Catapult Sports (CAT) H1 2025 earnings summary

Executive summary

• Achieved record profitable growth in H1 FY25, with strong SaaS momentum, operational efficiencies, and robust expansion in elite sports technology markets.

• Revenue grew 16.2% year-over-year to $57.8 million, driven by subscription growth and product innovation.

• Free cash flow increased to $4.8 million, up from $1.4 million, supported by higher revenue and reduced fixed costs.

• Supported over 4,400 teams across 40 sports in 100+ countries, adding 200+ teams in the last half year.

• Multi-vertical pro teams rose 80% year-over-year, supporting cross-sell and product expansion.

Financial highlights

• Revenue: $57.8 million, up 16.2% year-over-year; ACV grew 20% to $96.8 million.

• Free cash flow for H1 FY25 was $4.8 million, surpassing the full FY24 total.

• Management EBITDA rose to $6.2 million, a significant year-over-year improvement.

• Gross margin remained high at 79.1%, with a slight year-over-year decline due to increased media business contribution.

• Contribution margin improved to 47.6% from 43.7% year-over-year.

Outlook and guidance

• Expect continued strong ACV growth, low churn, improved cost margins, and higher free cash flow for FY25.

• Confident in achieving long-term targets for contribution margin (55%) and profit margin (30%).

• Rule of 40 benchmark reached 31% at half-year, with further improvement targeted.

• Directors believe the company is well positioned for the next 12 months, with sufficient liquidity and working capital.