How Celsius Makes its Money: Revenue Breakdown (CELH)

Key Takeaways

• Celsius Holdings generated $1.356 billion in FY2024 revenue — up just +2.9% year-over-year, a sharp deceleration from 95%+ growth in 2022 and 57% in 2023, driven by PepsiCo distributor inventory destocking and the lapping of one-time shelf-space expansion gains
• Revenue is 94.8% North America ($1.286B) and 5.2% international ($70M, +55.6%) — the geographic skew to the U.S. market represents both a current strength and a long-term opportunity/risk
• Gross margin compressed 260 bps from 58.9% to 56.3% — gross profit actually declined in absolute dollars ($776M → $763M) despite revenue growth, driven by higher trade promotions and slotting fees to defend shelf space against intensifying competition
• Net income declined to $258M from $302M — operating margin fell to 22.9% from 27.1%; Celsius remains highly profitable by CPG standards, but the profitability trend reversed in 2024
• The PepsiCo distribution deal (August 2022, $550M investment + exclusive U.S. distribution) was the defining business event: it drove the explosive 2022–2023 growth and the subsequent 2024 deceleration as inventory destocking worked through the channel
• Celsius is the #3 energy drink brand in the U.S. by market share — behind Red Bull (#1, ~35% share) and Monster (#2, ~30%) — with approximately 10-12% share and a “better-for-you” positioning targeting fitness-oriented, health-conscious consumers
• In early 2025, Celsius acquired Alani Nu — a female-focused, influencer-driven energy drink brand — for approximately $1.8 billion, adding a second brand platform and expanding the company’s female demographic reach
• International at 55.6% growth is the clearest organic growth signal — at 5.2% of revenue, it is underpenetrated relative to the global energy drink market and mirrors Monster Beverage’s early international trajectory

How Does Celsius Make its Money?

Celsius Holdings (ticker: CELH) is the maker of the Celsius-branded energy drink — a “better-for-you” functional beverage positioned in the fitness and health-conscious segment of the energy drink market. The product is formulated with green tea extract, guarana, ginger root, B vitamins, and other functional ingredients, marketed without artificial preservatives, high-fructose corn syrup, or aspartame.

The business model is straightforward: Celsius manufactures product (through contract manufacturers, not its own factories), sells it at wholesale prices to its exclusive U.S. distribution partner PepsiCo, and PepsiCo distributes to retailers nationwide. Revenue is recognized at the wholesale level — the price Celsius charges PepsiCo — not at the $2.99-3.49 consumer retail price.

What makes Celsius notable is the speed of its ascent. In 2019, Celsius was a niche brand with $75 million in annual revenue. By 2023, it was generating $1.32 billion — a 17x revenue increase in four years. The primary catalyst was the 2022 PepsiCo partnership, which gave Celsius overnight access to one of the most powerful consumer goods distribution networks in the world. By FY2024, Celsius had stabilized at $1.356 billion in revenue as the distribution-expansion tailwind was exhausted and the company entered a new phase: defending shelf space, building brand loyalty, expanding internationally, and using the Alani Nu acquisition to add scale and demographic diversification.

Celsius (CELH) Business Model

The CPG Asset-Light Model

Celsius operates as a capital-intensive manufacturing brand using an asset-light structure — a combination that is rare and powerful when it works. The key distinction from true capital-intensive manufacturers: Celsius does not own its production facilities. It contracts with co-packers (third-party beverage manufacturers) to produce Celsius-branded cans using Celsius’s proprietary formulas. This means:

• No factory capex: Celsius doesn’t build or maintain beverage manufacturing plants, which keeps capital expenditures very low
• Flexible production scaling: Production volume can be increased or decreased by adjusting orders to co-packers, without fixed overhead constraints
• High gross margins: Because the co-packer handles manufacturing complexity, Celsius’s cost of revenue is primarily raw materials and packaging — enabling 56%+ gross margins vs. ~35-45% for beverage companies that own their manufacturing

The trade-off: Celsius is dependent on co-packers’ capacity, quality control, and pricing. Supply chain disruptions or co-packer rate increases directly compress gross margin.

The Revenue Recognition Mechanics

Revenue flow:

1. Celsius formulates products and places purchase orders with co-packers
2. Co-packers manufacture and deliver finished cans to Celsius-owned/leased warehouses
3. Celsius ships product to PepsiCo’s distribution centers at wholesale price
4. Revenue recognized at ship-to-PepsiCo price — not consumer retail price
5. PepsiCo delivers to retail accounts; retailers sell to consumers at $2.99-3.49/can

This means Celsius’s reported revenue is lower than the total “consumer value” created by the brand. If consumers buy $3.5 billion worth of Celsius products at retail but PepsiCo earns distribution margin and retailers mark up from wholesale, Celsius captures only a portion — the $1.356 billion wholesale revenue.

Pricing power: Celsius’s revenue growth comes from a combination of: (a) volume growth (more cans shipped), (b) price increases (wholesale price per case raised), and (c) product mix (premium SKUs, larger packs). Price increases have generally held well — energy drink consumers show brand loyalty and lower price sensitivity than typical grocery categories.

The PepsiCo Partnership: How It Actually Works

The August 2022 agreement made PepsiCo the exclusive U.S. distributor for Celsius — replacing the patchwork of regional distributors Celsius had previously relied on. The economics:

• PepsiCo buys at wholesale from Celsius and resells to retailers, capturing distribution margin
• PepsiCo’s DSD (Direct Store Delivery) network services convenience stores, which are the highest-volume channel for energy drinks
• Joint business planning: Celsius and PepsiCo coordinate on promotional calendars, new store placements, and seasonal programs
• Celsius’s co-investment: Trade promotion funds (money Celsius provides to retailers via PepsiCo to fund in-store promotions, end-caps, and price reductions) count against Celsius’s gross revenue — a key driver of the 2024 gross margin compression

The PepsiCo deal was transformative because energy drink distribution is critically dependent on cold-vault placement in convenience stores. Without a national cold-chain DSD partner, Celsius couldn’t compete with Monster (distributed by Coca-Cola’s system) or Red Bull (its own network) in the impulse-driven c-store channel.

The “Better-For-You” Brand Positioning

Celsius’s marketing strategy targets a consumer who wants the functional benefit of an energy drink (caffeine, alertness, focus) without the “bad-for-you” ingredients associated with traditional energy drinks (Red Bull, Monster). This positioning:

• Commands retail shelf space in natural/health food sections alongside traditional energy drink sections — giving Celsius two shelf locations vs. one for traditional brands
• Attracts fitness-oriented consumers who shop at Whole Foods, gym pro shops, and are active on fitness-related social media
• Enables premium pricing: Celsius cans retail at $2.99-3.49, comparable to or slightly above Monster
• Reduces regulatory risk: No regulatory issues with ingredient claims; the “better-for-you” functional beverage space is less scrutinized than supplements

Celsius (CELH) Competitors

Monster Beverage (MNST) is Celsius’s most direct comparable as a publicly-traded energy drink pure-play. Monster distributes through Coca-Cola’s bottler network worldwide and generates approximately $7.5-8.0 billion in annual revenue with ~28% operating margins. Monster targets a younger, male-skewing action sports and gaming demographic — different from Celsius’s fitness consumer, but competing for the same convenience store shelf space and consumer wallet. Monster is the benchmark for how a challenger energy brand can become a mature high-margin compounder: it went from ~$0 in 2002 to category-dominant over 20+ years.

Red Bull (private) is the global energy drink leader with ~35% U.S. market share and significant international dominance. Red Bull invented the category in the U.S. in the 1990s, has its own dedicated distribution network, and invests massively in extreme sports event sponsorships (Red Bull Racing F1, X Games, etc.). Because Red Bull is private, its financials are not publicly disclosed, but estimates suggest $10+ billion in annual revenue globally. Red Bull’s brand is a cultural institution in a way that Celsius is still building toward.

Ghost Energy is a flavored energy drink brand known for licensed candy and nostalgia flavors (Sour Patch Kids, Chips Ahoy). Acquired by Keurig Dr Pepper in 2023 for $990 million and distributed through KDP’s network. Ghost appeals to younger consumers who grew up with those candy brands and are drawn to the novelty flavors. Ghost competes directly with Celsius in grocery and convenience.

Prime Energy (Logan Paul and KSI) is a social-media-viral energy drink that became a cultural phenomenon, particularly with Gen Z consumers. Strong in convenience stores. Prime’s long-term competitive durability vs. established brands like Celsius is debated — whether celebrity-driven viral brands retain share or fade. Revenue is private.

Alani Nu (now Celsius-owned) was an independent female-focused energy drink brand built through fitness influencer marketing before Celsius acquired it in early 2025 for ~$1.8 billion. Now part of Celsius’s portfolio, Alani Nu’s consumer skew (18-34 year-old women) complements Celsius’s historically more male base.

Dutch Bros competes indirectly — as an energy drink alternative through its coffee and “Rebel” energy drink beverages sold in its drive-through locations. Starbucks and the energy coffee segment also compete for the consumer occasion (afternoon energy boost). Wingstop and Chipotle are relevant for restaurant beverage incidence — understanding where energy drinks gain (or lose) occasion share matters for long-term category growth.

Revenue Breakdown

All values in millions USD. Financial data sourced from Celsius SEC Filings.

The geographic revenue split tells the Celsius story in two numbers: a North America business that grew just +1.0% in 2024 (effectively flat, reflecting the PepsiCo destocking headwind and distribution lapping), and an international business growing +55.6% from a very small base. The total +2.9% masks the divergent trajectories within the business.

Business Segment Deep-Dives

North America ($1,286M, 94.8% — Flat but Stabilizing)

North America is the Celsius franchise. After growing from approximately $640M in 2022 to $1,273M in 2023 — a near-doubling driven by PepsiCo distribution penetration — the business grew just +1.0% in 2024. Two forces explain this:

PepsiCo inventory destocking: When PepsiCo took over Celsius distribution in late 2022, it had to build adequate inventory across hundreds of distribution centers to service its retailer accounts reliably. This inventory build showed up as Celsius revenue (shipments to PepsiCo). By 2024, PepsiCo had optimized its inventory levels and was drawing down excess stock rather than reordering at the same pace — creating a revenue headwind even while consumer retail sell-through remained healthy.

Market share consolidation: Celsius’s share of the U.S. energy drink market expanded dramatically from ~4% in 2021 to approximately 10-12% by 2023. At that scale, incremental share gains become harder. Competition intensified: Ghost, Alani Nu, and Prime Energy all expanded shelf space, and Monster launched products targeting the better-for-you segment (Monster Ultra, Reign).

The channel breakdown:

• Convenience and gas stations: The most important channel; Celsius is now in most major c-store chains (7-Eleven, Circle K, Casey’s). This is where Red Bull and Monster dominate with chilled single-can placement, and where PepsiCo’s DSD network is most valuable
• Club/mass (Walmart, Target, Costco): High-volume packs (12 or 24 cans) drive revenue but at lower per-can margin; important for household penetration and trial
• Grocery: Natural/health food section placement + energy drink section = dual shelf placement advantage
• E-commerce: Amazon multi-packs growing; important for subscription repeat purchases

International ($70M, 5.2% — The Growth Frontier)

International is the highest-growth segment and represents the largest long-term opportunity. Growing +55.6% from $45M to $70M in FY2024, Celsius has expanded into:

• UK and Ireland: Major market entry; energy drinks are large categories in both markets
• Australia and New Zealand: Fitness culture markets that align with Celsius’s brand positioning
• Scandinavia: Health-conscious consumer markets
• Selective additional European and Asia-Pacific markets

The $70M international revenue base is tiny relative to the global opportunity. Monster Beverage generates approximately 40% of its $7.5B+ revenue internationally (~$3B). If Celsius replicates Monster’s international trajectory over the next 10-15 years, international could ultimately be larger than North America. The key variable: finding local distribution partners in each market with the reach that PepsiCo provides domestically.

Celsius (CELH) Income Statement

All values in millions USD. Figures are approximate based on public filings.

The story in the numbers: Revenue grew +2.9% but gross profit declined -1.7% — meaning COGS grew faster than revenue (+9.4% vs. +2.9%). This is the gross margin compression in action: promotional spending (trade promotion funds that offset gross revenue), higher co-packer costs, and mix shifts all pushed COGS higher per unit. Then operating expenses grew +7.9% as Celsius invested in marketing and headcount to support growth — producing a -12.9% decline in operating income on +2.9% revenue growth. The operating leverage worked in reverse in 2024.

COGS breakdown: Celsius’s cost of revenue includes: (1) cost of finished goods from co-packers (ingredients + manufacturing fees), (2) freight-in, (3) trade promotions netted against revenue (slotting fees and promotional allowances), and (4) warehousing. The trade promotion element is particularly important — as Celsius competes more aggressively for shelf space against incumbent energy drink brands, trade spending rises.

Celsius (CELH) Key Financial Metrics

Key Metric Observations

Gross profit declined in absolute dollars. The most important signal in Celsius’s FY2024 results: not that revenue slowed, but that gross profit actually shrank from $776M to $763M. A company can grow through a growth deceleration if margins hold. When gross profit falls in absolute terms while revenue grows, it signals that the cost structure is outpacing volume — a more concerning signal that the company must reverse.

Operating leverage worked against Celsius in 2024. In the 2022-2023 hypergrowth phase, Celsius’s fixed costs (G&A, brand marketing) grew more slowly than revenue — creating powerful operating leverage and expanding margins. In 2024, revenue growth stalled while costs continued growing, creating the inverse: operating deleverage. Margin recovery requires either revenue reacceleration or meaningful cost discipline.

The valuation premium requires a rebound. At ~$8B market cap and $258M net income, Celsius trades at ~31x earnings — a multiple that implies significant growth expectations. If growth stalls at 2-3% and margins continue compressing, that multiple is difficult to sustain. The bull case: the PepsiCo destocking was temporary, the Alani Nu acquisition adds revenue and scale, and international accelerates to meaningful size.

Is Celsius (CELH) Profitable?

Yes — solidly profitable, though profitability declined year-over-year in 2024. With $258 million in net income on $1.356 billion in revenue, Celsius produces a 19.0% net margin — well above most consumer packaged goods companies. For context:

• Celsius net margin: 19.0%
• Monster Beverage net margin: approximately 22-24% at maturity
• Coca-Cola net margin: approximately 22-25%
• Typical CPG food company (chips, cereals): approximately 8-14%

Celsius’s high margins reflect the asset-light model (no factory depreciation in COGS), brand-driven pricing power (consumers accept $2.99-3.49/can for Celsius vs. lower prices for private-label), and the operating leverage benefits of a mostly fixed cost structure at scale.

The profitability concern is directional, not absolute: three consecutive metrics — gross margin, operating margin, net margin — all declined YoY. A single year of margin compression can be a temporary anomaly; sustained multi-year compression signals structural change.

EBITDA perspective: Celsius’s EBITDA is approximately equal to operating income plus depreciation and amortization — the D&A add-back is minimal because Celsius doesn’t own factories. This is a key advantage of the asset-light model: EBITDA and operating income are very close to each other, and both are close to cash earnings. There’s very little “EBITDA vs. cash flow” gap that plagues capital-intensive businesses.

Free cash flow: Should be close to net income given minimal capex requirements. Celsius’s cash generation is one of its most attractive financial characteristics — the business doesn’t require constant capital reinvestment to sustain its competitive position (unlike, say, a semiconductor manufacturer or Bitcoin miner).

Where Does Celsius Spend its Money?

Cost of Revenue (~43.7% of revenue)

Cost of revenue includes finished goods costs from co-packers (ingredients + manufacturing), inbound freight, and trade promotion investments. The co-packer-driven COGS structure gives Celsius flexibility (scale up/down without fixed overhead) but also reduces control over manufacturing cost and quality. As Celsius negotiates larger co-packer contracts, it gains some pricing leverage — but co-packer margins don’t compress as dramatically as vertically-integrated manufacturing at scale.

Trade promotion is a growing COGS item: slotting fees (fees paid to retailers to secure shelf placement), promotional allowances (temporary price reductions funded by Celsius), and end-cap/display investments. As competition for energy drink shelf space intensifies, these investments are rising across the industry.

Selling and Marketing Expenses

Celsius has built its brand through a combination of: (1) fitness community and gym channel marketing (sampling at gyms, sponsorship of fitness events, partnerships with personal trainers and gyms); (2) social media and influencer marketing (partnerships with fitness influencers, athletes, and lifestyle content creators); (3) sports partnerships and event sponsorships (building brand awareness in athletic contexts); and (4) traditional retail marketing (FSIs, in-store promotions, retailer-specific programs). As a challenger brand trying to take market share from Red Bull and Monster, Celsius must invest in brand awareness while also funding trade promotion — a double marketing burden.

General and Administrative

G&A includes corporate overhead, executive compensation, legal, finance, and HR. As Celsius has scaled from a small company to a $1.35B revenue business, its corporate infrastructure costs have grown proportionally. The Alani Nu acquisition adds G&A complexity (integration costs, combined management overhead).

The Alani Nu Acquisition Cost (~$1.8 billion, FY2025)

The acquisition of Alani Nu represents Celsius’s largest capital allocation decision in company history. The $1.8B price tag was funded through a mix of cash (from the company’s accumulated cash balance, which had grown with profitability) and potentially stock consideration. This acquisition will add significant goodwill and intangible assets to the balance sheet — and associated amortization charges — that will flow through future income statements.

Celsius vs. Monster Beverage vs. Coca-Cola

Celsius History and Milestones

Celsius (CELH): What to Watch

1. Revenue Reacceleration: Does 2024 Prove to be the Trough? The most important investor question: was 2024’s +2.9% growth a temporary trough caused by the PepsiCo destocking (a one-time headwind that reverses), or is it the beginning of a structural deceleration as Celsius approaches U.S. market saturation? Retail scan data (Nielsen, Circana) showing consumer take-away rates independent of distributor ordering is the cleanest signal. If consumer demand was running ahead of reported revenue in 2024, reacceleration is likely. If consumer demand also slowed, the story is more concerning.

2. Gross Margin Recovery: Can Celsius Stop the Compression? The gross profit dollar decline in FY2024 was the single most alarming data point in the annual report. Watch for whether trade promotion spending moderates as PepsiCo’s distribution matures (less need to buy shelf space once established), and whether co-packer cost efficiency improves with volume scale. A recovery back toward 58-59% gross margin would signal that 2024 was a transition year, not a structural step-down.

3. Alani Nu Integration: $1.8B Was a Big Bet The Alani Nu acquisition at ~$1.8B was Celsius’s largest capital deployment ever — roughly 22% of pre-deal market cap. Watch for: (a) revenue contribution and growth rates from Alani Nu post-acquisition, (b) whether distribution synergies through the PepsiCo network materialize, (c) integration costs and any disruption to the core Celsius brand execution, and (d) whether the goodwill and intangibles from the acquisition create significant amortization drag on reported earnings.

4. International Scaling: The Biggest Long-Term Opportunity International grew +55.6% in FY2024 to $70M — just 5.2% of revenue. If Celsius executes the way Monster Beverage did internationally over 15+ years, international could eventually match or exceed North America. Watch for: entry into new markets, distribution partner announcements outside the U.S., and whether the +55%+ growth rate can be sustained as the international base scales.

5. Market Cap and Valuation: Is the Premium Justified? At ~$8B market cap and ~$1.36B revenue (~6x P/S), Celsius trades at a premium to mature CPG companies but below its peak growth-phase multiple. The valuation requires a convincing growth reacceleration narrative to sustain. If FY2025 shows 10-15%+ revenue growth and margin stabilization, the stock likely re-rates higher. If growth remains at 2-4%, the multiple compresses.

6. Competitive Intensity: Ghost, Prime, Alani Nu, and Next-Generation Challengers The better-for-you energy drink space that Celsius pioneered is now crowded. Ghost (KDP distribution), Prime (viral social media), Alani Nu (now Celsius’s own), Bloom, and dozens of regional brands are competing for the same fitness-conscious consumer. Celsius’s ability to maintain 10-12% U.S. market share — and grow it — depends on continued product innovation, brand relevance, and effective PepsiCo partnership execution.

7. PepsiCo Relationship: Partnership Health and Prioritization Celsius’s entire U.S. go-to-market depends on PepsiCo executing well. PepsiCo manages an enormous portfolio — Pepsi, Mountain Dew, Gatorade, Lipton, Tropicana, and dozens of other brands compete for PepsiCo’s sales force attention and cold-vault space. If PepsiCo deprioritizes Celsius in favor of its own brands or other partnership commitments, execution could suffer. Monitor: PepsiCo earnings call commentary on Celsius, distribution agreement renewal discussions, and any Celsius management commentary about partnership dynamics.

8. Input Costs and Co-Packer Economics: Supply Chain Risk Celsius is exposed to ingredient price inflation (caffeine, B vitamins, aluminum cans, secondary packaging), co-packer capacity constraints, and freight cost fluctuations. Rising input costs hit cost of revenue directly and compress gross margin. The company has limited ability to pass through cost increases quickly (retail price negotiations happen annually in many channels). Watch for gross margin guidance each quarter as a leading indicator of input cost and promotional environment trends.

Celsius (CELH) Financial Summary

Celsius Holdings (CELH) is the maker of the Celsius fitness-oriented energy drink — the third-largest energy drink brand in the U.S. by market share — operating through an asset-light CPG model that outsources manufacturing to co-packers and distributes through PepsiCo’s exclusive U.S. distribution network. The company generated $1.356 billion in FY2024 revenue, growing just +2.9% after years of explosive growth driven by the PepsiCo distribution partnership.

Gross margin compressed 260 basis points to 56.3% as trade promotion spending increased to defend shelf space, and gross profit actually declined in absolute dollars — the most notable financial signal in FY2024. Operating margin fell to 22.9% (-420 bps) and net income declined to $258 million (-14.6%), though the company remains solidly profitable by CPG industry standards.

The international segment (+55.6% to $70M) represents the clearest growth signal, mirroring Monster Beverage’s early international trajectory. The Alani Nu acquisition (~$1.8B, early 2025) added a second female-focused brand platform and expanded Celsius’s total addressable market. The key investment question: was FY2024’s growth deceleration a temporary channel headwind (PepsiCo destocking + distribution lapping), or the beginning of structural slowing as U.S. market penetration matures?

Related companies include PepsiCo, Coca-Cola, Dutch Bros, Starbucks, Wingstop, Chipotle, and McDonald’s. See also: coca-cola vs pepsi comparison, McDonald’s vs Starbucks, Chipotle vs McDonald’s.

Frequently Asked Questions

How does Celsius Holdings make money? By selling Celsius-branded energy drinks at wholesale prices to PepsiCo (exclusive U.S. distributor), which then distributes to retailers. Revenue = units shipped to PepsiCo × wholesale price. FY2024: $1.356 billion total revenue, 94.8% from North America, 5.2% international. Asset-light model (outsourced manufacturing) delivers 56%+ gross margins.

Why did Celsius revenue growth slow down? Growth decelerated from 95% (2022) to 57% (2023) to 2.9% (2024) because: (1) PepsiCo built excess inventory during distribution launch and destocked in 2024 rather than reordering; and (2) the one-time shelf-expansion benefit of the PepsiCo deal was fully lapped in the 2023 base. Underlying consumer demand was stronger than reported wholesale revenue suggested.

What is the PepsiCo deal? August 2022: PepsiCo invested $550M in Celsius (convertible preferred stock) and became Celsius’s exclusive U.S. distribution partner. PepsiCo’s DSD (direct store delivery) network placed Celsius in hundreds of thousands of locations overnight — driving the 2022-2023 explosive growth. In exchange, PepsiCo earns distribution margin on all Celsius sales.

Who are Celsius’s competitors? Red Bull (#1, private, ~35% U.S. market share), Monster Beverage (#2, ~30% share, publicly traded), Ghost Energy (KDP distribution), Prime Energy (Logan Paul/KSI, private), and Alani Nu (now Celsius-owned as of 2025). The better-for-you segment is increasingly crowded.

What happened with the Alani Nu acquisition? In early 2025, Celsius acquired Alani Nu — a female-focused, influencer-driven energy drink brand — for approximately $1.8 billion. Alani Nu expanded Celsius’s female demographic reach and added a second brand platform to the portfolio, distributable through the existing PepsiCo partnership.

Is Celsius profitable? Yes — $258M net income, 19% net margin, 22.9% operating margin, 56.3% gross margin in FY2024. Profitable but declining YoY across all margin metrics. The asset-light model keeps capex low and free cash flow close to net income.

What is Celsius’s gross margin? 56.3% in FY2024, down from 58.9% in FY2023 (-260 bps). Still above Monster Beverage (~52-54%) and most CPG benchmarks. Compression was driven by higher trade promotions (slotting fees, promotional allowances) and co-packer cost increases. Gross profit declined in absolute dollars despite revenue growth.

What is Celsius’s international revenue? $70 million in FY2024 (+55.6% growth), just 5.2% of total revenue. Markets include UK, Ireland, Australia, New Zealand, and Scandinavia. The underpenetration vs. Monster’s ~40% international revenue share represents Celsius’s largest long-term growth opportunity.