Celsius’ second quarter was marked by a negative market reaction, as both revenue and non-GAAP profit fell short of Wall Street expectations. Management attributed this underperformance to the timing and depth of SKU rationalization within the core Celsius brand and integration complexities from recent acquisitions. CEO John Fieldly acknowledged, “We went too deep on the CELSIUS rationalization,” and noted that delayed retail space upgrades and purposeful innovation pauses created a gap that was not bridged during the quarter. Despite these challenges, management highlighted continued strength in underlying consumer demand and growth from newer brands in the portfolio.

Is now the time to buy CELH? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Celsius’s Q2 Earnings Call

• Peter Grom (UBS): asked what gives management confidence in a return to growth for Celsius exiting 2026. CEO John Fieldly pointed to robust innovation plans, retailer engagement, and a stabilized base business, while acknowledging the timing of SKU rationalization as a key learning.
• Bonnie Herzog (Goldman Sachs): questioned whether SKU rationalization went too far and the ongoing risk for further sales pressure. Fieldly admitted the company “went too deep” but emphasized a stronger foundation and more targeted innovation for 2027.
• Kaumil Gajrawala (Jefferies): inquired about handling tough year-over-year comparisons for both core Celsius and Alani Nu. Fieldly explained that base business growth and strategic product launches should help cycle challenging comps and set up for improved performance in 2027.
• James Salera (Stephens): asked about the expected pace and magnitude of the recovery in core Celsius and international expansion. Fieldly and Langhans indicated the recovery would be gradual, with international growth as a longer-term opportunity but not a near-term driver.
• Eric Serotta (Morgan Stanley): sought clarity on delayed retail shelf space gains and future innovation strategy. Langhans cited slower-than-expected fixture installations as a factor, and Fieldly described a more disciplined approach to new SKUs going forward.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will focus on (1) evidence of recovery in the core Celsius brand as new product innovation and shelf resets take hold, (2) the ability of Alani Nu to transition toward a more stable core assortment and reduce dependence on limited-time offerings, and (3) progress in realizing operational cost savings, particularly from supply chain integration and new manufacturing capacity. We’ll also monitor international expansion and the impact of commodity price trends as key variables for future profitability.

Celsius currently trades at $27.62, down from $29.15 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).

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