BOCA RATON, Fla., Feb. 29, 2024 --- Celsius Holdings, Inc. (Nasdaq: CELH), maker of Celsius®, the premium lifestyle energy drink formulated to power active lifestyles with ESSENTIAL ENERGY™, today reported record fourth quarter and full-year 2023 financial results.

A supplement containing Celsius’ fourth quarter and full-year 2023 results and full financial tables is available at https://celsiusholdingsinc.com/Q4_2023.

Management will host a conference call today at 10:00 a.m. ET to discuss the results with the investment community. To participate in the conference call, please call one of the following telephone numbers at least 10 minutes before the start of the call:

Toll Free: (877) 709-8150

International: +1 (201) 689-8354

A replay of the conference call can be accessed through the webcast link above for six months. Disclosures can be found on the Company's online disclosure portal at: https://www.celsiusholdingsinc.com/sec-filings/

About Celsius Holdings, Inc.

Celsius Holdings, Inc. (Nasdaq: CELH) is the maker of energy drink brand CELSIUS®, a lifestyle energy drink born in fitness and a pioneer in the rapidly growing energy category. For more information, please visit www.celsiusholdings.com.

This press release may contain statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Celsius Holdings’ future results of operations or financial position, or state other forward-looking information. In some cases, you can identify these statements by the use of words such as “anticipate,”

“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would”, ”could”, ”project”, ”plan”, “potential”, ”designed”, “seek”, “target”, and variations of these terms, the negatives of such terms and similar expressions. You should not rely on forward-looking statements because Celsius Holdings’ actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company’s ability to satisfy in a timely manner, all Securities and Exchange Commission (the “SEC”) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; and other risks and uncertainties discussed in the reports Celsius Holdings has filed previously with the SEC, such as its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward looking statements speak only as of the date the statements were made. Celsius Holdings does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.

Investor Relations
Paul Wiseman
investorrelations@celsius.com

Media Relations

press@celsius.com

Record fourth quarter revenue of $347 million, up 95% from $178 million in Q4 2022 and

record full year revenue of $1,318 million, up 102% from $654 million in full year 2022

Celsius achieved record fourth quarter revenue of $347 million, up 95% from $178 million for the prior year fourth quarter, driven predominantly by North American revenue, which increased 97% to $333 million, up from $169 million for the prior year fourth quarter. North American revenue was driven by expansion in total distribution points and higher SKUs per location. International revenue increased 68% to $14.6 million for the fourth quarter of 2023, from $8.7 million for the prior year quarter, driven in large part by new flavor launches, product availability and increased velocity.

Gross profit for the fourth quarter of 2023 was $166 million, up 110% from $79 million for the prior year fourth quarter. Gross profit as a percentage of revenue was 47.8% for the three months ended December 31, 2023, up from 44.4% for the prior year fourth quarter. The 340 basis point improvement in gross profit margin was attributed to efficiencies in raw material sourcing, product waste reduction, and benefits from improved leverage across promotional allowances.

Net income attributable to common stockholders for the fourth quarter of 2023 totaled $39 million, or $0.17 per diluted share, compared to a net loss of $28 million, or $(0.12) per diluted share, for the prior year fourth quarter.

Non-GAAP Adjusted EBITDA* increased 387% to approximately $65 million, compared to $13 million for the prior year fourth quarter, driven by substantial revenue growth and improved gross margins, as well as continued leverage across SG&A.

As of December 31, 2023, Celsius had $756 million in cash and cash equivalents, none of which was restricted, as compared to $653 million as of December 31, 2022, which included $39 million in restricted cash related to distributor termination payments.

“During the fourth quarter of 2023, Celsius delivered record revenue of $347 million and more than $39 million in net income, driven by expanded availability of our products and increased consumer awareness. We continued to drive growth of the category by bringing in new loyal consumers, as well as increasing consumption occasions,” commented John Fieldly, Chairman and Chief Executive Officer.

*The Company reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), but management believes that disclosure of Adjusted EBITDA, a non-GAAP financial measure that management uses to assess our performance, may provide users with additional insights into operating performance. Please see “Use of Non-GAAP Measures” and reconciliations of this non-GAAP measure to the most directly comparable GAAP measure, both of which can be found below.

Celsius achieved record revenue of $1.32 billion for the year ended 2023, up 102% from $654 million for the prior year. North American revenue grew 105% to $1.26 billion for the year ended December 31, 2023, from $617 million for the prior full year driven by continued gains in distribution points and SKUs per location. International revenue increased by 52% to $55 million for the year ended December 31, 2023, from $36 million for the prior year, driven in large part by successful innovation launches, increased velocity, and brand awareness.

Gross profit for the year ended December 31, 2023, was $633 million, an increase of 134% from $271 million for the prior year. Gross profit as a percentage of revenue was 48.0% for the year ended December 31, 2023, up from 41.4% for the prior year. Gross profit margin improvements were attributed to efficiencies in raw material sourcing and product waste reduction.

Net income attributable to common stockholders totaled $182.0 million, or $0.77 per diluted share, for the year ended December 31, 2023, compared to a net loss of $198.8 million, or $(0.88) per diluted share, for the prior year.

Non-GAAP Adjusted EBITDA increased 316% to approximately $296 million for the year ended December 31, 2023, compared to $71 million for the prior year, benefiting from substantial revenue growth and significantly improved gross margins as well as continued leverage across SG&A.

Management will host a conference call today, Thursday February 29, 2024 at 10:00 a.m. ET to discuss the results with the investment community.

To join the conference call, please call one of the following telephone numbers at least 10 minutes before the start of the call:

A replay of the conference call can be accessed through the webcast link above.

Disclosures can be found on the Company's online disclosure portal at: https://www.celsiusholdingsinc.com/sec-filings/Investor Contact: investorrelations@celsius.com

Celsius Holdings, Inc. (Nasdaq: CELH) is the maker of energy drink brand CELSIUS®, a lifestyle energy drink born in fitness and a pioneer in the rapidly growing energy category. For more information, please visit https://www.celsiusholdingsinc.com/

This press release may contain statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may contain projections of Celsius Holdings’ future results of operations or financial position, or state other forward-looking information. You can identify these statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would”,”could”,”project”,”plan”, “potential”,”designed”, “seek”, “target”, and variations of these terms, the negatives of such terms and similar expressions. You should not rely on forward-looking statements because Celsius Holdings’ actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; our expectations of revenue; operating costs and profitability; our expectations regarding our strategy and investments; our expectations regarding our business, including market opportunity, consumer demand and our competitive advantage; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; the Company’s ability to satisfy in a timely manner, all Securities and Exchange Commission (the “SEC”) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; and other risks and uncertainties discussed in the reports Celsius Holdings has filed previously with the SEC, such as its Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date the statements were made. Celsius Holdings does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.

*Please refer to Note 3 in the Annual Report Form 10K for Earnings per Share reconciliations.

			Year ended December 31,
			2023						2022
Net income (loss) (GAAP measure)			226,801						(187,282)
Add back/(Deduct):
Net interest expense			(26,629)						(5,529)
Income tax expense			64,948						34,618
Depreciation and amortization expense			3,226						1,917
Non-GAAP EBITDA			268,346						(156,276)
Stock-based compensation1			21,226						20,665
Foreign exchange			1,246						392
Distributor Termination2			(3,115)						193,843
Legal Settlement Costs3			7,900						9,908
Func Food brand impairment charge4			—						2,538
Non-GAAP Adjusted EBITDA			$	295,603					$	71,070

1 Selling, general and administrative expenses related to employee non-cash stock-based compensation expense. Stock-based compensation expense consists of non-cash charges for the estimated fair value of unvested restricted share unit and stock option awards granted to employees and directors. The Company believes that the exclusion provides a more accurate comparison of operating results and is useful to investors to understand the impact that stock-based compensation expense has on its operating results. 2 2023 Distributor termination represents reversals of accrued termination payments. The unused funds designated for termination expense payments to legacy distributors were reimbursed to Pepsi for the quarter ended June 30, 2023. Prior year Distributor Termination represents the disbursement of funds to terminated distributors after the migration to Pepsi’s system. 3 2023 Legal class action settlement pertained to the McCallion vs Celsius Holdings, class action lawsuit, which we settled during the quarter ended June 30, 2023. 2022 Legal class action settlement pertained to the Hezi vs Celsius Holdings class action lawsuit, which we settled during the quarter ended September 30, 2022 and the Strong Arm Productions USA, Inc. vs Celsius, for which we accrued a portion of the judgement during the quarter ended December 31, 2022. These costs are excluded by the Company’s management in assessing current operating performance and forecasting future earnings, and are therefore added back in the non-GAAP Adjusted EBITDA measures. 4 2022 expense related to impairment of Finland-based Func Foods brand division during the quarter ended September 30, 2022.

Celsius defines Adjusted EBITDA as net income before net interest expense, income tax expense (benefit), and depreciation and amortization expense, further adjusted by excluding stock-based compensation expense, foreign exchange gains or losses, distributor termination fees, legal settlement costs and certain impairment charges. Celsius defines non-GAAP SG&A as SG&A before distributor termination costs. Adjusted EBITDA and non-GAAP SG&A are non-GAAP financial measures.

Celsius uses Adjusted EBITDA and non-GAAP SG&A for operational and financial decision-making and believes these measures are useful in evaluating its performance because they eliminate certain items that management does not consider indicators of Celsius’ operating performance. Adjusted EBITDA and non-GAAP SG&A may also be used by many of Celsius’ investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. Celsius believes that the presentation of Adjusted EBITDA and non-GAAP SG&A provides useful information to investors by allowing an understanding of measures that it uses internally for operational decision-making, budgeting and assessing operating performance.

Adjusted EBITDA and non-GAAP SG&A are not recognized terms under GAAP and should not be considered as a substitute for net income or SG&A or any other financial measure presented in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of Celsius’ results as reported under GAAP. Celsius strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Because non-GAAP financial measures are not standardized, Adjusted EBITDA and non-GAAP SG&A, as defined by Celsius, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare Celsius’ use of these non-GAAP financial measures with those used by other companies.