Image source: SodaStream.

There may be a second act for your Margaritaville cocktail maker and Foreman grill after all. Shares of SodaStream (NASDAQ:SODA) soared higher last week after confirmation that a revival for its once-forgotten beverage maker continues to take shape. 

SodaStream stock rose 18% on the week, getting fizzy following another encouraging financial update. Revenue hit $119.2 million for the second quarter, 17% ahead of where it was a year earlier. It's SodaStream's second quarter in a row of double-digit top-line growth, and you have to go all the way back to the holiday quarter of 2013 to find the last time that the company behind the namesake maker of carbonated beverages was growing this quickly. 

Western Europe has always been SodaStream's biggest market, and it's leading the surge these days. The region's revenue of $74.4 million rose 14%. It's now accounting for 62% of SodaStream's revenue, but all four geographical territories that the company tracks posted healthy double-digit year-over-year gains. Yes, even the once fading United States market managed to return to growth after nearly two years of negative results. 

There was a time when only CO2 refills were growing at SodaStream, but now it's seeing healthy gains across all three of its product categories. The refills are actually its slowest-growing segment now, with beverage makers and flavors moving even faster. The most encouraging nugget in SodaStream's entire report may be the 30% pop in starter kits, fueling a new generation of SodaStream users. 

Keeping the fizz from going flat

The news only gets better as we work our way down the income statement, with adjusted EBITDA soaring 73% and earnings more than doubling -- up 121% -- to hit $78 million or $0.37 a share. Analysts were only holding out for a profit of $0.21 a share. 

Wall Street doesn't seem to have a clue. This is the third quarter in a row that SodaStream blows through analyst profit expectations by more than 40%.

The turnaround may be taking Wall Street by surprise, but it isn't going unnoticed by investors. It's one of this year's biggest winners, up 74% so far in 2016. SodaStream's once seemingly shot-in-the-dark attempt at regaining relevance -- repositioning its machine as a maker of sparkling water instead of carbonated soda in light of uninspiring consumption trends -- is paying off in a big way. 

Investors have been rewarded for the refreshing revival this year, but SodaStream has a long way to go before revisiting its all-time highs. The second half of the year will likely see decelerating growth. It's up against tougher comparisons during the latter half of the year. It's targeting top-line growth in the high single digits for all of 2016, translating into growth in the low single digits during the next two quarters. It sees adjusted net income soaring 45% for the year. 

The turnaround isn't complete, but it's clearly under way. That's enough to make SodaStream one of this year's biggest surprises. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.