CELHHIGH SIGNALFINANCIAL10-K

CELH experienced explosive growth with revenue doubling to $1.3B while total assets nearly tripled to $5.1B, indicating either a major acquisition or extraordinary organic expansion.

The massive scale-up across all financial metrics suggests CELH executed a transformative business expansion, likely through the Alani Nu acquisition and enhanced PepsiCo partnership. While revenue doubled, the disproportionate increase in assets and liabilities indicates significant capital deployment that investors should monitor for integration risks and return on investment.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

CELH delivered spectacular financial growth with revenue doubling to $1.3B and gross profit expanding 86% to $1.3B, while the balance sheet exploded in size with total assets growing 190% to $5.1B. The company significantly scaled operations with accounts receivable up 180% and inventory increasing 158%, while total liabilities surged 302% to $2.2B. This dramatic expansion suggests major strategic initiatives are driving growth, though the outsized increase in liabilities relative to equity growth warrants close monitoring of leverage and integration execution.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+301.5%
$542.5M→$2.2B

Liabilities grew 301.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Stockholders Equity
Balance Sheet
+195.4%
$399.9M→$1.2B

Equity base grew 195.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
+195.1%
$365.5M→$1.1B

Current liabilities surged 195.1% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+189.8%
$1.8B→$5.1B

Asset base grew 189.8% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+179.5%
$270.3M→$755.5M

Receivables surged 179.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Inventory
Balance Sheet
+157.5%
$131.2M→$337.7M

Inventory surged 157.5% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Share Buybacks
Cash Flow
+153.3%
$2.3M→$5.7M

Share repurchases increased 153.3% — management returning capital, signals confidence in intrinsic value.

R&D Expense
P&L
+140%
$1.0M→$2.4M

R&D investment increased 140% — signals commitment to future product development, though near-term margin impact.

Revenue
P&L
+101.7%
$653.6M→$1.3B

Strong top-line growth of 101.7% — accelerating demand or successful expansion into new markets.

Gross Profit
P&L
+86.3%
$680.2M→$1.3B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
Market f or the Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6.
Form 10-K Summary 49 Signatures 50 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 Canada Distribution Agreement Amended and Restated Distribution Agreement between the Company and Pepsi, including Pepsi's affiliates, select territories in Canada, entered into in August 2025 A R Distribution Agreements Collectively, the A R Canada Distribution Agreement and the A R U.S.
Distribution Agreement Amended and Restated Distribution Agreements between the Company and Pepsi, including Pepsi's affiliates, covering the U.S.
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REMOVED
Market For Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6.
While we have specifically identified certain information as being forward-looking in the context of its presentation, we caution you that all statements contained in this Report that are not clearly historical in nature, including statements regarding our ability to successfully integrate Alani Nutrition LLC ("Alani Nu"); the strategic investment by and long term partnership with PepsiCo, Inc.
("Pepsi"); anticipated financial performance; management s plans and objectives for international expansion and future operations globally; the successful development, commercialization, and timing of new products; business prospects; outcomes of regulatory proceedings; market conditions; the current and future market size for existing or new products; any stated or implied outcomes with regards to the foregoing; and other matters are forward-looking.
("Big Beverages"), a copacker; Our ability to successfully estimate and/or generate demand through the use of third-parties, including celebrities, social media influencers, and others, may expose us to risk of negative publicity, litigation, and/or regulatory enforcement action; The impact of additional labeling or warning requirements or limitations on the marketing or sale of our products; Our ability to successfully expand outside of the United States ( U.S.
Our demand generation strategies through social media and the use of third parties, including celebrities, social media influencers, and others, may expose us to risk of negative publicity, litigation, and/or regulatory enforcement action, which could impact our future profitability.
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