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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-34611

CELSIUS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Nevada		20-2745790
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2381 NW Executive Center Drive, Boca Raton, Florida		33431
(Address of principal executive offices)		(Zip Code)

(561) 276-2239

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	CELH	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),

and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant

to Rule 405 of Regulation S-T (§.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant

was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting

company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of October 31, 2025, the registrant had 257,785,297 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS


		Page


PART I - FINANCIAL INFORMATION		5

Item 1.	Financial Statements	5
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (unaudited)	5
	Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)	7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity for the three and nine months ended September 30, 2025 (unaudited)	8
	Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity for the three and nine months ended September 30, 2024 (unaudited)	9
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	10
	Notes to the Condensed Consolidated Financial Statements (unaudited)	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52

Item 4.	Controls and Procedures	53

PART II - OTHER INFORMATION		54

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 3.	Defaults Upon Senior Securities	54

Item 4.	Mine Safety Disclosures	54

Item 5.	Other Information	54

Item 6.	Exhibits	56

SIGNATURES		57

MASTER GLOSSARY


Term		Definition
2015 Plan		The Celsius Holdings, Inc. 2015 Stock Incentive Plan
2025 Plan		The Celsius Holdings, Inc. 2025 Omnibus Incentive Compensation Plan
A&R U.S. Distribution Agreement		Amended and Restated U.S. Distribution Agreement between the Company and Pepsi, entered into in August 2025
Alani Nu		Alani Nutrition LLC, a wholly owned subsidiary of the Company
Alani Nu Acquisition		The Company's acquisition of Alani Nu on April 1, 2025
Annual Report		The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025
ASC		Accounting Standards Codification
ASC 470		ASC Topic 470, Debt
ASC 480		ASC Topic 480, Distinguishing Liabilities from Equity
ASC 606		ASC Topic 606, Revenue from Contracts with Customers
ASC 805		ASC Topic 805, Business Combinations
ASC 820		ASC Topic 820, Fair Value Measurement
ASU		Accounting Standards Update
Big Beverages		Big Beverages Contract Manufacturing, L.L.C., a wholly owned subsidiary of the Company
Board		Board of Directors of Celsius Holdings, Inc.
Captaincy		An enhanced, long-term arrangement according to which Pepsi uses commercially reasonable efforts to sell and distribute the Company’s products.
Certificates of Designation		The Series A Certificate and the Series B Certificate, collectively
Closing Date of Alani Nu		April 01, 2025
Closing Date of the Pepsi Transactions		August 28, 2025
CODM		Chief Operating Decision Maker, which is the Company's Chief Executive Officer
common stock		The Company's common stock, par value $0.001 per share
Company		Celsius Holdings, Inc., a Nevada corporation
Credit Agreement		Credit Agreement, dated April 1, 2025, with UBS AG, Stamford Branch, as administrative and collateral agent
DLOM		Discount for lack of marketability
EPS		Earnings per share
Exchange Act		Securities Exchange Act of 1934, as amended
FASB		Financial Accounting Standards Board
First Refinancing Amendment		First refinancing amendment to the Credit Agreement
Forward Stock Split		Three-for-one split of the Company’s common stock on November 13, 2023
OBBBA		One Big Beautiful Bill Act
Original Distribution Agreement		Original distribution agreement between the Company and Pepsi, dated August 1, 2022
Original Purchase Agreement		Original securities purchase agreement between the Company and Pepsi, dated August 1, 2022
Original Transition Agreement		Original channel transition agreement between the Company and Pepsi, dated August 1, 2022
Pepsi		PepsiCo, Inc.
Pepsi Transactions		The Captaincy together with the Rockstar Acquisition
PIK Dividends		Paid-in-kind Dividends
Pillar Two		Tax legislation enacted by the Organization for Economic Co-operation and Development
Preferred Stock		Series A Preferred Stock together with the Series B Preferred Stock
PSU		Performance Stock Units
Quarterly Report		The Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the SEC on November 7, 2025
Redemption Price		The applicable amount that the Company would pay to redeem a share of Preferred Stock, including all accrued and unpaid dividends per share.
Regular Dividends		Recurring dividends declared on the Preferred Stock in accordance with the Certificates of Designation

MASTER GLOSSARY



Term		Definition
Revolving Credit Facility		The Company's revolving credit facility in an aggregate principal amount of up to $100.0 million
Rockstar		The Rockstar brand in the U.S. (Excluding Virgin Islands and Puerto Rico) and Canada
Rockstar Acquisition		The Company's acquisition from Pepsi on August 28, 2025 of certain assets and liabilities comprising Rockstar under the Transaction Agreement
RSU		Restricted Stock Units
rTSR		Relative total stockholder return
SEC		U.S. Securities and Exchange Commission
Securities Act		The Securities Act of 1933, as amended
Series B Purchase Agreement		Agreement under which the Company issued and sold shares of Series B Convertible Preferred Stock to Pepsi
Sellers		The sellers of Alani Nu
Series A Certificate		Series A Preferred Stock Certificate of Designation
Series A Preferred Stock		The Company's Series A Convertible Preferred Stock
Series B Certificate		Series B Preferred Stock Certificate of Designation
Series B Preferred Stock		The Company's Series B Convertible Preferred Stock
Ten-Day VWAP		Ten-day volume weighted average price of the Company’s common stock
Term Loan Facility		The Company's term loan facility in an aggregate principal amount of up to $900.0 million
Transaction Agreement		The agreement pursuant to which the Company consummated the Rockstar Acquisition and commenced the Captaincy
U.S.		United States of America
U.S. GAAP		Generally accepted accounting principles in the United States of America

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Celsius Holdings, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

(Unaudited)



	September 30, 2025	December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$805,955	$890,190
Restricted cash	126,508	—
Accounts receivable-net[1]	513,682	270,342
Inventories-net	282,514	131,165
Prepaid expenses and other current assets[2]	163,395	18,759
Deferred other costs-current[3]	49,520	14,124
Total current assets	1,941,574	1,324,580

Property, plant and equipment-net	80,925	55,602
Customer relationships-net	117,466	11,306
Brands-net	1,280,353	907
Goodwill	914,957	71,582
Deferred other costs-non-current[3]	784,214	234,215
Deferred tax assets	110,410	38,699
Other long-term assets	35,809	29,990
Total Assets	$5,265,708	$1,766,881

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable[4]	$97,794	$41,287
Accrued expenses[5]	311,768	148,780
Income taxes payable	49,590	10,834
Accrued distributor termination fees	252,953	—
Accrued promotional allowance[6]	234,068	135,948
Contingent consideration	25,000	—
Deferred revenue-current[7]	25,557	9,513
Other current liabilities	32,258	19,173
Total current liabilities	1,028,988	365,535

Long-term debt	861,472	—
Deferred revenue-non-current[8]	387,432	157,714
Other long term liabilities	24,431	19,215
Total Liabilities	2,302,323	542,464

Commitments and contingencies (Note 16)

Mezzanine equity:
Series A convertible preferred stock, $0.001 par value per share, 1,467 shares issued and outstanding as of September 30, 2025 and December 31, 2024 [3]	852,355	824,488
Series B convertible preferred stock, $0.001 par value per share, 390 shares and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively [3]	907,920	—
Stockholders’ equity:
Common stock, $0.001 par value per share; 400,000 shares authorized, 257,784 and 235,014 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	101	79
Additional paid-in capital	1,035,021	297,579
Accumulated other comprehensive income (loss)	2,508	(3,250)
Retained earnings	165,480	105,521
Total Stockholders’ Equity	1,203,110	399,929
Total Liabilities, Mezzanine Equity and Stockholders’ Equity	$5,265,708	$1,766,881

[1] Includes $192.3 million and $168.2 million from a related party as of September 30, 2025 and December 31, 2024, respectively.

[2] Includes $126.6 million from a related party as of September 30, 2025 and no related party balance as of December 31, 2024.

[3] Amounts in this line item are associated with a related party for all periods presented.

[4] Includes $2.3 million and $1.7 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.

[5] Includes $0.3 million and $0.2 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.

[6] Includes $95.3 million and $75.1 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.

[7] Includes $24.5 million and $9.5 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.

[8] Includes $387.4 million and $157.7 million due to a related party as of September 30, 2025 and December 31, 2024, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Celsius Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share amounts)

(Unaudited)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue[1]	$725,106	$265,748	$1,793,641	$1,023,433
Cost of revenue[2]	352,827	143,519	868,138	509,899
Gross profit	372,279	122,229	925,503	513,534
Selling, general and administrative expenses[3]	205,571	125,443	563,799	339,310
Distributor termination fees	246,707	—	246,707	—
(Loss) income from operations	(79,999)	(3,214)	114,997	174,224

Other (expense) income:
Interest income	4,847	11,112	16,731	31,399
Interest expense	(18,243)	—	(36,323)	—
Other, net [4]	5,364	277	7,022	(356)
Total other (expense) income	(8,032)	11,389	(12,570)	31,043

Net (loss) income before provision for income taxes	(88,031)	8,175	102,427	205,267

Provision for income taxes	27,017	(1,819)	(19,167)	(41,317)
Net (loss) income	$(61,014)	$6,356	$83,260	$163,950

Dividends on convertible preferred stock[5]	(9,657)	(6,913)	(23,289)	(20,588)
Income allocated to participating preferred stock[5]	—	—	(5,272)	(12,357)
Net (loss) income attributable to common stockholders	$(70,671)	$(557)	$54,699	$131,005

Other comprehensive income:
Foreign currency translation gain, net of income tax	330	2,025	5,758	363
Comprehensive (loss) income	$(70,341)	$1,468	$60,457	$131,368

(Loss) earnings per share:
Basic	$(0.27)	$(0.00)	$0.22	$0.56
Diluted	$(0.27)	$(0.00)	$0.22	$0.55
Weighted average shares outstanding:
Basic	257,778	233,696	250,325	233,219
Diluted	257,778	233,696	252,801	237,480

[1] Includes $257.0 million and $691.3 million for the three and nine months ended September 30, 2025, respectively, and $124.7 million and $547.8 million for

the three and nine months ended September 30, 2024, respectively, in each case from a related party.

[2] Includes $0.8 million from a related party for the three and nine months ended September 30, 2025 and no amounts from a related party for the three and nine

months ended September 30, 2024.

[3]Includes $2.4 million and $3.2 million for the three and nine months ended September 30, 2025, respectively, and $0.5 million and $1.6 million for the three

and nine months ended September 30, 2024, respectively, in each case from a related party.

[4] Includes $6.6 million from a related party for the three and nine months ended September 30, 2025 and no amounts from a related party for the three and nine

months ended September 30, 2024.

[5] Amounts in this line item are associated with a related party for all periods presented.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Celsius Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity

(In thousands, except per share amounts)

(Unaudited)


	Stockholders’ Equity						Mezzanine Equity
	Common Stock						Series A Preferred Stock		Series B Preferred Stock
	Shares	Amount	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Stockholders’ Equity	Shares	Amount	Shares	Amount
Balance at December 31, 2024	235,014	$79	$297,579	$(3,250)	$105,521	$399,929	1,467	$824,488	—	$—
Stock-based compensation	—	—	5,029	—	—	5,029	—	—	—	—
Stock option exercises, RSUs and PSUs converted	348	—	338	—	—	338	—	—	—	—
Dividends paid on Series A convertible preferred stock ($4.62 per share)	—	—	—	—	(6,781)	(6,781)	—	—	—	—
Repurchase of common stock related to employee tax withholdings	(73)	—	(1,932)	—	—	(1,932)	—	—	—	—
Treasury Stock	(6)	—	(137)	—	—	(137)	—	—	—	—
Foreign currency translation	—	—	—	2,249	—	2,249	—	—	—	—
Net income	—	—	—	—	44,419	44,419	—	—	—	—
Balance at March 31, 2025	235,283	$79	$300,877	$(1,001)	$143,159	$443,114	1,467	$824,488	—	$—
Stock-based compensation	—	—	6,434	—	—	6,434	—	—	—	—
Stock option exercises, RSUs and PSUs converted	60	—	10	—	—	10	—	—	—	—
Dividends paid on Series A convertible preferred stock ($4.67 per share)	—	—	—	—	(6,851)	(6,851)	—	—	—	—
Issuance of common stock as consideration for acquisition	22,451	22	721,942	—	—	721,964	—	—	—	—
Repurchase of common stock related to employee tax withholdings	(25)	—	(879)	—	—	(879)	—	—	—	—
Foreign currency translation	—	—	—	3,179	—	3,179	—	—	—	—
Net income	—	—	—	—	99,855	99,855	—	—	—	—
Balance at June 30, 2025	257,769	$101	$1,028,384	$2,178	$236,163	$1,266,826	1,467	$824,488	—	$—
Stock-based compensation	—	—	7,384	—	—	7,384	—	—	—	—
Stock option exercises, RSUs and PSUs converted	24	—	—	—	—	—	—	—	—	—
Modification of Series A convertible preferred stock	—	—	—	—	—	—	—	27,867	—	—
Dividends paid to Series A convertible preferred stock ($4.73 per share)	—	—	—	—	(6,941)	(6,941)	—	—	—	—
Issuance of Series B convertible preferred shares	—	—	(300)	—	—	(300)	—	—	390	907,920
Dividends paid to Series B convertible preferred stock ($6.99 per share)	—	—	—	—	(2,728)	(2,728)	—	—	—	—
Repurchase of common stock related to employee tax withholdings	(9)	—	(447)	—	—	(447)	—	—	—	—
Foreign currency translation	—	—	—	330	—	330	—	—	—	—
Net (loss)	—	—	—	—	(61,014)	(61,014)	—	—	—	—
Balance at September 30, 2025	257,784	$101	$1,035,021	$2,508	$165,480	$1,203,110	1,467	$852,355	390	$907,920

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Celsius Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity

(In thousands, except per share amounts)

(Unaudited)


	Stockholders' Equity						Mezzanine Equity
	Common Stock						Series A Preferred Stock
	Shares	Amount	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Accumulated Deficit)	Total Stockholders' Equity	Shares	Amount
Balance at December 31, 2023	231,787	$77	$276,717	$(701)	$(12,053)	$264,040	1,467	$824,488
Stock-based compensation	—	—	3,563	—	—	3,563	—	—
Stock option exercises, RSUs and PSUs converted to common stock	1,283	1	967	—	—	968	—	—
Dividends paid on Series A convertible preferred stock ($4.66 per share)	—	—	—	—	(6,837)	(6,837)	—	—
Foreign currency translation	—	—	—	(1,354)	—	(1,354)	—	—
Net income	—	—	—	—	77,811	77,811	—	—
Balance at March 31, 2024	233,070	$78	$281,247	$(2,055)	$58,921	$338,191	1,467	$824,488
Stock-based compensation	—	—	4,746	—	—	4,746	—	—
Stock option exercises, RSUs and PSUs converted to common stock	274	—	180	—	—	180	—	—
Dividends paid on Series A convertible preferred stock ($4.66 per share)	—	—	—	—	(6,838)	(6,838)	—	—
Foreign currency translation	—	—	—	(308)	—	(308)	—	—
Net income	—	—	—	—	79,783	79,783	—	—
Balance at June 30, 2024	233,344	$78	$286,173	$(2,363)	$131,866	$415,754	1,467	$824,488
Stock-based compensation	—	—	5,376	—	—	5,376	—	—
Stock option exercises, RSUs and PSUs converted to common stock	1,679	1	2,685	—	—	2,686	—	—
Dividends paid on Series A convertible preferred stock ($4.71 per share)	—	—	—	—	(6,913)	(6,913)	—	—
Repurchase of common stock related to employee tax withholdings	(41)	—	(1,658)	—	—	(1,658)	—	—
Foreign currency translation	—	—	—	2,025	—	2,025	—	—
Net income	—	—	—	—	6,356	6,356	—	—
Balance at September 30, 2024	234,982	$79	$292,576	$(338)	$131,309	$423,626	1,467	$824,488

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Celsius Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025	2024
Cash flows from operating activities:
Net income	$83,260	$163,950
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,516	4,888
Allowance for credit losses[1]	3,226	4,279
Amortization of deferred other costs[2]	13,391	10,593
Inventory excess and obsolescence	22,313	17,118
Stock-based compensation expense	18,847	13,685
Deferred income taxes-net	(71,408)	4,727
Change in fair value of contingent consideration	13,800	—
Other operating activities-net	1,964	482
Changes in operating assets and liabilities:
Accounts and note receivable-net[3]	(164,133)	(26,529)
Inventories	31,132	14,585
Prepaid expenses and other current assets[4]	(142,920)	(20,261)
Other long-term assets	1,511	(5,303)
Accounts payable[5]	4,081	(12,259)
Accrued expenses[6]	32,961	11,151
Income taxes payable	38,742	(49,631)
Accrued promotional allowance[7]	83,276	59,023
Accrued distributor termination fees	252,953	(248)
Other current liabilities	3,691	4,094
Deferred revenue[8]	233,463	(7,135)
Other long-term liabilities	(1,786)	17
Net cash provided by operating activities	$478,880	$187,226

Cash flows from investing activities:
Purchase of property, plant and equipment[9]	(25,539)	(17,983)
Purchase of non-marketable equity securities	(5,000)	(3,000)
Alani Nu Acquisition, net of cash acquired	(1,278,769)	—
Net working capital estimate received from Pepsi related to the Rockstar Acquisition[2]	30,617	—
Net cash used in investing activities	$(1,278,691)	$(20,983)

[1] Includes $(0.6) million and $0.5 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[2] Amounts in this line item are associated with a related party for all periods presented.

[3] Includes $(24.1) million and $11.9 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[4] Includes $(126.6) million associated with a related party for the nine months ended September 30, 2025 and no amount for the nine months ended September 30,

2024.

[5] Includes $0.6 million and $0.7 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[6] Includes $0.1 million and $(1.0) million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[7] Includes $20.2 million and $49.5 million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[8] Includes $244.7 million and $(7.1) million associated with a related party for the nine months ended September 30, 2025 and 2024, respectively.

[9] Includes $(8.8) million associated with a related party for both the nine months ended September 30, 2025 and 2024.

Celsius Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025	2024
Cash flows from financing activities:
Cash dividends paid on preferred stock[1]	$(23,301)	$(20,588)
Repurchase of common stock related to employee tax withholdings	(3,259)	(1,658)
Proceeds from term loan	900,000	—
Payments on term loan	(2,250)	—
Payment of debt issuance costs and debt discount	(28,873)	—
Payment of revolver fees	(2,708)	—
Other financing activities-net	301	3,786
Net cash provided by (used in) financing activities	$839,910	$(18,460)

Effect on exchange rate changes on cash, cash equivalents and restricted cash	2,174	(16)
Net increase in cash, cash equivalents and restricted cash	42,273	147,767
Cash, cash equivalents and restricted cash at beginning of the period	890,190	755,981

Cash, cash equivalents and restricted cash at end of the period	$932,463	$903,748

Supplemental disclosures:
Cash paid for:
Interest	$34,510	$—
Taxes	$51,508	$99,032

Supplemental schedule of noncash investing and financing activities:
Acquisition date fair value of Alani Nu contingent consideration	$11,200	$—
Fair value of share consideration issued in the Alani Nu Acquisition	721,964	—
Fair value of Series B Preferred Stock issued to Pepsi [1]	907,920	—
Fair value of Series A Preferred Stock modification [1]	$27,867	$—

[1] Amounts in this line item are associated with a related party for all periods presented. The non-cash proceeds were used for the ASC 606 upfront payment to

customer and the Rockstar purchase consideration as part of the Pepsi Transactions, see Note 5. Acquisitions.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

1.ORGANIZATION AND DESCRIPTION OF BUSINESS

Business Overview

References in this Quarterly Report on Form 10-Q to the “Company” or “Celsius” refer to Celsius Holdings, Inc. and its wholly

owned subsidiaries. Definitions of certain capitalized terms used in this Quarterly Report on Form 10-Q are included within the

Master Glossary.

The Company develops, processes, markets, sells, manufactures and distributes differentiated products with innovative formulas,

many of which are clinically proven, as premium lifestyle beverages designed to fuel active and wellness-oriented consumers. The

Company’s portfolio primarily consists of energy drinks offered under the CELSIUS®, Alani Nu® and Rockstar® brands, with

CELSIUS® and Alani Nu® also offering a range of other wellness products. Together these brands serve a broad range of consumers

across the functional energy and other adjacent wellness categories.

The Company's products are available in the U.S., Canada, Europe, the Middle East and the Asia-Pacific region. They are sold

through multiple channels, including conventional grocery, natural-food and convenience stores, fitness centers, mass-market and

vitamin specialty retailers and e-commerce platforms.

On August 28, 2025, the Company entered into a series of transactions and agreements (described below) with Pepsi, pursuant to

which the Company (i) issued to Pepsi shares of Series B Preferred Stock and modified certain terms of the outstanding shares of

Series A Preferred Stock, all of which are held by Pepsi, (ii) acquired Rockstar in the U.S. and Canada and engaged Pepsi to

become the primary distributor of Alani Nu and Rockstar products in the United States (excluding Puerto Rico and the U.S. Virgin

Islands) and Canada, and (iii) enhanced its existing long-term commercial arrangement with Pepsi, pursuant to which, among other

things, Pepsi is required to use commercially reasonable efforts to sell and distribute the Company’s products in accordance with

the Captaincy.

Securities Purchase Agreement

On the Closing Date of the Pepsi Transactions, the Company entered into the Series B Purchase Agreement with Pepsi, pursuant to

which, on such date, the Company issued and sold to Pepsi, and Pepsi purchased from the Company, in a private placement exempt

from registration under the Securities Act, 390,000 shares of Series B Preferred Stock. Pursuant to the Series B Purchase

Agreement, the Company also granted Pepsi the right to currently designate one additional member to the Board, giving Pepsi a

total of two Board seats. As part of these transactions, the Series A Preferred Stock was modified to align key terms, such as

conversion and redemption dates, with those of the newly issued Series B Preferred Stock. For additional information, see Note 13.

Mezzanine Equity.

Transaction Agreement – Rockstar Acquisition and Captaincy

On the Closing Date of the Pepsi Transactions, the Company entered into the Transaction Agreement with Pepsi, pursuant to which

(i) the Company acquired certain assets and assumed certain liabilities, comprising Rockstar in the U.S. and Canada and (ii) the

Company and Pepsi commenced the Captaincy. The Captaincy is an enhanced, long-term arrangement pursuant to which Pepsi uses

commercially reasonable efforts to sell, distribute, and merchandise the Company’s products in accordance with jointly developed

sales, placement, and promotional priorities. On the Closing Date of the Pepsi Transactions, the Company issued Series B Preferred

Stock to Pepsi and amended the terms of the Series A Preferred Stock in connection with the Rockstar Acquisition, the Captaincy,

the A&R U.S. Distribution Agreement and an amended and restated distribution agreement with an affiliate of Pepsi, pursuant to

which such affiliate of Pepsi continues to be the Company’s primary distributor of Celsius products in Canada and has become the

Company’s primary Canadian distributor of Alani Nu’s products and Rockstar products. The transaction is subject to a customary

working capital adjustment in respect of the Rockstar Acquisition. The Captaincy commenced on the Closing Date of the Pepsi

Transactions and will continue during the term of the A&R U.S. Distribution Agreement. For additional information, see Note 4.

Revenue, Note 5. Acquisitions and Note 12. Related Party Transactions.

The Amended and Restated U.S. Distribution Agreement

On the Closing Date of the Pepsi Transactions, the Company entered into the A&R U.S. Distribution Agreement with Pepsi, which

amended and restated in its entirety the Original Distribution Agreement, predominantly to provide that Pepsi become the primary

distributor of Alani Nu and Rockstar products. The other material terms and covenants, including termination provisions, contained

in the Original Distribution Agreement remain in full force and effect in the A&R U.S. Distribution Agreement. In connection with

the transition of the distribution of Alani Nu products to Pepsi, the Company is incurring fees from the termination of agreements

with certain existing Alani Nu distributors. Pepsi has agreed to reimburse the Company for such distribution fees to facilitate the

transition of certain distribution rights to Pepsi. For additional information, see Note 4. Revenue and Note 12. Related Party

Transactions.

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

Alani Nu Acquisition

On the Closing Date of Alani Nu, the Company completed the Alani Nu Acquisition for a total consideration comprising (i)

$1,275.0 million in cash, subject to adjustment as set forth in the purchase agreement, (ii) an aggregate of 22,451,224 shares of the

Company's common stock and (iii) up to $25.0 million in additional cash consideration, payable only if revenue of Alani Nu’s

products meet or exceed an agreed upon target for calendar year 2025. In connection with the finalization of customary post-closing

adjustments in the third quarter of 2025, the Company made a payment of $22.4 million to the Sellers. For additional information,

see Note 5. Acquisitions.

Credit Agreement

On the Closing Date of Alani Nu, Celsius and certain of its subsidiaries, the lenders and issuing banks from time to time party

thereto and UBS AG, Stamford Branch, as administrative agent and collateral agent, entered into a Credit Agreement, which

provides for a term loan facility in an aggregate principal amount of up to $900.0 million, which was fully drawn on the Closing

Date of Alani Nu to fund a portion of the cash consideration paid to the Sellers (the remaining cash consideration was funded with

existing cash on hand), and the Revolving Credit Facility in an aggregate principal amount of up to $100.0 million, which remained

undrawn as of September 30, 2025. For additional information, see Note 6. Debt and Note 17. Subsequent Events.

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in

accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation

S-X. Accordingly, the condensed consolidated financial statements do not include all of the information and notes required by U.S.

GAAP for annual audited consolidated financial statements. In the opinion of management, all adjustments considered necessary for

a fair presentation have been included. The preparation of our condensed consolidated financial statements in accordance with U.S.

GAAP requires management to make estimates and assumptions that affect reported amounts, based on historical experience and

other reasonable factors. These estimates and assumptions are reviewed on an ongoing basis and revised as circumstances change.

Accordingly, the results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results

expected for any future period or the full year. These condensed consolidated financial statements have been prepared on a basis

that is substantially consistent with the accounting principles applied in the Company's Annual Report, as filed with the SEC. These

condensed consolidated financial statements and the accompanying notes should be read in conjunction with such Annual Report.

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

Certain prior period amounts have been reclassified to conform to the current period's presentation in the condensed consolidated

financial statements and accompanying notes. These reclassifications were made for consistency with current period presentation

and had no effect on operating results.


Line Items – As Previously Reported		Line Item – As Reclassified
Balance Sheets
Right of use assets-operating leases		Other long-term assets
Right of use assets-finance leases-net		Other long-term assets
Intangibles-net		Customer relationships-net
Intangibles-net		Brands-net
Lease liability operating leases (previously presented in current liabilities)		Other current liabilities
Lease liability finance leases (previously presented in current liabilities)		Other current liabilities
Lease liability operating leases (previously presented in non-current liabilities)		Other long term liabilities
Lease liability finance leases (previously presented in non-current liabilities)		Other long term liabilities
Deferred tax liability		Other long term liabilities

Statements of Operations and Comprehensive Income
Foreign exchange gain (loss)		Other, net

Statements of Cash Flows
Loss on disposal of property and equipment		Other operating activities
Foreign exchange loss		Other operating activities
Change in right of use and lease obligation-net		Other long-term liabilities
Proceeds from exercise of stock options		Other financing activities
Principal payments on finance and lease obligations		Other financing activities

Principles of Consolidation — These condensed consolidated financial statements include the accounts of the Company and its

wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in accordance with U.S. GAAP.

Business Combinations — The Company accounts for business combinations in accordance with ASC 805. Under this guidance, the

results of operations of an acquired business are included in the Company’s condensed consolidated financial statements and related

notes prospectively from the acquisition date.

The Company allocates the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed

based on their fair values as of the acquisition date. Any excess of the purchase consideration over the fair value of net assets

acquired is recognized as goodwill. During the measurement period, which does not exceed twelve months from the acquisition

date, adjustments to the preliminary fair value estimates may be recorded as additional information becomes available.

Measurement period adjustments, if applicable, are recognized in the reporting period in which the adjustments are determined and

are reflected as a prospective adjustment to goodwill. See Note 5. Acquisitions.

Contingent Consideration — In connection with the Alani Nu Acquisition, the Company recorded a liability at fair value for the

contingent consideration potentially payable to the Sellers subject to achievement of certain 2025 revenue targets, with a maximum

payment of $25 million. The acquisition date fair value of the liability was estimated using discounted future cash flows based on a

probability-weighted expected return methodology using Level 3 inputs such as forecasts of revenue. The Company evaluates the

fair value of the contingent consideration quarterly and adjusts the carrying value as new information becomes available. See Note

5. Acquisitions.

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

Goodwill and Intangible Assets — Goodwill and indefinite-lived intangible assets recognized as part of acquisitions are

subsequently tested for impairment in accordance with the Company’s accounting policy for goodwill and indefinite-lived

intangible assets. Indefinite-lived intangible assets are not amortized and are tested for impairment at least annually, or more

frequently if indicators arise. Intangible assets with defined useful lives are generally measured at cost, net of accumulated

amortization and impairment, and are amortized on a straight-line basis over their estimated useful lives. Useful lives are

determined based on expected cash flows and other relevant facts and circumstances specific to each asset. See Note 7. Goodwill

and Intangibles for further discussion of impairment testing.

Debt — The Company accounts for all debt instruments in accordance with the guidance provided under ASC 470. Debt is initially

recognized at the amount of proceeds received, net of any original issue discounts or premiums and debt issuance costs, and is

subsequently carried at amortized cost. Debt is classified as current or non-current based on the contractual maturity dates. Issuance

costs for the revolving credit arrangement are recorded in other assets on the Company’s condensed consolidated balance sheets.

Original issue discounts and debt issuance costs are recognized as interest expense over the term of the debt using the effective

interest method. See Note 6. Debt for additional information.

Segment Reporting — Operating segments are defined as components of an enterprise that engage in business activities, maintain

discrete financial information, and undergo regular review by the CODM, who is the Chief Executive Officer, to assess

performance and allocate resources. Although the Company operates in multiple geographical regions and offers a range of

products under distinct brands, it functions as a single operating segment. The CODM evaluates operating results and allocates

resources on a consolidated basis due to the significant economic interdependencies between the Company's brands, geographical

operations and product offerings. As a result, the Company and its brands are managed as a single operating segment, which also

represents the Company’s single reportable segment. Although the Company has a single reportable segment, it is still required to

comply with all disclosure requirements set forth in the existing guidance under Segment Reporting (Topic 280). See Note 15.

Segment Reporting.

Significant Estimates — The preparation of condensed consolidated financial statements and accompanying disclosures in

conformity with U.S. GAAP requires management to make recurring estimates and assumptions that affect the reported amounts of

assets, liabilities, revenues, and expenses, as well as disclosure of contingent assets and liabilities at the date of the financial

statements. Although these estimates are based on management's best knowledge of current events and actions that the Company

may undertake in the future, actual results may differ from those estimates. These estimates and judgments are reviewed on an

ongoing basis and are revised when necessary. Significant estimates include promotional allowances, intangibles, assets and

liabilities assumed as a part of business combinations, allowance for inventory obsolescence and sales returns, the useful lives of

property, plant and equipment, impairment of goodwill and intangibles, deferred taxes and related valuation allowance, valuation of

contingent consideration, stock-based compensation and preferred stock.

Fair Value Measurements — ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of

valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are

prioritized below:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices in active markets included in Level 1 that are observable, directly or indirectly.

Level 3: Unobservable inputs, which rely on the reporting entity’s assumptions when there is little or no market data.

The Company performs valuations of assets acquired and liabilities assumed in acquisitions accounted for as a business

combination and recognizes the assets acquired and liabilities assumed at their acquisition-date fair value. The fair value hierarchy

established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable

inputs when measuring fair value. For additional information on fair value measurement as part of the Rockstar and Alani Nu

acquisitions, see Note 5. Acquisitions. For additional information on the fair value measurement as part of the Preferred Stock

issuance and modification, see Note 13. Mezzanine Equity.

Concentrations of Risk — The majority of the Company’s revenue is derived from the sale of functional energy drinks. Functional

energy drink product revenue accounted for approximately 95.0% and 94.1% of revenue for the three and nine months ended

September 30, 2025, respectively, and 94.5% and 95.4% of revenue for the three and nine months ended September 30, 2024,

respectively.

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

Revenue from customers accounting for more than 10.0% of total revenue for the three and nine months ended September 30, 2025

and 2024 was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Pepsi	35.4%	47.0%	38.5%	53.5%
Costco	11.1%	14.9%	10.4%	12.2%
Amazon	5.5%	10.2%	7.5%	9.3%
All others	48.0%	27.9%	43.6%	25.0%
Total	100.0%	100.0%	100.0%	100.0%

Accounts receivable from customers accounting for more than 10.0% of total accounts receivable-net as of September 30, 2025 and

December 31, 2024 were as follows:


	September 30, 2025	December 31, 2024
Pepsi	37.4%	62.2%
Amazon	14.7%	8.9%
Costco	8.9%	10.2%
All others	39.0%	18.7%
Total	100.0%	100.0%

Cash Equivalents — The Company considers all highly liquid instruments with original maturities of three months or less, when

purchased, to be cash equivalents. As of September 30, 2025 and December 31, 2024, the Company did not hold any instruments

with original maturities exceeding three months.

Restricted Cash — In connection with the A&R U.S. Distribution Agreement, the Company received upfront payments from Pepsi

that are contractually restricted. These funds are designated solely to satisfy termination payments to certain former Alani Nu

distributors, are not available for general operating activities, and are classified as restricted cash on the Company’s condensed

consolidated balance sheets. Any amounts not utilized for such termination payments are required to be returned to Pepsi. For

additional information see Note 4. Revenue and Note 12. Related Party Transactions.

Accounts Receivable and Current Expected Credit Losses — The Company is exposed to potential credit risks associated with its

product revenue and related accounts receivable, as it generally does not require collateral from its customers. The Company’s

expected loss allowance for accounts receivable is determined using historical collection experience, current and expected future

economic and market conditions, an assessment of the current status of customers’ trade accounts receivable, and where available,

an evaluation of the financial condition and credit ratings of larger customers, including credit reports. Customers are pooled based

on common risk factors, and the Company reassesses these customer pools on a periodic basis. The allowance for credit losses is

based on aging of the accounts receivable balances and estimated credit loss percentages.

Changes in the allowance for expected credit losses for the nine-month period ended September 30, 2025 were as follows:


	Allowance for Expected Credit Losses
Balance as of December 31, 2024	$5,278
Current period change for expected credit losses	2,743
Balance as of September 30, 2025	$8,021

Celsius Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

September 30, 2025

(Tabular dollars in thousands, except per share amounts)

Deferred Costs — The Company deferred the excess of the fair value of the shares of Preferred Stock issued to Pepsi over the

consideration received. These deferred costs are amortized on a straight-line basis, as a reduction of revenue, over the term of the

A&R U.S. Distribution Agreement, aligning expense recognition with the associated benefits. Deferred costs are classified and

presented as separate current and non-current line items on the Company’s condensed consolidated balance sheets.

Long-Lived Assets by Geographic Area — The following table consists of geographic long-lived asset information, which includes

property, plant and equipment-net, customer relationships-net, definite lived brands-net, and a portion of other current and long-

term assets and excludes goodwill and indefinite lived brands, for individual countries that represent a significant portion of the

total. All of the Company’s North American long-lived assets are located in the U.S. and Canada.

Celsius Holdings, Inc. 10-Q