Shares of Celsius Holdings have been deflated to the twenty to thirty cent level for the better part of 2011, and volume has grown minuscule as the year has progressed. Only three days in June has CELH experienced more trading volume than 10,000, and on June 8th, a whopping 100 shares traded hands.

On June 13th, it even looked as if CELH wouldn't trade a single share, until someone came in late in the day and kept the stock from racking up a halo.

With the lack of interest in this company right now, the question is if Celsius is trucking along unnoticed and under the radar, or if the failure to approach the sales expectations of 2010 has weighed like a lead brick on the CELH share price and given it no chance of recovery.

Having opened 2011 right back on the OTCBB, after trading on the Nasdaq in 2010, and given the major price depreciation of the past year, it's easy to see why this stock's days as a one-time high-flyer are long forgotten.

Many will also be hesitant to jump in on a company that has just about done everything except stop paying the electric bill to save as much cash as possible after a year of shoveling millions into a marketing campaign that was supposed to ignite the brand.

Celsius has even gone the route of not being a fully reporting company any longer, to save a few bucks, but investors should still expect to receive timely quarterly reports.

Given all that has transpired in the past, what about the future?

In some aspects, we can consider 2011 a fresh start.

Revenue for the first quarter of the new year came in at $2.2 million, far below where the company had predicted revenue would be when guidance was issued a year earlier, but the number was right in line with the first quarter of the previous year, which was $2.3 million.

Last year, however, sales numbers drastically declined after peaking at $4.1 million in the second quarter, and settled at just half a million in the fourth quarter when it was revealed that a bulk of the product was marked "return to sender."

A snapshot of the past two years of sales numbers looks like this:

Q1 2011 - $2.2 million
Q4 2010 ~ $500,000
Q3 2010 - $1.8 million
Q2 2010 - $4.1
Q1 2010 - $2.3
Q4 2009 - $2.4
Q3 2009 - $1.3
Q2 2009 - $1.2
Q1 2009 ~ $1.0

During the same time period, Celsius racked up nearly $30 million in losses, including an investment in Mario Lopez as a celebrity spokesman who ended up selling more reruns of 'Saved by the Bell" than he did cans of Celsius.

It's safe to say that it's a new era for Celsius Holdings now.

The positive that comes from the major momentum loss of 2010 is that Celsius has become entrenched in the places where it does sell - it's "niche," so to say. The $2.2 million in Q1 sales were mostly the result of growth in that "niche" and the company can use that as a new starting point, rather than concentrating effort and resources in trying to put the product everywhere.

Now it's a matter of putting it everywhere that it sells.

The risk is that investors won't be willing to take a look at CELH after the catastrophe of the past year. That may also lump into the risk - and knowledge - that the company will need to raise money at some point soon.

On the other hand, the market cap of the company is barely twice that of what was brought in last quarter.

Combine that with a general lack of interest in the stock and it looks like the high risk could be backed by the potential for high rewards - if the "niche" that took in $2.2 million last quarter can grow.

A couple of years ago CELH (then known as CSUH) was trading for a couple of pennies per share, then launched to over sixty cents on pure speculation. However, because the numbers just weren't there yet, and because they never materialized as expected, shares came crashing back down to earth.

Back then, when CSUH was two cents, the company needed cash as it does now, but Carl DeSantis came in and saved the day. Will the big man bail Celsius out of a corner again? That's yet to be seen, but he's already pretty heavily invested, if you take into consideration his affiliated companies.

Meanwhile, another trading day has gone by where the CELH ticker pulse looks like it needs a little dose of Apricus' Vitaros, with only 250 shares having traded until after two o'clock.

While that doesn't say much for the interest in CELH as a buy, it could be telling that if some volume came gushing in, then shares could move to the upside pretty quickly.

Volume, however, would only be the result of some good news.

CELH comes with some pretty hefty risk, but it's also looking like there could be some potential rewards here as well; it was just a year ago when the company banked sales numbers that were equal to the current market cap.

Celsius cannot yet be labeled as having risen from the ashes, but it's definitely one to keep a close eye on. Even luke-warm news supported by some volume could spike this one back to close to the dollar mark, in my opinion.

Even on no news, it touched sixty cents earlier in the year.

Might be time to watch list this one again.

Disclosure: Long CELH, APRI.

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