GoPro Announces Second Quarter Results

Rhea-AI Summary

GoPro (NASDAQ: GPRO) reported Q2 2025 financial results with revenue of $153 million, down 18% year-over-year. The company achieved significant improvements in operational efficiency, with gross margin increasing to 36.0% from 30.7% year-over-year and operating expenses reduced by 32%.

Key metrics include camera sell-through of 500,000 units (down 23% YoY), subscription revenue flat at $26 million, and subscriber count at 2.45 million. The company secured a $50 million second lien credit facility and issued 11.1 million warrants at $1.25 exercise price. GoPro expects to restore revenue growth and profitability in Q4 2025 through the launch of new hardware and software products.

The company reported a GAAP net loss of $16 million ($0.10 per share) and non-GAAP net loss of $12 million ($0.08 per share), showing significant improvement from the previous year.

Positive

• Gross margin improved significantly to 36.0% from 30.7% year-over-year
• Operating expenses reduced by 32% year-over-year
• Adjusted EBITDA improved 83% year-over-year
• Secured $50 million credit facility for additional liquidity
• Won initial determination in patent infringement case against competitor Insta360
• Launched new AI Training program leveraging 450+ petabytes of user content

Negative

• Revenue declined 18% year-over-year to $153 million
• Camera sell-through decreased 23% year-over-year to 500,000 units
• Subscriber count dropped 3% year-over-year to 2.45 million
• GAAP net loss of $16 million in Q2
• GoPro.com revenue declined 16% year-over-year
• Retail channel revenue decreased 19% year-over-year

Insights

Financial Analyst

GoPro's Q2 shows mixed results: revenue down 18% but significant margin improvement and cost reductions signal potential turnaround.

GoPro's Q2 2025 results paint a picture of a company in transition. Revenue declined $153 million, down 18% year-over-year, with camera unit sell-through falling 23% to approximately 500,000 units. However, there are several positive developments beneath these headline numbers.

The most notable improvement is in gross margin, which expanded significantly to 36.0% (non-GAAP) from 30.7% a year ago – a substantial 530 basis point improvement. This margin expansion, coupled with a 32% reduction in operating expenses, demonstrates that management's cost-cutting initiatives from 2024 are bearing fruit.

The company's loss narrowed considerably, with adjusted EBITDA improving 83% year-over-year to negative $6 million compared to negative $33 million in the prior year period. Non-GAAP net loss per share improved to $(0.08) from $(0.24).

GoPro's subscription business remains a bright spot, with revenue holding steady at $26 million despite a 3% decline in subscriber count to 2.45 million. This suggests improved monetization per subscriber.

The company has also secured additional liquidity through a $50 million second lien credit facility, though this came at the cost of issuing 11.1 million warrants at $1.25 – potentially dilutive to existing shareholders.

Management's forward-looking statements indicate a potential inflection point coming in Q4 2025, with new hardware and software products expected to restore revenue growth and profitability. The favorable initial determination in the patent infringement case against competitor Insta360 could also help protect market share.

The new AI Training program leveraging GoPro's vast content library (450+ petabytes) represents an interesting diversification opportunity that could open new revenue streams beyond hardware sales.

Revenue was $153 million

 Gross Margin Improved to 36.0% from 30.7% Year-over-Year

SAN MATEO, Calif., Aug. 11, 2025 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2025, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.

"The initiatives we undertook in 2024 to reduce operating expenses and improve gross margin are beginning to deliver meaningful results. In Q2 2025, year-over-year, we improved gross margin to 36.0%, up from 30.7%, reduced operating expenses 32% and improved adjusted EBITDA 83%," said Brian McGee, GoPro's CFO and COO.

"Our Q2 results reflect consistent operational execution and efficiency, and we're excited to launch a broader, more diversified suite of hardware and software products in the second half of 2025, which we believe will restore revenue growth and profitability to our business starting in Q4 2025," said Nicholas Woodman, GoPro's founder and CEO.

Q2 2025 Financial Results

• Revenue was $153 million, down 18% year-over-year.
• Sell-through was approximately 500,000 camera units, down 23% year-over-year.
• Subscription and service revenue was flat year-over-year at $26 million. GoPro subscriber count ended Q2 at 2.45 million, down 3% year-over-year.
• Revenue from the retail channel was $111 million, or 73% of total revenue and down 19% year-over-year. GoPro.com revenue, including subscription and service revenue, was $41 million, or 27% of total revenue and down 16% year-over-year.
• GAAP gross margin was 35.8% compared to 30.5% in the prior year quarter. Non-GAAP gross margin was 36.0% compared to 30.7% in the prior year quarter.
• GAAP net loss was $16 million, or a $(0.10) loss per share, compared to a net loss of $48 million or $(0.31) loss per share, in the prior year period.
• Non-GAAP net loss was $12 million, or a $(0.08) loss per share, compared to non-GAAP net loss of $36 million, or $(0.24) per share, in the prior year period.
• Adjusted EBITDA was negative $6 million compared to negative $33 million in the prior year period, an 83% improvement year-over-year.

Recent Business Highlights 

• GoPro closed a second lien credit facility of $50 million. As part of the agreement, GoPro issued an aggregate of 11.1 million warrants to purchase shares of our common stock at an exercise price of $1.25.
• A United States Administrative Law Judge with the International Trade Commission issued an initial determination that one of our China-based competitors, Insta360, violated federal law by importing and selling products that infringe on a patent covering GoPro's iconic HERO camera design in the U.S. A final determination will be issued on or before November 10, 2025.
• GoPro announced a new opt-in AI Training program that enables U.S. subscribers to voluntarily make their user-generated content available for GoPro to license to leading technology companies seeking diverse, real-world footage to enhance the performance and accuracy of their AI models. The GoPro subscriber community's vast data lake, containing more than 450 petabytes of cloud-based, high-quality video content, which translates into more than 13 million hours of video, represents a valuable opportunity for AI developers to train their models with a rich and varied dataset.
• GoPro launched HERO13 Black Ultra Wide Edition, a special edition of our flagship HERO13 Black camera bundled in-box with our Ultra Wide Lens Mod pre-installed on the camera, making it simple to capture low-distortion, incredibly wide-angle 177-degree perspectives that make you feel like you're fully immersed in the moment.
• GoPro added two easy and powerful 360 editing tools to the GoPro App, MotionFrame and POV, offering a simple way to review, capture and share traditional fixed-frame videos and photos from 360 footage.
• GoPro introduced a limited-edition Forest Green colorway of HERO13 Black, offering a bold, nature-inspired aesthetic designed to appeal to outdoor enthusiasts.
• GoPro refreshed its Board of Directors with the addition of three seasoned executives.

Results Summary:

	Three months ended June 30,
($ in thousands, except per share amounts)	2025		2024		% Change
Revenue	$            152,643		$            186,224		(18.0) %
Gross margin
GAAP	35.8 %		30.5 %		530 bps
Non-GAAP	36.0 %		30.7 %		530 bps
Operating loss
GAAP	$             (14,007)		$            (46,509)		(69.9) %
Non-GAAP	$               (8,480)		$            (35,413)		(76.1) %
Net loss
GAAP	$             (16,422)		$            (47,821)		(65.7) %
Non-GAAP	$             (11,957)		$            (36,179)		(67.0) %
Diluted net loss per share
GAAP	$                 (0.10)		$                 (0.31)		(67.7) %
Non-GAAP	$                 (0.08)		$                 (0.24)		(66.7) %
Adjusted EBITDA	$               (5,690)		$             (33,426)		(83.0) %

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 call +1 833-470-1428 (US) or +1 404-975-4839 (International) and enter access code 363381, 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. A recording of the webcast will be available on GoPro's website, https://investor.gopro.com, from approximately two hours after the call through November 9, 2025.

About GoPro, Inc. (NASDAQ: GPRO)

GoPro helps the world capture and share itself in immersive and exciting ways.

GoPro has been recognized as an employer of choice by both Outside Magazine and U.S. News & World Report for being among the best places to work. Open roles can be found on our careers page. For more information, visit GoPro.com.

Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro's blog, The Current. GoPro customers can submit their photos and videos to GoPro Awards for an opportunity to be featured on GoPro's social channels and receive gear and cash awards. Members of the press can access official logos and imagery on our press portal.

GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.

GoPro's Use of Social Media

GoPro announces material financial information using the Company's investor relations website, SEC filings, press releases, public conference calls and webcasts. GoPro may also use social media channels to communicate about the Company, its brand and other matters; these communications could be deemed material information. Investors and others are encouraged to review posts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro's investor relations website and blog, The Current.

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 on insurance proceeds, (gain) loss on extinguishment of debt, 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, subscription growth, and reduced operating expenses; hardware and software product launch, product diversification and statements related to the Company's new opt-in AI learning program, revenue opportunities for participants and the Company, licensing of user-generated content. 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 which may negatively effect on 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, 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, and we may not be successful in doing so; the risk we are 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 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; 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). 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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Revenue	$               152,643		$               186,224		$               286,951		$               341,693
Cost of revenue	97,980		129,514		189,139		231,945
Gross profit	54,663		56,710		97,812		109,748
‌
Operating expenses:
Research and development	30,503		46,932		60,060		91,544
Sales and marketing	25,275		41,353		48,533		76,499
General and administrative	12,892		14,934		29,834		29,627
Goodwill impairment	—		—		18,600		—
Total operating expenses	68,670		103,219		157,027		197,670
Operating loss	(14,007)		(46,509)		(59,215)		(87,922)
Other income (expense):
Interest expense	(1,436)		(790)		(2,233)		(1,464)
Other income, net	330		811		1,278		2,019
Total other income (expense), net	(1,106)		21		(955)		555
Loss before income taxes	(15,113)		(46,488)		(60,170)		(87,367)
Income tax expense	1,309		1,333		2,961		299,542
Net loss	$                (16,422)		$                (47,821)		$                (63,131)		$              (386,909)
‌
Basic and diluted net loss per share	$                    (0.10)		$                    (0.31)		$                    (0.40)		$                    (2.55)
‌
Shares used to compute basic and diluted net      loss per share	157,843		152,502		157,144		151,796

 

GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
‌
(in thousands)	June 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$                    58,571		$                  102,811
Accounts receivable, net	83,481		85,944
Inventory	84,482		120,716
Prepaid expenses and other current assets	28,934		29,774
Total current assets	255,468		339,245
Property and equipment, net	7,791		8,696
Operating lease right-of-use assets	13,250		14,403
Goodwill	133,751		152,351
Other long-term assets	28,730		28,983
Total assets	$                  438,990		$                  543,678
‌
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$                    61,132		$                    85,936
Accrued expenses and other current liabilities	85,914		110,769
Short-term operating lease liabilities	11,242		10,936
Deferred revenue	52,305		55,418
Short-term debt	98,518		93,208
Total current liabilities	309,111		356,267
Long-term taxes payable	15,041		11,621
Long-term operating lease liabilities	13,912		18,067
Other long-term liabilities	3,011		6,034
Total liabilities	341,075		391,989
‌
Stockholders' equity:
Common stock and additional paid-in capital	1,035,884		1,026,527
Treasury stock, at cost	(193,231)		(193,231)
Accumulated deficit	(744,738)		(681,607)
Total stockholders' equity	97,915		151,689
Total liabilities and stockholders' equity	$                  438,990		$                  543,678

 

GoPro, Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(unaudited)
‌
	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Operating activities:
Net loss	$            (16,422)		$            (47,821)		$            (63,131)		$          (386,909)
Adjustments to reconcile net loss to net cash provided    by (used in) operating activities:
Depreciation and amortization	1,698		1,559		3,416		2,884
Non-cash operating lease cost	1,368		(2,693)		1,153		(1,611)
Stock-based compensation	5,116		7,791		10,486		16,561
Goodwill impairment	—		—		18,600		—
Deferred income taxes, net	(233)		(65)		(130)		296,710
Impairment of right-of-use assets	—		3,276		—		3,276
Other	178		453		284		1,104
Net changes in operating assets and liabilities	17,047		38,105		(19,112)		(29,813)
Net cash provided by (used in) operating activities	8,752		605		(48,434)		(97,798)
‌
Investing activities:
Purchases of property and equipment, net	(478)		(716)		(1,783)		(1,680)
Maturities of marketable securities	—		—		—		24,000
Acquisition, net of cash acquired	—		—		—		(12,308)
Net cash provided by (used in) investing activities	(478)		(716)		(1,783)		10,012
‌
Financing activities:
Proceeds from issuance of common stock	—		1		374		1,380
Taxes paid related to net share settlement of equity      awards	(121)		(203)		(624)		(2,180)
Proceeds from borrowings	—		—		25,000		—
Repayment of debt	(20,000)		—		(20,000)		—
Net cash provided by (used in) financing activities	(20,121)		(202)		4,750		(800)
‌
Effect of exchange rate changes on cash and cash      equivalents	784		(309)		1,227		(1,086)
Net change in cash and cash equivalents	(11,063)		(622)		(44,240)		(89,672)
Cash and cash equivalents at beginning of period	69,634		133,658		102,811		222,708
Cash and cash equivalents at end of period	$             58,571		$           133,036		$             58,571		$           133,036

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 on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains 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 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 June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
GAAP net loss	$              (16,422)		$              (47,821)		$              (63,131)		$            (386,909)
Stock-based compensation:
Cost of revenue	240		339		488		754
Research and development	2,681		4,016		5,501		8,281
Sales and marketing	935		1,545		1,817		3,289
General and administrative	1,260		1,891		2,680		4,237
Total stock-based compensation	5,116		7,791		10,486		16,561
‌
Acquisition-related costs:
Research and development	469		469		938		625
General and administrative	—		100		3		781
Total acquisition-related costs	469		569		941		1,406
‌
Restructuring and other costs:
Cost of revenue	(19)		137		(32)		137
Research and development	(611)		1,396		(20)		2,262
Sales and marketing	(64)		831		321		1,298
General and administrative	636		372		1,779		949
Total restructuring and other costs	(58)		2,736		2,048		4,646
‌
Gain on insurance recovery	—		—		(424)		—
Goodwill impairment	—		—		18,600		—
Income tax adjustments	(1,062)		546		79		8,760
Non-GAAP net loss	$              (11,957)		$              (36,179)		$              (31,401)		$            (355,536)
‌
GAAP and non-GAAP shares for diluted net loss      per share	157,843		152,502		157,144		151,796
GAAP diluted net loss per share	$                  (0.10)		$                  (0.31)		$                  (0.40)		$                  (2.55)
Non-GAAP diluted net loss per share	$                  (0.08)		$                  (0.24)		$                  (0.20)		$                  (2.34)
‌
	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2025		2024		2025		2024
GAAP gross margin as a % of revenue	35.8 %		30.5 %		34.1 %		32.1 %
Stock-based compensation	0.2		0.2		0.1		0.2
Restructuring and other costs	—		—		—		0.1
Non-GAAP gross margin as a % of revenue	36.0 %		30.7 %		34.2 %		32.4 %
‌
GAAP operating expenses	$               68,670		$             103,219		$             157,027		$             197,670
Stock-based compensation	(4,876)		(7,452)		(9,998)		(15,807)
Acquisition-related costs	(469)		(569)		(941)		(1,406)
Restructuring and other costs	39		(2,599)		(2,080)		(4,509)
Goodwill impairment	—		—		(18,600)		—
Non-GAAP operating expenses	$               63,364		$               92,599		$             125,408		$             175,948
‌
GAAP operating loss	$              (14,007)		$              (46,509)		$              (59,215)		$              (87,922)
Stock-based compensation	5,116		7,791		10,486		16,561
Acquisition-related costs	469		569		941		1,406
Restructuring and other costs	(58)		2,736		2,048		4,646
Goodwill impairment	—		—		18,600		—
Non-GAAP operating loss	$                (8,480)		$              (35,413)		$              (27,140)		$              (65,309)
‌
	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
GAAP net loss	$              (16,422)		$              (47,821)		$              (63,131)		$            (386,909)
Income tax expense	1,309		1,333		2,961		299,542
Interest expense (income), net	916		(226)		1,164		(1,515)
Depreciation and amortization	1,698		1,559		3,416		2,884
POP display amortization	1,751		1,202		3,483		2,064
Stock-based compensation	5,116		7,791		10,486		16,561
Gain on insurance recovery	—		—		(424)		—
Goodwill impairment	—		—		18,600		—
Restructuring and other costs	(58)		2,736		2,048		4,646
Adjusted EBITDA	$                (5,690)		$              (33,426)		$              (21,397)		$              (62,727)

 

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SOURCE GoPro, Inc.

FAQ

What were GoPro's (GPRO) Q2 2025 earnings results?

GoPro reported Q2 2025 revenue of $153 million (down 18% YoY), with a GAAP net loss of $16 million ($0.10 per share) and improved gross margin of 36.0%.

How many cameras did GoPro sell in Q2 2025?

GoPro's camera sell-through was approximately 500,000 units in Q2 2025, representing a 23% decrease year-over-year.

What is GoPro's current subscriber count and subscription revenue?

GoPro ended Q2 2025 with 2.45 million subscribers (down 3% YoY) and subscription revenue remained flat at $26 million.

How much did GoPro secure in their new credit facility?

GoPro secured a $50 million second lien credit facility and issued 11.1 million warrants at $1.25 exercise price.

When does GoPro expect to return to profitability?

GoPro expects to restore revenue growth and profitability to their business starting in Q4 2025 through the launch of new hardware and software products.

What was GoPro's gross margin improvement in Q2 2025?

GoPro's non-GAAP gross margin improved to 36.0% in Q2 2025, up from 30.7% in the prior year quarter, representing a 530 basis points increase.