Catapult Sports Ltd

FY '26 ACV was $133.8 million, up 28% constant currency year over year, or 18% on an organic basis excluding acquired ACV. Revenue reached $141 million, up 19% year over year, and SaaS revenue grew 21% year over year. Management EBITDA increased to $24.7 million (about $25 million cited on the call), up 67% year over year, with a 17.6% margin; gross margin was not explicitly stated, though management said gross margin would have been nearly 85% excluding the media business. ACV retention was 96.1%, churn was 3.9%, free cash flow excluding transaction costs was $6.5 million, and the company ended FY '26 with more than $53 million of cash and no debt. For FY '27, management expects ACV growth to remain strong, low churn, continued improvement in cost margins toward target, and higher free cash flow excluding transaction costs; they also said they expect to reach the 45% variable-cost target / 55% contribution margin eventually, and that fixed costs should grow roughly 5% to 7%.

Will Lopes framed FY '26 as a transformational year marked by scale, disciplined execution, and a broader platform. He emphasized that Catapult has evolved from a wearable-focused business into a full Pro sports platform spanning video analysis, strength and conditioning, scouting, and AI-enabled workflows, with the goal of expanding share of wallet and reaching $1 billion of ACV over time. His tone was upbeat and confident, but he avoided giving a precise growth number for FY '27, instead pointing to 'strong growth' with margin improvement and saying the company wants to reach Rule of 40 status as quickly as possible.

Bob Cruickshank emphasized the quality of the SaaS metrics: ACV of $133.8 million, 28% growth constant currency, 96.1% retention, and ACV per Pro team above $30,000. He highlighted operating leverage, noting variable costs were 47% of revenue versus a long-term target of 45%, fixed costs were 35% of revenue, contribution margin rose to 53%, and management EBITDA reached $24.7 million. On cash, he said free cash flow excluding transaction costs was $6.5 million, trade receivables ended at $20 million because of timing from acquisition-related collections, the majority has since been collected, and the company ended with over $53 million of cash and no outstanding debt.

Analysts pressed management on the math behind ACV and acquisitions, the contribution from Perch and Impect, and whether FY '27 growth should still imply roughly the same strong-growth range the company has used before. Management clarified that the $133.8 million ACV figure is reported currency, said roughly $8 million of T&C ACV came from Impect, and confirmed that most new team growth was organic and team-by-team rather than league-wide. They also said Impect and Perch are still early, with Impect video scouting expected to launch before the end of FY '27, and that associated COGS should still allow an about 80% gross margin profile.