(Bloomberg) — Celsius Holdings Inc. shares plummeted in early trading Tuesday after the energy-drink maker’s quarterly sales reached a record, yet still missed Wall Street expectations.

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The shares, which had more than doubled over the past year, dropped as much as 18% in trading before US markets opened. If that carries into regular hours, the company would be set for its biggest intraday loss in three years.

Celsius is in the midst of a global expansion with drinks touted to speed up the body’s use of energy while burning fat. Some concerns have emerged about ingredients such as caffeine, and the company has recommended that users drink no more than two cans of the product daily.

“Despite the sales (shipments) below our forecast, this was due to distributor inventory adjustments as in-market demand remained strong,” William Blair analysts said in a note.

First-quarter revenue rose 37% to $356 million, Boca Raton, Florida-based Celsius said in a statement. Analysts surveyed by Bloomberg had expected $391 million on average. Adjusted earnings per share beat analysts’ estimates.

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