Celsius Holdings, Inc. (CELH): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des boissons énergisantes fonctionnelles, Celsius Holdings, Inc. (CELH) est devenu une marque révolutionnaire qui redéfinit la façon dont les consommateurs abordent les boissons de performance. En combinant l'innovation scientifique avec le positionnement stratégique du marché, Celsius a conçu un modèle commercial unique qui transforme le paysage traditionnel des boissons énergisantes. Leur approche va au-delà de la simple livraison de caféine, en se concentrant plutôt sur la création d'une expérience de bien-être holistique qui résonne avec les consommateurs soucieux de leur santé à la recherche de la performance et de la nutrition dans chaque SIP.

Celsius Holdings, Inc. (CELH) - Modèle commercial: partenariats clés

Contrat de distribution stratégique avec Monster Beverage Corporation

En octobre 2021, Celsius a conclu un accord de distribution stratégique avec Monster Beverage Corporation. Au quatrième trimestre 2023, ce partenariat a permis à Celsius d'étendre la distribution à travers l'Amérique du Nord grâce au vaste réseau de Monster.

Détail du partenariat	Informations spécifiques
Date de l'accord initial	Octobre 2021
Territoires de distribution	Amérique du Nord
Porte de distribution estimée	Plus de 200 000 emplacements de vente au détail

Partenariats de vente au détail

Celsius maintient des partenariats de vente au détail critiques avec les grandes chaînes nationales.

Détaillant	Magasins transportant Celsius	Statut de partenariat
Walmart	Plus de 4 700 magasins	Actif à l'échelle nationale
Cible	1 900+ magasins	Actif à l'échelle nationale
CVS	9 900 autres magasins	Actif à l'échelle nationale

Relations de co-fabrication

Celsius utilise plusieurs installations de co-fabrication pour soutenir les demandes de production.

• Installations de production primaires situées aux États-Unis
• Capacité de production annuelle d'environ 300 millions de canettes
• Multiples fabricants de contrats pour assurer la résilience de la chaîne d'approvisionnement

Collaborations marketing

Celsius engage des partenariats de marketing stratégique avec des professionnels du fitness et des athlètes.

Type de collaboration	Nombre de partenariats	Portée estimée
Athlètes professionnels	15+ avenants	Associés sociaux combinés suivants: 50 millions +
Influenceurs de fitness	50+ partenariats actifs	Les médias sociaux combinés suivant: 100 millions +

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: Activités clés

Développement de produits des boissons énergisantes fonctionnelles

Celsius développe des formulations de boissons énergisantes propriétaires avec des profils nutritionnels spécifiques:

Gamme de produits	Ingrédients clés	Contenu de la caféine
Celsius Original	Extrait de thé vert, gingembre, guarana	100 mg par 12 fl oz
Chaleur Celsius	Caféine, taurine, guarana	200 mg par 12 fl oz
Celsius BCAA + énergie	Acides aminés à chaîne ramifiée, extrait de thé vert	100 mg par 12 fl oz

Marketing et promotion de la marque dans les segments de fitness et de bien-être

Dépenses de marketing et stratégies:

• T3 2023 Frais de marketing: 14,4 millions de dollars
• Ambassadeurs de la marque des industries du fitness, du sport et du bien-être
• Campagnes de marketing des médias numériques et sociaux
• Publicité ciblée dans les magazines et plateformes de fitness

Ventes et distribution sur plusieurs canaux de vente au détail

Canal de vente au détail	Pénétration du marché	2023 Volume de vente
Dépanneurs	65% de la distribution totale	42 millions de cas
Épiceries	20% de la distribution totale	13 millions de cas
Plateformes en ligne	10% de la distribution totale	6,5 millions de cas
Magasins de fitness spécialisés	5% de la distribution totale	3,5 millions de cas

Recherche et innovation dans la formulation des boissons

Investissements de recherche et développement:

• Budget de R&D annuel: 3,2 millions de dollars
• Concentrez-vous sur le sucre nul, les formulations d'amélioration métabolique
• Collaboration avec des scientifiques nutritionnels et des technologues alimentaires
• Portefeuille de brevets: 12 Brevets de formulation de boissons actives

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: Ressources clés

Reconnaissance de la marque et position du marché

Au quatrième trimestre 2023, Celsius a déclaré 362,4 millions de dollars de ventes nettes, ce qui représente une croissance de 33,5% en glissement annuel. L'entreprise détient un 4,7% de part de marché dans la catégorie des boissons énergisantes.

Formulation de boisson propriétaire

Aspect technologique	Détails spécifiques
Portefeuille de brevets	7 brevets de technologie nutritionnelle active
Mélange d'ingrédients unique	MetaPlus® Mélange propriétaire avec extrait de thé vert, racine de gingembre, extrait de graines de guarana
Investissement en recherche	4,2 millions de dollars dépensés pour le développement de produits en 2023

Expertise en équipe de gestion

• John Fielly - PDG avec plus de 20 ans d'expérience dans l'industrie des boissons
• Sal Pepe - CFO avec des rôles de leadership antérieurs dans le secteur des biens de consommation
• Pureur exécutif moyen: 8,5 ans dans l'industrie des boissons

Chaîne d'approvisionnement et réseau de distribution

Canal de distribution	Présence au détail
Magasins de détail	Plus de 120 000 emplacements de vente au détail à l'échelle nationale
Plateformes en ligne	Disponible sur Amazon, Walmart.com, site Web direct
Capacité de fabrication	3 installations de production avec une capacité annuelle de 150 millions de cas

Ressources financières

Au 31 décembre 2023: Equivalents en espèces et en espèces: 241,3 millions de dollars Actif total: 686,4 millions de dollars

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: propositions de valeur

Alternative de boisson énergétique saine et peu calories

Les boissons énergisantes Celsius contiennent 100 mg de caféine par 12 fl oz, avec zéro sucre et seulement 10 calories. La gamme de produits propose plusieurs variantes de saveurs, notamment l'orange, la baie sauvage, la goyave kiwi et le pamplemousse mousseux.

Spécification nutritionnelle	Valeur
Calories	10
Sucre	0g
Caféine	100 mg

Boissons en amélioration des performances scientifiquement formulées

Celsius utilise un mélange Metaplus® propriétaire avec des ingrédients spécifiques conçus pour stimuler le métabolisme et améliorer l'énergie.

• Extrait de thé vert: 315 mg
• Racine de gingembre: 50 mg
• Extrait de guarana: 100 mg
• B complexe de vitamines

Avantages métaboliques et de fitness cliniquement éprouvés

Métrique de l'étude clinique	Résultat
Boost du métabolisme	12% plus élevé que le groupe témoin
Oxydation des graisses	Augmenté de 15,4%

Sucre nul et vitamines et minéraux essentiels

Celsius fournit des micronutriments essentiels sans sucres ajoutés.

• Vitamine C: 60 mg
• Vitamine B12: 6 MCG
• Biotine: 300 MCG
• Acide pantothénique: 5 mg

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: relations avec les clients

Engagement des médias sociaux avec la communauté du fitness

En 2023, Celsius compte 1,2 million de followers Instagram et 250 000 abonnés sur Facebook. Leur taux d'engagement des médias sociaux est d'environ 3,7% sur toutes les plateformes.

Plate-forme sociale	Nombre de suiveurs	Taux d'engagement
Instagram	1,200,000	3.5%
Facebook	250,000	4.1%
Tiktok	175,000	3.9%

Programmes de fidélité et interaction directe des consommateurs

Celsius maintient un Programme de fidélité numérique directement aux consommateurs avec les mesures suivantes:

• 125 000 membres du programme de fidélité active
• Valeur à vie moyenne du client de 287 $
• Taux d'achat répété de 22%
• Croissance du programme de fidélité trimestrielle de 15%

Parrainage d'événements de fitness et de compétitions sportives

En 2023, Celsius a investi 4,2 millions de dollars dans les activités de parrainage:

Catégorie d'événements	Dépenses de parrainage	Reach du public estimé
Événements CrossFit	$1,500,000	750 000 participants
Partenariats UFC	$1,800,000	2,5 millions de téléspectateurs
Collaborations d'influenceur de fitness	$900,000	5 millions d'impressions sur les réseaux sociaux

Marketing numérique et campagnes en ligne ciblées

Dépenses et performances de marketing numérique en 2023:

• Budget total du marketing numérique: 7,3 millions de dollars
• Pay-Per-Click Coup de publicité: 2,1 millions de dollars
• Taux de conversion: 4,6%
• Coût d'acquisition du client: 22,50 $ par client

Canal de marketing	Dépenser	Taux de conversion
Publicités Google	$1,600,000	5.2%
Publicités sur les réseaux sociaux	$3,200,000	4.1%
Marketing d'affiliation	$2,500,000	3.9%

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: canaux

Ventes en ligne directes aux consommateurs

Celsius opère sur son site officiel Celsius.com, générant 295,2 millions de dollars de revenus nets pour 2022. Les ventes directes en ligne représentaient environ 15,7% du total des canaux de vente de l'entreprise.

Répartition des magasins de détail majeure

Partenaire de vente au détail	Volume des ventes	Pénétration du marché
Walmart	Plus de 38 000 magasins	Couverture à l'échelle nationale de 65%
Cible	1 900+ magasins	Couverture à l'échelle nationale de 45%
Kroger	2 800+ magasins	Couverture à l'échelle nationale de 35%

Plates-formes de commerce électronique

• Amazon: 42% des ventes de boissons en ligne
• Instacart: 18% des ventes de plateformes numériques
• Walmart en ligne: 12% des ventes de plateformes numériques

Points de vente au détail de fitness et de santé

La distribution comprend plus de 5 200 emplacements GNC, plus de 3 100 magasins de vitamines et plus de 2 500 détaillants de fitness spécialisés. Ces canaux représentent environ 22% du volume total des ventes Celsius.

Répartition totale des canaux de distribution:

• Magasins de détail: 62%
• Commerce électronique: 23%
• Direct en ligne: 15%

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: segments de clientèle

Milléniaux soucieux de la santé et génération Z

Au quatrième trimestre 2023, Celsius a rapporté 31,5% de sa base de consommateurs dans la démographie de 18-34 ans. Les études de marché indiquent que ce segment représente 12,7 milliards de dollars du marché des boissons énergisantes.

Groupe d'âge	Part de marché	Dépenses annuelles
Milléniaux (25-40)	22.3%	4,6 milliards de dollars
Gen Z (18-24)	9.2%	8,1 milliards de dollars

Antactifs et athlètes de fitness

Celsius génère 45,2% de ses revenus de consommateurs axés sur le fitness. Le marché des suppléments nutritionnels pour les athlètes était évalué à 15,3 milliards de dollars en 2023.

• Participants de CrossFit: 3,4 millions de membres actifs
• Taux d'adhésion au gymnase: 64,2 millions d'Américains
• Dépenses moyennes de compléments de condition physique: 247 $ par an

Professionnels actifs à la recherche d'énergie Boost

Les professionnels des entreprises représentent 27,8% de la base de consommateurs Celsius. Consommation moyenne de boissons énergisantes professionnelles: 2,3 canettes par semaine.

Catégorie de profession	Pénétration du marché	Consommation hebdomadaire
Professionnels de la technologie	18.6%	3.1 canettes
Secteur financier	9.2%	2,5 canettes

Consommateurs orientés vers le bien-être

Le segment du bien-être représente 21,5% des consommateurs Celsius. Le marché des boissons énergétiques naturelles devrait atteindre 8,9 milliards de dollars d'ici 2025.

• Préférence des produits organiques: 62% des consommateurs
• Acheteurs soucieux de la santé: 47,3 millions d'Américains
• Demande d'étiquette propre: augmente 12,4% par an

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: Structure des coûts

Dépenses de fabrication de produits

Pour l'exercice 2023, Celsius a déclaré le coût total des marchandises vendues (COG) de 232,4 millions de dollars. Les dépenses de fabrication se décomposent comme suit:

Catégorie de dépenses	Montant ($)
Coût des matières premières	138,6 millions
Travail de production	45,2 millions
Fabrication des frais généraux	48,6 millions

Investissements marketing et publicitaire

Celsius alloué 154,7 millions de dollars aux dépenses de marketing et de publicité en 2023, représentant une partie importante de leurs coûts opérationnels.

• Dépenses en marketing numérique: 62,3 millions de dollars
• Publicité traditionnelle: 47,5 millions de dollars
• Parrainage et partenariats de marque: 44,9 millions de dollars

Coûts de distribution et de logistique

Les dépenses de distribution pour Celsius en 2023 ont totalisé 87,5 millions de dollars.

Canal de distribution	Coût ($)
Expédition de détail	52,3 millions
Opérations de l'entrepôt	21,7 millions
Transport	13,5 millions

Dépenses de recherche et développement

Celsius a investi 24,6 millions de dollars dans la recherche et le développement au cours de l'exercice 2023.

• Innovation de produit: 14,2 millions de dollars
• Recherche des ingrédients: 6,8 millions de dollars
• Développement de la formulation: 3,6 millions de dollars

Celsius Holdings, Inc. (CELH) - Modèle d'entreprise: Strots de revenus

Ventes de produits en boisson énergisante

Au troisième trimestre 2023, Celsius a déclaré des ventes nettes de 254,4 millions de dollars, ce qui représente une augmentation de 61,3% par rapport à 157,6 millions de dollars au troisième trimestre 2022.

Catégorie de produits	Revenus annuels (2022)	Revenus annuels (2023)
Boisson énergisante Celsius	622,4 millions de dollars	892,1 millions de dollars

Revenus de vente au détail directs

Les canaux de distribution de détail comprennent:

• Dépanneurs
• Épiceries
• Marchands de masse
• Détaillants spécialisés

Canal de vente au détail	Pénétration du marché
Dépanneurs	48% du total des ventes
Épiceries	29% du total des ventes

Canaux de vente en ligne

Les revenus de commerce électronique pour Celsius en 2023 ont atteint 86,7 millions de dollars, ce qui représente 9,7% du chiffre d'affaires annuel total.

• Ventes du marché Amazon
• Site Web directement aux consommateurs
• Détaillants en ligne tiers

Expansion du marché international

Les ventes internationales en 2023 ont totalisé 45,3 millions de dollars, ce qui représente 5,1% du total des revenus annuels.

Marché international	Contribution des revenus
Canada	22,1 millions de dollars
Royaume-Uni	15,6 millions de dollars
Autres marchés	7,6 millions de dollars

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why consumers choose Celsius Holdings, Inc. over the competition right now, late in 2025. It's about more than just a drink; it's about functional benefits delivered through an expanding, accessible portfolio.

Functional Energy: Zero-Sugar, Fitness-Focused Fuel

The primary draw remains the functional promise: energy without the sugar crash. Celsius Holdings markets its core offering as a fitness-focused energy that claims to boost metabolism and burn calories. This positioning resonates strongly with the health-conscious segment.

The market validates this focus. The combined Celsius Holdings portfolio-CELSIUS, Alani Nu, and Rockstar Energy-captured a 20.8% dollar share in the U.S. ready-to-drink energy category for the 13-week period ending September 28, 2025. This represents a 2.1 point year-over-year increase in category share. The core CELSIUS brand itself held an 11.2% dollar share in that same U.S. RTD energy category.

Diversified Portfolio Across Demographics

Celsius Holdings has aggressively diversified its offerings through strategic acquisitions, moving beyond the original CELSIUS brand to target wider consumer bases. You now have a portfolio that spans energy, hydration, and wellness options, which is key to capturing market velocity.

The portfolio performance in the 13 weeks ending September 28, 2025, shows this diversification in action:

Portfolio Component	Q3 2025 Retail Sales Growth (YoY)	U.S. RTD Energy Category Dollar Share (13 Weeks Ended 9/28/25)	Q3 2025 Revenue (Millions USD)
Combined Portfolio	31%	20.8%	N/A (Total Revenue $725.1M)
Alani Nu Brand	114%	7.2%	$332.0
CELSIUS Brand	13%	11.2%	N/A (Brand Revenue Grew 44% YoY)
Rockstar Energy Brand	-9%	N/A	N/A

The Alani Nu brand, acquired on April 1, 2025, was a massive driver, achieving record sales of $332.0 million in the third quarter of 2025.

Better-for-You Alternative Appeal

The entire portfolio leans into the 'better-for-you' space, appealing to consumers actively avoiding traditional, high-sugar energy drinks. This is a non-negotiable for many modern buyers.

• Focus on zero sugar formulations across core lines.
• Portfolio retail sales growth of 31% in U.S. tracked channels year-over-year.
• Gross Margin improved to 51.3% in Q3 2025, up from 46.0% in Q3 2024.
• Year-to-date 2025 revenue reached approximately $1,793.6 million.

Flavor Innovation and Limited-Time Offers (LTOs)

Keeping the product line fresh is a clear value driver, especially for the acquired Alani Nu brand. You can't rely on the same core flavors forever.

The success of Alani Nu in Q3 2025 was explicitly attributed to its strong limited-time-offer innovation performance, which helped drive its 114% year-over-year retail sales increase for that period. This LTO strategy keeps consumer engagement high and drives incremental purchases.

Accessibility Through Distribution Power

The value proposition is meaningless if the product isn't on the shelf. Celsius Holdings leverages its expanded distribution network, heavily supported by the PepsiCo partnership, to ensure broad availability.

As of the second-quarter 2025 earnings release, Celsius Holdings' products were available in more than 240,000 tracked U.S. retail outlets. This scale allows the portfolio to reach approximately 43% of U.S. households. Furthermore, the international segment contributed $23.1 million in revenue in Q3 2025, showing growth in markets like the Nordics. The Alani Nu direct store delivery transition into the PepsiCo system exceeded 80% of the U.S. business as of December 1, 2025.

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Customer Relationships

You're looking at how Celsius Holdings, Inc. connects with the people buying its functional beverages, which is a mix of heavy in-store presence and digital buzz as of late 2025.

Automated Retail Presence: High focus on in-store placement and availability via the DSD model.

The core relationship here is transactional, driven by availability. Celsius Holdings, Inc. relies heavily on its distribution network to ensure its products are always on the shelf. By the second quarter of 2025, the company's portfolio reached about 43% of U.S. households. This physical reach is supported by strong growth in distribution points; total points of distribution and items per store both rose roughly 23% in Q2 2025. The momentum continued into the third quarter, with U.S. retail sales increasing 31% year-over-year. The transition of the newly acquired Alani Nu brand into the PepsiCo Direct Store Delivery (DSD) network, scheduled for December 1, 2025, is a critical step to further automate and strengthen this in-store relationship.

The scale of this physical presence is substantial:

• Portfolio U.S. Household Penetration (Q2 2025): 43%
• CELSIUS Brand Household Penetration (Q2 2025): 34%
• Alani Nu Household Penetration (Q2 2025): 22%
• U.S. Retail Sales Growth Year-over-Year (Q3 2025): 31%

Community Building: Engaging with fitness enthusiasts through sponsored events and athlete partnerships.

Celsius Holdings, Inc. builds community by aligning with high-energy, active lifestyles. This is evident in major sports sponsorships and the cultivation of its roster of partners. The beverage serves as the official energy drink of Major League Soccer through the 2026 season. Furthermore, the company has actively expanded its Name, Image, and Likeness (NIL) roster to specifically engage with Gen Z consumers. The combined portfolio, which includes CELSIUS, Alani Nu, and Rockstar Energy, has surpassed $5 billion in annual U.S. retail sales, showing the breadth of this community engagement.

Social Media Engagement: Direct, high-touch interaction with consumers on platforms like Instagram and TikTok.

Digital interaction is a key driver for brand discovery and direct communication. For the Alani Nu brand, social media traction has been explosive; the associated hashtags saw the number of posts double from 60 million in December 2024 to over 120 million by June 2025. Over that same six-month period, Alani Nu added over 325,000 followers on TikTok and attracted more than 160,000 new followers on Instagram. This high-touch digital activity is crucial, especially since TikTok holds an average organic engagement rate of 2.5% per post, confirming its dominance for bite-size content. The company's core CELSIUS brand achieved a U.S. scanner growth rate of 13% in Q3 2025, which is supported by this digital energy.

Loyalty Programs: Driving repeat purchases through retailer-specific promotions and digital offers.

Repeat purchasing behavior is a strong indicator of customer satisfaction and loyalty. For the Alani Nu brand, repeat purchase rates were reported at over 65% as of the second quarter of 2025. While specific details on a universal Celsius Holdings, Inc. loyalty program are not always public, the success of limited-time offers (LTOs) for Alani Nu, such as Sherbet Swirl and Cotton Candy, drove incremental sales, acting as a form of short-term loyalty incentive. The company's overall Q3 2025 gross margin improved to 51.3%, partially due to lower net portfolio promotional spend compared to the prior year.

Here is a snapshot of key customer-facing metrics as of mid-to-late 2025:

Metric Category	Specific Data Point	Value / Amount	Reporting Period / Context
Retail Reach	Total Tracked U.S. Retail Outlets	240,000+	Q2 2025
Retail Performance	U.S. Retail Sales Growth (YoY)	31%	Q3 2025
Brand Loyalty	Alani Nu Repeat Purchase Rate	65%+	Q2 2025
Social Engagement (Alani Nu)	Instagram Follower Growth (6 Months)	160,000+	Through June 2025
Market Position	U.S. Energy Drink Portfolio Dollar Share	20.8%	Q3 2025
Brand Growth (Core)	CELSIUS Brand U.S. Scanner Growth Rate	13%	Q3 2025

Mass Market Appeal: Moving from niche fitness to broad consumer adoption, which is defintely a challenge.

Celsius Holdings, Inc. is actively managing the transition from a niche fitness product to a mainstream functional beverage. The company's Q3 2025 revenue reached approximately $725.1 million, a 173% year-over-year increase, largely driven by acquisitions, but the core CELSIUS brand revenue still grew 44%. The marketing strategy, exemplified by the "Live. Fit. Go." campaign, explicitly shows an evolution beyond just athletes and gym-goers to include people balancing family, work, and life responsibilities. The challenge lies in maintaining the premium, functional positioning while scaling to capture the mass market. The company's combined portfolio is now ranked as the #3 energy drink portfolio in the U.S..

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Channels

You're looking at how Celsius Holdings, Inc. gets its product-CELSIUS, Alani Nu, and Rockstar Energy-into the hands of consumers, which is a massive undertaking given the scale they've reached. The channel strategy is now heavily focused on leveraging major partnerships to drive velocity in high-volume retail environments.

PepsiCo DSD Network: Primary channel for U.S. and Canada distribution, covering convenience and grocery.

The relationship with PepsiCo is the backbone of the current North American go-to-market strategy. This Direct Store Delivery (DSD) network is key for ensuring shelf presence in convenience stores and grocery chains, which are critical for impulse buys in the functional beverage space.

The integration of the newly acquired Alani Nu brand into this system is a major focus for late 2025. As of December 1, 2025, the transition of Alani Nu's DSD business into the PepsiCo distribution system had exceeded 80% of the U.S. business. The full integration plan for Alani Nu is targeted for completion by the end of the first quarter of 2026, with the Rockstar integration following in the first half of 2026. This shift required a significant financial event in Q3 2025, where Celsius Holdings recorded a $246.7 million PepsiCo-funded distributor termination charge, though this is expected to yield growth benefits in early 2026 as retailers complete resets.

Traditional Retail: Convenience stores, grocery chains, and mass merchants.

This is where the bulk of the sales volume is realized, especially after the portfolio expansion. For the 13-week period ended September 28, 2025, the combined Celsius Holdings portfolio (CELSIUS, Alani Nu, and Rockstar Energy) saw its retail sales in U.S. tracked channels (MULO+ w/C) increase by 31% year-over-year. This performance helped the total portfolio reach a 20.8% dollar share in the U.S. ready-to-drink energy category.

Looking at the individual brands within this channel during that same Q3 2025 period:

• Alani Nu retail sales surged by 114% year-over-year.
• The core CELSIUS brand retail sales grew 13% year-over-year.
• The newly acquired Rockstar Energy brand retail sales decreased by 9% year-over-year.

The CELSIUS brand itself held an 11.2% dollar share in the U.S. RTD energy category, while Alani Nu commanded a 7.2% share for the quarter.

Fitness/Specialty: Gyms, health food stores, and vitamin shops (original core channel).

While the focus has clearly shifted to mass retail scale, the specialty and fitness channels remain important for brand positioning and initial consumer adoption, especially internationally. For instance, when Celsius began selling in the U.K. and Ireland in Q2 2025, it was solely through the fitness channel and in select gyms. Although specific revenue breakdowns for this channel in late 2025 aren't explicitly separated from the broader retail scanner data, the overall portfolio growth reflects continued success in reaching health-conscious consumers where they train.

E-commerce: Direct-to-consumer (DTC) and third-party platforms like Amazon.

E-commerce provides a direct line to the consumer and supports brand awareness. While the primary growth story is tied to physical distribution, one earlier report noted that Amazon sales rose by 41% in the prior quarter, showing that digital shelf space is still a meaningful contributor to the overall sales mix, even if it's not the largest segment.

Non-Traditional Outlets: Expanding into food service, military, and vending channels.

Celsius Holdings is actively pushing into areas outside of traditional grocery and convenience to capture incremental volume. Foodservice distribution, in particular, shows clear progress. In the second quarter of 2025, foodservice volume increased by 9.8%. This channel is now significant enough to represent about 12% of Celsius's North America sales that flow through PepsiCo. This expansion into venues like restaurants and cafes offers a different type of high-visibility placement.

Here's a quick look at the reported performance across the key revenue-generating segments for Q3 2025:

Metric	Q3 2025 Value (Millions USD)	Year-over-Year Change
Total Revenue	$725.1	173%
North America Revenue	$702.0	184%
International Revenue	$23.1	24%
U.S. Portfolio Retail Sales Growth	N/A	31%
Foodservice Sales Contribution (as % of NA sales to PepsiCo)	N/A	12%

The international segment is also growing its footprint, with Q3 2025 international revenue at $23.1 million, marking a 24% increase year-over-year. For the first nine months of 2025, international revenue reached $70.6 million, up 30% compared to the same period in 2024.

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Customer Segments

You're looking at the customer base for Celsius Holdings, Inc. as of late 2025, which is now a multi-brand platform following major acquisitions. The segments are distinct but overlap, driven by the overarching consumer shift toward zero-sugar, functional beverages.

Core Fitness Enthusiasts: Original Base Seeking Pre-Workout and Performance Benefits

This segment remains central to the flagship CELSIUS brand, which is positioned for performance and everyday energy. The brand's velocity and distribution gains reflect sustained demand from this core group, even as the portfolio broadens.

• CELSIUS brand retail sales increased 13% year over year for the 13-week period ended September 28, 2025.
• CELSIUS brand revenue grew 44% in the third quarter of 2025 compared to the same period last year.
• The CELSIUS brand held a 11.2% dollar share in the U.S. RTD energy category for the 13-week period ended September 28, 2025.
• CELSIUS market share in Sweden was 13.5% for the first quarter of 2025.

Health-Conscious Millennials/Gen Z: Consumers Prioritizing Zero-Sugar and Functional Ingredients

This group fuels the category-wide trend toward better-for-you options. Both brands in the portfolio cater directly to this demand for functional benefits without sugar.

• Sugar-free beverages drove 86% of U.S. energy drink category growth in the first quarter of 2025.
• The overall Celsius Holdings portfolio reached a 20.8% dollar share in the U.S. RTD energy category for the 13-week period ended September 28, 2025.
• The portfolio reached about 43% of U.S. households as of the second quarter of 2025.

Young Female Consumers: Primary Target for the Acquired Alani Nu Brand

The acquisition of Alani Nu provided Celsius Holdings immediate, scaled access to a demographic traditionally underserved by legacy energy brands. This brand is explicitly female-centric and lifestyle-oriented.

Here's the quick math on the Alani Nu contribution to the overall business in the first half of 2025:

Metric	Value (2Q 2025)	Value (1H 2025)
Revenue Contribution (Millions)	$301.2 million	Not explicitly stated for 1H, but Q2 is a major driver.
Retail Sales Growth (YoY)	Not specified for 2Q 2025 retail sales growth.	Retail sales grew 72.4% year-over-year, surpassing $1 billion in trailing 52-week retail sales ending April 13, 2025.
U.S. Dollar Share (Q1 2025)	5.3%	Not explicitly stated for 1H.
Household Penetration (Q2 2025 Context)	22%	N/A
Social Media Followers (Percentage Female)	N/A	More than 90%

Broad Energy Drink Users: Capturing Market Share from Traditional Energy Drink Consumers

The combined portfolio is now the third-largest in the U.S. energy category, indicating a successful migration of consumers from established competitors. The portfolio's growth rate significantly outpaced the category in Q2 2025.

• Total Celsius Holdings retail sales grew 28.9% year-over-year in Q2 2025, nearly double the category growth rate of 15.2%.
• The combined portfolio captured 16.2% of the U.S. energy drink dollar share in Q1 2025 on a pro forma basis.
• The combined portfolio held a 17.3% dollar share in the U.S. RTD energy category for the 13-week period ended June 29, 2025.
• The company's portfolio is expected to drive $2 billion in sales following the acquisition.

International Consumers: Growing Base in the Nordics, UK, France, and Australia

International expansion is a deliberate growth vector, showing consistent triple-digit percentage growth in revenue across key markets.

International Revenue Performance (Millions USD):

Period Ended	Revenue Amount	Year-over-Year Growth
Q1 2025	$22.8 million	41%
2Q 2025	$24.8 million	27%
1H 2025	$47.5 million	33%
3Q 2025	$23.1 million	24%
9M 2025	$70.6 million	30%

Key international markets showing momentum include the Nordics, UK, Ireland, France, and Australia. CELSIUS held a 6% market share in Finland for Q1 2025.

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Celsius Holdings, Inc. as they integrate two major acquisitions and shift distribution networks. It's a complex picture where top-line growth meets significant one-time charges. Here's the quick math on what's driving expenses as of late 2025.

Cost of Goods Sold (COGS)

The cost of making and packaging the drinks, which includes raw materials and co-packing fees, is managed to maintain a strong margin, though the newer acquisitions initially pressured this. For the three months ended September 30, 2025, the Gross Margin stood at 51.3%. This margin reflects scale benefits on raw materials from higher volume, which helped offset the impact of Alani Nu and Rockstar Energy's initial margin profiles, plus tariffs.

Selling, General, and Administrative (SG&A)

Marketing and administrative spending is high to fuel the growth you're seeing across the portfolio. For the three months ended September 30, 2025, total Selling, General, and Administrative expenses reached $205.6 million, up 64% from $125.4 million in the prior-year period. This represented 28.4% of revenue for the quarter. However, when you exclude acquisition-related costs, the adjusted SG&A was 26.2% of revenue in the third quarter of 2025. The company is investing heavily in its national "Live Fit Go" marketing initiative.

Distribution Costs

A major cost event in Q3 2025 involved fees paid to distributors, specifically related to the strategic shift with PepsiCo. Celsius Holdings recorded $246.7 million in distributor termination costs. This charge was tied directly to transferring a significant portion of Alani Nu's distribution to the PepsiCo system across the U.S. and Canada. PepsiCo has agreed to fund these termination fees, which helps maintain Celsius Holdings' cash position, though the expense hits the income statement due to accounting standards.

Acquisition-Related Costs

The integration of Alani Nu (acquired April 1, 2025) and Rockstar Energy (acquired August 28, 2025) resulted in substantial one-time expenses that heavily impacted GAAP profitability. The $246.7 million in distributor termination costs is a primary component of these charges. The result was a GAAP net loss of $(61.0) million for the third quarter of 2025, compared to a net income of $6.4 million in Q3 2024. This GAAP net loss contrasts sharply with the Non-GAAP adjusted diluted earnings per share of $0.42 for the same period.

International Expansion Costs

Investment in new market entry is evident in the international revenue growth, even if specific cost figures aren't broken out separately from COGS or SG&A. International revenue for Q3 2025 totaled $23.1 million, marking a 24% increase compared to the prior-year period. The company is seeing momentum in expansion markets including the U.K., Ireland, France, Australia, and New Zealand. The core CELSIUS brand's overall revenue growth, which was 44%, was also driven by international expansion.

You can see the key financial impacts summarized here:

Cost/Metric Category	Financial Number/Rate (Q3 2025)
Gross Margin	51.3%
Total SG&A Expense	$205.6 million
SG&A as % of Revenue (GAAP)	28.4%
SG&A as % of Revenue (Adjusted)	26.2%
PepsiCo Distribution Termination Costs	$246.7 million
GAAP Net Income (Loss)	$(61.0) million
International Revenue	$23.1 million

The company is clearly spending to secure its distribution future and absorb new brands. Still, the operational leverage is visible in the adjusted profitability metrics. Finance: draft 13-week cash view by Friday.

Celsius Holdings, Inc. (CELH) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving the top line for Celsius Holdings, Inc. as of late 2025. The revenue streams are dominated by a massive North American presence, heavily bolstered by recent strategic acquisitions.

The primary revenue driver remains the core market, but the contribution from acquired brands is now a major component of the overall financial picture. Here's the quick math on the major segments based on year-to-date (YTD) performance through the third quarter of 2025.

Revenue Stream Segment	Period Ending Q3 2025	Amount (Millions USD)
North American Sales	Year-to-Date	$1,723.0
International Sales	Year-to-Date	$70.6
Core CELSIUS Brand Sales (Q3 YoY Growth)	Q3 2025 vs. Q3 2024	44% Growth
Alani Nu Brand Sales	Q3 2025 Only	$332.0
Analyst Projected Full-Year 2025 Revenue	Full Year Estimate	$2.51 billion

The total consolidated revenue for the nine months ended September 30, 2025, reached approximately $1,793.6 million, a 75% growth compared to the prior-year period. The third quarter alone saw total revenue hit $725.1 million, marking a 173% year-over-year increase.

You can see the breakdown of the Q3 2025 performance and brand momentum:

• North American Sales for Q3 2025 totaled $702.0 million.
• International revenue for Q3 2025 was $23.1 million.
• The core CELSIUS brand revenue grew 44% in Q3 2025 year-over-year.
• The Alani Nu brand achieved record sales of $332.0 million in Q3 2025.
• The CELSIUS brand's U.S. scanner growth rate for Q3 2025 was 13%.
• Alani Nu retail sales grew 114% in the 13-week period ending September 28, 2025.

The growth is clearly portfolio-driven, with Alani Nu accounting for a significant portion of the year-to-date increase. For instance, Alani Nu generated $633.2 million in sales across the second and third quarters of 2025 combined. Still, the core CELSIUS brand shows organic strength, with its revenue up 12% through the first three quarters of 2025.

Finance: draft 13-week cash view by Friday.