CELH · CIK 1341766
What Celsius Holdings, Inc. told the SEC could break it.
Celsius's single biggest exposure is its dependence on Pepsi, which is both its largest customer and its primary distribution partner under a 'Captaincy' arrangement — Pepsi was 43.2% of 2025 net revenue and 46.2% of receivables, so a dispute, termination or default would hit operations hard. Beyond that one relationship, its costs ride on raw materials whose price and availability fluctuate — aluminum cans (with certain can sizes supply-constrained), sweeteners, caffeine and other functional ingredients — and because its headquarters and much of its operations sit in Florida, it is exposed to hurricane disruption.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Pepsi = 43.2% of revenue and 46.2% of receivables; primary distributorhigh
Celsius is highly dependent on Pepsi, which is both its largest customer and primary distribution partner (the 'Captaincy' arrangement) — Pepsi was 43.2% of 2025 net revenue and 46.2% of receivables, so a dispute, termination or default would materially impact operations.
“In 2025, sales to Pepsi constituted 43.2% of our total net revenue, and receivables from Pepsi represented 46.2% of our total receivables as of December 31, 2025.”
SEC filing →As of 2026
Commodity & input dependence
- aluminum cans, sweeteners, caffeine and other functional ingredientsmedium
Celsius's principal raw materials — aluminum cans, packaging, natural flavors, sweeteners and functional ingredients (caffeine, vitamins, minerals, botanical extracts) — are subject to cost and availability fluctuations, with certain can sizes noted as supply-constrained.
“The principal raw materials used in our products include aluminum cans, packaging components, natural flavors, sweeteners and functional ingredients such as caffeine, vitamins, minerals and botanical extracts. The cost and availability of these materials are subject to market fluctuations.”
Climate & physical
- Florida headquarters and operations exposed to hurricaneslow
Celsius's U.S. headquarters and a large part of its operations are located in Florida, a state at significant risk of hurricane impacts that could disrupt operations and its supply chain.
“Our U.S. headquarters and a large part of our operations are located in Florida, a state at significant risk of impacts from hurricanes.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In 2025, sales to Pepsi constituted 43.2% of our total net revenue, and receivables from Pepsi represented 46.2% of our total receivables as of December 31, 2025.”
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