Celsius Holdings, Inc. (CELH): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine behind one of the fastest-growing beverage stories, and honestly, it's a masterclass in distribution leverage. This business didn't just win on its functional energy proposition; it locked down the entire shelf space via the PepsiCo deal, which is now powering a combined portfolio that commanded a 20.2% U.S. market share as of late 2025. While North American sales hit $1,723.0 million year-to-date through Q3 2025 with a healthy 51.3% gross margin, you also have to see the near-term cost of ambition-integration expenses pushed Q3 GAAP results to a $61.0 million loss. Let's break down exactly how this distribution and brand acquisition strategy is structured across the nine building blocks below.

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

You're mapping out the core relationships Celsius Holdings, Inc. relies on to move product, and honestly, the structure is heavily weighted toward a few massive players. The model is less about owning everything and more about deeply integrating with giants for scale.

PepsiCo: Distribution Powerhouse and Strategic Investor

The relationship with PepsiCo, Inc. is central, moving beyond simple distribution to a strategic equity alignment. PepsiCo acquired $585 million in newly issued convertible 5% preferred stock as part of an agreement that closed on August 28, 2025. This increased PepsiCo's ownership in Celsius Holdings to approximately 11% on an as-converted basis. This partnership puts the Alani Nu® brand into PepsiCo's established U.S. and Canada distribution system, which is key for reaching more people, more places, more often. For context, the North America segment generated $702.0 million in revenue in the third quarter of 2025.

Co-packers and Vertical Integration

While the model historically relied on outsourcing production, Celsius Holdings, Inc. has started to vertically integrate to secure supply chain control and speed up innovation. This is evidenced by the acquisition of Big Beverages Contract Manufacturing, a longtime co-packer, for $75 million in cash on November 1, 2024. This facility in Charlotte, North Carolina, is a 170,000-square-foot, modern manufacturing and warehouse site. The goal here is capital-efficient growth, aiming for per-case savings and margin improvement, plus potential earnings per share accretion.

The production setup involves a mix of outsourced capacity and this owned facility, which is principally dedicated to Celsius products. This hybrid approach helps manage the massive volume growth, like the 173% consolidated revenue surge to $725.1 million in Q3 2025.

Retailers and Market Penetration

Shelf space with major national chains is a non-negotiable key resource. The distribution network, heavily supported by PepsiCo, is designed to maximize availability. As of the second quarter of 2025, Celsius Holdings' portfolio was sold in more than 240,000 tracked U.S. retail outlets, achieving 98% ACV (All Commodity Volume) coverage. The combined portfolio (CELSIUS, Alani Nu, and Rockstar Energy) held a 20.8% dollar share in the U.S. RTD energy category for the 13-week period ended September 28, 2025.

Here's a quick look at how these distribution and partnership metrics stack up:

Athlete and Celebrity Endorsers

Marketing partnerships are crucial for driving brand credibility, especially in the fitness and lifestyle space. The brand has been official energy drink of Major League Soccer through the 2026 season and expanded its NIL (Name, Image, Likeness) roster to target Gen Z consumers. The company launched its largest integrated media investment to date with the "Live. Fit. Go." campaign. While specific endorsement costs aren't itemized, the overall investment in marketing and brand building is substantial, reflected in the Selling, General and Administrative expenses for Q3 2025 reaching $205.6 million.

The brand's marketing focus includes:

• Official energy drink of Major League Soccer through 2026.
• Partnerships across Formula 1 and Professional Fighters League.
• Endorsements with athletes like Jake Paul, Dustin Poirier, and Shaun White.
• Focus on a broader audience beyond just physical performance.

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

Managing the PepsiCo distribution network transition for all brands

Celsius Holdings, Inc. is operating as PepsiCo's U.S. Strategic Energy Drink Captain, which enhances distribution and provides greater control over planograms and commercial strategy. The transition of Alani Nu direct store delivery (DSD) business into the PepsiCo network exceeded 80% of the U.S. business as of Dec. 1, 2025. The full integration plan for Alani Nu is on track for completion by the end of the first quarter of 2026. This transition involved distributor termination expenses in the third quarter of 2025 totaling approximately $246.7 million, which PepsiCo agreed to fund, resulting in a net neutral cash position for Celsius Holdings, Inc. The company anticipates Q4 2025 will be a noisy quarter due to these integration activities, with normalization expected by Q1 2026.

Brand Integration: Successfully merging Alani Nu and Rockstar Energy operations into the portfolio

The operational integration of two major acquisitions is a core activity. Alani Nu was acquired on April 1, 2025, and Rockstar Energy in the U.S. and Canada on Aug. 28, 2025. The combined portfolio of Celsius Holdings, Inc., Alani Nu, and Rockstar Energy reached a 20.8% dollar share in the U.S. ready-to-drink energy category in Q3 2025, representing a 31% year-over-year growth in tracked channels. The Rockstar integration plan remains on track for completion in the first half of 2026.

The brand performance contributions in Q3 2025 were as follows:

Product Innovation: Developing new flavors and product lines like CELSIUS HYDRATION and ESSENTIALS

Product development focuses on diversifying beyond the core energy offering to capture wellness occasions. New core Vibe and ESSENTIALS flavors were launched, including Celsius Playa Vibe, Retro Vibe, and Mango Lemonade. For the first quarter of 2025, Celsius Holdings, Inc. and Alani Nu collectively accounted for 20% of the overall energy drink category dollar growth. The core CELSIUS brand's U.S. scanner growth rate was 13% for Q3 2025, driven by favorable product mix.

Key innovation and portfolio metrics include:

• Celsius Holdings portfolio grew 25.5% in the last 12 weeks ended 11/23/25.
• The energy drink category grew 13.7% in the same period.
• Alani Nu retail sales rose by 88% year-over-year in Q1 2025.
• Foodservice represents approximately 13.4% of North America sales through PepsiCo.

Global Market Expansion: Driving growth in international markets, which grew 24% in Q3 2025

International expansion is a key focus, with management building a foundation in markets like Australia and Europe. International revenue for the third quarter of 2025 totaled $23.1 million, marking a 24% increase compared to the same period in 2024. For the first nine months of 2025, international revenue reached $70.6 million, a 30% increase year-over-year. The second quarter of 2025 showed international revenues of $24.8 million, up 27% versus the year-ago quarter. Growth is driven by traction in the Nordics, UK, Ireland, France, Australia, New Zealand, and Benelux.

Digital Marketing: Targeted social media campaigns to maintain brand buzz and consumer engagement

Marketing activities are tied to brand building and leveraging the expanded portfolio. Sales and marketing expenses represented about 20% of sales in Q3 2025. The company forecasts sales and marketing expenses to represent 23-25% of sales in Q4 2025 as market presence expands. The company is actively working to determine which elements of the media campaign deliver a better return on investment (ROI).

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

You're looking at the hard assets and core capabilities that make Celsius Holdings, Inc. run in late 2025. Honestly, it's a mix of brand equity, distribution muscle, and financial firepower right now.

Portfolio of Brands

The company's resource base is anchored by its three major energy drink brands: CELSIUS, Alani Nu, and Rockstar Energy. This combined portfolio is showing serious traction in the U.S. market.

• Portfolio reached a 20.2% U.S. market share in the last 12 weeks ended 11/23/25.
• The total portfolio grew 25.5% in that same period.
• The broader energy drink category grew only 13.7% over the same 12 weeks.
• Alani Nu retail sales showed a 114% surge in the last 13 weeks (L13W).

PepsiCo Distribution Network

The strategic partnership with PepsiCo, Inc. is a massive, non-physical resource. It's about leveraging an established direct store delivery (DSD) system to achieve scale you just can't build overnight. PepsiCo's involvement is deep, including a significant equity stake.

Here's the quick math on that alignment as of late 2025:

The integration of Alani Nu into the PepsiCo system is targeted for completion by the end of the first quarter of 2026, with Rockstar Energy integration planned for the first half of 2026.

Proprietary MetaPlus Formula

The core intellectual property (IP) remains the proprietary blend that delivers the functional benefit for the CELSIUS brand. This formula is the original differentiator in the functional beverage space.

Strong Balance Sheet

The company's financial position allows for aggressive capital deployment, balancing growth investment with shareholder returns. Management signaled conviction by authorizing a major buyback program.

• New share repurchase authorization: Up to $300 million of outstanding common stock.
• Cash & Equivalents as of Sep 30, 2025: $805.96 million.
• Total Assets as of Sep 30, 2025: $5,266 million.
• Q3 2025 Revenue: $725.1 million.
• Q3 2025 Gross Margin: 51.3%.
• Non-GAAP Adjusted Diluted EPS for Q3 2025: $0.42.

This authorization gives management flexibility to act when they see a disconnect between the market valuation and the underlying strength of the business fundamentals.

Global Supply Chain

This resource involves the network of co-packers and raw material sourcing required to meet the high-volume production demands for the entire portfolio across domestic and international markets. The Q3 2025 Gross Margin of 51.3% reflects scale benefits on raw materials from higher volume.

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:

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:

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:

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:

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):

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:

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.

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.