Celsius Holdings is still growing, but when you look beneath the headline numbers, the story becomes more complicated. The original Celsius brand has been facing slowing growth, heavier promotions and market-share pressure. Meanwhile, Alani Nu appears to be doing much of the heavy lifting. In this video, I look at the bigger two-year picture, what the latest results reveal and why investors need to separate Celsius’s core performance from the growth contributed by Alani Nu.

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