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operating-expenses-chart

CELH Operating Expenses

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In Q4'25, total operating expenses for CELH reached $235.0M, driven entirely by SG&A expenses at $235.0M, as R&D expenses remained at no data across all periods. This marks the latest data point in the quarterly series spanning Q1'23 to Q4'25. The SG&A expenses exhibit a clear upward trend, growing from $68.9M in Q1'23 to $235.0M in Q4'25, with notable accelerations including a 72% year-over-year increase in Q4'24 to $185.2M and a peak of $237.9M in Q2'25 before a slight dip in Q3'25. R&D expenses show no activity throughout the period, indicating a focus on sales, general, and administrative costs as the dominant component of operating expenses in this stacked bar chart. Overall, the data reflects expanding operational scale, with average quarterly SG&A rising from approximately $90M in 2023 to over $200M in 2025.