Celsius Holdings offers fitness-focused energy drinks, and the business has been experiencing dramatic growth as the pandemic serendipitously led the company to shift its marketing strategy from gyms to mainstream. Investors are optimistic as the company has serious momentum but currently holds just over 1% market share (suggesting a lot of room for continuing growth). However, Celsius faces formidable competition (such as Red Bull, Monster and Rockstar). In this report, we consider the business model, market opportunity, financials, valuation and risks, and then conclude with our opinion on investing.