For the third quarter, SodaStream (Nasdaq: SODA) is living up to its potential. Total revenue increased by 9% sequentially, to mark the second quarter in a row of greater than $100 million in revenue. Growth in the Americas was especially robust, growing 61% to $39 million and expanding to just over 34% of total revenue. This was led by strong growth in the U.S., which saw sales increase 48% year over year.

Concern in the U.S., however, is that it is beginning to saturate its retail presence, especially with the recent inclusion of Wal-Mart in its retail footprint. The company has plans for further growth, however, including expanded marketing, more strategic partnerships like it has withKraft (where, if you recall, it gets Country Time lemonade drinks), and introducing new products like its SodaCaps single-shot flavorings.

Growth wasn't limited to just the Americas. Western Europe, Central and Eastern Europe, and Asia-Pacific all saw growth of 33% or more year over year. While Asia still represents a small market for the company (less than 10% of total revenue), CEO Davniel Bernbaum did say that the company expects to enter the Indian and Chinese markets next year.

The big concern at the moment, however, isn't SodaStream's growth ability or what countries it will launch into next year, but the geopolitical risk mentioned in the full report. As we know, Israel and the Palestinians in Gaza are on the verge of a full-blown war. The company is located in Airport City, Israel, only a few miles east of Tel Aviv and 30 to 40 miles northeast of Gaza. Any war could disrupt business and increase the risk of damage to SodaStream facilities, not to mention the potential for injured employees. At this point, I think the risk is probably minimal, given the distance and the diplomatic efforts to halt things before they worsen, but if any war in the area expands, the risk goes up dramatically.

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