Celsius Holdings (CELH)

The market will focus on the 11% top‑line beat, but the real story is that the core Celsius brand is still losing ground - management even admits they "went too deep on the Celsius rationalization" and that depletions versus orders are eating roughly half the scan‑to‑report gap. While Alani’s growth lifts the headline, the binding constraint is the stalled SKU rationalization and delayed permanent cooler space, which caps velocity and keeps gross margin stuck in the high‑40s. If inventory can be cleared and space gains materialize by Q3, the growth narrative could flip; otherwise the brand‑level decline will continue to weigh on earnings.