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Here's a quick rundown on the Celsius Holdings (OTCPK:CELH) third quarter numbers:

The Good: As much as I tried to find a positive angle in the 'spin', I couldn't.

The Bad: The paltry $1.8 million in revenue was even lower than the first quarter, which also saw revenues decline from the prvevious quarter.

The Ugly: Still need deep discounts to move the product, but more importantly, nothing that the company has stated in terms of forward looking expectations has come close to being accurate, leading me to believe that these guys were just pulling numbers out of a hat.

The full year 2010 guidance has been reduced - again - this time to $11 million and the cash flow break even guidance has been pushed back.

Additionally, the company will need to raise more funds heading into the next year.

I don't believe the Celsius story is over, but there's definitely some trouble in paradise. Something's got to give, you can't spit out expectations and not even come close to delivering.

No one out there - even the naysayers - expected this quarter's numbers to come as bad as they did.

It'll be interesting to hear how the company spins a tangled web out of this one during the conference call...

Disclosure: Long CELH.

Source: Celsius Holdings' Q3: Worse Than Anyone Expected