Celsius - 1792 Exchange

Rating Overview

Celsius is Medium Risk.

Celsius Holdings, Inc. is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Celsius, Inc. occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	No Data
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Medium Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Celsius integrates ESG into its business practices. From its 2021 ESG report: “Our ESG initiatives are focused on three major areas integral to how we manage our business” (1). The company considers ESG goals in executive compensation (2). However, the company has not canceled customers, suppliers, or vendors based on political views or religious beliefs (3).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

N/A

Rationale:

Celsius does not publish charitable giving guidelines (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Celsius appears to prioritize diversity over merit in its leadership composition. From its Corporate Governance Principles: “To reflect the Company’s commitment to diversity, in connection with the use of any search firm to identify potential Chief Executive Officer candidates, the Board will require the search firm to include in its initial list of candidates qualified candidates who reflect diverse backgrounds, including, but not limited to, diversity of race, ethnicity, national origin, gender and sexual orientation. ” (1). The company does not provide viewpoint protections for its employees (2).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Celsius supports DEI within its business practices. From its 2024 Annual Report: “Our business requires that we attract, develop, and maintain a highly skilled and diverse workforce.” The company supports ESG within its business practices. From its ESG Report: “We strive to live these corporate citizenship ideals every
day, with ESG values embedded in our corporate initiatives
and how we run our long-term business model.” (1).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Medium

Rationale:

Celsius’ subsidiary, Alani Nu, is a sponsor of Kentuckiana Pride 2026 (1). Otherwise, there are no publicly known cases of the company using corporate funds to advance ideological causes, organizations, or policies (2).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

Celsius does not operate a PAC or engage in lobbying at this time (1)(2)(3).