Celsius Holdings, Inc. (NASDAQ: CELH) reported Q1 EPS of $0.01, $0.02 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $28.2 million versus the consensus estimate of $23.36 million.

2020 First Quarter Financial and Business Highlights:

• Revenue of $28.2 million, up 95% from $14.5 million in the year ago quarter
  • Domestic revenue increased 70% to $19.4 million, up from $11.4 million in the year ago quarter
  • International revenue increased 186% to $8.8 million, up from $3.1 million in the year ago quarter
• Gross profit of $13.0 million, up 128% from $5.7 million in the year ago quarter
  • Gross profit margins total 46.1% (53.5% excluding outbound freight) of revenues
• Net income of $546,000 compared to $11.7 million, inclusive of $12.2 million gain related to the recognition of a note receivable, in the year ago quarter
• Non-GAAP Adjusted EBITDA* was $2.8 million compared to $878,000 in the year ago quarter
• Launched CELSIUS HEAT® Jackfruit, a refreshing exotic tropical flavor
• Launched nationwide product availability with Walmart at more than 1,500 store locations
• Expanded nationwide product assortment to five flavors at more than 1,300 Target locations

"Our record first quarter results reflect our continued momentum and the tremendous traction we are gaining with the distribution and placement of our products around the world," said John Fieldly, President and Chief Executive Officer. "We continued to leverage strategic partnerships, online experiences and retail relationships to further increase volume in the first quarter and deliver our fifth consecutive quarter of sequential growth with double-digit increases across all geographic regions while expanding gross margins and delivering positive net income. Demand for our functional beverages remains strong, despite a material shift in consumer purchasing behaviors towards online platforms as a result of the recent public health crisis related to the COVID-19 outbreak."

"Through new and expanded relationships with U.S. retailers and additional DSD distribution agreements, we further expanded our presence and increased throughput to consumers during the first quarter," Fieldly continued. "Trend forward functional data indicates CELSIUS is growing faster than the category, and our financial results reinforce the strong performance of our business."

Fieldly concluded, "Our agile operations and marketing teams responded quickly in the first quarter to align our focus and resources with the dramatic shift in retail shopping patterns and the movement towards more online purchasing in light of increased health and safety concerns," Fieldly continued. "We rapidly implemented pre-set plans around production, sales and marketing initiatives. We have moved many of our experiential off-line activations to digital and online platforms driving a 167% increase in our average daily online sales volume compared to a year ago. We are closely monitoring the macro environment and are prepared to flex and change as needed to keep our momentum going. In the first month of the second quarter we are seeing North America sales volume growth of approximately 38% over the prior year. Favorable market trends and strong consumer demand for healthy beverages, combined with our ability to scale rapidly, positions us for continued success. Notwithstanding the foregoing, the uncertainties resulting from Covid out break my have unforeseen or unexpect

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