Catapult Group International's stock surged 11.46% during intraday trading on Wednesday, following the release of its annual financial results.

The athletic-tech provider reported earnings before interest, tax, depreciation and amortization of $24.7 million for the 12 months through March, representing a 67% increase that exceeded analysts' forecasts. Revenue rose 21% to $140.7 million, while profit margin jumped to 18% from 13% a year earlier, demonstrating stronger operating leverage.

Catapult also reported that annualized contract value, a key lead indicator of future revenue, grew 32% year-over-year to almost $133.9 million, beating analyst expectations. The company's free cash flow of $6.6 million addressed previous concerns about cash collection, contributing to the positive market reaction.