As of Q4'25, CELH reported a gross margin of 51.3%, an operating margin of 3.6%, and a net profit margin of 2.8%. These latest figures indicate a strong recovery in profitability metrics compared to the negative margins observed in previous quarters of 2024 and 2025. Over the period from Q1'23 to Q4'25, the gross margin for CELH has remained robust, generally trending upward from 43.8% to above 50%, despite minor fluctuations. However, both operating and net profit margins experienced significant volatility, with notable declines into negative territory in late 2024 and Q3'25, before rebounding in Q4'25. This pattern suggests periods of operational challenges or increased costs, followed by a stabilization and improvement in profitability by the end of the observed timeframe.