Celsius Holdings, Inc.

Celsius generates the majority of its revenue in North America, with the U.S. as the core market and Canada supported through Pepsi-related expansion rights. The company also reports meaningful and growing sales in Europe, Asia-Pacific and other international markets, reflecting its push to build CELSIUS as a global brand. In the first half of 2025, North America remained dominant, while Europe and Asia-Pacific contributed smaller but expanding revenue streams. International growth is supported by regional and country-specific distribution partners, including partnerships in Europe and the Asia-Pacific region. Geography matters because the business depends on local retail execution, distributor relationships and market-specific launches such as Australia and New Zealand.

Celsius faces concentration risk because Pepsi accounts for a large share of revenue and receivables, so any disruption to that relationship could materially affect sales and working capital. The company also depends on distributors and retail partners to secure shelf space, execute promotions and maintain product availability, which creates channel risk if relationships weaken. As a beverage company, it is exposed to intense competition, changing consumer preferences, pricing pressure and retailer bargaining power across the energy-drink category. International expansion adds execution, regulatory and localization risk because the company must adapt distribution, marketing and compliance to each market. Seasonality, promotional spending and supply-chain reliance on co-packers can also create volatility in margins and quarterly results.