Company: CELH
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001341766-25-000080
Chunk: 96

Company: Celsius Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 96
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 initial launch of the 16oz Celsius Essentials line in the prior year, contributed to the year-over-year sales decline. Additionally, we experienced lower velocity in the current quarter and were fully impacted by the increased promotional allowances and incentive program established in the prior year with our primary distributor.

European revenues for the three months ended March 31, 2025 were approximately $18.7 million, representing an increase of $4.5 million, or 31.9%, from the three months ended March 31, 2024. Other international markets generated approximately $1.8 million in revenue during the three months ended March 31, 2025, with Asia-Pacific revenues contributing an additional $2.2 million for the three months ended March 31, 2025. Total international revenue grew 41% year-over-year, primarily driven by the Company’s continued international expansion. Excluding markets launched in 2024, international revenue increased 9% compared to the prior-year period, reflecting organic growth across existing geographies.

The following table sets forth the amount of revenues by geographical location for the three months ended March 31, 2025 and March 31, 2024:

Three Months Ended March 31,(Amounts in thousands)20252024North America $306,534 $339,512 Europe 18,659 14,142 Asia-Pacific 2,244 675 Other 1,839 1,379 Revenue$329,276 $355,708 

Gross Profit

For the three months ended March 31, 2025, gross profit decreased by $9.8 million to $172.4 million, a decrease of 5.4% from $182.2 million for the three months ended March 31, 2024. Gross profit margin increased to 52.3% for the three months ended March 31, 2025 from 51.2% for the three months ended March 31, 2024. Gross profit margin improvements resulted from decreases in raw and package material unit costs, partially offset by increased promotional allowances as a percentage of revenue.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") for the three months ended March 31, 2025 were $120.3 million, an increase of $21.3 million or 22% from $99.0 million for the three months ended March 31, 2024. 

The changes