As of Q4'25, CELH reported cash and short-term investments of USD 398.87M, while total debt stood at USD 669.93M. This marks a significant shift, as debt has sharply increased and now exceeds the company’s cash position by a wide margin at the latest data point. From Q1'23 to Q2'25, CELH maintained a strong net cash position, with cash balances consistently outpacing debt, which remained below USD 21M through Q1'25. However, in Q2'25, debt surged dramatically to USD 862.92M, nearly matching cash levels, and remained elevated through the end of 2025. Meanwhile, cash holdings experienced notable volatility, peaking at USD 977.29M in Q1'25 before dropping sharply to USD 398.87M by Q4'25. This trend indicates a significant change in the company’s capital structure, with a marked increase in leverage and a declining cash buffer in the latter half of the period.