Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Make-your-own-pop company SodaStream (NYSE: SODA) did just that this morning. Reporting a 99% rise in unit sales in the first quarter, the company created a 12% pop in its own stock price.

So what: Fellow Fool Rick Munarriz calls SodaStream's quarter a "blowout." Revenues were up 50%, profits a good 38%, and management is raising guidance for the rest of the year.

Now what: Now, some might say that even numbers as good as these can't justify SodaStream's lofty 60 P/E ratio. Other Fools will point out that the situation's even worse than it looks, with SodaStream burning cash last year, and still free cash flow-negative in its most recent quarter.

While that's true ... it may not be so for long. A review of the company's cash flow statement shows that SodaStream was only $4 million free cash flow-negative in Q1 2011 (versus $5.4 million in negative FCF in Q1 2010.) While burning cash is rarely a good thing, the fact that SodaStream burned 26% less cash in Q1 2011 than it did a year ago is good news indeed.

Want to learn more about SodaStream? Add it to your Watchlist.

Fool contributor Rich Smith does not own shares of SodaStream, but Motley Fool newsletter services have recommended it. The Motley Fool has a disclosure policy.

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