Highlights

  • Catapult Sports reported record FY26 Revenue of US$140.7 million, driven by strong SaaS expansion and 19% constant currency growth year-on-year.
  • Annualized Contract Value (ACV) rose 28% year-on-year to US$133.8 million, supported by organic growth and strategic acquisitions of Perch and IMPECT.
  • Management EBITDA surged 67% year-on-year to US$24.7 million, reflecting improved Operating Leverage and Margin expansion across its platform.

Catapult Sports Ltd (ASX:CAT) shares traded at A$3.46, representing a 20.14% intraday increase following the release of FY26 financial results. The sharp upward movement reflected investor response to record financial performance, particularly strong ACV growth and improved profitability metrics.

Market activity around the stock has been closely tied to expectations of SaaS scaling efficiency and the company’s ability to translate contract growth into operating profit. The latest results reinforced confidence in Catapult’s ability to sustain both top-line expansion and margin improvement simultaneously.

FY26 Financial Performance Overview

FY26 marked a record year for Catapult Sports, with multiple financial metrics reaching all-time highs. Revenue grew to US$140.7 million, supported by 21% constant currency growth in SaaS revenue. This performance was underpinned by expanding contract value and increased adoption of multi-solution offerings across professional teams.

Annualized Contract Value rose to US$133.8 million, reflecting both organic expansion and contributions from recent acquisitions. Importantly, underlying ACV growth excluding acquired Assets still reached 18% year-on-year, indicating strong core Business momentum.

Operating performance also improved significantly. Management EBITDA increased 67% year-on-year to US$24.7 million, driven by higher gross contribution margins and disciplined cost management. The EBITDA margin expanded from 13% to 18%, highlighting improved operating leverage as the business scales.

Free Cash Flow excluding Transaction Costs stood at US$6.5 million, slightly above prior guidance. However, cash flow was impacted by timing delays in receivables, which temporarily increased Accounts Receivable balances. The company indicated that most outstanding receivables were subsequently collected, suggesting timing-related rather than structural cash flow pressure.

Segment Performance: Performance & Health vs Tactics & Coaching

Catapult’s Performance & Health division delivered ACV growth of 23% year-on-year, driven by strong Demand across soccer clubs in EMEA and Central America as well as continued penetration in North American college sports. The segment benefited from sustained adoption of wearable and gym monitoring technologies, with 460 new professional customers added during the year.

The Tactics & Coaching division recorded even stronger ACV growth of 40% year-on-year, supported significantly by the integration of IMPECT. This segment experienced robust demand from global soccer teams and increased uptake in American football analytics. The Acquisition-enhanced expansion highlights the increasing importance of video and tactical analysis in professional sports decision-making.

The company also reported 576 new professional teams added across its platform during FY26, while average ACV per team increased by 10% to exceed US$30,000. Retention rates remained above 96%, reinforcing the stickiness of Catapult’s SaaS offerings.

A notable development during the year was the acceleration of cross-selling within and across verticals. The number of multi-solution teams increased significantly to 1,328, reflecting deeper platform integration and broader customer engagement across Catapult’s ecosystem.

Profitability, Cash Flow, and Operating Leverage

Catapult’s FY26 results demonstrated clear progress in converting revenue growth into profitability. Contribution margin expanded to 53%, up from 49% in the prior year, reflecting improved scalability of the SaaS model and higher software contribution relative to legacy hardware components.

Management EBITDA reached a record US$24.7 million, with incremental profit margins exceeding 40%. This indicates that a significant portion of new revenue is translating into operating profit, a key metric for SaaS scalability.

While free cash flow was modestly impacted by receivables timing, underlying operational cash generation improved in line with EBITDA growth. The company’s increasing reliance on recurring subscription revenue continues to support more predictable cash flow dynamics over time.

Product Innovation and Platform Expansion

FY26 was also marked by significant product innovation across Catapult’s ecosystem. The company introduced or enhanced multiple solutions, including Vector 8, Perch P2 Camera, IMPECT integration, Matchtracker, AI-driven insights for hockey, and Focus Live for American football Training environments.

These developments reflect a broader strategic focus on building an integrated platform that combines athlete monitoring, video analysis, and tactical intelligence into a single workflow. The introduction of AI-driven capabilities signals an increasing emphasis on automation and real-time analytics within the sports performance domain.

The integration of acquisitions has also expanded Catapult’s addressable market within scouting and tactical analysis, strengthening its position as a unified sports performance platform rather than a point-solution provider.

FY27 Outlook and Strategic Direction

Management commentary for FY27 indicates expectations of continued ACV growth, stable churn, and further margin expansion toward long-term targets. The company anticipates stronger free cash flow generation as operational efficiencies improve and revenue scale increases.

Strategically, Catapult remains focused on deepening its platform integration and expanding adoption across professional sports globally. The emphasis on combining performance data, video analytics, and scouting intelligence reflects a shift toward a fully connected sports ecosystem.

The outlook suggests continued emphasis on the Rule of 40 framework, balancing growth with profitability as the company scales its SaaS footprint across global markets.

Conclusion

Catapult Sports’ FY26 performance reflects a period of strong operational execution, marked by record revenue, accelerating ACV growth, and significant profitability improvement. The company’s transition toward a fully integrated SaaS platform continues to gain traction, supported by successful acquisitions and sustained organic expansion across key sports markets. While cash flow was influenced by timing-related factors, underlying Earnings momentum and margin expansion highlight the improving scalability of the business model. The sharp positive market reaction to the results underscores investor focus on Recurring Revenue growth and platform strength as key drivers of valuation sentiment in the sports technology sector.