GoPro Announces Third Quarter Results
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.
Preliminary Condensed Consolidated Statements of Operations
(unaudited)
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
loss per share
158,933
153,741
157,747
152,449
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30,
2025
December 31,
2024
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.
Preliminary Condensed Consolidated Statements of Cash Flows
(unaudited)
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
provided by (used in) operating activities:
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
liabilities
25,573
(2,876)
6,461
(32,689)
Net cash provided by (used in) operating
activities
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
activities
(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
equity awards
(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
activities
83,085
103
87,835
(697)
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(113)
1,243
1,114
157
Net change in cash, cash equivalents, and
restricted cash
94,200
(2,841)
49,960
(92,513)
Cash, cash equivalents, and restricted cash
at beginning of period
58,571
133,036
102,811
222,708
Cash, cash equivalents, and restricted cash
at end of period
$ 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.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
(unaudited)
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
property
—
(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
net loss per share
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
revenue
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.