Catapult Group International Ltd (ASX: CAT) shareholders have picked a winner.

The company, which provides sports technology solutions for professional teams, has seen its share price almost double in the past two months.

In early April, Catapult shares were trading at around $3.23.

Today, with the company's market cap exceeding $1.6 billion, Catapult shares are changing hands for about $6.15 each.

In fact, it's been a good year for Catapult shareholders with the company's share price gaining more than 200%.   

What is Catapult?

Catapult was founded in 2006 as a partnership between the Australian Institute of Sport and the Cooperative Research Centres.

It was conceived to improve the performance of Australian athletes ahead of the Athens Olympics by using data to address issues.

Catapult, a global sports tech leader, provides numerous performance solutions, from wearable tracking to athlete management and video analysis.

The company now has more than 400 staff across 24 locations, working with 4,400 teams in 100 countries.

Catapult has customers from various sporting codes, including high-profile leagues such as the NFL, EPL, and AFL.

Share price catapults

In its latest results released in May, Catapult stated its yearly revenue increased 19% to $185 million.

The company's share price gained about 7% on the back of that news.

The revenue increase was propelled by an 18% increase in the company's Annualised Contract Value (ACV) as Catapult pushes to hit an ACV target exceeding $1 billion.  

The company also ended the period with free cash flow of $14 million and reduced its debt to around $5.4 million.

That free cash flow has allowed Catapult to press ahead with its expansion plans.

Last week, Catapult announced it had agreed to acquire Perch (Catalyft Labs, Inc.), a leader in athlete monitoring solutions, for $28 million.

Where to from here?

Catapult CEO and Managing Director Will Lopes said the company remains fixed on purposeful innovation and profitable growth.

"As we enter FY26, we expect strong ACV growth, low churn, continued improvement in our cost margins towards our targets, and higher free cash flow – clear signs that our operating model is scaling with discipline and aligned to the Rule of 40."

Catapult appears to be heading in the right direction.

With a customer base that includes 4,400 professional teams, Catapult has significant scope to grow as it continues to address a large and expanding market.

Customers are showing signs of approval for Catapult's products, with the company claiming a 96% retention rate as its customer lifetime duration continues to expand.

Clearly, Catapult has momentum and is certainly a company that is worth keeping an eye on.