I would not today call CELH a dead horse. It's more like the wealthy man's thoroughbred that can never finish high enough to pay the bills, regardless of how many races she runs in. CELH has never been shy about running the dog and pony show. Promoting the stock has gone considerably better then building a financially successful company. 250MM valuation vs 60MM is losses.
I suppose my question would be something like if you can not make money in one market after 10 years, how will taking the product to 10 more countries change the equation. My math seems to show that replicating a $60MM loss into 10 new markets bringing a new loss of $600MM over the next 10 years. Maybe my numbers are slightly off, but you get my point. Replicating success would be good growth, but if sales everywhere require over spending on promotion to stay above delisting thresholds, then pushing sales and the coresponding losses higher will simply expediting their own demise.
While not a dead hoarse, this pony is no prize winning thoroughbred. 2018 price target $2, delisted again in 2 years.