Shares of Celsius Holdings (NASDAQ: CELH) gained 22.2% in November 2022, according to data from S&P Global Market Intelligence. The maker of workout-boosting energy drinks saw two single-day price gains in the double digits last month.

Celsius reported third-quarter results on the evening of Nov. 9. Your average analyst had expected earnings near $0.10 per share on revenue of roughly $162 million. Celsius smashed those estimates to smithereens with earnings of $0.67 per share. Top-line revenue doubled year over year to $188 million. The company delivered massive growth despite high operating costs and a snarled supply chain. Consumer demand was strong across Celsius' various distribution channels, although international sales dipped due to weak European results. The company is also expanding its presence in the convenience store and warehouse club markets. Celsius shares closed 13.4% higher the next day.

An 11.5% jump followed on Nov. 23, sparked by the company's multiyear sponsorship deal with the Professional Fighters League, a large mixed martial arts (MMA) organization. Celsius is now the league's official energy drink with naming rights to various events and access to brand ambassador services from the PFL fighters. But really, the earnings report was the most significant headline here, since it underscored the importance of a recently signed contract.

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Source Fool.com