|
|||||
|
|
Revenue was $163 million
Cash Flow from Operations was $12 million, a $14 million Improvement Year-over-Year
SAN MATEO, Calif., Nov. 6, 2025 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its third quarter ended September 30, 2025, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.
"Q3 marked a meaningful step forward in our strategy to diversify, grow and restore profitability to GoPro's business," said Nicholas Woodman, GoPro's founder and CEO. "We successfully launched three new TAM-expanding hardware products—our MAX2 360 camera, LIT HERO camera and Fluid Pro AI gimbal—alongside several new software offerings. We expect to return to revenue growth and profitability beginning Q4 2025 and in 2026."
"We delivered encouraging results in Q3, with revenue of $163 million and gross margin of 35.2%, in-line with our guidance ranges," said Brian McGee, GoPro's CFO and COO. "We generated $12 million in cash flow from operations—our second consecutive quarter of positive cash flow from operations and a $14 million improvement year-over-year. Additionally, sell-through exceeded our expectations by 5% and channel inventory declined 30% from a year ago and has reduced for four consecutive quarters."
Q3 2025 Financial Results
Recent Business Highlights
Results Summary:
|
|
Three months ended September 30, |
||||
|
($ in thousands, except per share amounts) |
2025 |
|
2024 |
|
% Change |
|
Revenue |
$ 162,918 |
|
$ 258,898 |
|
(37.1) % |
|
Gross margin |
|
|
|
|
|
|
GAAP |
35.1 % |
|
35.5 % |
|
(40) bps |
|
Non-GAAP |
35.2 % |
|
35.6 % |
|
(40) bps |
|
Operating income (loss) |
|
|
|
|
|
|
GAAP |
$ (15,885) |
|
$ (8,011) |
|
98.3 % |
|
Non-GAAP |
$ (11,044) |
|
$ 950 |
|
(1,262.5) % |
|
Net loss |
|
|
|
|
|
|
GAAP |
$ (21,252) |
|
$ (8,211) |
|
158.8 % |
|
Non-GAAP |
$ (13,907) |
|
$ (463) |
|
2,903.7 % |
|
Diluted net loss per share |
|
|
|
|
|
|
GAAP |
$ (0.13) |
|
$ (0.05) |
|
160.0 % |
|
Non-GAAP |
$ (0.09) |
|
$ (0.00) |
|
(100.0) % |
|
Adjusted EBITDA |
$ (7,903) |
|
$ 5,447 |
|
(245.1) % |
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 + 1 646-844-6383 (International) and enter access code 597836, 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.
GoPro was named one of the World's Most Trustworthy Companies by Newsweek for the second consecutive year, recognized globally for earning and maintaining the trust of customers, investors and employees.
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.
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, subscription growth, expanding our TAM 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. |
|||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
(in thousands, except per share data) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenue |
$ 162,918 |
|
$ 258,898 |
|
$ 449,869 |
|
$ 600,591 |
|
Cost of revenue |
105,751 |
|
167,052 |
|
294,890 |
|
398,997 |
|
Gross profit |
57,167 |
|
91,846 |
|
154,979 |
|
201,594 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
34,603 |
|
44,328 |
|
94,663 |
|
135,872 |
|
Sales and marketing |
24,956 |
|
40,686 |
|
73,489 |
|
117,185 |
|
General and administrative |
13,493 |
|
14,843 |
|
43,327 |
|
44,470 |
|
Goodwill impairment |
— |
|
— |
|
18,600 |
|
— |
|
Total operating expenses |
73,052 |
|
99,857 |
|
230,079 |
|
297,527 |
|
Operating loss |
(15,885) |
|
(8,011) |
|
(75,100) |
|
(95,933) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
(2,715) |
|
(808) |
|
(4,948) |
|
(2,272) |
|
Other income (expense), net |
(1,881) |
|
2,691 |
|
(603) |
|
4,710 |
|
Total other income (expense), net |
(4,596) |
|
1,883 |
|
(5,551) |
|
2,438 |
|
Loss before income taxes |
(20,481) |
|
(6,128) |
|
(80,651) |
|
(93,495) |
|
Income tax expense |
771 |
|
2,083 |
|
3,732 |
|
301,625 |
|
Net loss |
$ (21,252) |
|
$ (8,211) |
|
$ (84,383) |
|
$ (395,120) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
$ (0.13) |
|
$ (0.05) |
|
$ (0.53) |
|
$ (2.59) |
|
|
|
|
|
|
|
|
|
|
Shares used to compute basic and diluted net |
158,933 |
|
153,741 |
|
157,747 |
|
152,449 |
|
GoPro, Inc. |
|||
|
(in thousands) |
September 30,
|
|
December 31,
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 58,431 |
|
$ 102,811 |
|
Restricted cash |
94,340 |
|
— |
|
Accounts receivable, net |
87,388 |
|
85,944 |
|
Inventory |
84,064 |
|
120,716 |
|
Prepaid expenses and other current assets |
34,547 |
|
29,774 |
|
Total current assets |
358,770 |
|
339,245 |
|
Property and equipment, net |
7,118 |
|
8,696 |
|
Operating lease right-of-use assets |
12,448 |
|
14,403 |
|
Goodwill |
133,751 |
|
152,351 |
|
Other long-term assets |
26,521 |
|
28,983 |
|
Total assets |
$ 538,608 |
|
$ 543,678 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 77,836 |
|
$ 85,936 |
|
Accrued expenses and other current liabilities |
98,902 |
|
110,769 |
|
Short-term operating lease liabilities |
11,884 |
|
10,936 |
|
Deferred revenue |
52,006 |
|
55,418 |
|
Short-term debt |
138,463 |
|
93,208 |
|
Total current liabilities |
379,091 |
|
356,267 |
|
Long-term taxes payable |
16,057 |
|
11,621 |
|
Long-term debt |
43,916 |
|
— |
|
Long-term operating lease liabilities |
10,661 |
|
18,067 |
|
Other long-term liabilities |
8,389 |
|
6,034 |
|
Total liabilities |
458,114 |
|
391,989 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Common stock and additional paid-in capital |
1,039,715 |
|
1,026,527 |
|
Treasury stock, at cost |
(193,231) |
|
(193,231) |
|
Accumulated deficit |
(765,990) |
|
(681,607) |
|
Total stockholders' equity |
80,494 |
|
151,689 |
|
Total liabilities and stockholders' equity |
$ 538,608 |
|
$ 543,678 |
|
GoPro, Inc. |
|||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
(in thousands) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net loss |
$ (21,252) |
|
$ (8,211) |
|
$ (84,383) |
|
$ (395,120) |
|
Adjustments to reconcile net loss to net cash |
|
|
|
|
|
|
|
|
Depreciation and amortization |
1,800 |
|
1,827 |
|
5,216 |
|
4,711 |
|
Non-cash operating lease cost |
802 |
|
1,326 |
|
1,955 |
|
(285) |
|
Stock-based compensation |
4,663 |
|
7,372 |
|
15,149 |
|
23,933 |
|
Goodwill impairment |
— |
|
— |
|
18,600 |
|
— |
|
Deferred income taxes, net |
(22) |
|
49 |
|
(152) |
|
296,759 |
|
Impairment of right-of-use assets |
— |
|
— |
|
— |
|
3,276 |
|
Other |
598 |
|
(1,731) |
|
882 |
|
(627) |
|
Net changes in operating assets and |
25,573 |
|
(2,876) |
|
6,461 |
|
(32,689) |
|
Net cash provided by (used in) operating |
12,162 |
|
(2,244) |
|
(36,272) |
|
(100,042) |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment, net |
(934) |
|
(1,943) |
|
(2,717) |
|
(3,623) |
|
Maturities of marketable securities |
— |
|
— |
|
— |
|
24,000 |
|
Acquisition, net of cash acquired |
— |
|
— |
|
— |
|
(12,308) |
|
Net cash provided by (used in) investing |
(934) |
|
(1,943) |
|
(2,717) |
|
8,069 |
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
332 |
|
770 |
|
706 |
|
2,150 |
|
Taxes paid related to net share settlement of |
(538) |
|
(667) |
|
(1,162) |
|
(2,847) |
|
Proceeds from borrowings |
88,174 |
|
— |
|
113,174 |
|
— |
|
Repayment of debt |
(2,601) |
|
— |
|
(22,601) |
|
— |
|
Payment of debt issuance costs |
(2,282) |
|
— |
|
(2,282) |
|
— |
|
Net cash provided by (used in) financing |
83,085 |
|
103 |
|
87,835 |
|
(697) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, |
(113) |
|
1,243 |
|
1,114 |
|
157 |
|
Net change in cash, cash equivalents, and |
94,200 |
|
(2,841) |
|
49,960 |
|
(92,513) |
|
Cash, cash equivalents, and restricted cash |
58,571 |
|
133,036 |
|
102,811 |
|
222,708 |
|
Cash, cash equivalents, and restricted cash |
$ 152,771 |
|
$ 130,195 |
|
$ 152,771 |
|
$ 130,195 |
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. |
|||||||
|
Reconciliations of non-GAAP financial measures are set forth below: |
|||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
(in thousands, except per share data) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
GAAP net loss |
$ (21,252) |
|
$ (8,211) |
|
$ (84,383) |
|
$ (395,120) |
|
Stock-based compensation: |
|
|
|
|
|
|
|
|
Cost of revenue |
238 |
|
349 |
|
726 |
|
1,103 |
|
Research and development |
2,573 |
|
3,669 |
|
8,074 |
|
11,950 |
|
Sales and marketing |
885 |
|
1,603 |
|
2,702 |
|
4,892 |
|
General and administrative |
967 |
|
1,751 |
|
3,647 |
|
5,988 |
|
Total stock-based compensation |
4,663 |
|
7,372 |
|
15,149 |
|
23,933 |
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs: |
|
|
|
|
|
|
|
|
Research and development |
468 |
|
469 |
|
1,406 |
|
1,094 |
|
General and administrative |
9 |
|
15 |
|
12 |
|
796 |
|
Total acquisition-related costs |
477 |
|
484 |
|
1,418 |
|
1,890 |
|
|
|
|
|
|
|
|
|
|
Restructuring and other costs: |
|
|
|
|
|
|
|
|
Cost of revenue |
(17) |
|
— |
|
(49) |
|
137 |
|
Research and development |
(179) |
|
679 |
|
(199) |
|
2,941 |
|
Sales and marketing |
(151) |
|
314 |
|
170 |
|
1,612 |
|
General and administrative |
48 |
|
112 |
|
1,827 |
|
1,061 |
|
Total restructuring and other costs |
(299) |
|
1,105 |
|
1,749 |
|
5,751 |
|
|
|
|
|
|
|
|
|
|
(Gain) loss on insurance recovery |
158 |
|
— |
|
(266) |
|
— |
|
(Gain) on sale and/or license of intellectual |
— |
|
(999) |
|
— |
|
(999) |
|
(Gain) loss on revaluation of warrants |
2,594 |
|
— |
|
2,594 |
|
— |
|
Goodwill impairment |
— |
|
— |
|
18,600 |
|
— |
|
Income tax adjustments |
(248) |
|
(214) |
|
(169) |
|
8,546 |
|
Non-GAAP net loss |
$ (13,907) |
|
$ (463) |
|
$ (45,308) |
|
$ (355,999) |
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP shares for diluted |
158,933 |
|
153,741 |
|
157,747 |
|
152,449 |
|
|
|
|
|
|
|
|
|
|
GAAP diluted net loss per share |
$ (0.13) |
|
$ (0.05) |
|
$ (0.53) |
|
$ (2.59) |
|
Non-GAAP diluted net loss per share |
$ (0.09) |
|
$ (0.00) |
|
$ (0.29) |
|
$ (2.34) |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
(dollars in thousands) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
GAAP gross margin as a % of revenue |
35.1 % |
|
35.5 % |
|
34.4 % |
|
33.6 % |
|
Stock-based compensation |
0.1 |
|
0.1 |
|
0.2 |
|
0.2 |
|
Non-GAAP gross margin as a % of |
35.2 % |
|
35.6 % |
|
34.6 % |
|
33.8 % |
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ 73,052 |
|
$ 99,857 |
|
$ 230,079 |
|
$ 297,527 |
|
Stock-based compensation |
(4,425) |
|
(7,023) |
|
(14,423) |
|
(22,830) |
|
Acquisition-related costs |
(477) |
|
(484) |
|
(1,418) |
|
(1,890) |
|
Restructuring and other costs |
282 |
|
(1,105) |
|
(1,798) |
|
(5,614) |
|
Goodwill impairment |
— |
|
— |
|
(18,600) |
|
— |
|
Non-GAAP operating expenses |
$ 68,432 |
|
$ 91,245 |
|
$ 193,840 |
|
$ 267,193 |
|
|
|
|
|
|
|
|
|
|
GAAP operating loss |
$ (15,885) |
|
$ (8,011) |
|
$ (75,100) |
|
$ (95,933) |
|
Stock-based compensation |
4,663 |
|
7,372 |
|
15,149 |
|
23,933 |
|
Acquisition-related costs |
477 |
|
484 |
|
1,418 |
|
1,890 |
|
Restructuring and other costs |
(299) |
|
1,105 |
|
1,749 |
|
5,751 |
|
Goodwill impairment |
— |
|
— |
|
18,600 |
|
— |
|
Non-GAAP operating income (loss) |
$ (11,044) |
|
$ 950 |
|
$ (38,184) |
|
$ (64,359) |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
(in thousands) |
2025 |
|
2024 |
|
2025 |
|
2024 |
|
GAAP net loss |
$ (21,252) |
|
$ (8,211) |
|
$ (84,383) |
|
$ (395,120) |
|
Income tax expense |
771 |
|
2,083 |
|
3,732 |
|
301,625 |
|
Interest expense (income), net |
1,897 |
|
(152) |
|
3,061 |
|
(1,667) |
|
Depreciation and amortization |
1,800 |
|
1,826 |
|
5,216 |
|
4,710 |
|
POP display amortization |
1,765 |
|
1,424 |
|
5,248 |
|
3,488 |
|
Stock-based compensation |
4,663 |
|
7,372 |
|
15,149 |
|
23,933 |
|
(Gain) loss on insurance recovery |
158 |
|
— |
|
(266) |
|
— |
|
(Gain) loss on revaluation of warrants |
2,594 |
|
— |
|
2,594 |
|
— |
|
Goodwill impairment |
— |
|
— |
|
18,600 |
|
— |
|
Restructuring and other costs |
(299) |
|
1,105 |
|
1,749 |
|
5,751 |
|
Adjusted EBITDA |
$ (7,903) |
|
$ 5,447 |
|
$ (29,300) |
|
$ (57,280) |
SOURCE GoPro, Inc.

| 2 hours | |
| 2 hours | |
| 3 hours | |
| 4 hours | |
| Nov-05 |
Chinese sports camera maker Insta360 says price war with DJI is expanding the market
GPRO
South China Morning Post
|
| Oct-28 |
Chinese GoPro rival Insta360 posts 90% jump in sales as it gears up to enter drone market
GPRO
South China Morning Post
|
| Oct-23 | |
| Oct-22 | |
| Oct-22 | |
| Oct-22 | |
| Oct-21 | |
| Oct-20 | |
| Oct-20 | |
| Oct-16 | |
| Oct-16 |
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