Catapult Sports (CAT) Investor Day 2025 summary

Vision and industry outlook

• Aims to unleash the potential of every team and athlete globally, leveraging early-stage tech adoption in sports for transformative change over the next decade.

• Sees a $71.7B pro sports technology market by 2030, with team sports like soccer, basketball, and American football driving most growth.

• Expects a technology arms race in sports, with data and analytics central to performance, health, and fan engagement.

• Draws parallels to tech disruption in other industries, forecasting a shift from digitization to real-time automation and strategic reinvention.

• Catapult is positioned as a global leader, already embedded with 3,400+ pro teams and leveraging a vast, proprietary athlete data set.

Strategic priorities and growth opportunities

• Focuses on "land and expand": acquiring new pro teams and deepening relationships through upsell, cross-sell, and new product integration.

• Targets underpenetrated markets, with current penetration rates ranging from 14% to 26% across regions and significant whitespace in the 20,000+ pro team TAM.

• Multi-vertical adoption is a key lever, with 19% of pro teams using solutions from two or more verticals as of 1H FY25, up from 11% in FY21.

• Ambitious goal to reach $1B in ACV (10x current levels), driven by increasing pro team count (targeting 7,000–10,000) and ACV per team ($100k–$150k).

• Expanding solution set across media, coaching, team management, and athlete health to capture greater share of wallet.

Financial strategy and performance

• Transitioned to a SaaS model in FY21; subscription revenue now 92% of total, supporting predictable, recurring income.

• Delivered 23% CAGR in pro team ACV over 3.5 years (to Sept '24), with average ACV per team rising from $19.8k to $26.1k.

• Gross ACV retention remains best-in-class at 96.2% in 1H FY25, with multi-vertical teams showing even higher stickiness.

• Net revenue retention for pro teams is 111% in FY24, reflecting strong upsell and cross-sell momentum.

• Rule of 40 (ACV growth + EBITDA margin) is the key financial benchmark; recent improvement from -13% (1H23) to 31% (1H25), with a long-term target of 40%.

• Variable and fixed costs as a percentage of revenue are declining with scale, supporting margin expansion and positive free cash flow since FY24.

• Mid-term milestones: 5,000 pro teams, 50% multi-vertical adoption, 95% retention, and 30% profit margin.

• Equity-based compensation aligns employees with shareholder interests, supporting cash preservation and talent retention.

• Success measured by ACV growth (20%+), pro team count, ACV per team, retention above 95%, and disciplined cost management.