Celsius continues to put distance between itself and the chasing pack, as the number-three ranked energy drink brand reported a 104% revenue increase to $385 million in its Q3 earnings report this morning, up from just $188 million in the same period last year.
- Revenue was driven primarily by North American sales, which grew 107% to $371 million in the quarter, while international revenue was up 56% to $13.6 million.
- The North American growth has derived from the brand’s expanded distribution via its PepsiCo partnership and an increase in SKU count per location, the company said in its press release.
- Gross profit in the quarter was $194 million, up 147% from $79 million in Q3 2022.
- Ecommerce has become a powerhouse channel for Celsius, which became the top energy drink brand on both Amazon and Instacart in the quarter.
“We continued to drive growth of the category by bringing in new loyal consumers, as well as increasing consumption occasions,” said Celsius president and CEO John Fieldly in a statement.
In regards to Amazon, as of September 30 Celsius had achieved a 21.4% share of the energy drink category, besting both retail channel category leader Monster, which had an 18.6% share, and Red Bull, which held a 13% share. Amazon sales in the third quarter totaled $22.2 million, a 42% increase year-over-year. On LinkedIn, Celsius EVP Toby David said the brand is also number one in the category on Instacart.
BevNET contributor and CPG industry strategist Joshua Schall noted that the brand’s dominance on key ecommerce platforms signals that Celsius is further cementing itself as the top player among the modern wave of energy drink entrants.
“With CELSIUS becoming the highest selling energy drink on both Amazon and Instacart, it’s safe to say it’s the official energy drink of the Internet Generation,” Schall said.
While Monster and Red Bull may still outsell the brand in brick-and-mortar, Celsius also showed strong growth in traditional retail. In convenience, the company reported an additional 22.6 points of ACV growth to 95.6%, versus 73% in 2022. The club channel reported revenue up 83.3% from 2022 to $63.2 million.