Celsius Holdings, Inc. reported a revenue of approximately $1.36 billion for the fiscal year ending December 31, 2024, marking a 2.9% increase from $1.32 billion in 2023. The growth was primarily driven by a $17.6 million increase in North American sales, despite challenges such as slower industry growth and timing of orders from its largest distributor, Pepsi. European revenues surged by 41.1% to $61.7 million, attributed to successful product launches and increased brand awareness. The company also generated $7.4 million from other international markets, including $5.7 million from Asia-Pacific.
The company's gross profit rose to $680.2 million, a 7.4% increase from the previous year, with gross profit margins improving to 50.2% from 48.0%. This improvement was due to lower raw material costs and reduced freight expenses, although increased promotional allowances impacted margins. However, selling, general, and administrative expenses (SG&A) saw a significant rise of 43% to $524.5 million, largely due to increased marketing investments, legal accruals related to ongoing litigation, and higher employee costs.
Celsius has made strategic moves to enhance its market position, including the acquisition of Big Beverages for $75.3 million, which adds manufacturing capabilities. Additionally, the company announced plans to acquire Alani Nutrition LLC for a total consideration of up to $1.8 billion, which includes cash and stock. This acquisition is expected to close in the second quarter of 2025, pending regulatory approvals. The partnership with Pepsi remains crucial, with sales to the distributor accounting for 54.7% of total revenue in 2024.
As of December 31, 2024, Celsius employed 1,073 people globally, reflecting its growth strategy. The company has also established an international hub in Dublin, Ireland, to manage its global supply chain and marketing operations. Looking ahead, Celsius aims to continue expanding its product offerings and geographic reach, while navigating the competitive landscape of the functional beverage market. The company remains focused on innovation and adapting to changing consumer preferences to drive future growth.
About Celsius Holdings, Inc.
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