Some growth shares have been hit hard over the past year.
That can sometimes be a warning sign. But it can also create an opportunity when the underlying business is still expanding quickly.
Two ASX shares I think fit that description are in this article. Both are down more than 50% from their 52-week highs, but both businesses are still growing strongly.
Image source: Getty Images
Life360 Inc (ASX: 360)
Life360 shares are trading around $19.36 at the time of writing, well below their 52-week high of $55.87.
That is a huge fall, but I think the business remains one of the most exciting global growth stories on the ASX.
Life360 is best known for its family safety and location-sharing app. This might sound simple, but the scale is now significant. In the first quarter of 2026, the company reported approximately 97.8 million monthly active users, up 17% year on year.
That gives Life360 a very large audience to monetise through subscriptions, advertising, and new services.
I also like that the company is becoming more than just a location app. Management has talked about turning Life360 into a broader super app for family life. That could include safety, connection, driving insights, location tools, emergency support, advertising, and artificial intelligence (AI)-driven features.
The recent numbers show impressive growth. First-quarter revenue rose 38% year on year to US$143.1 million, while annualised monthly revenue increased 32% to US$517.9 million. Advertising revenue also jumped sharply to US$19.7 million, helped by the Nativo acquisition.
There are risks for investors to consider. App businesses can be competitive, user engagement needs to stay strong, and privacy expectations are high when location data is involved.
But with almost 100 million monthly active users and multiple ways to grow revenue, I think Life360 could be worth a closer look after such a large share price fall.
Catapult Sports Ltd (ASX: CAT)
Catapult shares have also fallen heavily. The sports technology company is trading around $3.44 at the time of writing, down from a 52-week high of $7.72.
I think that sell-off looks interesting because Catapult's latest result showed a business with strong momentum.
The company reported record FY26 revenue of US$140.7 million, up 19% in constant currency. Annualised contract value grew 28% in constant currency to US$133.8 million, while management EBITDA increased 67% to US$24.7 million.
That tells me Catapult is not just growing. It is starting to show the benefits of scale.
The part of the story I find most compelling is the platform shift. Catapult is moving beyond a narrow wearable technology story. It now offers athlete monitoring, video analysis, gym monitoring, scouting intelligence, and AI insights across one broader sports technology platform.
That is important because professional teams do not just want more data. They want useful information that helps coaches, analysts, and performance staff make better decisions quickly.
Catapult also reported more than 96% retention and continued growth in multi-solution teams. That suggests to me that the product is becoming more embedded in customers' daily workflows.
Investors still need to watch execution, valuation, and the pace of profit growth. But I think Catapult has the makings of a high-quality global software business in a specialised market.
Foolish Takeaway
Share price falls of more than 50% can make investors nervous, and rightly so. They usually mean expectations have changed dramatically.
But I think these two businesses are still moving in the right direction. Life360 has a large and growing user base with improving monetisation. Catapult is building a deeper platform for elite sport and showing stronger operating leverage.
Both shares could remain volatile. But for patient investors looking for growth after a major reset in expectations, I think they are worth considering now.
