GoPro Announces Fourth Quarter and 2025 Results
2025 Revenue of $652 million
Fourth Quarter Revenue of $202 million
2025 Subscription and Service Revenue of $106 million
GP3 Next-Generation AI-Enabled Processor Set to Power New Cameras Beginning in Q2 2026
SAN 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 $104 million," said Brian McGee, GoPro's CFO and COO.
"Looking ahead to Q2 2026, we're excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year," said Nicholas Woodman, GoPro's founder and CEO. "GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance."
Q4 2025 Financial Results
2025 Financial Results
Results Summary (unaudited):
($ in thousands, except per share
amounts)
Three months ended December 31,
Year ended December 31,
2025
2024
% Change
2025
2024
% Change
Revenue
Hardware revenue
$ 175,121
$ 173,636
0.9 %
$ 545,267
$ 694,512
(21.5) %
Subscription and services revenue
26,552
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
GAAP
31.8 %
34.7 %
(290) bps
33.6 %
33.8 %
(20) bps
Non-GAAP
31.9 %
35.1 %
(320) bps
33.8 %
34.1 %
(30) bps
Operating 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 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 +1 833-470-1428 (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 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 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
2024
Revenue
Hardware
$ 175,121
$ 173,636
$ 545,267
$ 694,512
Subscription and services
26,552
27,246
106,275
106,961
Total revenue
201,673
200,882
651,542
801,473
Cost of revenue
Hardware
128,653
124,081
400,419
499,882
Subscription and services
8,833
7,100
31,957
30,296
Total cost of revenue
137,486
131,181
432,376
530,178
Gross profit
64,187
69,701
219,166
271,295
Operating expenses:
Research and development
32,133
50,025
126,796
185,897
Sales and marketing
27,267
43,450
100,756
160,635
General and administrative
13,028
15,326
56,355
59,796
Goodwill impairment
—
—
18,600
—
Total operating expenses
72,428
108,801
302,507
406,328
Operating loss
(8,241)
(39,100)
(83,341)
(135,033)
Other income (expense):
Interest expense
(3,504)
(1,057)
(8,452)
(3,329)
Other income, net
948
563
345
5,273
Total other income (expense), net
(2,556)
(494)
(8,107)
1,944
Loss before income taxes
(10,797)
(39,594)
(91,448)
(133,089)
Income tax expense (benefit)
(1,693)
(2,403)
2,039
299,222
Net 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 share
161,046
155,091
158,579
153,113
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31,
2025
December 31,
2024
Assets
Current assets:
Cash and cash equivalents
$ 49,674
$ 102,811
Accounts receivable, net
93,513
85,944
Inventory
78,431
120,716
Prepaid expenses and other current assets
30,951
29,774
Total current assets
252,569
339,245
Property and equipment, net
5,903
8,696
Operating lease right-of-use assets
11,138
14,403
Goodwill
133,751
152,351
Other long-term assets
24,622
28,983
Total assets
$ 427,983
$ 543,678
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 97,012
$ 85,936
Accrued expenses and other current liabilities
95,856
110,769
Short-term operating lease liabilities
12,069
10,936
Deferred revenue
52,636
55,418
Short-term debt
19,598
93,208
Total current liabilities
277,171
356,267
Long-term taxes payable
13,544
11,621
Long-term debt
44,322
—
Long-term operating lease liabilities
7,329
18,067
Other long-term liabilities
9,067
6,034
Total liabilities
351,433
391,989
Stockholders' equity:
Common stock and additional paid-in capital
1,044,875
1,026,527
Treasury stock, at cost
(193,231)
(193,231)
Accumulated deficit
(775,094)
(681,607)
Total stockholders' equity
76,550
151,689
Total 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
2024
Operating 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 amortization
1,849
1,780
7,065
6,491
Non-cash operating lease cost
1,310
1,335
3,265
1,050
Stock-based compensation
4,393
5,199
19,542
29,132
Goodwill impairment
—
—
18,600
—
Deferred income taxes, net
432
12
280
296,771
Impairment of right-of-use assets
—
—
—
3,276
Other
655
1,088
1,537
461
Net changes in operating assets and
liabilities
16,068
2,678
22,529
(30,011)
Net cash provided by (used in) operating
activities
15,603
(25,099)
(20,669)
(125,141)
Investing activities:
Purchases of property and equipment, net
(645)
(416)
(3,362)
(4,039)
Maturities of marketable securities
—
—
—
24,000
Acquisition, 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 stock
2,000
—
2,706
2,150
Taxes 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
period
152,771
130,195
102,811
222,708
Cash 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 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 December 31,
Year ended December 31,
(in thousands, except per share data)
2025
2024
2025
2024
GAAP net loss
$ (9,104)
$ (37,191)
$ (93,487)
$ (432,311)
Stock-based compensation:
Cost of revenue
220
240
946
1,343
Research and development
2,319
2,461
10,393
14,411
Sales and marketing
831
912
3,533
5,804
General and administrative
1,023
1,586
4,670
7,574
Total stock-based compensation
4,393
5,199
19,542
29,132
Acquisition-related costs:
Research and development
469
469
1,875
1,563
General and administrative
8
(7)
20
789
Total acquisition-related costs
477
462
1,895
2,352
Restructuring and other costs:
Cost of revenue
(14)
562
(63)
699
Research and development
870
13,013
671
15,954
Sales and marketing
(32)
3,352
138
4,964
General and administrative
29
544
1,856
1,605
Total restructuring and other costs
853
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 warrants
442
—
3,036
—
Goodwill impairment
—
—
18,600
—
Income tax adjustments
270
771
101
9,317
Non-GAAP net loss
$ (2,669)
$ (14,418)
$ (47,977)
$ (370,417)
GAAP and non-GAAP shares for diluted
net loss per share
161,046
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
2024
GAAP gross margin as a % of revenue
31.8 %
34.7 %
33.6 %
33.8 %
Stock-based compensation
0.1
0.1
0.2
0.2
Restructuring and other costs
—
0.3
—
0.1
Non-GAAP gross margin as a % of
revenue
31.9 %
35.1 %
33.8 %
34.1 %
GAAP operating expenses
$ 72,428
$ 108,801
$ 302,507
$ 406,328
Stock-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 compensation
4,393
5,199
19,542
29,132
Acquisition-related costs
477
462
1,895
2,352
Restructuring and other costs
853
17,471
2,602
23,222
Goodwill 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
2024
GAAP net loss
$ (9,104)
$ (37,191)
$ (93,487)
$ (432,311)
Income tax expense (benefit)
(1,693)
(2,403)
2,039
299,222
Interest expense (income), net
2,282
279
5,343
(1,388)
Depreciation and amortization
1,849
1,781
7,065
6,491
POP display amortization
1,762
1,635
7,010
5,123
Stock-based compensation
4,393
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 costs
853
17,471
2,602
23,222
Adjusted EBITDA
$ 784
$ (14,359)
$ (28,516)
$ (71,639)
SOURCE GoPro, Inc.