GoPro Announces First Quarter Results
Revenue of $99 million
Subscription and Service Revenue of $27 million
New MISSION 1 Series of Cameras Positions GoPro to Compete at the High End of the Digital Imaging Market
SAN 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 $37 million, operating expenses declined year-over-year, and we continued to reduce both owned and channel inventory sequentially and year-over-year."
"Q1 and the weeks since have been a pivotal period for GoPro. The critically acclaimed launch of our MISSION 1 Series cameras represents our boldest step yet into professional imaging, and our exploration of defense, aerospace and strategic M&A opportunities reflects our belief that there is significant unrealized value in GoPro's technology, IP and brand—value we are committed to realizing on behalf of our shareholders," said Nicholas Woodman, GoPro's founder and CEO.
Q1 2026 Financial Results
Recent Business Highlights
Results Summary:
($ in thousands, except per share amounts)
Three months ended March 31,
2026
2025
% Change
Revenue
Hardware revenue
$ 72,150
$ 107,419
(32.8) %
Subscription and services revenue
26,915
26,889
0.1 %
Total revenue
$ 99,065
$ 134,308
(26.2) %
Gross margin
GAAP
4.3 %
32.1 %
(2,780) bps
Non-GAAP
4.5 %
32.3 %
(2,780) bps
Operating 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 Call
GoPro 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 Measures
GoPro 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
2025
Revenue
Hardware
$ 72,150
$ 107,419
Subscription and services
26,915
26,889
Total revenue
99,065
134,308
Cost of revenue
Hardware
85,689
83,596
Subscription and services
9,070
7,563
Total cost of revenue
94,759
91,159
Gross profit
4,306
43,149
Operating expenses:
Research and development
28,435
29,557
Sales and marketing
23,218
23,258
General and administrative
9,898
16,942
Goodwill impairment
—
18,600
Total operating expenses
61,551
88,357
Operating loss
(57,245)
(45,208)
Other income (expense):
Interest expense
(4,118)
(797)
Other income (expense), net
(17,612)
948
Total other income (expense), net
(21,730)
151
Loss before income taxes
(78,975)
(45,057)
Income tax expense
1,845
1,652
Net 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 share
163,208
156,438
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 40,723
$ 49,674
Accounts receivable, net
61,858
93,513
Inventory
72,205
78,431
Prepaid expenses and other current assets
32,508
30,951
Total current assets
207,294
252,569
Property and equipment, net
7,772
5,903
Operating lease right-of-use assets
10,580
11,138
Goodwill
133,751
133,751
Other long-term assets
21,958
24,622
Total assets
$ 381,355
$ 427,983
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 91,366
$ 97,012
Accrued expenses and other current liabilities
130,146
95,856
Short-term operating lease liabilities
10,319
12,069
Deferred revenue
53,077
52,636
Short-term debt
71,954
19,598
Total current liabilities
356,862
277,171
Long-term taxes payable
14,146
13,544
Long-term debt
—
44,322
Long-term operating lease liabilities
6,397
7,329
Other long-term liabilities
5,819
9,067
Total liabilities
383,224
351,433
Stockholders' equity:
Common stock and additional paid-in capital
1,047,276
1,044,875
Treasury stock, at cost
(193,231)
(193,231)
Accumulated deficit
(855,914)
(775,094)
Total stockholders' equity
(1,869)
76,550
Total 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
2025
Operating activities:
Net loss
$ (80,820)
$ (46,709)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,794
1,718
Non-cash operating lease cost
1,360
(215)
Stock-based compensation
2,998
5,370
Goodwill impairment
—
18,600
Deferred income taxes, net
573
103
Loss on extinguishment of debt
8,870
—
Derivative expense
7,552
—
Change in fair value of derivative liabilities
5,652
—
Other
2,124
106
Net changes in operating assets and liabilities
13,279
(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 stock
303
374
Taxes paid related to net share settlement of equity awards
(429)
(503)
Proceeds from borrowings
30,250
25,000
Repayments of borrowings
(375)
—
Payment of debt issuance costs
(941)
—
Net cash provided by financing activities
28,808
24,871
Effect of exchange rate changes on cash and cash equivalents
(98)
443
Net change in cash and cash equivalents
(8,951)
(33,177)
Cash and cash equivalents at beginning of period
49,674
102,811
Cash and cash equivalents at end of period
$ 40,723
$ 69,634
GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
To 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:
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:
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
2025
GAAP net loss
$ (80,820)
$ (46,709)
Stock-based compensation:
Cost of revenue
144
248
Research and development
1,560
2,820
Sales and marketing
575
882
General and administrative
719
1,420
Total stock-based compensation
2,998
5,370
Acquisition-related costs:
Research and development
469
469
General and administrative
1
3
Total acquisition-related costs
470
472
Restructuring and other costs:
Cost of revenue
(15)
(13)
Research and development
(215)
591
Sales and marketing
(125)
385
General and administrative
(5)
1,143
Total restructuring and other costs
(360)
2,106
Non-cash interest expense
1,845
—
(Gain) loss on insurance recovery
—
(424)
Loss on extinguishment of debt
8,870
—
(Gain) loss on revaluation of warrants
(2,750)
—
(Gain) loss related to derivative liabilities
13,204
—
(Gain) loss on sale and/or license of intellectual property
(1,200)
—
Goodwill impairment
—
18,600
Income tax adjustments
67
1,141
Non-GAAP net loss
$ (57,676)
$ (19,444)
GAAP and non-GAAP shares for diluted net loss per share
163,208
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
2025
GAAP gross margin as a % of revenue
4.3 %
32.1 %
Stock-based compensation
0.2
0.2
Non-GAAP gross margin as a % of revenue
4.5 %
32.3 %
GAAP operating expenses
$ 61,551
$ 88,357
Stock-based compensation
(2,854)
(5,122)
Acquisition-related costs
(470)
(472)
Restructuring and other costs
345
(2,119)
Goodwill impairment
—
18,600
Non-GAAP operating expenses
$ 58,572
$ 62,044
GAAP operating loss
$ (57,245)
$ (45,208)
Stock-based compensation
2,998
5,370
Acquisition-related costs
470
472
Restructuring and other costs
(360)
2,106
Goodwill impairment
—
18,600
Non-GAAP operating loss
$ (54,137)
$ (18,660)
Three months ended March 31,
(in thousands)
2026
2025
GAAP net loss
$ (80,820)
$ (46,709)
Income tax expense
1,845
1,652
Interest expense, net
3,669
248
Depreciation and amortization
1,794
1,718
POP display amortization
1,769
1,732
Stock-based compensation
2,998
5,370
(Gain) loss on insurance recovery
—
(424)
Loss on extinguishment of debt
8,870
—
(Gain) loss on revaluation of warrants
(2,750)
—
(Gain) loss related to derivative liabilities
13,204
—
Goodwill impairment
—
18,600
Restructuring and other costs
(360)
2,106
Adjusted EBITDA
$ (49,781)
$ (15,707)
SOURCE GoPro, Inc.