Celsius Holdings Inc (CELH)

[Toxic Avenger]

Inventory build was $260k. And you've hit another problem - when you need to extend credit to your customers, or pay slotting/coop fees, you're buying market share.

Lastly, look at marketing spend. They bumped it up in Q3, which would boost sales in Q4, but then cut back in Q4, despite the higher sales, which boosts profit. This is exactly what SKNY did and what causes problems. You buy revenues, but without sustained (and increasing) marketing, the revenues fall back again.

But I'd still like to see your proformas, since generating millions in cash flow doesn't seem to come out of any numbers I have seen.