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Call sheet · Q1'26

Celsius Holdings (CELH)

Q1'26 earnings call · held May 7, 2026 · compared with the Q4'25 call · management-credibility review
8/12
Disclosure score
2 medium, 4 low flags
Financial quality
Bottom line
The sleeper story is Rockstar stabilization becoming their main operational focus and potential upside catalyst in H2 2026, while everyone debates CELSIUS vs Alani dynamics. The obvious headline is CELSIUS growth deceleration, but the real issue is widening scanner-to-shipment gaps that SKU optimization doesn't fully explain. The binding constraint is aluminum cost volatility giving management cover to push back margin targets without calling it guidance reduction. Most revealing quote: 'We view 2026 as a stabilization year for Rockstar' - they've quietly lowered the bar for this $67M revenue stream everyone's ignoring. My view changes if CELSIUS scanner data doesn't improve by Q2 or if Rockstar velocity metrics remain anecdotal rather than quantified.

The 30-second version

  • Rockstar integration becoming the main story, not the obvious Alani/CELSIUS debate
  • CELSIUS growth deceleration accelerates: 6% growth masks deeper velocity concerns
  • Margin expansion timeline pushed back by aluminum costs, but they're not calling it guidance

What changed this quarter

MetricQ4'25Q1'26Change
Total Revenue$722M (+117% YoY Q4)$783M (+86% YoY Q1)Solid acceleration despite tough comps
CELSIUS Revenue$325M (-7.7% YoY Q4)$348M (+6% YoY Q1)Improvement but still tepid growth
Alani Nu Revenue$370M (136% pro forma Q4)$368M (60% reported, 85% organic Q1)Growth moderating as base scales
Rockstar Revenue$45M net sales Q4$67M Q1+49% sequential improvement
Gross Margin47.4% Q448.3% Q1+90bps sequential recovery
Adjusted EBITDA Margin18.6% Q424.9% Q1+630bps massive improvement
Adjusted SG&A %31.8% Q426.4% Q1-540bps operating leverage
Net Income$24.7M Q4$110M Q1+345% earnings acceleration
GAAP EPSNot disclosed Q4Not disclosed Q1Still avoiding EPS disclosure
Cash Position$399M Q4Not disclosed Q1Stopped reporting cash balance

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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