Ann: CAT H1 FY19 Results Presentation, page-61

Agree Kinda 
 
I don't think Statsports will overtake Catapult for market share - they appear to be building their business by concentrating on producing the highest quality GPS data & analytics  - rather than developing a total stack across multiple sports  [which may prove to be the way to go in time].  Looking at the clients Statsports have announced recently [with what appears minimal sales & marketing] it appears to be working for them - in soccer & rugby at least.

For me it's not about market share, it's about producing the best product for specific markets, winning the better margin business with the benchmark clients and leveraging down to the mass markets, whilst controlling costs !!! . Many of the most successful disruptive businesses are not the biggest and many of the evolving niche competitors will create good businesses by providing API data links to numerous Big Data analytics groups.

But as you so wisely say  - Supporting this battle requires revenues to re-invest, a suitable balance sheet, management to lead, supportive shareholders. For me the last three you mention are currently sensitive & without the predicted improved result in FY 2019 - sourcing further capital could be expensive.  I would likely be less (constructively) critical when YOY revenue growth created YOY reduction in losses - maybe FY 2019!