Catapult Sports (ASX:CAT): How FY26 ACV Growth and a Larger Debt Facility Shape the Year Ahead

Aditi Sarkar

26 October 2026 06:43 PM AEDT

Catapult Sports (ASX:CAT): How FY26 ACV Growth and a Larger Debt Facility Shape the Year Ahead

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Highlights

Catapult Sports (ASX:CAT) closed FY26 with ACV of US$133.8m, up 32.3% on a reported basis
FY26 revenue reached US$140.7m, up 20.8%, with subscription revenue of US$118.6m
Management EBITDA rose 67.4% to US$24.7m, a margin of 17.6%
Undrawn debt facility upsized to US$50m and extended to May 2031

Catapult Sports develops wearable tracking, video and analytics technology that helps athletes and teams improve performance.

Company Business

Catapult Sports Ltd, previously named Catapult Group International Ltd, is headquartered in Richmond, Victoria, and reports its financial results in US dollars. The company works with more than 5,500 teams across over 40 sports in more than 100 countries. Its products are grouped into two main verticals. Performance and Health covers wearable athlete tracking and health monitoring and now includes the acquired Perch business. Tactics and Coaching covers video analysis and coaching tools and now includes IMPECT, a football data and analytics provider. The company's financial year ends on March 31, and the bulk of its revenue is subscription-based.

Recent Development

In August 2026, Catapult Sports (ASX:CAT) announced that it had extended and expanded its debt facility with Western Alliance Bank. The facility was upsized from US$30 million to US$50 million, and its maturity was extended from May 2027 to May 2031. The facility remains undrawn and the company stated it has no debt. Catapult said the larger and longer facility provides more flexibility to pursue potential inorganic growth, and described the change as a prudent way to optimise its capital structure.

Later in August, the company held its 2026 Annual General Meeting in Melbourne. All resolutions put to shareholders were supported by proxy votes, including the re-election of directors Michelle Guthrie and Shaun Holthouse, adoption of the remuneration report, and equity grants to CEO and Managing Director Will Lopes, comprising 324,861 securities for the FY27 service year and 1,542,114 securities as a one-off conditional retention award. Shareholders were also asked to ratify securities issued under the Employee Share Plan, including 7,000,000 ordinary shares issued to the plan trustee in late June 2026.

Financial Performance and Sector Context

For the year to March 31, 2026, ASX:CAT reported annualised contract value (ACV) of US$133.8 million, up 32.3% on a reported basis. The FY26 results release put ACV growth at 28% in constant currency, with organic growth excluding acquired ACV of 18%. Statutory revenue rose 20.8% to a record US$140.7 million, and subscription revenue increased 23.2% to US$118.6 million.

Management EBITDA rose 67.4% to US$24.7 million, representing a margin of 17.6%. Free cash flow, excluding acquisitions, was US$6.6 million. ACV churn improved to 3.9% from 4.3%, while average customer lifetime duration was 7.5 years. In addition, the number of multi-vertical customers increased to 1,124 from 741. On a statutory basis, Catapult reported a loss after tax attributable to owners of US$24.0 million, which included acquisition-related compensation and other expenses of US$7.6 million. Cash at bank stood at US$53.5 million at the end of FY26, compared with US$10.8 million a year earlier, and the company carried no debt.

According to the results release, the Performance and Health vertical grew ACV by 23%, while Tactics and Coaching grew ACV by 40%, with IMPECT a key contributor. The average ACV per professional team rose 10% to above US$30,000.

The sports technology market continues to be shaped by the professionalisation of data use in elite sport, with clubs and leagues increasingly combining athlete tracking, video and analytics to support coaching and player welfare decisions.

Risks to Consider

Catapult remained loss-making on a statutory basis in FY26, and acquisition-related costs contributed to the wider loss. Integrating Perch and IMPECT carries execution risk across product, sales and technology teams, and goodwill on the balance sheet increased substantially following these deals. The company's results are reported in US dollars while its shares trade in Australian dollars, so currency movements can affect reported growth and how results are viewed locally. Any further acquisitions funded through the expanded debt facility could add financial obligations. The company also noted that closing receivables were temporarily elevated following its recent acquisitions due to collection timing.

What to Watch Next

Catapult Sports (ASX:CAT) has guided to higher free cash flow in FY27, excluding transaction costs, and management has pointed to continued ACV growth, low churn and margin improvement towards its targets. The half-year result for the six months to September 30, 2026, typically released in November, will be the next key update. Investors may watch ACV growth across both verticals, churn levels, progress on integrating IMPECT and Perch, and whether the expanded facility is used to fund further acquisitions.

Key Insights

Catapult delivered higher revenue, ACV and Management EBITDA in FY26, supported by both organic growth and contributions from acquired businesses. Lower churn and a rising number of multi-vertical customers point to deeper relationships with existing teams. The company has expanded its undrawn debt facility, giving it financial flexibility, while a statutory loss and integration work remain areas to monitor through FY27.

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