Catapult Sports (ASX: CAT) Delivers Record US$141M Revenue as SaaS Engine Scales Globally

Key Highlights

• Catapult Sports posts record US$140.7M revenue, up 19% year-on-year
• Management EBITDA jumps 67% to US$24.7M
• Annualised Contract Value rises 28% to US$133.8M
• SaaS “Rule of 40” reaches elite-level 46%
• Multi-solution professional teams surge 62%

Sports technology company Catapult Sports (ASX: CAT) delivered one of the stronger software earnings reports on the ASX on Wednesday, with the company posting record revenue and a sharp jump in profitability as its global SaaS platform continues scaling across elite sports.

The Melbourne-founded company reported FY26 revenue of US$140.7 million, up 19% year-on-year on a constant currency basis, while Management EBITDA climbed 67% to US$24.7 million.

Shares in Catapult surged more than 10.76% in morning trade to $3.19 as the market responded to signs the company is moving beyond its long-running investment phase into a period of stronger operating leverage and cash generation.

Source: MarketIndex 

Growth shifts into profitability

The result highlighted a broader transition taking place inside the business.

For years, Catapult focused heavily on expanding its presence across global professional sports organisations through wearable athlete tracking, video analysis and performance analytics software.

Now, that installed customer base is beginning to generate larger and more profitable recurring revenue streams.

Annualised Contract Value reached US$133.8 million during FY26, rising 28% year-on-year, while SaaS revenue climbed 21% to US$118.6 million.

Importantly, operating margins also expanded.

Management EBITDA margin improved from 13% to 18%, while contribution margin increased from 49% to 53%.

The company’s incremental profit margin reached 41%, comfortably ahead of its own 30% target.

Higher margins alongside accelerating revenue growth typically signal that additional customers can now be onboarded without equivalent increases in operating costs.

“Rule of 40” milestone draws attention

One figure drew particular attention from growth-focused investors.

Catapult’s “Rule of 40” metric reached 46% during FY26, placing the company into a category usually associated with mature, high-performing global SaaS businesses.

The Rule of 40 combines revenue growth rate with profit margin and is widely used by technology investors to assess whether software companies are balancing growth and profitability effectively.

Even excluding acquisitions, Catapult still recorded a strong 36% organic Rule of 40 score.

The company also maintained exceptionally high customer retention above 96%, while signing 576 new professional teams during the year.

Average annual contract value per professional team increased 10% and crossed US$30,000 for the first time.

broader sports technology ecosystem

Catapult’s recent acquisitions are also beginning to reshape the company’s commercial model.

The purchases of Perch and IMPECT expanded the platform beyond athlete wearables into gym monitoring and football scouting intelligence, allowing teams to consolidate multiple performance systems under one provider.

That strategy appears to be gaining traction.

The number of “multi-solution” professional teams using several Catapult products jumped 62% year-on-year to 1,328 teams.

At the same time, Catapult’s media division continues benefiting from growing demand for sports content from streaming platforms and broadcasters seeking behind-the-scenes footage, analytics and video archives.

Cash flow strengthens balance sheet

Free cash flow reached US$6.5 million, exceeding the upper end of previous company guidance.

The balance sheet also remains strong, with Catapult ending FY26 holding more than US$53 million in cash and no debt.

CEO and Managing Director Will Lopes said the FY26 result reflected both disciplined cost control and stronger platform integration.

“What I am most proud of is how we achieved it. Disciplined cost management, combined with strong top-line growth, drove our Rule of 40 to a record high, clear evidence that our operating model is scaling the way we designed it to,” Lopes said.

He said Catapult’s integrated platform was creating capabilities that previously did not exist in elite sport.

“We now have a platform that can do things for pro sports teams that simply were not possible before by combining athlete performance data, video analysis, gym monitoring, and scouting intelligence in one connected system.”

Chief Financial Officer Bob Cruickshank said the company’s strategy was becoming increasingly repeatable.

“These are the hallmarks of a well-executed strategy and an excellent SaaS business,” he said.

“With more than US$53M of cash on our Balance Sheet, and no debt, Catapult has never been in better financial health.”