Boca Raton, Fla.-based Celsius Holdings Inc. reported that first quarter 2019 revenue was $14.5 million, up 20 percent from $12.1 million in 2018 Q1. Domestic revenue increased 41 percent, totaling $11.4 million — up from $8.1 million in 2018. International revenue accounted for $3.1 million, a 22 percent decrease, compared with $4 million in 2018. This was driven by a business model change in China to a royalty license which mitigates risk and reduces marketing investment, but correspondingly decreases revenue by $1.3 million, the company says.
“As quoted in our year-end earnings release and further validated by our first quarter results, we are increasingly optimistic about our prospects for future growth at accelerated rates while operating near a cash flow breakeven range,” said John Fieldly, president and chief executive officer, in a statement. “The first quarter is the first true quarter without investments in the China market since launching and the company expects increased operating leverage driving tangible cash flow as we continue to gain scale.