CELH Earnings Summary — Q1 2026

• Revenue for Q1 2026 grew 137.7% year-over-year to $782.6 million, significantly outpacing historical averages.
• Net income attributable to common shareholders reached $85.1 million, a substantial recovery from previous quarters affected by high operating expenses.
• The PepsiCo distribution partnership continues to drive massive scale, though it introduces a layer of strategic dependency.
• Operating income stabilized at $139.0 million as the company absorbed previous inventory and distribution transition costs.
• Gross profit margins remain healthy at approximately 48.3%, benefiting from logistics optimization via the PepsiCo network.
• The company maintains a pristine balance sheet with zero debt, allowing for aggressive funding of international expansion.
• Selling, General & Administrative expenses showed discipline, declining slightly on a sequential basis despite significant revenue growth.

Management remains focused on increasing retail velocity and expanding door counts globally. Commentary suggests that the transition to the PepsiCo system is now optimized, providing a platform for sustainable margin expansion and international market entry.

Improving

The sharp reversal in profitability and continued triple-digit revenue growth indicates the company has successfully transitioned through its distribution scaling phase.

Celsius is positioned to capture further market share from legacy energy drink players by leveraging its 'healthy' positioning and the vast reach of the PepsiCo distribution network. Future growth is expected to stem from untapped international markets, where the brand currently has minimal penetration.