What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-27 compared with 2025-02-28 · 139 added, 121 removed, 374 unchanged (41% of the section changed)

11 unchanged sentences

● Reign Total Body Fuel®

● Reign Inferno® Thermogenic Fuel

● Reign Storm®

● Bang Energy®

● NOS®

● Full Throttle®

● Burn®

● Mother®

● Nalu®

● Ultra Energy®

1 unchanged sentence

● Relentless®

We also develop, market, sell and distribute craft beers, flavored malt beverages (“FMBs”) and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM , Nasty Beast® Hard Tea and a host of other brands.

We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.

● BPM®

● Samurai®

● Live+®

● Predator®

● Fury®

Industry Overview

7 unchanged sentences

Our Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors (“bottlers/distributors”).

In some cases, we sell ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

In some cases, we sell ready-to-drink packaged drinks

directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

Our Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations.

18 unchanged sentences

In 2023, we completed our acquisition of the Bang Energy® drink business.

On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock.

On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024.

On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion.

The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings.

The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2024.

2025 Product Introductions

1 unchanged sentence

During 2025, we sold the following new products to our customers:

● Bang Energy® Sour Ropes

● Burn® Guava

● Java Monster® Irish Crème

● Juice Monster® Rio Punch TM

● Juice Monster® Viking Berry TM

● Juiced Monster® Bad Apple®

● Monster Energy® Ultra Blue Hawaiian

● Monster Energy® Ultra Fantasy Ruby Red TM

● Monster Energy® Ultra Vice Guava®

● Monster® Killer Brew TM Loca Moca®

● Monster® Killer Brew TM Mean Bean®

● Monster® Reserve Peaches N’ Crème

● Mother® Orange Dreamsicle

● Nalu® Yuzu Rosemary

● Nasty Beast® Hard Tea Green Tea

● Nasty Beast® Hard Tea Original

● Nasty Beast® Hard Tea Peach

● Nasty Beast® Hard Tea Tea + Lemonade

● Reign Storm® Mango

● Reign Storm® Strawberry Apricot

● Reign Storm® Tropical

● Reign Total Body Fuel® Sour Gummy Worm

● Relentless® Fruit Punch

● The Beast TM Gnarly Grape TM

● The Beast TM Killer Sunrise TM

● The Beast TM Pink Poison TM

● Ultra Energy® Fruit Punch

● Bang Energy® Any Means Orange

● BPM® White Citrus

● Burn® Orange

● Burn® White Citrus Zero Sugar

● Fury® Mango Mayhem®

● Juice Monster® Voodoo Grape

● Monster Energy® Electric Blue TM

● Monster Energy® Lando Norris Zero Sugar

● Monster Energy® Orange Dreamsicle®

● Monster Energy® Strawberry Shot

● Monster Energy® Ultra Punk Punch TM

● Monster Energy® Ultra Red White & Blue Razz

● Monster Energy® Ultra Wild Passion

● Monster Energy® Valentino Rossi Zero Sugar

● Monster Energy® Zero Sugar Strawberry Shot

● Mother® Watermelon

● Mother® White Gummy

● Nalu® Zero Sugar Original

● Predator® Wild Berry

● Reign Total Body Fuel® White Haze

● Relentless® Guava

● Ultra Energy® White Citrus

● Blind Lemon® Cherry Lemonade

● Blind Lemon® Original Lemonade

● Blind Lemon® Peach Lemonade

● Blind Lemon® Strawberry Lemonade

● Blinder Lemon TM Original Lemonade

● Blinder Lemon TM Strawberry Lemonade

In the normal course of business, we discontinue certain products and/or product lines.

4 unchanged sentences

We offer the following energy drinks under the Monster Energy® drink product line:

Monster Energy®, Monster Energy® Zero Sugar, Lo-Carb Monster Energy®, Monster Assault®, Juice Monster® Aussie Style Lemonade TM , Juiced Monster® Bad Apple®, Juice Monster® Khaotic®, Juice Monster® Mango Loco®, Juice Monster® Pacific Punch®, Juice Monster® Papillon® (Juiced Monster® Monarch in certain countries), Juice Monster® Pipeline Punch®, Juice Monster® Ripper®, Juice Monster® Rio Punch TM , Juice Monster® Viking Berry TM , Monster Energy® Import, Monster Energy® Export, M3(stylized)®, Monster Energy Zero Ultra®, Monster Energy Ultra Black®, Monster Energy Ultra Blue®, Monster Energy® Ultra Blue Hawaiian, Monster Energy® Ultra Fantasy Ruby Red TM , Monster Energy Ultra Fiesta® Mango, Monster Energy® Ultra Golden Pineapple®, Monster Energy Ultra Paradise®, Monster Energy® Ultra Peachy Keen®, Monster Energy Ultra Red®, Monster Energy Ultra Rosa®, Monster Energy® Ultra Strawberry Dreams®, Monster Energy® Ultra Sunrise®, Monster Energy® Ultra Vice Guava®, Monster Energy Ultra Violet®, Monster Energy Ultra® Watermelon, Monster Energy® Mixxd Punch, Monster Energy® Valentino Rossi, Monster Energy® Zero Sugar Full Throttle, Monster® (stylized) Reserve Kiwi Strawberry, Monster® (stylized) Reserve Orange Dreamsicle®, Monster® (stylized) Reserve Peaches N’ Crème, Monster® (stylized) Reserve Watermelon and Monster® (stylized) Reserve White Pineapple.

Monster Energy®, Monster Energy® Strawberry Shot, Monster Energy® Zero Sugar, Monster Energy® Zero Sugar Strawberry Shot, Lo-Carb Monster Energy®, Monster Assault®, Juice Monster® Aussie Style Lemonade TM , Juice Monster® Bad Apple®, Juice Monster® Khaotic®, Juice Monster® Mango Loco®, Juice Monster® Pacific Punch®, Juice Monster® Papillon® (Juiced Monster® Monarch in certain countries), Juice Monster® Pipeline Punch®, Juice Monster® Ripper®, Juice Monster® Rio Punch TM , Juice Monster® Viking Berry TM , Juice Monster® Voodoo Grape, Monster Energy® Import, Monster Energy® Electric Blue TM , Monster Energy® Export, Monster Energy® Lando Norris Zero Sugar, Monster Energy® Orange Dreamsicle®, M3(stylized)®, Monster Energy Zero Ultra®, Monster Energy Ultra Black®, Monster Energy Ultra Blue®, Monster Energy® Ultra Blue Hawaiian, Monster Energy® Ultra Fantasy Ruby Red TM , Monster Energy Ultra Fiesta® Mango, Monster Energy® Ultra Golden Pineapple®, Monster Energy Ultra Paradise®, Monster Energy® Ultra Peachy Keen®, Monster Energy® Ultra Punk Punch TM , Monster Energy Ultra Red®, Monster Energy® Ultra Red White & Blue Razz, Monster Energy Ultra Rosa®, Monster Energy® Ultra Strawberry Dreams®, Monster Energy® Ultra Sunrise®, Monster Energy® Ultra Vice Guava®, Monster Energy Ultra Violet®, Monster Energy Ultra® Watermelon, Monster Energy Ultra® Wild Passion, Monster Energy® Mixxd Punch, Monster Energy® Valentino Rossi Zero Sugar, Monster Energy® Zero Sugar Full Throttle, Monster® (stylized) Reserve Orange Dreamsicle® and Monster® (stylized) Reserve Peaches N’ Crème.

Java Monster® Coffee + Energy Drinks – a line of non-carbonated dairy-based coffee + energy drinks.

1 unchanged sentence

Java Monster® 300 French Vanilla, Java Monster® Café Latte, Java Monster® Irish Crème, Java Monster® Loca Moca®, Java Monster® Mean Bean®, Java Monster® Salted Caramel, Monster® Killer Brew TM Loca Moca® and Monster® Killer Brew TM Mean Bean®.

Monster Energy® Nitro – a line of carbonated energy drinks containing nitrous oxide.

We offer the following energy drink under the Monster Energy® Nitro product line:

Monster Tour Water® – a line of deep well still and sparkling waters.

Monster Energy® Nitro – a carbonated energy drink containing nitrous oxide offered in the following flavor:

Rehab Monster® Energy Drinks – a line of non-carbonated energy drinks with electrolytes.

We offer the following energy drinks under the Rehab Monster® product line:

Green Tea, Peach Tea, Strawberry Lemonade, Tea + Lemonade, Watermelon and Wild Berry Tea.

Green Tea, Peach Tea, Tea + Lemonade and Wild Berry Tea.

Reign Total Body Fuel® High Performance Energy Drinks – a line of high-performance energy drinks with BCAA’s, B vitamins, electrolytes and CoQ10 with zero sugar.

We offer the following high performance energy drinks under the Reign Total Body Fuel® product line:

Cherry Limeade, Lemon Hdz, Lilikoi Lychee, Melon Mania®, Orange Dreamsicle®, Razzle Berry, Reignbow Sherbet®, Sour Gummy Worm, Tropical Storm®, White Gummy Bear and White Haze.

Reign Inferno® Thermogenic Fuel High Performance Energy Drinks – a line of high performance energy drinks with a thermogenic performance blend in addition to BCAA’s, B vitamins, electrolytes, and CoQ10 with zero sugar.

We offer the following high performance energy drinks under the Reign Inferno® Thermogenic Fuel product line:

Red Dragon and Watermelon Warlord®.

Cherry Limeade, Lemon Hdz, Lilikoi Lychee, Melon Mania®, Orange Dreamsicle®, Razzle Berry, Reignbow Sherbet®, Sour Gummy Worm, Tropical Storm®, Watermelon Sour Gummy, White Gummy Bear and White Haze.

Reign Storm® Total Wellness Energy Drinks – a line of better-for-you energy drinks with natural caffeine, Biotin, Zinc, B vitamins, Vitamin A and Vitamin C, with zero sugar.

3 unchanged sentences

We offer the following energy drinks under the Bang Energy® product line:

Black Cherry Vanilla, Blue Razz®, Candy Apple Crisp®, Cotton Candy, Delish Strawberry Kiss®, Peach Mango, Purple Haze TM , Radical Skadattle®, Rainbow Unicorn®, Sour Heads®, Sour Ropes, Star Blast® and Wyldin’ Watermelon®.

Any Means Orange, Black Cherry Vanilla, Blue Razz®, Cotton Candy, Delish Strawberry Kiss®, Lime Pop Drop, Peach Mango, Purple Haze TM , Sour Heads®, Sour Ropes, Star Blast® and Wyldin’ Watermelon®.

Products – Strategic Brands Segment

1 unchanged sentence

We offer the following energy drinks under the BPM® product line:

Focus Berry Red, Focus Mango and Revive Peach.

Focus Berry Red, Fruit Punch and White Citrus.

BU® – a line of carbonated energy drinks.

We offer the following energy drinks under the BU® product line:

Island Punch and Original.

We offer the following energy drink under the BU® product line:

Burn® – a line of carbonated energy drinks.

We offer the following energy drinks under the Burn® product line:

Apple Kiwi, Blue Refresh, Dark Energy®, Fruit Punch, Gold Rush, Guava, Mango, Orange, Original, Passion Punch, Peach, Peach Mango, Pineapple, Sour Twist, Watermelon Zero Sugar, White Citrus Zero and Zero Raspberry.

Apple Kiwi, Blue Refresh, Dark Energy®, Fruit Punch, Gold Rush, Guava, Mango, Orange, Original, Passion Punch, Peach Mango, Sour Twist, Watermelon Zero Sugar, and White Citrus Zero Sugar.

Full Throttle® – a line of carbonated energy drinks.

2 unchanged sentences

Fury® – a line of affordable carbonated energy drinks.

We offer the following energy drink under the Fury® product line:

We offer the following energy drinks under the Fury ® product line:

Gold Strike® and Mango Mayhem®.

1 unchanged sentence

We offer the following energy drinks under the Live+® product line:

Original, Tart Apple, Watermelon and Zero Sugar.

Original, Original Zero Sugar and Tart Apple.

Mother® – a line of carbonated energy drinks.

We offer the following energy drinks under the Mother® product line:

Epic Swell®, Frosty Berry®, Kicked Apple®, Kiwi Sublime, Lava Guava®, Orange Dreamsicle®, Original, Passion, Rainbow Sherbet, Sugar Free, Tropical Blast and Zero Sugar Razzle Berry.

Frosty Berry®, Kicked Apple®, Lava Guava®, Orange Dreamsicle®, Original, Passion, Rainbow Sherbet, Sugar Free, Watermelon, White Gummy and Zero Sugar Razzle Berry.

Nalu® – a line of carbonated energy drinks.

We offer the following energy drinks under the Nalu ® product line:

Black Tea & Passion Fruit, Exotic, Frost, Melon Splash, Original, Passion, Strawberry Rhubarb and Yuzu Rosemary.

Exotic, Frost, Melon Splash, Original, Zero Sugar Original, Passion and Yuzu Rosemary.

NOS® – a line of carbonated energy drinks.

3 unchanged sentences

We offer the following energy drinks under the Play ® and Power Play ® (stylized) product line:

Apple Kiwi, Fruit Punch, Mango, Passion Fruit, Peach, Original and Sugar Free.

Apple Kiwi, Mango, Passion Fruit, Original and Sugar Free.

Predator® – a line of affordable carbonated and non-carbonated energy drinks.

We offer the following energy drinks under the Predator® product line:

Gold Strike®, Mango Mayhem®, Mean Green®, Purple Rain®, Red Apple, Spicy Ginger and Tropical.

Gold Strike®, Mango Mayhem®, Mean Green®, Purple Rain®, Red Apple, Spicy Ginger, Tropical and Wild Berry.

Relentless® – a line of carbonated energy drinks.

We offer the following energy drinks under the Relentless® product line:

Cherry, Fruit Punch, Origin and Raspberry Zero Sugar.

Fruit Punch, Guava, Origin, Raspberry Zero Sugar and White Citrus.

Samurai® – a line of carbonated energy drinks.

3 unchanged sentences

We offer the following energy drinks under the Ultra Energy® product line:

Apple Kiwi, Citrus Peach, Fruit Punch, Original and Passion Punch.

Apple Kiwi, Citrus Peach, Fruit Punch, Original, Passion Punch and White Citrus.

Products – Alcohol Brands Segment

Blind Lemon® – a line of FMBs.

We offer the following flavors under the Blind Lemon® brand family:

Cherry Lemonade, Original Lemonade, Peach Lemonade and Strawberry Lemonade.

Blinder Lemon TM – a line of FMBs.

We offer the following flavors under the Blinder Lemon TM brand family:

Original Lemonade and Strawberry Lemonade.

Cigar City® – a line of craft beers.

20 unchanged sentences

Gnarly Grape TM , Killer Sunrise TM , Mean Green®, Peach Perfect TM , Pink Poison TM , Scary Berries® and White Haze TM .

Nasty Beast® Hard Tea – a line of FMBs.

We offer the following flavors under the Nasty Beast® brand family:

Beast® Tea – a line of FMBs.

We offer the following flavors under the Beast® Tea brand family:

Green Tea, Original, Peach and Tea + Lemonade.

3 unchanged sentences

We continue to evaluate and, where considered appropriate, introduce additional products, flavors and types of beverages to complement our existing product lines.

We may also evaluate, and where considered appropriate, introduce additional types of consumer products we consider to be complementary to our existing products and/or to which our brand names are able to add value.

We may also evaluate, and as appropriate, introduce additional types of consumer products we consider to be complementary to our existing products and/or to which our brand names are able to add value.

The Company also sells and/or enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, backpacks, hats, t-shirts, jackets, helmets and automotive wheels.

4 unchanged sentences

In 2025, we continued to outsource the manufacturing process for the majority of our finished goods energy drink products to third-party bottlers and contract packers.

We also began production at our facility in Norwalk, CA in January 2024.

In addition, we manufacture Bang Energy® drinks and certain of our other energy drink products at our manufacturing facility in Phoenix, AZ.

We purchase flavor ingredients, flavors, concentrates, sweeteners, juices, supplement ingredients, cans, bottles, caps, labels, trays, boxes and other ingredients for our non-alcohol products from ingredient suppliers, which are delivered to our various third-party bottlers and co-packers.

In addition, we manufacture Bang Energy® drinks and certain of our other energy drink products at our manufacturing facilities in Phoenix, AZ and Norwalk, CA.

We purchase flavor ingredients, flavors, concentrates, sweeteners, juices, supplement ingredients, cans, lids, bottles, caps, labels, trays, boxes and other ingredients for our non-alcohol products from ingredient suppliers, which are delivered to our various third-party bottlers and co-packers.

In some cases, certain common supplies may be purchased by our various third-party bottlers and co-packers.

3 unchanged sentences

The third-party bottlers/distributors are responsible for the manufacture and packaging of the finished products, including the procurement of all other required ingredients and packaging materials.

For certain limited products in the Strategic Brands segment, we may purchase flavors, concentrates, sweeteners, juices, supplement ingredients, cans, bottles, caps, labels, trays, boxes and other ingredients for our Strategic Brand products from our suppliers, which are delivered to our various third-party bottlers and co-packers.

For certain limited products in the Strategic Brands segment, we may purchase flavors, concentrates, sweeteners, juices, supplement ingredients, cans, lids, bottles, caps, labels, trays, boxes and other ingredients for our Strategic Brand products from our suppliers, which are delivered to our various third-party bottlers and co-packers.

In some cases, certain common supplies may be purchased by our various third-party bottlers and co-packers.

7 unchanged sentences

Our co-packaging arrangements vary in terms and, from time to time, we may enter into manufacturing contracts with agreed upon minimum quantities to ensure continuity of supply of certain products in certain territories.

In some instances, subject to agreement, certain equipment may be purchased exclusively by us and/or jointly with our co-packers and installed at their facilities to enable them to produce certain of our products.

In certain cases, such equipment remains our property and is required to be returned to us upon termination of the packing arrangements with such co-packers, unless we are reimbursed by the co-packer at the then book value or via a per-case credit over a pre-determined number of cases that are produced at the facilities concerned.

In some instances, subject to agreement, certain equipment may be purchased exclusively by us and/or jointly with our co-packers and/or bottlers and installed at their facilities to enable them to produce certain of our products.

In certain cases, such equipment remains our property and is required to be returned to us upon termination of the packing arrangements with such co-packers and/or bottlers, unless we are reimbursed by the co-packer and/or bottler at the then book value or via a per-case credit over a pre-determined number of cases that are produced at the facilities concerned.

For our Monster Energy® Drinks segment, we are generally responsible for arranging for the purchase and delivery to our third-party bottlers and co-packers of the containers in which our beverage products are packaged.

35 unchanged sentences

The principal raw materials used in the manufacturing of our products are aluminum cans, aluminum cap cans, sleek aluminum cans, aluminum cans with re-sealable ends, to a limited extent PET plastic bottles and caps, kegs, cartons as well as flavors, juice concentrates, glucose, sugar, sucralose, milk, cream, coffee, tea, hops, malt, yeast, ethanol, supplement ingredients and other packaging materials, the costs of which are subject to fluctuations.

AFF is the primary flavor supplier for our Monster Energy® brand energy drinks.

AFF is our primary flavor supplier.

We also purchase flavors from other suppliers as well as juices, supplement ingredients, glucose, sugar, sucralose, other sweeteners and other ingredients from independent suppliers located in the United States and abroad.

For our Strategic Brands energy drinks, we purchase flavors, concentrates and/or beverage bases from flavor suppliers including TCCC in the United States and abroad, and may purchase certain other ingredients from independent suppliers located in the United States and abroad.

For certain flavors purchased from third-party suppliers and used in certain of our Monster Energy® brand energy drinks, Strategic Brands energy drinks and/or our alcohol drinks, these third-party flavor suppliers own the proprietary rights to certain of their flavor formulas.

For certain flavors purchased from third-party suppliers and used in certain of our Monster Energy® brand energy drinks, Strategic Brands energy drinks and/or our ready-to-drink alcohol drinks, these third-party flavor suppliers own the proprietary rights to certain of their flavor formulas.

We do not have possession of the list of such flavor ingredients or formulas used in the production of certain of our products and certain of our blended concentrates, and we may be unable to obtain comparable flavors or concentrates from alternative suppliers on short notice.

Our third-party flavor suppliers generally do not make such flavors and/or blended concentrates available to other third-party customers.

We have entered into purchase agreements with key packaging and ingredient suppliers to maintain an adequate supply of such packaging and ingredients for the next one to four years based on current anticipated volume needs.

We have entered into purchase agreements with key packaging and ingredient suppliers to maintain an adequate supply of such packaging and ingredients for the next one to three years based on current anticipated volume needs.

Changes to those volume needs could result in shortages or excess supply of these contracted varieties.

2 unchanged sentences

We have identified alternative suppliers for many of the ingredients contained in many of our beverages.

However, industry-wide shortages of certain flavor ingredients, flavors, fruits and fruit juices, coffee, tea, dairy-based products, supplement ingredients and sweeteners have been, and could from time to time in the future be, encountered, which could interfere with and/or delay production of certain of our products.

However, industry-wide shortages of certain ingredients, including flavors, fruits and fruit juices, coffee, tea, dairy-based products, carbon dioxide, supplement ingredients and sweeteners have been, and could from time to time in the future be, encountered, which could interfere with and/or delay production of certain of our products.

We continually endeavor to develop back-up sources of supply for certain of our flavor ingredients, flavors and concentrates purchased from third-party suppliers, as well as to negotiate arrangements with our existing suppliers, which would enable us to obtain access to certain of such concentrates or flavor formulas under certain circumstances.

3 unchanged sentences

The principal areas of competition are pricing, packaging, development of new products and flavors as well as promotional and marketing strategies.

Our products compete with a wide range of drinks produced by a relatively large number of companies, many of which have substantially greater financial, marketing and distribution resources than we do.

Our products compete with a wide range of drinks produced by a relatively large number of companies.

Important factors affecting our ability to compete successfully include brand and product image, taste and flavor of products, trade and consumer promotions, rapid and effective development of new and unique cutting-edge products, ingredients, production processes, attractive and different packaging, brand exposure and marketing as well as pricing.

7 unchanged sentences

We compete not only for consumer preference, but also for maximum marketing, sales efforts and attention from our multi-brand licensed bottlers and distributors, many of which have a principal affiliation with competing companies and brands.

Our products compete with all liquid refreshments and in many cases with products of much larger and in some cases better financed competitors, including the products of numerous nationally and internationally known producers such as TCCC, PepsiCo, Inc.

Our products compete with all liquid refreshments, including TCCC, PepsiCo, Inc.

(“PepsiCo”), Keurig Dr.

1 unchanged sentence

From time to time, competitors have entered into distribution or acquisition agreements with certain other competitors.

For example, last year, KDP, which distributes C4, entered into a long-term sales and distribution agreement with Black Rifle Coffee Company as well as a definitive agreement to acquire GHOST Lifestyle LLC and GHOST Beverages LLC.

For example, KDP, which distributes C4 and Bloom, entered into a long-term sales and distribution agreement with Black Rifle Coffee Company as well as a definitive agreement to acquire GHOST Lifestyle LLC and GHOST Beverages LLC.

In addition, Celsius Holdings, Inc.

(“CELSIUS”) recently announced that it entered into a definitive agreement to acquire Alani Nutrition LLC (“Alani Nu”).

(“CELSIUS”) acquired Alani Nutrition LLC (“Alani Nu”).

We also compete with companies that are smaller or primarily local in operation.

Our products also compete with private-label brands such as those carried by grocery store chains, convenience store chains and club stores.

Domestically, our energy drinks compete directly with Red Bull, Rockstar, Venom, 5-Hour Energy Shots, MiO Energy, V8 + Energy, Uptime, CELSIUS, C4, Alani Nu, ZOA Energy, GHOST Energy, Gatorade Fast Twitch, Prime Energy, Starbucks Iced Energy, Guayaki Yerba Mate, Accelerator Active Energy, Arizona Rx Energy, Bucked Up Energy, Black Rifle Energy, XYIENCE Energy, Rip It, Ryse Fuel, Raptor, Bloom and many other brands.

Domestically, our energy drinks compete directly with Red Bull, CELSIUS, Alani Nu, C4, Ghost, 5-Hour Energy, Rockstar, Bloom, V8 + Energy, Venom, and many other brands.

Internationally, our energy drinks compete with Red Bull (including non-carbonated Red Bull in China and Asia), Rockstar, V-Energy, Lucozade, and numerous local and private-label brands that usually differ from country to country, such as HELL, Amper, Shock, Tiger, Fearless, Boost, TNT, Shark, Dragon, Score, Sting, Hot 6, Suntory ZONE, Battery, Bullit, Flash Up, Black, Non-Stop, Bomba, Semtex, Vive 100, Dark Dog, Speed, Guarana, M-150, Lipovitan, Bacchus, Volt, Bolt, Mr.

Big, Boom, Raptor, Amp, Fusion, Hi-Tiger, Eastroc Super Drink, Carabao, Power Horse, XL, Crazy Tiger, Effect, Missile, Nocco, Adrenaline Rush, Real Gold, War Horse, BLU, CELSIUS, Eneryeti, GURU Organic Energy, Prime Energy, Switch, Baly and a host of other international brands.

Our Reign Total Body Fuel®, Reign Inferno® Thermogenic Fuel high performance energy and Bang Energy® drinks compete with C4, CELSIUS ESSENTIALS, Rockstar XDURANCE, GHOST Energy, G Fuel, Bucked Up Energy and Redcon1 in the performance energy category.

Our Reign Storm® Total Wellness Energy product line competes directly with Accelerator Active Energy, Alani Nu, CELSIUS, C4 Smart Energy, UPTIME Energy, ZOA Energy, Rockstar Focus and Bloom.

Our Java Monster® product line competes directly with Starbucks Frappuccino, Starbucks Doubleshot, Starbucks Tripleshot and other Starbucks coffee drinks, Dunkin Donuts, Stok, Black Rifle, International Delight, Rise Brewing Co., La Colombe, Super Coffee, Bolthouse Farms, Slate, Pop & Bottle, Stumptown Coffee, Chamberlin Coffee, Bones Coffee, Chameleon Coffee and Victor Allen’s Coffee.

Our Reign Total Body Fuel® and Bang Energy® drinks compete with C4, GHOST Energy, CELSIUS ESSENTIALS, Bucked Up Energy, G Fuel and Redcon1 in the performance energy category.

Our Reign Storm® Total Wellness Energy product line competes directly with CELSIUS, Alani Nu, Bloom, Starbucks Iced Energy, UPTIME Energy, PHORM Energy, ZOA Energy, Bum Energy, Gorilla Mind, and C4 Smart Energy.

Our Java Monster® and Monster® Killer Brew TM product lines compete directly with Starbucks Frappuccino, Starbucks Doubleshot, Starbucks Tripleshot and other Starbucks coffee drinks, Black Rifle Coffee, Dunkin Donuts, La Colombe, Bolthouse Farms

Café, International Delight, Slate, Victor Allen’s Coffee, Kitu Super Coffee, Stumptown Coffee Roasters, Stok, Nescafé and other private label brands.

Our alcohol products compete within the FMB, hard seltzer, and craft beer categories of the alcohol beverage industry.

2 unchanged sentences

Our sales and marketing strategy for all our non-alcohol beverages is to focus our efforts on developing brand awareness through image-enhancing programs and product sampling.

We support our non-alcohol brands with prize promotions, price promotions, competitions, endorsements from selected public and sports figures, sports personality endorsements, sampling and sponsorship of selected athletes, teams, series, bands, esports, causes and events.

We support our non-alcohol brands with prize promotions, price promotions, competitions, endorsements from selected public and sports figures, sports personality endorsements, influencer endorsements, collaborations, sampling and sponsorship of selected athletes, teams, series, bands, esports, causes and events.

We utilize “push-pull” methods to enhance shelf and display space exposure in sales outlets (including racks, coolers and barrel coolers), advertising, in-store promotions and in-store placement of point-of-sale materials to encourage demand from consumers for our products.

7 unchanged sentences

Where appropriate, we partner with our bottlers/distributors and/or retailers to assist our marketing efforts.

We increased expenditures for our sales and marketing programs by approximately 11.9% in the twelve-months ended December 31, 2024 compared to the twelve-months ended December 31, 2023.

We increased expenditures for our sales and marketing programs by approximately 6.3% in the year ended December 31, 2025 compared to the year ended December 31, 2024.

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system.

Percentages of our gross billings to our various customer types for the years ended December 31, 2024, 2023 and 2022 are reflected below.

Percentages of our gross billings to various customer types for the years ended December 31, 2025, 2024 and 2023 are reflected below.

Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States.

6 unchanged sentences

Alcohol, value stores and other

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc.

New England, Inc., Swire Pacific Holdings, Inc.

(USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc.

6 unchanged sentences

Coca-Cola Consolidated, Inc.

accounted for approximately 10%, 10% and 11% of our net sales for the years ended December 31, 2024, 2023 and 2022, respectively.

Reyes Holdings, LLC accounted for approximately 9% of our net sales for the years ended December 31, 2024, 2023 and 2022.

accounted for approximately 10% of our net sales for each of the years ended December 31, 2025, 2024 and 2023.

Sales of ready-to-drink beverages are somewhat seasonal, with the second and third calendar quarters accounting for the highest sales volumes.

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We regard our trademarks, service marks, copyrights, domain names, trade dress and other intellectual property as very important to our business.

We consider Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Monster Tour Water®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast TM , The Beast Unleashed® and Nasty Beast® Hard Tea to be our core trademarks.

We consider Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play ® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast TM , The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon TM to be our core trademarks.

We also own the intellectual property of our most important flavors for certain of our Monster Energy® Brand energy drinks in perpetuity.

We have registered Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Play®, Power Play® (stylized), Relentless®, Ultra Energy®, BPM®, Predator®, Fury®, Live+®, Samurai®, Reign®, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, Bang®, Bang Energy®, Monster Tour Water®, The Beast TM , The Beast Unleashed® and Nasty Beast® Hard Tea outside of the United States in certain jurisdictions.

We have registered Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Play®, Power Play® (stylized), Relentless®, Ultra Energy®, BPM®, Predator®, Fury®, Live+®, Samurai®, Reign®, Reign Total Body Fuel®, Reign Storm®, Bang®, Bang Energy®, The Beast®, The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon® outside of the United States in certain jurisdictions.

We protect our trademarks by applying for registrations and registering our trademarks with the United States Patent and Trademark Office and with government agencies in other countries around the world, particularly where our products are distributed and sold.

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the Federal Food, Drug and Cosmetic Act (“FD&C Act”);

the Occupational Safety and Health Act and various state laws and regulations governing workplace health and safety;

the Occupational Safety and Health Act and various state laws and regulations governing ingredient safety and labeling and workplace health and safety;

various environmental statutes;

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various state and federal laws and regulations pertaining to the sale and distribution of alcohol beverages;

data privacy and personal data protection laws and regulations, including the California Consumer Privacy Act of 2018 (as modified by the California Privacy Rights Act) and a number of other federal, state and local statutes and regulations applicable to the production, transportation, sale, safety, advertising, marketing, labeling, packaging, and ingredients of such products.

data privacy, cybersecurity and personal data protection laws and regulations, including the California Consumer Privacy Act of 2018 (as modified by the California Privacy Rights Act) and a number of other federal, state and local statutes and regulations applicable to the production, transportation, sale, safety, advertising, marketing, labeling, packaging, and ingredients of such products.

Outside the United States, the production, distribution and sale of many of our products are also subject to numerous statutes and regulations.

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Furthermore, legislation and regulation may be introduced in the United States and other countries at the federal, state, provincial, municipal and supranational level in respect of each of the subject areas discussed below.

Public health officials and health advocates are increasingly focused on the public health consequences associated with obesity and alcohol consumption, especially as they may affect children, and are seeking legislative change to reduce the consumption of sweetened and alcohol beverages.

Public health officials and health advocates are increasingly focused on the public health consequences associated with obesity and alcohol consumption, especially as they may affect children, and are seeking legislative and regulatory change to reduce the consumption of sweetened, ultra-processed, and alcohol beverages.

There also has been an increased focus on caffeine content in beverages, and we are seeing some attention to other ingredients in energy drinks.

More generally, individuals in the recently inaugurated U.S.

presidential administration have articulated significant concerns about ultra-processed foods, including sugar-sweetened beverages, and particular ingredients, as well as the “generally recognized as safe” (GRAS) process for getting food ingredients to the market.

Additionally, there are growing calls for the removal of such products from the Supplemental Nutrition Assistance Program (SNAP), formerly food stamps.

More generally, officials in the current U.S.

presidential administration (the “U.S.

Administration”) have articulated significant concerns about “highly processed” or “ultra-processed” foods (“UPF”), including beverages sweetened with sugar or non-nutritive sweeteners, and particular ingredients, such as synthetic color additives, as well as the “generally recognized as safe” (“GRAS”) process for getting food ingredients to the market.

Administration released the latest Dietary Guidelines for Americans in January 2026, which urge the consumption of whole foods and the avoidance of highly processed foods, and recommended limiting beverages such as soda, fruit drinks, and energy drinks.

Additionally, some states have removed such products from the Supplemental Nutrition Assistance Program (“SNAP”), formerly food stamps, and other states may take similar steps.

In some territories, such as the European Union, food additives including sweeteners such as sucralose are subject to a safety re-evaluation which could potentially lead to changes in the specification for such additives or removal from the approved list of additives.

Food and Drug Administration has also recently initiated a process for post-market review of food ingredients.

Food and Drug Administration (the “FDA”) has also initiated a process for post-market review of food ingredients and plans to propose regulatory reforms to the GRAS process.

Bills that would change the GRAS process have also been introduced in the U.S.

Congress and some state legislatures.

If implemented, changes to the GRAS process could affect the way Monster assesses the GRAS status of ingredients we use in our products.

Product Formulation, Labeling, Packaging, and Advertising.

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California Proposition 65 does not require a warning if the manufacturer of a product can demonstrate that the use of the product in question exposes consumers to an average daily quantity of a listed substance that is below that threshold amount, which is determined either by scientific criteria set forth in applicable regulations or via a “safe harbor” threshold that may be established by the state, or the substance is naturally occurring, or is subject to another applicable exception.

If we are required to add warning labels to any of our products or place warnings in certain locations where our products are sold, it will be difficult to predict whether, or to what extent, such a warning would have an adverse impact on sales of our products in those locations or elsewhere.

Some states have passed laws and

regulations that would prohibit certain food ingredients or require notices or warnings on food labels about the presence of certain ingredients.

For example, West Virginia enacted legislation in 2025 that includes a ban on seven color additives and two preservatives products marketed to the general public;

however, such portion of the law was challenged, and the court has granted a preliminary injunction, staying the ban pending the outcome of the legal challenge.

Texas also enacted legislation in 2025 to require warnings for products containing any of approximately 44 ingredients enumerated in the law;

a legal challenge against that law has also been filed.

If we are required to remove certain ingredients from our products, add notices or warning labels to any of our products, or place warnings in certain locations where our products are sold, it will be difficult to predict whether, or to what extent, such actions would have an adverse impact on sales of our products in those locations or elsewhere.

In addition, there has been increasing regulatory activity globally regarding constituents in packaging materials, including perfluoroalkyl and polyfluoroalkyl substances (“PFAS”) and bisphenol A (“BPA”).

Regardless of whether perceived health consequences of these constituents are justified, such regulatory activity could result in additional government regulations that impact the packaging of our beverages.

In addition, the U.S.

Food and Drug Administration (the “FDA”) has regulations with respect to serving size information and nutrition labeling on food and beverage products, including a requirement to disclose the amount of added sugars in such products.

The FDA also recently published a proposed rule that, if finalized, would require certain front-of-pack nutrition labeling, including with respect to the level of added sugars in a product.

In addition, the FDA has regulations with respect to serving size information and nutrition labeling on food and beverage products, including a requirement to disclose the amount of added sugars in such products.

The FDA also published a proposed rule in 2025 that, if finalized, would require certain front-of-pack nutrition labeling for most packaged goods, including with respect to the level of added sugars in a product.

Further, the U.S.

Department of Agriculture promulgated regulations requiring that, as of January 1, 2022, the labels of certain bioengineered foods include a disclosure that the food is bioengineered.

Department of Agriculture (the “USDA”) promulgated regulations requiring that, as of January 1, 2022, the labels of certain bioengineered foods include a disclosure that the food is bioengineered.

The Ninth Circuit recently ruled that certain aspects of the USDA’s regulations failed to implement the statutory mandate, and the issue will be remanded to the USDA to revise the rule in a manner that may require bioengineering disclosures on a broader range of foods and in a more explicit manner.

These regulations may impact, reduce and/or otherwise affect the purchase and consumption of our products by consumers.

Other countries, such as Argentina, Brazil, Chile, Colombia, the Czech Republic, Ecuador, Honduras, Hungary, Jordan, Poland, the member states of the Gulf Cooperation Council, the member states of the Caribbean Community and Common Market (CARICOM), Mexico, the Central American Community, the People’s Republic of China, Paraguay, Peru, Uruguay, and South Africa are also considering, or have enacted, new labeling requirements, which may require us to amend our labels and warning statements.

More generally, some markets, such as Tanzania, have specific energy drink standards that do not always allow for inclusion of certain ingredients, such as L-carnitine and ginseng, or that otherwise restrict the levels of certain ingredients in our products.

Other countries, such as Argentina, Brazil, China, Chile, Colombia, the Czech Republic, Ecuador, Honduras, Hungary, Jordan, Poland, the member states of the Gulf Cooperation Council, the member states of the Caribbean Community and Common Market (CARICOM), Mexico, the Central American Community, the People’s Republic of China, Paraguay, Peru, Uruguay, South Africa, and the member states of the Southern Common Market (MERCOSUR) are also considering, or have enacted, new labeling requirements, which may require us to amend our labels and warning statements.

More generally, some markets have specific energy drink standards that do not always allow for inclusion of certain ingredients, such as L-carnitine and ginseng, or that otherwise restrict the levels of certain ingredients in our products.

In 2023, Peru challenged the use of L-carnitine in energy drinks.

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For example, the City of Lancaster, CA, passed an ordinance on January 14, 2025, making it an infraction to sell or otherwise distribute an energy drink to a person under 18 years of age.

Bills seeking to impose an age restriction on the sale of energy drinks have also been introduced in the Connecticut, Massachusetts, and South Carolina legislatures.

Outside of the United States, for example, Honduras, Latvia, Lithuania, Poland, Romania, Turkey, and Bahrain prohibit the sale of energy drinks to persons under the age of 18, and Armenia passed such a law in January 2025;

Bills seeking to impose an age restriction on the sale of energy drinks have also been introduced in the Connecticut, Massachusetts, Puerto Rico, and South Carolina legislatures.

Outside of the United States, for example, Honduras, Latvia, Lithuania, Poland, Romania, Hungary, Turkey, Armenia, Bahrain, and Kuwait prohibit the sale of energy drinks to persons under the age of 18;

Norway prohibits the sale of energy drinks to persons under the age of 16;

Kazakhstan prohibits the sale of energy drinks to persons under the age of 21;

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Honduras, Latvia, Romania, and Scotland prohibit the sale of energy drinks in educational establishments;

Kuwait permits the sale of energy drinks only in designated areas of cooperative societies and parallel markets and prohibits all commercial advertising and sponsorships for energy drinks;

and Honduras and Turkey prohibit the sale or advertising of energy drinks at sports facilities, school cafeterias and hospitals.

In Mexico, the States of Tabasco and Oaxaca prohibit the sale of energy drinks to minors and the consumption in schools;

Colima prohibits the sale of energy drinks in private and public schools.

Other Latin American countries such as Brazil, Chile, Colombia, Dominican Republic, Honduras and Uruguay have been considering age and other sales restrictions on energy drinks, as are other countries such as Bulgaria, the Czech Republic, Spain, Hungary, and parts of the United Kingdom.

Other Latin American countries such as Argentina, Brazil, Chile, Colombia, Dominican Republic, Mexico, and Uruguay have been considering age and other sales and advertising restrictions on energy drinks, as are other countries such as Bulgaria, the Czech Republic, Ireland, Kosovo, Kyrgyzstan, Slovakia, Spanish regions, Ukraine, and parts of the United Kingdom (including, most recently, for England).

Similar rules would not apply to coffee products that contain similar or higher levels of caffeine.

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Philadelphia, Pennsylvania;

Seattle, Washington;

and Washington, DC) have passed similar measures, some of which have been challenged in litigation.

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Excise taxes on sweetened beverages already are in effect in certain foreign countries where we do business, such as France, the United Kingdom, Ireland, South Africa, Mexico, Poland and Colombia.

Slovakia recently established a tax on sweetened soft drinks, specifically targeting beverages containing caffeine from any source in excess of 150mg/l.

Slovakia established a tax on sweetened soft drinks, specifically targeting beverages containing caffeine from any source in excess of 150mg/l.

Brazil recently approved a tax reform that includes the creation of a Selective Tax (IS) which may potentially impose additional taxes on energy drinks.

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Such targeted legislation has been passed in other countries.

For instance, on January 1, 2020, a reform to a Mexican excise tax went into effect that expanded the definition of an “energy drink” subject to this tax to include products with any amount of caffeine (the prior version of the tax required a threshold of 20mg of caffeine per 100 millimeters for the tax to be applicable) and “taurine or glucuronolactone or thiamine and/or any other substance that produces similar stimulating effects.” Hungary has instituted an excise tax to which our products are subject.

For instance, on January 1, 2020, a reform to a Mexican excise tax (Special Tax on Production and Services (“IEPS”)) went into effect that expanded the definition of an “energy drink” subject to this tax to include products with any amount of caffeine (the prior version of the tax required a threshold of 20mg of caffeine per 100 millimeters for the tax to be applicable) and “taurine or glucuronolactone or thiamine and/or any other substance that produces similar stimulating effects.” In 2025, Mexico reformed the IEPS law to tax flavored drinks containing any amount of sugar and/or sweetener.

Latvia announced the introduction of an excise tax rate for energy drinks in December 2025, which is due to take effect on January 1, 2028.

Hungary has an excise tax in place to which our products are subject.

Bahrain, Saudi Arabia and the United Arab Emirates began applying a selective tax of 100% on energy drinks in 2017, Qatar and Oman began applying the tax in 2019, and there are indications that a similar measure may be enacted in Kuwait.

Saudi Arabia and the United Arab Emirates have imposed sugar-sweetened beverage taxes that are lower than the 100% rate imposed on energy drinks.

Both jurisdictions exclude energy drinks from this more favorable rate.

Certain other jurisdictions are also considering UPF taxes that may ultimately impact the sales and/or formulation of certain of our products.

Separately, geopolitical tensions and related trade disputes may affect our ability to operate or sell our products in certain jurisdictions.

For example, the recently inaugurated U.S.

presidential administration has proposed or implemented a range of new tariffs and trade restrictions affecting U.S.

imports from China, Canada, Mexico, the EU, and elsewhere, the nature and scope of which are difficult to predict.

For example, in recent months, the United States has proposed or implemented a range of new tariffs and trade measures affecting U.S.

imports from across the world, including global reciprocal tariffs, as well as specific tariffs on imports from China, Canada, Mexico, and elsewhere.

The nature and scope of evolving U.S.

tariff measures, some of which have been challenged in litigation, are difficult to predict.

In response to such measures, U.S.

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In Europe, examples of caffeine restrictions include the Netherlands where there is a limit of 35mg/100ml, and Norway introduced, as of January 1, 2020, a limit of 32mg/100ml.

Caffeine limit restrictions or restrictions on combining caffeine with other ingredients or in particular product sectors (such as performance beverages/sport drinks) have also been implemented or proposed in other jurisdictions, including Turkey, India, Pakistan’s Punjab region, Egypt, Colombia, Iraq, and the member states of the Gulf Cooperation Council.

Such restrictions could require reformulations of certain of our products.

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We package our products in a variety of different package types and sizes including, for certain of our Monster Energy® brand energy drinks, aluminum cans larger than 16 fluid ounces.

Certain jurisdictions, such as Colombia, Costa Rica, Egypt, and the Dominican Republic, have considered container size limitations on energy drinks and other beverages.

Certain jurisdictions, such as Colombia, Costa Rica, and the Dominican Republic, have considered container size limitations on energy drinks and other beverages.

If adopted, such limitations may require us to change the container size of our products sold in certain countries.

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Compliance with Environmental Laws.

Our facilities and those of our co-packers in the United States are subject to federal, state and local environmental laws and regulations, including those relating to air emissions, water discharges, the use of water resources, waste disposal, and recycling.

Our operations in other countries are subject to similar federal, state, local and supranational laws and regulations that may be applicable in such countries.

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As of December 31, 2025, we have employees in 80 countries, with a total of 6,891 employees working worldwide.

This employee population includes 4,443 employees in North America, 418 employees in Latin America, 284 employees in Asia Pacific (including Oceania) and 1,413 employees in Europe, Mideast and Africa (“EMEA”).

This employee population includes 4,559 employees in North America, 448 employees in Latin America, 308 employees in Asia Pacific (including Oceania) and 1,576 employees in Europe, Middle East and Africa (“EMEA”).

Most of our employees are full-time (5,773 employees) and the remaining 1,118 employees hold part-time positions.

Of our 6,891 employees, we employ 2,336 in corporate and operational capacities (including administration, human resources, legal, information technology, operations, facilities, warehouse, product development, regulatory and accounting) and 4,555 persons in sales and marketing capacities.

As of December 31, 2024, approximately 48% of our U.S.

employees are from one or more underrepresented groups, including, but not limited to, Black, Latino, Asian, Pacific Islander, Native American and other Indigenous tribes and approximately 36% of our U.S.

employees are female.

We support our employees through a variety of training, mentorship and development programs.

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We cover the cost of insurance premiums including medical (including virtual visits), dental, vision, life, accidental death and dismemberment and short-and long-term disability, covering full-time employees and share in the cost of insurance premiums covering eligible dependents including medical, dental and vision coverage.

We also offer several voluntary benefits to full-time employees, including supplemental life insurance, whole life insurance, accident insurance, critical illness insurance, flexible medical spending accounts, flexible spending accounts for childcare, travel insurance, pre-paid legal cover, healthy rewards programs, identity theft assistance, and retirement savings account(s).

We also offer several voluntary benefits to full-time employees, including supplemental life insurance, whole life insurance, accident insurance, critical illness insurance, flexible medical spending

accounts, flexible spending accounts for childcare, travel insurance, pre-paid legal cover, healthy rewards programs, identity theft assistance, and retirement savings account(s).

We also offer an Employee Assistance Program (EAP) to all employees.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business