2023-05-12 13:08:40 ET
Shares of energy-drink maker Celsius Holdings (NASDAQ: CELH) are spiking nearly 30% this week, according to data provided by S&P Global market Intelligence . The massive move brought the stock to an all-time high.
Record first-quarter revenue nearly doubled versus the prior-year period. The results seem to verify that a distribution partnership with PepsiCo , which was announced last year, is paying dividends. Management attributed improved brand awareness and product availability to that new agreement with the snack and drink maker .
Approximately 95% of Celsius' sales come from North America. CEO John Fieldly said the United States is the key growth driver for the company, noting that Celsius is now the "established #3 Energy Drink Brand in the category." He added that market share has doubled from a year ago to about 7.5%.
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Why Celsius Holdings Stock Hit a New Record High This Week