As of Q1'26, CELH's cash and short-term investments stood at $549M USD, reflecting a moderate increase from the Q4'25 low of $399M USD, while total debt remained stable at $669M USD, slightly down from $670M USD in the prior quarter. This positions the company's net cash position at approximately -$120M USD, indicating ongoing liquidity pressures amid debt obligations. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited an overall upward trend, growing from $681M USD to a peak of $977M USD in Q1'25 before declining sharply to $399M USD in Q4'25 and partially recovering; notable volatility emerged post-Q1'25, with a 37% drop in Q2'25 followed by fluctuations. In contrast, debt levels were relatively low and stable through Q2'24 (under $6M USD) but surged dramatically to $863M USD in Q2'25 and stabilized around $670M USD thereafter, highlighting a shift toward higher leverage that has eroded the previously positive net cash position observed in earlier quarters.