GoPro Announces Fourth Quarter and 2025 Results

Rhea-AI Summary

GoPro (NASDAQ: GPRO) reported 2025 revenue of $652 million and Q4 revenue of $202 million. Full-year sell-through was ~2.0M cameras (-20% YoY) and subscription/services were $106 million. GAAP net loss improved to $93 million in 2025. Company says GP3 AI processor will power new cameras beginning Q2 2026.

Management noted $104 million improvement in operating cash flow and a $93 million reduction in operating expenses versus prior year.

Positive

• Cash flow from operations improved by $104 million
• Operating expenses reduced by $93 million (26%)
• Launch of GP3 AI-enabled processor with first cameras expected Q2 2026
• Adjusted EBITDA improved to a $29 million loss from prior year $72 million loss

Negative

• Full-year revenue declined 18.7% YoY to $652 million
• Full-year sell-through fell ~20% to ~2.0M camera units
• Q4 GAAP gross margin declined 290 bps YoY to 31.8%
• Q4 GoPro subscriber count fell 7% YoY to 2.36 million

Market Reaction – GPRO

-13.20% $0.87

15m delay 25 alerts

-13.20% Since News

$0.87 Last Price

$0.85 $1.17 Day Range

-$24M Valuation Impact

$160M Market Cap

0.1x Rel. Volume

Following this news, GPRO has declined 13.20%, reflecting a significant negative market reaction. Our momentum scanner has triggered 25 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $0.87. This price movement has removed approximately $24M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

2025 Revenue: $652 million Q4 2025 Revenue: $202 million 2025 Subscriptions: $106 million +5 more

8 metrics

2025 Revenue $652 million Full year 2025 revenue, down 19% year-over-year

Q4 2025 Revenue $202 million Fourth quarter 2025 revenue, flat year-over-year

2025 Subscriptions $106 million 2025 subscription and service revenue, down 1% year-over-year

2025 GAAP Net Loss $93 million Full year 2025 GAAP net loss, sharply lower than prior year

2025 Adj. EBITDA $28.5 million loss Adjusted EBITDA loss for 2025, improved from prior year

Camera Sell-through 2025 2,000,000 units 2025 camera sell-through, down 20% year-over-year

Tariff Expenses $20 million 2025 tariff expenses absorbed while keeping GAAP gross margin flat

Operating Expense Reduction $93 million Operating expenses reduced in 2025 versus prior year

Market Reality Check

Price: $1.08 Vol: Volume 4,786,185 is 30% a...

normal vol

$1.08 Last Close

Volume Volume 4,786,185 is 30% above the 20-day average of 3,680,692, signaling elevated interest ahead of and around the earnings release. normal

Technical Shares at $1.08 are trading below the 200-day MA of $1.41, despite the strong earnings-day gain.

Peers on Argus

GPRO gained 19.63% while key peers like ZEPP (+5.54%), SONO (+3.16%) and UEIC (+...

GPRO gained 19.63% while key peers like ZEPP (+5.54%), SONO (+3.16%) and UEIC (+3.45%) were up more modestly, and WTO was slightly negative, indicating a largely stock-specific reaction rather than a uniform sector move.

Historical Context

5 past events · Latest: Mar 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 03	Product chip reveal	Positive	+1.1%	Announced exclusive GP3 imaging SoC with >2x processing and AI capabilities.
Feb 26	Patent enforcement win	Positive	+11.5%	ITC reaffirmed GoPro design patent claims and ordered limits on infringing imports.
Feb 25	ASUS laptop partnership	Positive	+6.3%	Global launch of co-branded ProArt GoPro laptop integrated with GoPro ecosystem.
Feb 10	Content partnership	Positive	+2.0%	New Freeride World Tour YouTube series showcasing GoPro cameras and workflows.
Feb 05	Earnings webcast notice	Neutral	+1.2%	Scheduled Q4 and full-year 2025 earnings release and investor conference call.

Pattern Detected

Recent GoPro announcements, including product, partnership, and legal wins, have generally coincided with positive single-day price reactions.

Recent Company History

Over the last month, GoPro issued several positive updates. The Feb 26, 2026 ITC decision reaffirming its patent claims and blocking infringing Insta360 imports coincided with an +11.52% move. A co-branded ASUS ProArt laptop launch on Feb 25 and a Freeride World Tour YouTube series on Feb 10 also saw gains. The early Mar 3 GP3 AI processor announcement produced a smaller uptick. Today’s detailed 2025 results and GP3 timeline fit into this pattern of product and ecosystem-focused news.

Market Pulse Summary

The stock is dropping -13.2% following this news. A negative reaction despite improving loss metrics...

Analysis

The stock is dropping -13.2% following this news. A negative reaction despite improving loss metrics would fit a market focus on top-line and unit pressure. 2025 revenue fell to $652 million and camera sell-through declined 20%, even as GAAP net loss narrowed to $93 million and adjusted EBITDA loss improved to $28.5 million. Any sharp downside could also reflect concerns about ongoing losses and execution risk ahead of GP3 camera launches planned for Q2 2026.

Key Terms

gaap gross margin, non-gaap gross margin, adjusted ebitda, cash flow from operations, +1 more

5 terms

gaap gross margin financial

"GAAP gross margin was flat despite absorbing $20 million in tariff expenses"

GAAP gross margin is a financial measure that shows the percentage of revenue remaining after subtracting the costs directly associated with producing goods or services, calculated according to standard accounting rules. It indicates how efficiently a company is turning sales into profit before accounting for other expenses, and higher gross margins generally suggest better profitability potential. This metric helps investors assess a company's pricing power and cost management.

non-gaap gross margin financial

"Non-GAAP gross margin was 31.9% compared to 35.1% in the prior year quarter."

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

adjusted ebitda financial

"Adjusted EBITDA was positive $1 million compared to negative $14 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

cash flow from operations financial

"In addition, we improved cash flow from operations by $104 million"

Cash flow from operations is the money a company actually generates from its core business activities—sales, services and day-to-day operations—after paying routine costs like wages and suppliers. Investors watch it like a company’s operating “paycheck” because it shows whether the business can fund growth, pay debts and return cash to shareholders without relying on loans or one-time asset sales; steady positive cash flow is a sign of financial health.

ai-enabled technical

"GP3, our new, next-generation AI-enabled image processor"

AI-enabled describes a product, service, or process that uses artificial intelligence—software that learns from data and makes decisions or predictions—as a core feature rather than a minor add-on. For investors it matters because AI-enabled offerings can boost productivity, lower costs or unlock new revenue streams; like adding a smart autopilot to a routine task, they can change a company's growth potential and competitive edge while also bringing higher upfront investment needs and distinct regulatory or ethical risks.

AI-generated analysis. Not financial advice.

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

• 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		% 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:

• the comparability of our on-going operating results over the periods presented;
• the ability to identify trends in our underlying business; and
• the 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; and
• other 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		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)

 

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SOURCE GoPro, Inc.

FAQ

What were GoPro's full-year 2025 revenue and net loss (GPRO)?

GoPro reported $652 million revenue for 2025 and a GAAP net loss of $93 million. According to GoPro, revenue was down ~19% year-over-year and GAAP net loss improved significantly versus 2024.

How did GoPro perform in Q4 2025 for camera sell-through and revenue (GPRO)?

Q4 2025 sell-through was about 625,000 camera units and revenue was $202 million. According to GoPro, sell-through declined ~19% year-over-year while revenue was roughly flat versus the prior-year quarter.

What is GP3 and when will GoPro launch GP3-powered cameras (GPRO)?

GP3 is GoPro's next-generation AI-enabled image processor, and first GP3-powered cameras are expected to launch in Q2 2026. According to GoPro, GP3 targets higher-tier image quality and processing performance for new camera models.

How did GoPro's subscription and service revenue change in 2025 (GPRO)?

Subscription and service revenue was $106 million for 2025, down about 1% year-over-year. According to GoPro, the company improved attach rates and ARPU despite a slight decline in subscriber count.

Did GoPro improve profitability metrics like adjusted EBITDA in 2025 (GPRO)?

Adjusted EBITDA improved to a $28.5 million loss for 2025 versus a $71.6 million loss in 2024. According to GoPro, this reflects expense reductions and stronger operating cash flow.