Catapult Sports Ltd (CAT)

Catapult has successfully transitioned to a recurring revenue model, with Annualized Contract Value (ACV) being a key performance metric. Recent performance has been driven by strong growth in its Performance & Health segment (wearables), and increasingly, its Tactics & Coaching segment (video analysis). The company has recently achieved positive free cash flow, a significant milestone demonstrating improved operational leverage and the scalability of its SaaS model. While still investing heavily in R&D and sales, its large, embedded customer base provides a stable foundation and significant cross-sell opportunities.

The company's growth strategy is focused on three key pillars: expanding its multi-solution customer base by cross-selling video and data products to its large wearable client list, penetrating new markets like prosumer and lower-tier professional leagues, and continued product innovation. Future catalysts include major contract wins with entire leagues or sporting federations, the successful launch of new integrated hardware and software, and achieving consistent GAAP profitability. The potential for strategic acquisitions to broaden its technology stack also remains a key part of its long-term direction.