Celsius Holdings第二季收入增10.7% 惟淨利潤挫44.6% 受分銷商終止費用拖累

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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-34611

CELSIUS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Nevada20-2745790
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

2381 NW Executive Center Drive, Boca Raton, Florida
33431

(Address of principal executive offices)(Zip Code)

(561) 276-2239
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)Name of each exchange on which registered

Common Stock, $0.001 par value per share
CELHNasdaq Capital Market 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerx
Accelerated filero

Non-accelerated filero
Smaller reporting companyo

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 31, 2026 the registrant had 253,035,047 shares of Common Stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS

 

Page

PART I - FINANCIAL INFORMATION
5

Item 1.
Financial Statements 
5

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited)
5

Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (unaudited)
7

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity for the three and six months ended June 30, 2026 (unaudited)
8

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity for the three and six months ended June 30, 2025 (unaudited)
9

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)
10

Notes to the Condensed Consolidated Financial Statements (unaudited)
12

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
40

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
48

Item 4.
Controls and Procedures
48

Part II - OTHER INFORMATION
49

Item 1.
Legal Proceedings
49

Item 1A.
Risk Factors
49

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
49

Item 3.
Defaults Upon Senior Securities
49

Item 4.
Mine Safety Disclosures 
49

Item 5.
Other Information
50

Item 6.
Exhibits
51

SIGNATURES
52

2

MASTER GLOSSARY

Term
Definition

2015 PlanThe Celsius Holdings, Inc. 2015 Stock Incentive Plan
2025 PlanThe Celsius Holdings, Inc. 2025 Omnibus Incentive Compensation Plan
A&R Canada Distribution AgreementAmended 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 AgreementsCollectively, the A&R Canada Distribution Agreement and the A&R U.S. Distribution Agreement
A&R U.S. Distribution AgreementAmended and Restated Distribution Agreement between the Company and Pepsi, including Pepsi's affiliates, covering the U.S. (excluding Puerto Rico and the U.S. Virgin Islands), entered into in August 2025
Alani NuAlani Nutrition LLC, a wholly owned subsidiary of the Company
Alani Nu AcquisitionThe Company's acquisition of Alani Nu on April 1, 2025
Annual ReportThe Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 2, 2026
ASCAccounting Standards Codification
ASC 606ASC Topic 606, Revenue from Contracts with Customers
ASC 805ASC Topic 805, Business Combinations
ASUAccounting Standards Update
BoardBoard of Directors of Celsius Holdings, Inc.
CaptaincyAn enhanced, long-term arrangement according to which Pepsi uses commercially reasonable efforts to sell and distribute the Company’s products in the U.S.
Certificates of DesignationThe Series A Certificate and the Series B Certificate, collectively
Channel Transition AmendmentAmendment, dated May 21, 2026, to the Alani Nu Channel Transition Agreement between the Company and Pepsi. The original Alani Nu Channel Transition Agreement was entered into in August 2025 in connection with the A&R Distribution Agreements to govern the transition of Alani Nu distribution territory rights to Pepsi.
Closing Date of Alani NuApril 1, 2025
Closing Date of the Pepsi TransactionsAugust 28, 2025
CODMChief Operating Decision Maker
Common StockThe Company's common stock, par value $0.001 per share 
CompanyCelsius Holdings, Inc., a Nevada corporation
Credit AgreementCredit Agreement, dated April 1, 2025, with UBS AG, Stamford Branch, as administrative and collateral agent, as amended by the First Refinancing Amendment and as may be further amended, restated, supplemented or otherwise modified from time to time.
DCADistrict Court of Appeal
DLOMDiscount for lack of marketability
Dobler Derivative ActionDerivative action filed by stockholder Kurt Dobler
EnivaEniva USA, Inc.
EPSEarnings per share
ESPPEmployee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
First Refinancing AmendmentFirst refinancing amendment to the Credit Agreement on October 2, 2025
Flannery Derivative ActionDerivative action filed by stockholder Suzanne Flannery
Forward Stock SplitThree-for-one split of the Company’s common stock on November 13, 2023
Murphy Derivative ActionDerivative action filed by stockholder David Murphy
OBBBAOne Big Beautiful Bill Act
Original Canadian Distribution AgreementOriginal distribution agreement between the Company and The Pepsi Bottling Group (Canada), ULC, dated August 9, 2023
Original Purchase AgreementOriginal securities purchase agreement between the Company and Pepsi, dated August 1, 2022
Original Transition AgreementOriginal channel transition agreement between the Company and Pepsi, dated August 1, 2022
Original U.S. Distribution AgreementOriginal distribution agreement between the Company and Pepsi, dated August 1, 2022
PepsiPepsiCo, Inc. and its subsidiaries

3

MASTER GLOSSARY

Term
Definition

Pepsi TransactionsThe Captaincy together with the Rockstar Acquisition
Pillar TwoTax legislation enacted by the Organization for Economic Co-operation and Development
Preferred StockSeries A Preferred Stock together with the Series B Preferred Stock
PSUPerformance Stock Units
Quarterly ReportThe Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 filed with the SEC on August 6, 2026

Redemption PriceThe applicable amount that the Company would pay to redeem a share of Preferred Stock, including all accrued and unpaid dividends per share.
Regular DividendsRecurring dividends declared on the Preferred Stock in accordance with the Certificates of Designation
Revolving Credit FacilityThe Company's revolving credit facility under the Credit Agreement in an aggregate principal amount of up to $100.0 million
RockstarThe Rockstar brand (and the related brands and sub-brands) in the U.S. (excluding Virgin Islands and Puerto Rico) and Canada 
Rockstar AcquisitionThe Company's acquisition from Pepsi on August 28, 2025 of certain assets and liabilities comprising Rockstar under the Transaction Agreement
RSURestricted Stock Units
rTSRRelative total stockholder return
SECU.S. Securities and Exchange Commission
Second Refinancing AmendmentSecond refinancing amendment to the Credit Agreement on July 15, 2026.
Securities ActThe Securities Act of 1933, as amended
Securities Class ActionThe consolidation of the two putative securities class actions
SellersThe sellers of Alani Nu
Series A CertificateSeries A Preferred Stock Certificate of Designation
Series A Preferred StockThe Company's Series A Convertible Preferred Stock
Series B CertificateSeries B Preferred Stock Certificate of Designation
Series B Preferred StockThe Company's Series B Convertible Preferred Stock
Series B Purchase AgreementAgreement under which the Company issued and sold shares of Series B Convertible Preferred Stock to Pepsi
SOFRSecured Overnight Financing Rate
State Court Derivative ActionsThe Flannery Derivative Action together with the Sunny Derivative Action and Murphy Derivative Action
Stoyanoff Derivative ActionDerivative action filed by stockholder Mark Stoyanoff
Sunny Derivative ActionDerivative action filed by stockholder Shadia Khan Sunny
Ten-Day VWAPTen-day volume weighted average price of the Company’s common stock
Term Loan FacilityThe Company's term loan facility under the Credit Agreement as amended by the First Refinancing Amendment and Second Refinancing Amendment
Transaction AgreementThe agreement pursuant to which the Company consummated the Rockstar Acquisition and commenced the Captaincy
U.S.United States of America
U.S. GAAPGenerally accepted accounting principles in the United States of America
U.S. STRIPS Rate Yield on U.S. Treasury STRIPS, which stands for: Separate Trading of Registered Interest and Principal of Securities

4

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Celsius Holdings, Inc.
 Condensed Consolidated Balance Sheets
(in thousands, except per share amounts) (Unaudited)

June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$631,234 $398,866 
Restricted cash1,895 141,121 
Accounts receivable-net[1]
735,336 755,499 
Inventories-net390,602 337,698 
Prepaid expenses and other current assets[2]
67,422 128,806 
Deferred other costs-current[3]
49,472 49,164 
Total current assets1,875,961 1,811,154 

Property, plant and equipment-net108,748 87,910 
Customer relationships-net99,529 111,604 
Brands-net1,280,222 1,280,311 
Goodwill919,660 917,560 
Deferred other costs-non-current[3]
746,737 771,635 
Deferred tax assets
93,250 96,013 
Other long-term assets44,044 43,434 
Total Assets$5,168,151 $5,119,621 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable[4]
$202,101 $137,930 
Accrued expenses[5]
264,558 230,721 
Income taxes payable40,821 49,612 
Accrued distributor termination fees8,761 264,088 
Accrued promotional allowance[6]
453,043 307,922 
Contingent consideration— 25,000 
Deferred revenue-current[7]
31,460 26,988 
Other current liabilities42,891 36,465 
Total current liabilities1,043,635 1,078,726 

Long-term debt 667,850 669,926 
Deferred revenue-non-current[3]
463,856 401,155 
Other long term liabilities33,251 28,372 
Total Liabilities2,208,592 2,178,179 

Commitments and contingencies (Note 15)

Mezzanine equity:
Series A convertible preferred stock, $0.001 par value per share, 1,467 shares issued and outstanding as of both June 30, 2026 and December 31, 2025 [3]
852,355 852,355 
Series B convertible preferred stock, $0.001 par value per share, 390 shares issued and outstanding as of both June 30, 2026 and December 31, 2025 [3]
907,620 907,620 
Stockholders’ equity:
Common Stock, $0.001 par value per share; 400,000 shares authorized; 258,703 shares issued and 253,341 shares outstanding as of June 30, 2026; and 258,108 shares issued and 256,906 shares outstanding as of December 31, 2025
101 101 
Treasury stock, at cost; 5,362 shares and 1,202 shares as of June 30, 2026 and December 31, 2025, respectively
(183,469)(48,226)
Additional paid-in capital1,069,452 1,050,518 
Accumulated other comprehensive income
335 3,162 
Retained earnings313,165 175,912 
Total Stockholders’ Equity1,199,584 1,181,467 
Total Liabilities, Mezzanine Equity and Stockholders’ Equity$5,168,151 $5,119,621 

5

[1] Includes $387.2 million and $349.1 million from a related party as of June 30, 2026 and December 31, 2025, respectively.
[2] Includes no amounts from a related party as of June 30, 2026 and $64.2 million from a related party as of December 31, 2025.
[3] Amounts in this line item are associated with a related party for all periods presented.
[4] Includes $35.8 million and $28.6 million due to a related party as of June 30, 2026 and December 31, 2025, respectively.
[5] Includes $4.0 million and $1.8 million due to a related party as of June 30, 2026 and December 31, 2025, respectively.
[6] Includes $247.6 million and $128.9 million due to a related party as of June 30, 2026 and December 31, 2025, respectively.
[7] Includes $30.7 million and $26.3 million due to a related party as of June 30, 2026 and December 31, 2025, respectively.

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

6

Celsius Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share amounts) (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue[1]
$817,925 $739,259 $1,600,540 $1,068,535 
Cost of revenue[2]
424,237 358,408 828,785 515,311 
Gross profit393,688 380,851 771,755 553,224 
Selling, general and administrative expenses[3]
237,573 237,886 472,220 358,228 
Distributor termination fees80,860 — 85,287 — 
Income from operations75,255 142,965 214,248 194,996 

Other (expense) income:

Interest income3,678 4,038 6,670 11,884 
Interest expense(11,566)(18,080)(23,409)(18,080)
Other, net [4]
2,163 542 9,557 1,658 
Total other expense, net(5,725)(13,500)(7,182)(4,538)

Net income before provision for income taxes69,530 129,465 207,066 190,458 

Provision for income taxes(14,237)(29,610)(41,674)(46,184)
Net income$55,293 $99,855 $165,392 $144,274 

Dividends on convertible Preferred Stock[5]
(14,149)(6,851)(28,142)(13,632)
Income allocated to participating Preferred Stock[5]
(4,723)(7,314)(15,807)(10,703)
Net income attributable to common stockholders$36,421 $85,690 $121,443 $119,939 

Other comprehensive income:
Foreign currency translation (loss) gain, net of income tax(1,284)3,179 (2,827)5,428 
Comprehensive income$35,137 $88,869 $118,616 $125,367 

Earnings per share:
Basic$0.14 $0.33 $0.47 $0.49 
Diluted$0.14 $0.33 $0.47 $0.48 
Weighted average shares outstanding:

Basic254,806 257,750 255,895 246,536 
Diluted256,933 260,211 258,495 248,757 

[1] Includes $492.3 million and $954.0 million for the three and six months ended June 30, 2026 respectively, and $245.8 million and $434.3 million for the three and six months ended June 30, 2025, respectively, in each case from a related party.
[2] Includes $0.6 million and $12.4 million for the three and six months ended June 30, 2026 respectively, to a related party, and no amounts to a related party for the three and six months ended June 30, 2025.
[3] Includes $2.6 million and $3.8 million for the three and six months ended June 30, 2026 respectively, and $0.2 million and $0.8 million for the three and six months ended June 30, 2025, respectively, to a related party.
[4] Includes $3.6 million and $10.6 million for the three and six months ended June 30, 2026, respectively, from a related party, and no amounts from a related party for the three and six months ended June 30, 2025.
[5] Amounts in this line item are associated with a related party for all periods presented.

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

7

Celsius Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity
(In thousands, except per share amounts) (Unaudited)

Stockholders’ Equity Mezzanine Equity
Common StockTreasury StockSeries A Preferred StockSeries B Preferred Stock
SharesAmountAdditional
 Paid-In
Capital Accumulated
Other
Comprehensive
Income Retained Earnings SharesAmountTotal
 Stockholders’
EquitySharesAmountSharesAmount
Balance at December 31, 2025258,108$101 $1,050,518 $3,162 $175,912 (1,202)$(48,226)$1,181,467 1,467 $852,355 390 $907,620 
Stock-based compensation— — 7,626 — — — — 7,626 — — — — 
Stock option exercises, RSUs and PSUs converted493— — — — — — — — — — — 
Dividends paid to Series A Preferred Stock ($4.62 per share)
—— — — (6,781)— — (6,781)— — — — 
Dividends paid to Series B Preferred Stock ($18.49 per share)
— — — — (7,211)— — (7,211)— — — — 
Repurchase of Common Stock— — — — — (850)(32,895)(32,895)— — — — 
Foreign currency translation—— — (1,543)— — — (1,543)— — — — 
Net income—— — — 110,099 — — 110,099 — — — — 
Balance at March 31, 2026258,601$101 $1,058,144 $1,619 $272,019 (2,052)$(81,121)$1,250,762 1,467 $852,355 390 $907,620 
Stock-based compensation— — 10,565 — — — — 10,565 — — — — 
Stock option exercises, RSUs and PSUs converted73— — — — — — — — — — — 
Dividends paid to Series A Preferred Stock ($4.67 per share)
—— — — (6,856)— — (6,856)— — — — 
Dividends paid to Series B Preferred Stock ($18.69 per share)
— — — — (7,291)— — (7,291)— — — — 
Repurchase of Common Stock— — — — — (3,310)(102,348)(102,348)— — — — 
Issuance of Common Stock under ESPP29— 743 — — — — 743 — — — — 
Foreign currency translation—— — (1,284)— — — (1,284)— — — — 
Net income—— — — 55,293 — — 55,293 — — — — 
Balance at June 30, 2026258,703$101 $1,069,452 $335 $313,165 (5,362)$(183,469)$1,199,584 1,467 $852,355 390 $907,620 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

8

Celsius Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity and Mezzanine Equity
(In thousands, except per share amounts) (Unaudited)

Stockholders’ EquityMezzanine Equity
Common StockTreasury StockSeries A Preferred Stock
SharesAmountAdditional
 Paid-In
Capital Accumulated
Other
Comprehensive
Income (Loss)Retained EarningsShares AmountTotal
 Stockholders’
EquitySharesAmount
Balance at December 31, 2024235,087$79 $300,164 $(3,250)$105,521 (73)$(2,585)$399,929 1,467$824,488 
Stock-based compensation
—— 5,029 — — — — 5,029 — — 
Stock option exercises, RSUs and PSUs converted
348— 338 — — — — 338 — — 
Dividends paid to Series A Preferred Stock ($4.62 per share)
—— — — (6,781)— — (6,781)— — 
Repurchase of Common Stock— — — — — (73)(1,932)(1,932)— — 
Treasury Stock— — — — — (6)(137)(137)— — 
Foreign currency translation—— — 2,249 — — — 2,249 — — 
Net income—— — — 44,419 — — 44,419 — — 
Balance at March 31, 2025235,435$79 $305,531 $(1,001)$143,159 (152)$(4,654)$443,114 1,467 $824,488 
Stock-based compensation—— 6,434 — — — — 6,434 — — 
Stock option exercises, RSUs and PSUs converted60— 10 — — — — 10 — — 
Dividends paid to Series A Preferred Stock ($4.67 per share)
—— — — (6,851)— — (6,851)— — 
Issuance of common stock as consideration for acquisition22,451 22 721,942 — — — — 721,964 — — 
Repurchase of Common Stock— — — — — (25)(879)(879)— — 
Foreign currency translation—— — 3,179 — — — 3,179 — — 
Net income—— — — 99,855 — — 99,855 — — 
Balance at June 30, 2025257,946$101 $1,033,917 $2,178 $236,163 (177)$(5,533)$1,266,826 1,467 $824,488 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

9

Celsius Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)

Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income$165,392 $144,274 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization19,238 11,730 
Allowance for credit losses[1]
361 5,529 
Amortization of deferred other costs[2]
24,591 7,062 
Inventory excess and obsolescence5,949 15,262 
Stock-based compensation expense18,191 11,463 
Deferred income taxes-net2,692 (4,161)
Payment of contingent consideration in excess of acquisition-date fair value(13,800)— 
Change in fair value of contingent consideration— 13,800 
Other operating activities-net3,165 (257)
Changes in operating assets and liabilities:
Accounts receivable-net[3]
19,560 (143,153)
Inventories[4]
(58,853)23,039 
Prepaid expenses and other current assets[5]
61,384 (20,645)
Other long-term assets3,680 742 
Accounts payable[6]
63,230 20,789 
Accrued expenses[7]
26,416 (7,013)
Income taxes payable(8,790)10,928 
Accrued promotional allowance[8]
145,121 64,221 
Accrued distributor termination fees(255,328)— 
Other current liabilities5,607 1,999 
Deferred revenue[9]
67,172 (7,320)
Other long-term liabilities1,288 (1,210)
Net cash provided by operating activities$296,266 $147,079 

Cash flows from investing activities:
Purchase of property, plant and equipment[10]
(24,982)(15,194)
Net working capital estimate received from Pepsi related to the Rockstar Acquisition[2]
241 — 
Purchase of non-marketable equity securities— (5,000)
Acquisition of Alani Nutrition LLC, net of cash acquired— (1,256,351)
Net cash used in investing activities$(24,741)$(1,276,545)

[1] Includes $0.8 million and $(0.4) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[2] Amounts in this line item are associated with a related party for all periods presented.
[3] Includes $(38.1) million and $(36.3) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[4] Includes $8.0 million and no amounts associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[5] Includes $64.2 million and no amounts associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[6] Includes $7.2 million and $15.7 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[7] Includes $2.2 million and $0.1 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[8] Includes $118.7 million and $19.7 million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[9] Includes $67.1 million and $(4.7) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.
[10] Includes $(8.4) million and $(6.1) million associated with a related party for the six months ended June 30, 2026 and 2025, respectively.

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

10

Celsius Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)

Six Months Ended June 30,
20262025
Cash flows from financing activities:
Cash dividends paid on Preferred Stock[1]
$(28,139)$(13,632)
Repurchase of Common Stock related to employee tax withholdings(9,761)(2,811)
Repurchase of Common Stock(124,420)— 
Proceeds from term loan— 900,000 
Payments on term loan(3,500)— 
Payment of debt issuance costs and debt discount— (28,873)
Payment of contingent consideration up to acquisition-date fair value(11,200)— 
Other financing activities-net666 (2,389)
Net cash (used in) provided by financing activities$(176,354)$852,295 

Effect of exchange rate changes on cash, cash equivalents and restricted cash(2,029)2,214 
Net increase (decrease) in cash, cash equivalents and restricted cash93,142 (274,957)
Cash, cash equivalents and restricted cash at beginning of the period539,987 890,190 
Cash, cash equivalents and restricted cash at end of the period$633,129 $615,233 

Supplemental disclosures:

Cash paid for:
Interest$21,582 $17,181 
Taxes, net of refunds received$36,618 $42,182 

Supplemental schedule of noncash investing and financing activities:
Estimated fair value of contingent consideration in connection with the Alani Nu Acquisition— 11,200 
Estimated fair value of share consideration issued in connection with the Alani Nu Acquisition— 721,964 
Preliminary deferred payment owed to Sellers in connection with the Alani Nu Acquisition$— $19,144 

[1] Amounts in this line item are associated with a related party for all periods presented.

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

11

Celsius Holdings, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
June 30, 2026
(Tabular dollars in thousands, except per share amounts)

1.    ORGANIZATION AND DESCRIPTION OF BUSINESS
Business Overview
References in this Quarterly Report to the “Company” or “Celsius” refer to Celsius Holdings, Inc. and its wholly owned subsidiaries. Definitions of certain capitalized terms used in this Quarterly Report are included within the Master Glossary.
The Company develops, processes, markets, sells, manufactures and distributes premium lifestyle beverages with innovative formulas designed to fuel active and wellness-oriented consumers. The Company’s portfolio consists of a differentiated, multi-brand platform comprising CELSIUS®, Alani Nu® and Rockstar®, collectively forming a leading total energy portfolio. Each brand is positioned to serve distinct consumers, occasions and energy needs across the functional energy and adjacent wellness categories. 
The Company's products are available in the U.S., Canada, Europe, the Middle East and portions of the Asia-Pacific region. They are sold through multiple channels, including conventional grocery, natural-food and convenience stores, fitness centers, mass-market and vitamin specialty retailers and e-commerce platforms.
On August 28, 2025, the Closing Date of the Pepsi Transactions, the Company entered into a series of strategic transactions with Pepsi. Pursuant to these transactions, the Company (i) acquired Rockstar in the U.S. and Canada, (ii) enhanced its existing long-term commercial arrangement with Pepsi through the Captaincy, pursuant to which Pepsi has agreed to use commercially reasonable efforts to sell and distribute the Company's products in the U.S. in accordance with jointly developed sales, placement and promotional priorities, (iii) entered into the A&R Distribution Agreements, under which Pepsi became the primary distributor of Alani Nu and Rockstar products in the U.S. and Canada in addition to its existing role as primary distributor of Celsius products in those regions and (iv) issued 390,000 shares of Series B Preferred Stock to Pepsi and amended certain terms of the outstanding Series A Preferred Stock, including aligning conversion and redemption dates. In connection with the share issuance, Pepsi was granted the right to designate one additional Board member for a total of two Board seats, which number may in certain circumstances be ratably increased upon a subsequent expansion of the number of persons serving on the Board.
On April 1, 2025, the Company completed the Alani Nu Acquisition. Subsequently, in connection with the A&R Distribution Agreements entered into on August 28, 2025 and the Channel Transition Amendment entered into on May 21, 2026, the Company terminated certain former Alani Nu distributor agreements and transferred the related territory rights to Pepsi. As part of the initial round of terminations under the A&R Distribution Agreements, Pepsi reimbursed the Company $275.0 million for related termination fees, with amounts paid by Pepsi to the Company contractually restricted for use solely to satisfy termination obligations. Termination fees incurred in excess of this amount for such distributors were funded by the Company. Subsequently, under the Channel Transition Amendment, an additional group of former Alani Nu distributor agreements was terminated, for which Pepsi