GoPro Inc【GPRO】株式ニュース

GoPro Announces First Quarter ResultsMay 11, 2026 4:15 PM
PR Newswire (US) Revenue of $99 million Subscription and Service Revenue of $27 millionNew MISSION 1 Series of Cameras Positions GoPro to Compete at the High End of the Digital Imaging MarketSAN MATEO, Calif., May 11, 2026 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its first quarter ended March 31, 2026, and posted management commentary in the investor relations section of its website at https://investor.gopro.com. In a separate release, GoPro announced today that its Board of Directors has authorized the Company to engage in a process to review strategic alternatives, and to engage a financial advisor to assist with that process. "In Q1, revenue of $99 million was within guidance," Brian Tratt, GoPro's CFO. "We made meaningful progress on key metrics—cash used in operations improved $21 million year-over-year to $37 million, operating expenses declined year-over-year, and we continued to reduce both owned and channel inventory sequentially and year-over-year.""Q1 and the weeks since have been a pivotal period for GoPro. The critically acclaimed launch of our MISSION 1 Series cameras represents our boldest step yet into professional imaging, and our exploration of defense, aerospace and strategic M&A opportunities reflects our belief that there is significant unrealized value in GoPro's technology, IP and brand—value we are committed to realizing on behalf of our shareholders," said Nicholas Woodman, GoPro's founder and CEO.Q1 2026 Financial Results Revenue was $99 million, down 26% year-over-year.Sell-through was approximately 313,000 camera units, down 29% year-over-year.Subscription and service revenue was flat year-over-year at $27 million. GoPro subscriber count ended Q1 at 2.26 million, down 8% year-over-year.Revenue from the retail channel was $61 million, or 61% of total revenue and down 35% year-over-year. GoPro.com revenue, including subscription and service revenue, was $38 million, or 39% of total revenue and down 6% year-over-year.GAAP gross margin was 4.3% compared to 32.1% in the prior year quarter. Non-GAAP gross margin was 4.5% compared to 32.3% in the prior year quarter. GAAP and non-GAAP gross margin for Q1 2026 included a discrete $24.5 million charge related to certain component purchase commitments and $4.5 million sale of slow-moving inventory.GAAP net loss was $81 million, or a $(0.50) loss per share, compared to a net loss of $47 million or a $(0.30) loss per share, in the prior year quarter. Non-GAAP net loss was $58 million, or a $(0.35) loss per share, compared to a net loss of $19 million or a $(0.12) loss per share, in the prior year quarter. GAAP and non-GAAP net loss for Q1 2026 included a discrete $24.5 million charge related to certain component purchase commitments and $4.5 million sale of slow-moving inventory.Adjusted EBITDA was negative $50 million compared to negative $16 million in the prior year quarter.Recent Business Highlights In May, GoPro launched its new MISSION 1 Series of cameras—the world's smallest, lightest, and most rugged 8K and 4K open gate, compact cinema cameras for filmmakers, creators and aspiring enthusiasts. The new lineup is comprised of three camera models—MISSION 1 PRO, MISSION 1 PRO ILS and MISSION 1. The launch of the MISSION 1 Series marks GoPro's entrance into the high end of the digital imaging market. In April, GoPro announced plans to formally explore global defense and aerospace market opportunities, engaging leading management consulting firm Oliver Wyman to assess addressable market segments, product synergies, and go-to-market strategies in imaging, unmanned, and related markets representing billions of dollars in opportunity.In March, GoPro announced a partnership with DICK's Sporting Goods and integration with their GameChanger app, the number-one-rated youth sports app used by more than nine million active users, for scorekeeping, live streaming, statistics, and team management. This partnership combines GoPro's industry-leading video quality with GameChanger's easy-to-use live streaming service, making it simple for families to use their GoPro to capture and share game day.In January, GoPro announced a partnership with ASUS, a leading Taiwanese multinational technology company, and launched a co-branded ASUS ProArt GoPro Edition laptop. The laptop was purpose-built by ASUS to support GoPro content creator workflows. Early traction has far exceeded ASUS's expectations for the ProArt line, reinforcing the strength of GoPro's brand in technology collaborations.Results Summary:($ in thousands, except per share amounts)Three months ended March 31,2026
2025
% ChangeRevenue

Hardware revenue$       72,150
$      107,419
(32.8) %Subscription and services revenue26,915
26,889
0.1 %Total revenue$       99,065
$      134,308
(26.2) %Gross margin

GAAP4.3 %
32.1 %
(2,780) bpsNon-GAAP4.5 %
32.3 %
(2,780) bpsOperating loss

GAAP$      (57,245)
$       (45,208)
26.6 %Non-GAAP$      (54,137)
$       (18,660)
190.1 %Net loss

GAAP$      (80,820)
$       (46,709)
73.0 %Non-GAAP $      (57,676)
$       (19,444)
196.6 %Diluted net loss per share

GAAP$ (0.50)
$ (0.30)
66.7 %Non-GAAP$ (0.35)
$ (0.12)
191.7 %Adjusted EBITDA $ (49,781)
$ (15,707)
216.9 %Conference CallGoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company's financial results.Prior to the start of the call, the Company will post Management Commentary on the "Events & Presentations" section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions.To listen to the live conference call, please dial +1 833-461-5787 (US) or +1 585-542-9983 (International) and enter access code 163668947, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the "Events & Presentations" section of the Company's website at https://investor.gopro.com. An archived audio webcast will be accessible for at least 90 days on GoPro's website, https://investor.gopro.com.About GoPro, Inc. (NASDAQ: GPRO)GoPro helps the world capture and share itself in immersive and exciting ways.Connect with GoPro on Instagram, YouTube, TikTok, Facebook, X, LinkedIn, and GoPro's blog, The Current. Members of the press can access official logos and imagery on our press portal. For more information, visit GoPro.com.GoPro, HERO, MAX, MISSION and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.Note Regarding Use of Non-GAAP Financial MeasuresGoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, (gain) loss on insurance proceeds, (gain) loss on extinguishment of debt, (gain) loss on revaluation of warrants, gain on the sale and license of intellectual property, goodwill impairment charges, and the tax impact of these items. When planning, forecasting, and analyzing gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation.Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as "anticipate," "believe," "estimate," "expect," "intend," "should," "will," "plan" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations regarding revenue, profitability, improved gross margin, and reduced operating expenses; cash flow improvement and inventory reduction; the launch and market positioning of the MISSION 1 Series cameras in the high-end digital imaging market; our exploration of defense and aerospace market opportunities; our evaluation of strategic alternatives, including a potential sale or merger of the Company; subscription and service revenue and subscriber retention; partnerships and brand collaborations, including with DICK's Sporting Goods and ASUS; and unrealized value in GoPro's technology, intellectual property, and brand. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve our revenue growth or profitability in the future, and if revenue growth or profitability is achieved, the inability to sustain it; substantial doubt about our ability to continue as a going concern and impact on lenders, suppliers, contract manufacturers, retailers and distributors; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets, inflation, and fluctuations in interest rates or currency exchange rates may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, increased tariffs, and import/export regulations which may negatively affect our business, supply chain expenses, and gross margins; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers, and the risk that subscriber count may continue to decline; our reliance on third-party suppliers, some of which are sole-source suppliers, and contract manufacturers for our products, some of which may be impacted due to supply shortages, long lead times, or other service disruptions, including unprecedented increases and volatility in memory component costs, that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East, Ukraine, or China-Taiwan relations; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, including through new products such as the MISSION 1 Series and expansion into defense and aerospace markets, and we may not be successful in doing so; the risk we are unable to reduce our operating expenses or that continued reductions in research and development and marketing spending may constrain our product roadmap, ability to innovate, and ability to generate sufficient consumer demand; the fact that we rely on sales of our cameras, mounts, and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing, and marketing; our ability to achieve or maintain profitability if there are delays or issues in our product launches; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage, and retain qualified personnel, particularly given reductions in our workforce and fluctuations in the price of our Class A common stock; the impact of competition on our market share, revenue, and profitability; the fact that we may experience fluctuating revenue, expenses, and profitability in the future; our substantial indebtedness, including under our Credit Facilities and Convertible Debentures, and the corresponding cash debt service obligations and restrictive covenants; our ability to comply with financial covenants in our Credit Facilities and the risk of cross-default; the risk that our evaluation of strategic alternatives may not result in a transaction or other outcome that enhances stockholder value, and may be disruptive to our business operations; the risk that our pursuit of defense and aerospace opportunities could subject us to retaliatory actions by foreign governments; risks related to inventory, purchase commitments, and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; the outcome of pending or future litigation and legal proceedings; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, and as updated in filings with the SEC including the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.GoPro, Inc.Preliminary Condensed Consolidated Statements of Operations (unaudited)

Three months ended March 31,(in thousands, except per share data)2026
2025Revenue

Hardware$              72,150
$             107,419Subscription and services26,915
26,889Total revenue99,065
134,308Cost of revenue

Hardware85,689
83,596Subscription and services9,070
7,563Total cost of revenue94,759
91,159Gross profit4,306
43,149

Operating expenses:

Research and development28,435
29,557Sales and marketing23,218
23,258General and administrative9,898
16,942Goodwill impairment—
18,600Total operating expenses61,551
88,357Operating loss(57,245)
(45,208)Other income (expense):

Interest expense(4,118)
(797)Other income (expense), net(17,612)
948Total other income (expense), net(21,730)
151Loss before income taxes(78,975)
(45,057)Income tax expense1,845
1,652Net loss$             (80,820)
$             (46,709)

Basic and diluted net loss per share$                (0.50)
$                (0.30)

Shares used to compute basic and diluted net loss per share163,208
156,438 GoPro, Inc.Preliminary Condensed Consolidated Balance Sheets (unaudited)
(in thousands)March 31,
2026
December 31,
2025Assets

Current assets:

Cash and cash equivalents$             40,723
$             49,674Accounts receivable, net 61,858
93,513Inventory72,205
78,431Prepaid expenses and other current assets32,508
30,951Total current assets207,294
252,569Property and equipment, net7,772
5,903Operating lease right-of-use assets10,580
11,138Goodwill133,751
133,751Other long-term assets21,958
24,622Total assets$            381,355
$            427,983

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable$             91,366
$             97,012Accrued expenses and other current liabilities130,146
95,856Short-term operating lease liabilities10,319
12,069Deferred revenue53,077
52,636Short-term debt71,954
19,598Total current liabilities356,862
277,171Long-term taxes payable14,146
13,544Long-term debt—
44,322Long-term operating lease liabilities6,397
7,329Other long-term liabilities5,819
9,067Total liabilities383,224
351,433

Stockholders' equity:

Common stock and additional paid-in capital1,047,276
1,044,875Treasury stock, at cost(193,231)
(193,231)Accumulated deficit(855,914)
(775,094)Total stockholders' equity(1,869)
76,550Total liabilities and stockholders' equity$            381,355
$            427,983 GoPro, Inc.Preliminary Condensed Consolidated Statements of Cash Flows (unaudited)

Three months ended March 31,(in thousands) 2026
2025Operating activities:

Net loss$             (80,820)
$             (46,709)Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization1,794
1,718Non-cash operating lease cost1,360
(215)Stock-based compensation2,998
5,370Goodwill impairment—
18,600Deferred income taxes, net573
103Loss on extinguishment of debt8,870
—Derivative expense7,552
—Change in fair value of derivative liabilities5,652
—Other2,124
106Net changes in operating assets and liabilities13,279
(36,159)Net cash used in operating activities(36,618)
(57,186)

Investing activities:

Purchases of property and equipment, net(1,043)
(1,305)Net cash used in investing activities(1,043)
(1,305)

Financing activities:

Proceeds from issuance of common stock303
374Taxes paid related to net share settlement of equity awards(429)
(503)Proceeds from borrowings30,250
25,000Repayments of borrowings(375)
—Payment of debt issuance costs(941)
—Net cash provided by financing activities28,808
24,871

Effect of exchange rate changes on cash and cash equivalents(98)
443Net change in cash and cash equivalents(8,951)
(33,177)Cash and cash equivalents at beginning of period49,674
102,811Cash and cash equivalents at end of period$              40,723
$              69,634GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial MeasuresTo supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:the comparability of our on-going operating results over the periods presented;the ability to identify trends in our underlying business; andthe comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are:adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us;adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us;adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements;adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets;adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods;adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on the revaluation of warrants because it is not reflective of ongoing operating results in the period, and hinders our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) related to a derivative liability because it is not reflective of ongoing operating results in the period, and hinders our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes goodwill impairment charges as they do not reflect ongoing operating results in the period and hinders our ability to assess core operational performance;non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation;non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent;non-GAAP net income (loss) excludes non-cash interest expense as it is not related to our core operating performance or reflective of ongoing operating results in the period;non-GAAP net income (loss) includes income tax adjustments which reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments;GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 convertible senior notes and Convertible Debentures in periods of net income, as if converted at the beginning of the period; andother companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures. GoPro, Inc.Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures(unaudited)
Reconciliations of non-GAAP financial measures are set forth below:
Three months ended March 31,(in thousands, except per share data)2026
2025GAAP net loss$             (80,820)
$             (46,709)Stock-based compensation:

Cost of revenue144
248Research and development1,560
2,820Sales and marketing575
882General and administrative719
1,420Total stock-based compensation2,998
5,370

Acquisition-related costs:

Research and development469
469General and administrative1
3Total acquisition-related costs470
472

Restructuring and other costs:

Cost of revenue(15)
(13)Research and development(215)
591Sales and marketing(125)
385General and administrative(5)
1,143Total restructuring and other costs(360)
2,106

Non-cash interest expense1,845
—(Gain) loss on insurance recovery—
(424)Loss on extinguishment of debt8,870
—(Gain) loss on revaluation of warrants(2,750)
—(Gain) loss related to derivative liabilities13,204
—(Gain) loss on sale and/or license of intellectual property(1,200)
—Goodwill impairment—
18,600Income tax adjustments67
1,141Non-GAAP net loss$             (57,676)
$             (19,444)

GAAP and non-GAAP shares for diluted net loss per share163,208
156,438

GAAP diluted net loss per share$                (0.50)
$               (0.30)Non-GAAP diluted net loss per share$                (0.35)
$               (0.12)

Three months ended March 31,(dollars in thousands)2026
2025GAAP gross margin as a % of revenue4.3 %
32.1 %Stock-based compensation0.2
0.2Non-GAAP gross margin as a % of revenue4.5 %
32.3 %

GAAP operating expenses$            61,551
$           88,357Stock-based compensation(2,854)
(5,122)Acquisition-related costs(470)
(472)Restructuring and other costs345
(2,119)Goodwill impairment—
18,600Non-GAAP operating expenses$            58,572
$           62,044

GAAP operating loss$           (57,245)
$          (45,208)Stock-based compensation2,998
5,370Acquisition-related costs470
472Restructuring and other costs(360)
2,106Goodwill impairment—
18,600Non-GAAP operating loss$           (54,137)
$          (18,660)

Three months ended March 31,(in thousands)2026
2025GAAP net loss$             (80,820)
$             (46,709)Income tax expense 1,845
1,652Interest expense, net3,669
248Depreciation and amortization1,794
1,718POP display amortization1,769
1,732Stock-based compensation2,998
5,370(Gain) loss on insurance recovery—
(424)Loss on extinguishment of debt8,870
—(Gain) loss on revaluation of warrants(2,750)
—(Gain) loss related to derivative liabilities13,204
—Goodwill impairment—
18,600Restructuring and other costs(360)
2,106Adjusted EBITDA $             (49,781)
$             (15,707) View original content to download multimedia:https://www.prnewswire.com/news-releases/gopro-announces-first-quarter-results-302768659.htmlSOURCE GoPro, Inc. Original: GoPro Announces First Quarter Results

GoPro Announces Fourth Quarter and 2025 ResultsMarch 5, 2026 4:05 PM
PR Newswire (US)

2025 Revenue of $652 millionFourth Quarter Revenue of $202 million2025 Subscription and Service Revenue of $106 millionGP3 Next-Generation AI-Enabled Processor Set to Power New Cameras Beginning in Q2 2026SAN MATEO, Calif., March 5, 2026 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2025, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.

"In 2025, we maintained subscription and service revenue of $106 million by improving attach rates, retention rates and driving ARPU higher. GAAP gross margin was flat despite absorbing $20 million in tariff expenses, and we reduced operating expenses by $93 million, or 26% from the prior year. In addition, we improved cash flow from operations by $104 million," said Brian McGee, GoPro's CFO and COO."Looking ahead to Q2 2026, we're excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year," said Nicholas Woodman, GoPro's founder and CEO. "GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance."Q4 2025 Financial Results Revenue was $202 million, flat year-over-year.Sell-through was approximately 625,000 camera units, down 19% year-over-year.Subscription and service revenue was down 3% year-over-year at $27 million. GoPro subscriber count ended Q4 at 2.36 million, down 7% year-over-year.Revenue from the retail channel was $154 million, or 76% of total revenue and up 3% year-over-year. GoPro.com revenue, including subscription and service revenue, was $48 million, or 24% of total revenue and down 6% year-over-year.GAAP gross margin was 31.8% compared to 34.7% in the prior year quarter. Non-GAAP gross margin was 31.9% compared to 35.1% in the prior year quarter.GAAP net loss was $9 million, or a $(0.06) loss per share, compared to a net loss of $37 million or a $(0.24) loss per share, in the prior year quarter.Non-GAAP net loss was $3 million, or a $(0.02) loss per share, compared to a net loss of $14 million or a $(0.09) loss per share, in the prior year quarter.Adjusted EBITDA was positive $1 million compared to negative $14 million in the prior year quarter.2025 Financial Results Cash flow from operations improved by $104 million year-over-year.Revenue was $652 million, down 19% year-over-year.Sell-through was approximately 2,000,000 camera units, down 20% year-over-year.Subscription and service revenue was down 1% year-over-year at $106 million.GAAP gross margin was 33.6% compared to 33.8% in the prior year period. Non-GAAP gross margin was 33.8% compared to 34.1% in the prior year period.GAAP net loss was $93 million, or a $(0.59) loss per share, compared to a net loss of $432 million or a $(2.82) loss per share in the prior year period. Non-GAAP net loss was $48 million, or a $(0.30) loss per share, compared to a net loss of $370 million or a $(2.42) loss per share in the prior year period. GAAP and non-GAAP net loss per share for 2024 were impacted by the establishment of a $295 million valuation allowance on our U.S. deferred tax assets that was recorded in the first quarter of 2024.Adjusted EBITDA was negative $29 million compared to negative $72 million in the prior year period.Results Summary (unaudited):($ in thousands, except per share
amounts)Three months ended December 31,
Year ended December 31,2025
2024
% Change
2025
2024
% ChangeRevenue

Hardware revenue$   175,121
$   173,636
0.9 %
$   545,267
$   694,512
(21.5) %Subscription and services revenue26,552
27,246
(2.5) %
106,275
106,961
(0.6) %Total revenue$   201,673
$   200,882
0.4 %
$   651,542
$   801,473
(18.7) %Gross margin

GAAP31.8 %
34.7 %
(290) bps
33.6 %
33.8 %
(20) bpsNon-GAAP31.9 %
35.1 %
(320) bps
33.8 %
34.1 %
(30) bpsOperating loss

GAAP$      (8,241)
$    (39,100)
(78.9) %
$    (83,341)
$ (135,033)
(38.3) %Non-GAAP$      (2,518)
$    (15,968)
(84.2) %
$    (40,702)
$    (80,327)
(49.3) %Net loss

GAAP$      (9,104)
$    (37,191)
(75.5) %
$    (93,487)
$ (432,311)
(78.4) %Non-GAAP $      (2,669)
$    (14,418)
(81.5) %
$    (47,977)
$ (370,417)
(87.0) %Diluted net loss per share

GAAP$        (0.06)
$        (0.24)
(75.0) %
$        (0.59)
$        (2.82)
(79.1) %Non-GAAP$        (0.02)
$        (0.09)
(77.8) %
$        (0.30)
$        (2.42)
(87.6) %Adjusted EBITDA $           784
$    (14,359)
(105.5) %
$    (28,516)
$    (71,639)
(60.2) % Conference CallGoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company's financial results.Prior to the start of the call, the Company will post Management Commentary on the "Events & Presentations" section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions.To listen to the live conference call, please dial +1 833-470-1428 (US) or +1 404-975-4839 (International) and enter access code 735527, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the "Events & Presentations" section of the Company's website at https://investor.gopro.com. An archived audio webcast will be accessible for at least 90 days on GoPro's website, https://investor.gopro.com.About GoPro, Inc. (NASDAQ: GPRO)GoPro helps the world capture and share itself in immersive and exciting ways.Connect with GoPro on Instagram, YouTube, TikTok, Facebook, X, LinkedIn, and GoPro's blog, The Current. Members of the press can access official logos and imagery on our press portal. For more information, visit GoPro.com. GoPro, HERO, MAX and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.Note Regarding Use of Non-GAAP Financial MeasuresGoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, (gain) loss on insurance proceeds, (gain) loss on extinguishment of debt, (gain) loss on revaluation of warrants, gain on the sale and license of intellectual property, goodwill impairment charges, and the tax impact of these items. When planning, forecasting, and analyzing gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation.Note on Forward-looking StatementsThis press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as "anticipate," "believe," "estimate," "expect," "intend," "should," "will," "plan" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations for profitability, improved gross margin, revenue growth and cash flow, subscription retention, attach rates and ARPU, expanding our TAM and reduced operating expenses; hardware and software product launch, product diversification, the launch of GP3 and our ability to drive premium cameras sales and an expanded TAM, and the expected capabilities, performance and competitive advantages of our GP3 image processor and AI-enabled technology. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve our revenue growth or profitability in the future, and if revenue growth or profitability is achieved, the inability to sustain it; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets, inflation, and fluctuations in interest rates or currency exchange rates may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, increased tariffs and import/export regulations including uncertainties regarding any new proposed tariffs, which may negatively affect our business and supply chain expenses; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers; our reliance on third-party suppliers, some of which are sole-source suppliers, to provide services and components for our products which may be impacted due to supply shortages, long lead times or other service disruptions that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East or China-Taiwan relations; the risk that increases in component costs or shortages of key components may negatively impact our ability to achieve or maintain profitability; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, and we may not be successful in doing so; the risk we are not able to reduce our operating expenses; the fact that we rely on sales of our cameras, mounts and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing and marketing; our ability to achieve or maintain profitability if there are delays or issues in our product launches; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage and retain qualified personnel; the impact of competition on our market share, revenue and profitability; the fact that we may continue to experience fluctuating revenue, expenses and profitability in the future; risks related to inventory, purchase commitments and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; the outcome of pending or future litigation and legal proceedings; the risk that future issuances of our common stock, including in connection with equity compensation plans or financing transactions, may dilute existing stockholders; the risk that we may be unable to maintain compliance with Nasdaq listing requirements, which could result in delisting and adversely affect the liquidity and market price of our common stock; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission (SEC) and other filings we make from time to time with the SEC. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements. GoPro, Inc.Preliminary Condensed Consolidated Statements of Operations (unaudited)

Three months ended December 31,
Year ended December 31,(in thousands, except per share data)2025
2024
2025
2024Revenue

Hardware$               175,121
$               173,636
$               545,267
$               694,512Subscription and services26,552
27,246
106,275
106,961Total revenue201,673
200,882
651,542
801,473Cost of revenue

Hardware128,653
124,081
400,419
499,882Subscription and services8,833
7,100
31,957
30,296Total cost of revenue137,486
131,181
432,376
530,178Gross profit64,187
69,701
219,166
271,295

Operating expenses:

Research and development32,133
50,025
126,796
185,897Sales and marketing27,267
43,450
100,756
160,635General and administrative13,028
15,326
56,355
59,796Goodwill impairment—
—
18,600
—Total operating expenses72,428
108,801
302,507
406,328Operating loss(8,241)
(39,100)
(83,341)
(135,033)Other income (expense):

Interest expense(3,504)
(1,057)
(8,452)
(3,329)Other income, net948
563
345
5,273Total other income (expense), net(2,556)
(494)
(8,107)
1,944Loss before income taxes(10,797)
(39,594)
(91,448)
(133,089)Income tax expense (benefit)(1,693)
(2,403)
2,039
299,222Net loss$                  (9,104)
$                (37,191)
$                (93,487)
$              (432,311)

Basic and diluted net loss per share$                    (0.06)
$                    (0.24)
$                    (0.59)
$                    (2.82)

Shares used to compute basic and diluted net
loss per share161,046
155,091
158,579
153,113 GoPro, Inc.Preliminary Condensed Consolidated Balance Sheets (unaudited)
(in thousands)December 31,
2025
December 31,
2024Assets

Current assets:

Cash and cash equivalents$                    49,674
$                  102,811Accounts receivable, net 93,513
85,944Inventory78,431
120,716Prepaid expenses and other current assets30,951
29,774Total current assets252,569
339,245Property and equipment, net5,903
8,696Operating lease right-of-use assets11,138
14,403Goodwill133,751
152,351Other long-term assets24,622
28,983Total assets$                  427,983
$                  543,678

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable$                    97,012
$                    85,936Accrued expenses and other current liabilities 95,856
110,769Short-term operating lease liabilities12,069
10,936Deferred revenue52,636
55,418Short-term debt19,598
93,208Total current liabilities277,171
356,267Long-term taxes payable13,544
11,621Long-term debt44,322
—Long-term operating lease liabilities7,329
18,067Other long-term liabilities9,067
6,034Total liabilities351,433
391,989

Stockholders' equity:

Common stock and additional paid-in capital1,044,875
1,026,527Treasury stock, at cost(193,231)
(193,231)Accumulated deficit(775,094)
(681,607)Total stockholders' equity76,550
151,689Total liabilities and stockholders' equity$                  427,983
$                  543,678 GoPro, Inc.Preliminary Condensed Consolidated Statements of Cash Flows (unaudited)

Three months ended December 31,
Year ended December 31,(in thousands) 2025
2024
2025
2024Operating activities:

Net loss$                  (9,104)
$                (37,191)
$                (93,487)
$              (432,311)Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:

Depreciation and amortization1,849
1,780
7,065
6,491Non-cash operating lease cost1,310
1,335
3,265
1,050Stock-based compensation4,393
5,199
19,542
29,132Goodwill impairment—
—
18,600
—Deferred income taxes, net432
12
280
296,771Impairment of right-of-use assets—
—
—
3,276Other655
1,088
1,537
461Net changes in operating assets and
liabilities16,068
2,678
22,529
(30,011)Net cash provided by (used in) operating
activities15,603
(25,099)
(20,669)
(125,141)

Investing activities:

Purchases of property and equipment, net(645)
(416)
(3,362)
(4,039)Maturities of marketable securities—
—
—
24,000Acquisition, net of cash acquired—
—
—
(12,308)Net cash provided by (used in) investing
activities(645)
(416)
(3,362)
7,653

Financing activities:

Proceeds from issuance of common stock2,000
—
2,706
2,150Taxes paid related to net share settlement of
equity awards(754)
(232)
(1,916)
(3,079)Repayment of 2025 convertible senior notes(93,750)
—
(93,750)
—Proceeds from borrowings—
—
113,174
—Repayments of borrowings(25,443)
—
(48,044)
—Payment of debt issuance costs—
—
(2,282)
—Net cash used in financing activities(117,947)
(232)
(30,112)
(929)

Effect of exchange rate changes on cash and
cash equivalents(108)
(1,637)
1,006
(1,480)Net change in cash and cash equivalents(103,097)
(27,384)
(53,137)
(119,897)Cash and cash equivalents at beginning of
period152,771
130,195
102,811
222,708Cash and cash equivalents at end of period$                  49,674
$               102,811
$                  49,674
$               102,811 GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial MeasuresTo supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:the comparability of our on-going operating results over the periods presented;the ability to identify trends in our underlying business; andthe comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are:adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us;adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us;adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements;adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets;adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods;adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on the revaluation of warrants because it is not reflective of ongoing operating results in the period, and hinders our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes goodwill impairment charges as they do not reflect ongoing operating results in the period and hinders our ability to assess core operational performance;non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation;non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent;non-GAAP net income (loss) includes income tax adjustments which reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments;GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 Notes in periods of net income, as if converted at the beginning of the period; andother companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures. GoPro, Inc.Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures(unaudited)
Reconciliations of non-GAAP financial measures are set forth below:

Three months ended December 31,
Year ended December 31,(in thousands, except per share data)2025
2024
2025
2024GAAP net loss$                  (9,104)
$                (37,191)
$                (93,487)
$              (432,311)Stock-based compensation:

Cost of revenue220
240
946
1,343Research and development2,319
2,461
10,393
14,411Sales and marketing831
912
3,533
5,804General and administrative1,023
1,586
4,670
7,574Total stock-based compensation4,393
5,199
19,542
29,132

Acquisition-related costs:

Research and development469
469
1,875
1,563General and administrative8
(7)
20
789Total acquisition-related costs477
462
1,895
2,352

Restructuring and other costs:

Cost of revenue(14)
562
(63)
699Research and development870
13,013
671
15,954Sales and marketing(32)
3,352
138
4,964General and administrative29
544
1,856
1,605Total restructuring and other costs853
17,471
2,602
23,222

(Gain) loss on insurance recovery—
(1,130)
(266)
(1,130)(Gain) on sale and/or license of intellectual
property—
—
—
(999)(Gain) loss on revaluation of warrants442
—
3,036
—Goodwill impairment—
—
18,600
—Income tax adjustments270
771
101
9,317Non-GAAP net loss$                  (2,669)
$                (14,418)
$                (47,977)
$              (370,417)

GAAP and non-GAAP shares for diluted
net loss per share161,046
155,091
158,579
153,113

GAAP diluted net loss per share$                    (0.06)
$                    (0.24)
$                    (0.59)
$                    (2.82)Non-GAAP diluted net loss per share$                    (0.02)
$                    (0.09)
$                    (0.30)
$                    (2.42)
Three months ended December 31,
Year ended December 31,(dollars in thousands)2025
2024
2025
2024GAAP gross margin as a % of revenue 31.8 %
34.7 %
33.6 %
33.8 %Stock-based compensation0.1
0.1
0.2
0.2Restructuring and other costs—
0.3
—
0.1Non-GAAP gross margin as a % of
revenue31.9 %
35.1 %
33.8 %
34.1 %

GAAP operating expenses$              72,428
$            108,801
$            302,507
$            406,328Stock-based compensation(4,173)
(4,959)
(18,596)
(27,789)Acquisition-related costs(477)
(462)
(1,895)
(2,352)Restructuring and other costs(867)
(16,909)
(2,665)
(22,523)Goodwill impairment—
—
(18,600)
—Non-GAAP operating expenses$              66,911
$              86,471
$            260,751
$            353,664

GAAP operating loss$               (8,241)
$            (39,100)
$            (83,341)
$          (135,033)Stock-based compensation4,393
5,199
19,542
29,132Acquisition-related costs477
462
1,895
2,352Restructuring and other costs853
17,471
2,602
23,222Goodwill impairment—
—
18,600
—Non-GAAP operating loss$               (2,518)
$            (15,968)
$            (40,702)
$            (80,327)
Three months ended December 31,
Year ended December 31,(in thousands)2025
2024
2025
2024GAAP net loss$                  (9,104)
$                (37,191)
$                (93,487)
$              (432,311)Income tax expense (benefit)(1,693)
(2,403)
2,039
299,222Interest expense (income), net2,282
279
5,343
(1,388)Depreciation and amortization1,849
1,781
7,065
6,491POP display amortization1,762
1,635
7,010
5,123Stock-based compensation4,393
5,199
19,542
29,132(Gain) loss on insurance recovery—
(1,130)
(266)
(1,130)(Gain) loss on revaluation of warrants 442
—
3,036
—Goodwill impairment—
—
18,600
—Restructuring and other costs853
17,471
2,602
23,222Adjusted EBITDA $                       784
$                (14,359)
$                (28,516)
$                (71,639)

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Original: GoPro Announces Fourth Quarter and 2025 Results