Here's Why Celsius Stock Skyrocketed to an All-Time High Today
Shares of beverage company Celsius Holdings (NASDAQ: CELH) skyrocketed to an all-time high on Wednesday after the company reported financial results for the first quarter of 2023. As of 10:15 a.m, Celsius stock is up an impressive 18%.
In Q1, Celsius generated revenue of $260 million, up an astounding 95% year over year. The company signed a distribution deal with PepsiCo in late 2022 that's leading to a robust increase in points of distribution. But management says it was also able to increase the number of products it had in existing points of distribution. Both factors contributed to the strong top-line growth.
Turning to profitability, Celsius' gross margin jumped to 43.8% compared to 40.4% in the same quarter of 2022. However, it should be noted that this is a slight decrease from its gross margin of 44.4% in the fourth quarter of 2022.
Source Fool.com
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