Celsius Holdings reports 102% increase in revenue in FY 2023 

USA – Celsius Holdings, the US energy-drink brand, has reported stellar financial performance for the full year 2023, posting record earnings with a 102 percent surge in revenue to US$1.32 billion, driven substantially by robust sales in North America.  

The fourth quarter alone witnessed a 95 percent revenue increase to US$347 million, marking a significant milestone for the company. 

International markets also contributed to Celsius’s success, with fourth-quarter revenue abroad escalating by 68 percent to US$14.6 million. This growth was attributed to new flavor launches, improved product availability, and enhanced market velocity.  

The CEO, John Fieldly, highlighted the strategic initiatives that played a pivotal role in this achievement. 

“During the fourth quarter of 2023, Celsius delivered record revenue of US$347 million and more than US$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,” said Fieldly. 

The availability of chilled Celsius energy drinks emerged as a key factor in the brand’s success, with eye-level placements in stores being deemed “critical” for consumer visibility.  

Fieldly emphasized the importance of cold availability, stating, “Cold availability is key to success in order to compete in the energy category, especially with the impulse purchases.” 

Celsius has substantially invested in expanding the availability of its coolers, with the net value more than doubling from US$9.9 million in 2022 to US$21.9 million in 2023. 

Fieldly outlined their strategic focus on impulse purchases, particularly in the convenience channel, which he identified as a significant growth opportunity. 

Fieldly also underscored the brand’s performance in the e-commerce space, noting that Celsius was the top-selling energy drink on Amazon in 2023, securing a 19.7 percent share of the category, surpassing competitors like Monster Beverage and Red Bull. 

Looking ahead, Celsius hinted at international expansion in 2024, building on recent deals such as entering the UK and Ireland through a distribution partnership with Suntory Beverage & Food. Fieldly expressed optimism about gradually commencing sales in these regions during Q2. 

 The company’s foray into Canada through a partnership with PepsiCo in mid-January was labeled a “great market” and marked Celsius’s first major international launch since PepsiCo’s 8.5 percent stake acquisition in 2022. 

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