GROWTH +9.9X

*Circana (IRI) Total US MULO+C, top brand sales in the Celsius Custom Energy Segment, 12 weeks ended 10/8/2023 vs. prior year

CELSIUS is the #1 $ and Unit Growth brand in Total US Mulo+C in the L52W , growing $949.7M incremental dollars (+144% vs. YA and 28% of category growth) and 289.2M incremental units (+114% vs. YA and 39% of category growth).

*L 52W Circana (IRI) Total US MULO+C Data Ended 10/8/23


•The most recent reported Circana (IRI) data as of 10/8/23, shows Celsius sales up +167.7% y/y for 4-wks, +161.0% y/y for 12-wks and +154.5% y/y for 24-wks. This compares to the energy category which grew +11.2% y/y for 4-wks, +13.7% y/y for 12-wks and +15.4% y/y for 24-wks ◦On Amazon, CELSIUS® is the highest selling energy drink with a 21.4% share of the Energy Drink Category, ahead of MONSTER® at a 18.6% share, and REDBULL® at 13% (Last 14 week period ended 9/30/23, Stackline, Energy Drink Category: Total US) ◦Amazon Q3 2023 sales of $22.2 million vs $15.6 million for the year ago period, up 42.0% •Per Circana (IRI) Celsius Custom Energy Category 4W data ended 10/8/23: ◦In MULOC, Celsius is the #3 Energy Drink in the US with a 10.5% market share, more than doubling its 4.4% share in the same time period last year ◦In MULOC, Celsius grew ACV to 95.6% vs. 72.1% y/y ◦In Convenience, Celsius has gained an additional 22.6 pts of ACV growth to end the period at 95.6%, compared to 73.0% y/y •Club channel revenue totaled $63.2 million for the quarter ended September 30, 2023, up 83.3% y/y, compared to $34.5 million for the prior year third quarter.

Celsius Holdings, Inc. (Nasdaq: CELH), is a global consumer packaged goods company with a proprietary, clinically proven formula for its master brand CELSIUS®. A lifestyle energy drink born in fitness and a pioneer in the rapidly growing energy category. CELSIUS® offers proprietary, functional, essential energy formulas clinically-proven to offer significant health benefits to its users. CELSIUS® is backed by six university studies that were published in peer-reviewed journals validating the unique benefits CELSIUS® provides. For more information, please visit: http://www.celsiusholdingsinc.com

This press release may contain statements 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 contain projections of Celsius Holdings’ future results of operations or financial position, or state other forward-looking information. In some cases, 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”, and variations of these terms, the negatives of such terms and similar expressions. You should not rely on forward-looking statements because Celsius Holdings’ 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: 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 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 satisfy in a timely manner, all Securities and Exchange Commission (the “SEC”) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; and other risks and uncertainties discussed in the reports Celsius Holdings has filed previously with the SEC, such as Form 10-K, Form 10-

(Unaudited)


	September 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	760,022		614,159
Restricted cash	—		38,768
Accounts receivable-net	215,243		63,311
Note receivable-current	3,309		2,979
Inventories-net	198,704		173,289
Prepaid expenses and other current assets	23,747		11,341
Deferred other costs-current	14,124		14,124
Total current assets	$	1,215,149	$	917,971

Note receivable	—		3,574
Property and equipment-net	21,061		10,185
Deferred tax asset	30,614		501
Right of use assets-operating leases	1,152		972
Right of use assets-finance leases	148		208
Other long-term assets	265		263
Deferred other costs-non-current	251,869		262,462
Intangibles	11,772		12,254
Goodwill	13,588		13,679
Total Assets	$	1,545,618	$	1,222,069

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	121,088		106,147
Income taxes payable	58,855		1,193
Accrued distributor termination fees	—		3,986
Accrued promotional allowance	136,557		35,977
Lease liability obligation-operating leases	628		661
Lease liability obligation-finance leases	63		70
Deferred revenue-current	9,500		9,675
Other current liabilities	8,826		3,586
Total current liabilities	335,517		161,295

Long-term liabilities:
Lease liability obligation-operating leases	512		326
Lease liability obligation-finance leases	135		162
Deferred tax liability	2,249		15,919
Deferred revenue-non-current	169,370		179,788
Total Liabilities	$	507,783	$	357,490

Commitment and contingencies

Mezzanine Equity:
Series A convertible preferred shares, $0.001 par value, 5% cumulative dividends; 1,466,666 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively, aggregate liquidation preference of $550,000 as of September 30, 2023 and December 31, 2022, respectively	824,488		824,488

Stockholders’ Equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 77,225,007 and 76,382,441 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	77		76
Additional paid-in capital	277,980		280,668
Accumulated other comprehensive loss	(2,541)		(1,881)
Accumulated deficit	(62,169)		(238,772)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue	384,757		188,233		970,579		475,640
Cost of revenue	190,675		109,583		503,685		283,778
Gross profit	194,082		78,650		466,894		191,862
Selling, general and administrative expenses	96,385		226,249		259,471		316,917

Income (loss) from operations	97,697		(147,599)		207,423		(125,055)

Other income (expense):

Interest income on note receivable	28		53		101		186
Interest income	7,197		1,396		17,666		1,393
Foreign exchange loss	(177)		(254)		(1,226)		(930)
Total other income	7,048		1,195		16,541		649

Net income (loss) before income taxes	104,745		(146,404)		223,964		(124,406)

Income tax expense	(20,796)		(35,492)		(47,279)		(41,653)

Net income (loss)	$	83,949	$	(181,896)	$	176,685	$	(166,059)

Less: dividends on Series A convertible preferred shares	(6,875)		(4,596)		(20,512)		(4,596)
Income allocated to participating preferred shares	(6,540)		—		(13,263)		—
Net income(loss) attributed to common stockholders	$	70,534	$	(186,492)	$	142,910	$	(170,655)

Other comprehensive income (loss):
Foreign currency translation loss	(664)		(2,038)		(660)		(4,813)
Comprehensive income (loss)	$	69,870	$	(188,530)	$	142,250	$	(175,468)

Earnings per share:
Basic	$	0.92	$	(2.46)	$	1.86	$	(2.26)
Dilutive	$	0.89	$	(2.46)	$	1.81	$	(2.26)
Weighted average shares outstanding:
Basic	77,002		75,796		76,841		75,625
Dilutive	79,091		75,796		78,962		75,625


	Three months ended September 30,
	2023		2022
Net income (GAAP measure)	83,949		(181,896)
Add back/(Deduct):
Net interest expense	(7,225)		(1,449)
Income tax expense	20,796		35,492
Depreciation and amortization expense	875		537
Non-GAAP EBITDA	98,395		(147,316)
Stock-based compensation1	4,979		6,263
Foreign exchange	177		254
Distributor Termination2	—		155,389
Legal Settlement Costs3	—		7,800
Func Food brand impairment charge4	—		2,379
Non-GAAP Adjusted EBITDA	$	103,551	$	24,769


	Nine Months ended September 30,
	2023		2022
Net income (GAAP measure)	176,685		(166,059)
Add back/(Deduct):
Net interest expense	(17,767)		(1,579)
Income tax expense	47,279		41,653
Depreciation and amortization expense	2,121		1,368
Non-GAAP EBITDA	208,318		(124,617)
Stock-based compensation1	16,221		14,780
Foreign exchange	1,226		930
Distributor Termination2	(3,241)		156,194
Legal Settlement Costs3	7,900		7,800
Func Food brand impairment charge4	—		2,379
Non-GAAP Adjusted EBITDA	$	230,424	$	57,466

1 Selling, general and administrative expenses related to employer 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 stock-based compensation expense has on its operating results.

2 2023 Distributor termination represents reversals of accrued termination payments. The unused funds designated for termination expense

payments to legacy distributors, were reimbursed to Pepsi for the quarter ended June 30, 2023. Prior year Distribution Termination is the disbursement of funds to terminated distributors after the migration to Pepsi’s system.

3 2023 Legal class action settlement for the quarter ended June 30, 2023, pertained to the McCallion vs Celsius Holdings, class

action lawsuit. 2022 Legal class action settlement for the quarter ended September 30, 2022, pertained to the Hezi vs Celsius Holdings, class action lawsuit . These costs are excluded by the Company’s management in assessing current operating performance and forecasting future earnings, and are therefore added back in the non-GAAP Adjusted EBITDA measures. 4 Charge for the quarter ended September 30, 2022 related to impairment of Finland based Func Foods brand division.


Reported Expense (In $ thousands)	3Q 2023	3Q 2022	For the nine months ended September 30, 2023	For the nine months ended September 30, 2022
Sales & Marketing	$73,454	$198,765	$183,689	$262,838
G & A	$22,931	$27,484	$75,782	$54,079
Total GAAP SG&A	$96,385	$226,249	$259,471	$316,917
Distributor Term. Costs in Sales & Marketing		$155,389	$(3,241)	$156,194
As Adjusted Sales & Marketing	$73,454	$43,376	$186,930	$106,644
G & A	$22,931	$27,484	$75,782	$54,079
Total non-GAAP SG&A	$96,385	$70,860	$262,712	$160,723

Celsius defines Adjusted EBITDA as net income before net interest expense, income tax expense, and depreciation and amortization expense, further adjusted by excluding stock-based compensation expense, foreign exchange gains or losses, distributor termination fees, legal settlement costs and certain impairment charges. Celsius defines non-GAAP SG&A as SG&A before distributor termination costs. Adjusted EBITDA and non-GAAP SG&A are non-GAAP metrics.

Celsius uses Adjusted EBITDA and non-GAAP SG&A 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 and non-GAAP SG&A 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 and non-GAAP SG&A 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 and non-GAAP SG&A are not recognized terms under GAAP and should not be considered as a substitute for net income or SG&A 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.


Toll Free			877-709-8150
International:			201-689-8354


Total Stockholders’ Equity	213,347		40,091
Total Liabilities, Mezzanine Equity and Stockholders’ Equity	$	1,545,618	$	1,222,069


GAAP SG&A	3Q 2023	3Q 2022	For the nine months ended September 30, 2023	For the nine months ended September 30, 2022
Sales & Marketing	19.1%	105.6%	18.9%	55.3%
G & A	6.0%	14.6%	7.8%	11.4%
Total GAAP SG&A % of Revenue	25.1%	120.2%	26.7%	66.7%

Non-GAAP SG&A
As Adjusted Sales & Marketing	19.1%	23.0%	19.3%	22.4%
G & A	6.0%	14.6%	7.8%	11.4%
Total non-GAAP SG&A % of Revenue	25.1%	37.6%	27.1%	33.8%


			Financial Tables


			Use of Non-GAAP Measures Disclosure