Revenue growth for fitness drink provider, Celsius Holdings (CELH), continues to defy gravity. The latest October data from NielsenIQ shows volume accelerating to +140.8% year-over-year and 56.7% quarter-over-quarter. And this is on top of price increases of 12.8% and 6.5%, respectively. In this report, we analyze Celsius’ business model, its market opportunity, financials, valuation and risks. We conclude with our strong opinion on investing.