Celsius Plots Energy Drink Comeback as Alani, Rockstar Deals Reshape Growth

What happened

Celsius Holdings (CELH) management is positioning the company for a comeback by integrating Alani Nu and Rockstar into the portfolio and repositioning the core Celsius brand. However, the latest DeepValue analysis underscores a cautious view: the core Celsius brand tracked-channel growth remains tepid at +6% y/y, with margins pressured and Alani Nu's reported growth still heavily influenced by PepsiCo transition ordering. The upcoming post-reset velocity data from July–September 2026 is critical to determine if shelf-space gains are translating into durable demand or if the growth story remains dependent on distributor dynamics.

Implication

The investment case hinges on the core Celsius brand re-accelerating above +6% y/y and consolidated gross margin recovering above 50% by 2H26. Until then, the stock remains a show-me story trading at 53x P/E with no margin of safety.

Thesis delta

The article recasts management's narrative as a 'comeback,' but the fundamentals from the DeepValue report show no change: core brand growth is still weak, margins are compressed, and Alani Nu's numbers are contaminated by PepsiCo stocking orders. The thesis remains WAIT with a 3.0 conviction; the key catalyst is still the post-reset velocity test in late 2026.