Celsius Holdings Inc. reported first-quarter 2025 earnings with revenue of $329.3 million, missing the estimated $348.6 million and marking a 7% decline year-over-year. Adjusted earnings per share came in at $0.18, below the $0.20 estimate and down 33% from the prior year. EBITDA fell 21% year-over-year to $69.7 million, also missing the $88 million estimate. Operating income declined 37%, and net income was down 32% compared to the previous year. North American sales decreased 10% to $306.5 million, while international sales increased 41% to $22.8 million. Despite these declines, Celsius completed the $1.8 billion acquisition of Alani. The company’s CEO noted improved business fundamentals and positive momentum heading into the second quarter. Meanwhile, Constellation Energy reported a strong first quarter with GAAP net income of $0.38 per share and adjusted operating earnings of $2.14 per share, up from $1.82 in the prior year. The company expects to generate $700 million to $800 million in free cash flow for 2025 and aims for a $2 per share quarterly earnings run rate by year-end if demand remains stable. Constellation’s acquisition of Calpine's gas generation assets is expected to close by year-end and is projected to add $2 per share in earnings and $2 billion in free cash flow. Despite rising costs impacting profit estimates, Constellation anticipates 13% earnings growth through the decade, with future deals expected to be additive to this growth. Shares of Celsius and Constellation Energy both declined in pre-market trading following their earnings reports.