Catapult Sports gets swept up in the SaaSpocalypse
It may sell physical devices used by elite athletes, but Catapult has arguably been hit harder than pure play software stocks during the deepening AI rout.
Wearable device maker for elite athletes Catapult Sports is probably not the first company that springs to mind when discussing the impact of the SaaSpocalypse on the ASX.
But the once high flying company, which admittedly generates recurring revenue from analytics software subscriptions has been seriously swept up in the AI-led downturn still dominating markets.
Over the past six months as AI fears took hold, its shares (down 58%) have been hit harder the software pureplays like Xero (-52%) and even embattled logistics software provider WiseTech (-55%), not to mention US-listed Atlassian (-54%).
The stock has fallen out of the ASX 200 index, and last week its market value slipped below $1 billion, after an analyst briefing it delivered sparked concerns over the way it accounts for share based payment costs tied to previous acquisitions.
