Celsius Holdings Delivers Record Annual Revenue, Up 59% to $36.2 Million

Fieldly concluded, "We have carried the momentum from 2017 into 2018 with the addition of two new flavors in our CELSIUS HEAT™ line, expansion to Norway and plans to introduce a branch-chained amino acid (BCAA) drink in Finland and Sweden, all before the end of the first quarter. We believe our operational plans for 2018 will enable us to capitalize on trends in consumer preferences and the rapidly changing beverage industry."

Year Ended December 31, 2017 Compared to Year Ended December 31, 2016

Revenue

Revenue for the year ended December 31, 2017 was $36.2 million, compared to $22.8 million for the year ended December 31, 2016, an increase of 59%. This increase was driven primarily by a 72% increase in domestic revenues derived from blended growth rates of 49% in retail accounts, 143% in health and fitness accounts and 84% growth in internet retailer accounts, as well as 37% growth in international revenues, from 2016. International revenue growth was primarily the result of increased sales volume through Func Foods, our Nordic distribution, partner as well as initial revenues generated from the launch of distribution of our products into the Asian market.

Gross Profit

Gross profit was $15.4 million, or 42.7% of revenue, in the year ended December 31, 2017 compared to $9.7 million, or 42.7% of revenue, in 2016. The increase in gross profit from 2016 to 2017 is primarily attributable to the increases in revenue.

Total Operating Expense             

Sales and marketing expenses for the year ended December 31, 2017 were $16.6 million compared to $8.7 million for the year ended December 31, 2016. The increase was due primarily to increases in investment in sales and marketing programs of $6.7 million, with a focus on expansion and the launch of products into China and Hong Kong, increases in warehouse costs of $375,000 and increases in human resource investments of $756,000.  General and administrative expenses for the year ended December 31, 2017 were $6.9 million compared to $3.9 million for the year ended December 31, 2016. The increase from 2016 to 2017 was primarily due to increases in stock based compensation expenses of $1.2 million, investments in human resources costs of $869,000, issuance of restricted stock for prior services to two board members of $328,000 and increases in other general and administration expenses.

Total Other Expense

Total other expense decreased to $161,000 for the year ended December 31, 2017, down from $223,000 in 2016 as a result of $68,000 in savings in interest expense, which was partially offset by a gain from the sale of equipment of $6,000 in 2016.

Net Loss

As a result of the all above, for the year ended December 31, 2017, Celsius had a net loss of $8.2 million, and after giving effect to preferred stock dividends of $366,000, a net loss to common stockholders of $8.6 million or ($0.19) per basic and diluted share based on a weighted average of 44,419,162 shares outstanding. In comparison, for the year ended December 31, 2016 the Company had a net loss of $3.1 million, and after giving effect to preferred stock dividends of $366,000, a net loss to common stockholders of $3.4 million or ($0.09) per basic and diluted share based on a weighted average of 38,568,088 shares outstanding.

Three Months Ended December 31, 2017 Compared to Three Months Ended December 31, 2016

Revenue

Revenue for the three months ended December 31, 2017 was $9.1 million compared to $6.3 million for the three months ended December 31, 2016, an increase of 46%. This increase was driven primarily by a 92% increase in domestic revenue associated with blended growth rates of 73% in retail accounts mainly from growth in existing accounts, 151% growth in health and fitness accounts and 80% growth in internet retailer accounts from the same period in 2016, which was partially offset by a 12% decrease in international revenue. The decrease in international revenue was mainly as a result of order timing impacted by new can design launch by Func Foods, our Nordic distribution partner, which was partially offset by revenues from the Company's Asian distribution partners. The net increase in total revenue was primarily attributable to an increase in sales volume, as opposed to increases in product pricing.

Gross profit

Gross profit was $3.8 million, or 41.6% of revenue, in the three months ended December 31, 2017 compared to $2.6 million, or 41.0% of revenue, for the same period in 2016.

Total Operating Expense

Sales and marketing expenses for the three months ended December 31, 2017 were $7.3 million compared to $2.0 million for the three months ended December 31, 2016, an increase of 265%. The increase is due primarily to increases in investments in sales and marketing programs of $4.9 million, with a focus on expansion and the launch of products into China and Hong Kong, increases in human resource investments of $284,000 and increases in warehouse costs of $108,000. General and administrative expenses for the three months ended December 31, 2017 were $1.6 million compared to $963,000 for the three months ended December 31, 2016, an increase of 70%. The increase was primarily due to increases in option expense of $388,000, investments in human resources of $191,000, research and development costs of $90,000 and office related costs of $7,000.

Total Other Expense

Total other expense decreased to $38,000 for the three months ended December 31, 2017, down from $51,000 for the same period in 2016 as a result of lower net interest expense due to a lower outstanding debt balance, which was partially offset by a gain of $6,000 on the sale of equipment in the fourth quarter of 2016.

Net Income (Loss)

As a result of the all above, for the three months ended December 31, 2017, Celsius had a net loss of $5.2 million, and after giving effect to preferred stock dividends of $92,000, a net loss available to common stockholders of $5.3 million or ($0.12) per basic and diluted share based on a weighted average of 45,869,244 shares outstanding. In comparison, for the three months ended December 31, 2016, the company had a net loss of $420,000, and after giving effect to preferred stock dividends of $90,000, a net loss available to common stockholders of $509,000 or ($0.01) per basic and diluted share based on a weighted average of 38,680,944 shares outstanding.

Liquidity and Capital Resources

As of December 31, 2017, the Company had cash of $14.2 million compared to $11.7 million as of December 31, 2016. and working capital of $20.6 million, as compared to $15.4 million as of December 31, 2016.

Cash used in operations during the 12 months ended December 31, 2017 totaled $8.4 million. The Company incurred a net loss of $8.6 million during the 12 months ended December 31, 2017, increasing the accumulated deficit to $62.0 million as of December 31, 2017.

Conference Call

Management will host a conference call today, Thursday, March 8, 2018 at 4:30 pm 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:

U.S.: 877-709-8150
International: 201-689-8354

An audio replay of the call will be available on the Company's website at https://www.celsiusholdingsinc.com/news/.

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), founded in April 2004, is a global company with a proprietary, clinically proven formula for its brand CELSIUS®. Celsius Holdings, Inc. has a corporate mission to become the global leader of a branded portfolio consisting of proprietary, clinically proven, innovations which offer significant health benefits. CELSIUS®' Original Line comes in seven delicious sparkling and non-carbonated flavors in sleek 12oz cans and is also available in single-serve powdered packets. The CELSIUS® Natural Line is available in six refreshing flavors: three sparkling and three non-carbonated. This line is naturally caffeinated and naturally sweetened.

New to the portfolio, trainer-grade CELSIUS HEAT™ offers an additional 100mg of caffeine over CELSIUS®, to total 300mg per can, and also contains 2,000mg of L-citrulline, a vasodilator. CELSIUS HEAT™ is sold in 16oz cans and is available in seven carbonated flavors: Inferno Punch, Cherry Lime, Blueberry Pomegranate, Strawberry Dragonfruit, Tangerine Grapefruit, Apple Jack'd and Orangesicle. CELSIUS HEAT™ is a thermogenic pre-workout drink and targets professional trainers, competitive athletes, the military and first responders. CELSIUS HEAT™ was developed for those seeking a trainer-grade version of CELSIUS® as compared to the Original Line, which is sold in a smaller can package and appeals to the masses as an active lifestyle brand.

CELSIUS® has zero sugar, no preservatives, no aspartame, no high fructose corn syrup, and is non-GMO, with no artificial flavors or colors. The CELSIUS® line of products is certified Kosher and Vegan. CELSIUS® is also soy and gluten free, and contains very little sodium. CELSIUS® is sold nationally at fitness clubs, 7-Eleven, Sprouts, The Fresh Market and key regional retailers such as HEB, Publix, Winn-Dixie, Harris Teeter, Shaw's and many others.

CELSIUS®' functional claims are backed by six published university studies. The first study was conducted in 2005 and additional studies from the University of Oklahoma were conducted over the next five years. The studies were published in peer-reviewed journals and validate the unique benefits that CELSIUS® provides. For more information, please visit www.celsiusholdingsinc.com.

Forward-Looking Statements 

This press release may contain statements that are not historical facts and are considered forward-looking 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 and/or financial position, or state other forward-looking information. In some cases, you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," "would," or similar words. You should not rely on forward-looking statements since 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; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; and other risks and uncertainties discussed in the reports Celsius Holdings has filed previously with the Securities and Exchange Commission. Celsius Holdings does not intend to and undertakes no duty to update the information contained in this press release.

-- Tables Follow --

Celsius Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
		December 31, 2017 (1)						December 31, 2016 (1)
ASSETS
Current assets:
Cash		$	14,186,624				$	11,747,138
Accounts receivable, net			6,375,658					2,787,732
Inventories, net			5,305,505					2,211,370
Prepaid expenses and other current assets			1,180,444					937,349
Total current assets			27,048,231					17,683,589
Property and equipment, net			62,642					33,533
Total Assets		$	27,110,873				$	17,717,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses		$	6,311,824				$	1,754,207
Accrued preferred dividend			133,883					353,666
Deferred revenue and other current liabilities			17,921					214,612
Total current liabilities			6,463,628					2,322,485
Long-term liabilities:
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