$Celsius(CELH.US) -16% pre-mkt after reporting 2Q Revs and Adj EPS that missed WS estimates. CELH does not offer forward guidance.

- Revs $817.9M, +11% y/y, vs $872.6M est

- Adj EPS 36c vs. 47c y/y and vs 41c est

- North America revenue $790.7M, +11% y/vs $847.3M est

- Intern’l revenue $27.2N, +9.7% y/y vs $25.3M est

- Gross margin 48.1% vs. 51.5% y/y, vs 48.6% est

- Adj Ebitda $184.2M vs $198.4M est

Ex-Rockstar, organic sales growth was just +2% vs. WS +9% est, as brand Celsius declines (-12%) were more than offset by Alani Nu growth (+22%). Mgmt offered little commentary to suggest a turnaround any time soon. “We delivered a double-digit increase in 2Q revenue, completed the Rockstar integration, and maintained gross margin near first-quarter levels despite a challenging commodity environment."

With the $PepsiCo(PEP.US) distribution agreement to sell $Celsius(CELH.US) globally now 4 years old, further CELH distribution gains (c-store, gas stations) are likely limited. I believe $Doordash(DASH.US) with +20% long-term rev growth and +25% long-term eps growth at a 2026 P/E of 37x is a better bet than $Celsius(CELH.US) with at best +5% organic rev growth and a 2026 P/E of 16x.