GoPro Announces Second Quarter Results

GoPro Announces Second Quarter Results Revenue of $105 million

Subscription and Service Revenue of $29 million

New MISSION 1 Series of Cameras Available On-line and Through Retailers Globally

GoPro Subscription Hits Record 69% Attach Rate

SAN MATEO, Calif., Aug. 10, 2026 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2026, and posted management commentary in the investor relations section of its website at https://investor.gopro.com.

"In Q2, we expanded the performance and creative potential of our camera lineup with the launch of the MISSION 1 Series of cameras and continued to advance our strategic review process to maximize shareholder value. I'm excited about our new and upcoming products as they further establish GoPro as one of the world's most exciting digital imaging companies and brands," said Nicholas Woodman, GoPro's founder and CEO.

Q2 2026 Financial Results

Recent Business Highlights

Results Summary:

($ in thousands, except per share amounts)

Three months ended June 30,

2026

2025

% Change

Revenue

Hardware revenue

$ 75,953

$ 126,428

(39.9) %

Subscription and services revenue

28,981

26,215

10.6 %

Total revenue

$ 104,934

$ 152,643

(31.3) %

Gross margin

GAAP

30.2 %

35.8 %

(560) bps

Non-GAAP

30.4 %

36.0 %

(560) bps

Operating loss

GAAP

$ (38,982)

$ (14,007)

178.3 %

Non-GAAP

$ (32,601)

$ (8,480)

284.4 %

Net loss

GAAP

$ (51,005)

$ (16,422)

210.6 %

Non-GAAP

$ (35,794)

$ (11,957)

199.4 %

Diluted net loss per share

GAAP

$ (0.30)

$ (0.10)

200.0 %

Non-GAAP

$ (0.21)

$ (0.08)

162.5 %

Adjusted EBITDA

$ (29,497)

$ (5,690)

418.4 %

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 +1 833-461-5787 (US) or +1 585-542-9983 (International) and enter access code 529 017 833, 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, MISSION 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, gains or losses on insurance proceeds, gains or losses on extinguishment of debt, gains or losses on the revaluation of warrants, gains or losses related to derivative liabilities, gains on the sale and/or license of intellectual property, non-cash interest expense, 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," "may", "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 regarding revenue, profitability, improved gross margin, and reduced operating expenses; cash flow improvement and inventory reduction; the launch and market positioning of the MISSION 1 Series cameras in the high-end digital imaging market; our evaluation of strategic alternatives and the timing of completing any strategic alternatives, including a potential sale or merger of the Company; subscription and service revenue and subscriber retention and; partnerships and brand collaborations. 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 or sustain revenue growth or profitability in the future; substantial doubt about our ability to continue as a going concern; dilution of our common stock; our ability to maintain compliance with Nasdaq listing requirements; plans to drive profitability, including our restructuring plans and the improved efficiencies in our operations that such plans may create; our ability to achieve profitability if there are delays in our product launches, increases in component costs, or shortages of key components, including due to our ability to retain or identify alternative suppliers in a timely fashion; the impact of negative macroeconomic factors including fluctuating interest rates, inflation, currency exchange rates, market volatility, and economic downturns or uncertainty in our key U.S. and international markets that 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 affect our business, supply chain expenses, and gross margins; 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, and the risk that subscriber count may continue to decline; our reliance on third-party suppliers, some of which are sole-source suppliers, and contract manufacturers for our products, some of which may be impacted due to supply shortages, long lead times, or other service disruptions, including unprecedented increases and volatility in memory component costs, 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, including through new products such as the MISSION 1 Series and potential expansion into defense and aerospace markets, and we may not be successful in doing so; the risk we are unable to reduce our operating expenses or that continued reductions in research and development and marketing spending may constrain our product roadmap, ability to innovate, and ability to generate sufficient consumer demand; 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; 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, particularly given reductions in our workforce and fluctuations in the price of our Class A common stock; 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; our substantial indebtedness, including but not limited to, our Credit Facilities and Convertible Debentures and 2026 Notes, and the corresponding cash debt service obligations and restrictive covenants; our ability to comply with financial covenants in our Credit Facilities and the risk of cross-default; the risk that our evaluation of strategic alternatives may not result in a transaction or other outcome that enhances stockholder value, and may be disruptive to our business operations; the risk that our pursuit of defense and aerospace opportunities could subject us to retaliatory actions by foreign governments; 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, 2025, filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, and as updated in subsequent periodic filings with the SEC including the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 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)

2026

2025

2026

2025

Revenue

Hardware

$ 75,953

$ 126,428

$ 148,103

$ 233,847

Subscription and services

28,981

26,215

55,896

53,104

Total revenue

104,934

152,643

203,999

286,951

Cost of revenue

Hardware

62,510

90,566

148,199

174,162

Subscription and services

10,761

7,414

19,831

14,977

Total cost of revenue

73,271

97,980

168,030

189,139

Gross profit

31,663

54,663

35,969

97,812

Operating expenses:

Research and development

29,646

30,503

58,081

60,060

Sales and marketing

29,016

25,275

52,234

48,533

General and administrative

11,983

12,892

21,881

29,834

Goodwill impairment

—

18,600

Total operating expenses

70,645

68,670

132,196

157,027

Operating loss

(38,982)

(14,007)

(96,227)

(59,215)

Other income (expense):

Interest expense

(6,442)

(1,436)

(10,560)

(2,233)

Other income (expense), net

(4,785)

330

(22,397)

1,278

Total other interest (expense), net

(11,227)

(1,106)

(32,957)

(955)

Loss before income taxes

(50,209)

(15,113)

(129,184)

(60,170)

Income tax expense

796

1,309

2,641

2,961

Net loss

$ (51,005)

$ (16,422)

$ (131,825)

$ (63,131)

Basic and diluted net loss per share

$ (0.30)

$ (0.10)

$ (0.79)

$ (0.40)

Shares used to compute basic and diluted net

loss per share

171,234

157,843

167,243

157,144

GoPro, Inc.

Preliminary Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

June 30,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents

$ 27,265

$ 49,674

Accounts receivable, net

60,366

93,513

Inventory

86,745

78,431

Prepaid expenses and other current assets

54,690

30,951

Total current assets

229,066

252,569

Property and equipment, net

7,019

5,903

Operating lease right-of-use assets

9,220

11,138

Goodwill

133,751

Other long-term assets

19,400

24,622

Total assets

$ 398,456

$ 427,983

Liabilities and Stockholders' Equity (Deficit)

Current liabilities:

Accounts payable

$ 125,987

$ 97,012

Accrued expenses and other current liabilities

147,830

95,856

Short-term operating lease liabilities

7,547

12,069

Deferred revenue

50,876

52,636

Short-term debt

72,656

19,598

Total current liabilities

404,896

277,171

Long-term taxes payable

14,799

13,544

Long-term debt

—

44,322

Long-term operating lease liabilities

5,845

7,329

Other long-term liabilities

5,587

9,067

Total liabilities

431,127

351,433

Stockholders' equity (deficit):

Common stock and additional paid-in capital

1,067,479

1,044,875

Treasury stock, at cost

(193,231)

Accumulated deficit

(906,919)

(775,094)

Total stockholders' equity (deficit)

(32,671)

76,550

Total liabilities and stockholders' equity (deficit)

$ 398,456

$ 427,983

GoPro, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended June 30,

Six months ended June 30,

(in thousands)

2026

2025

2026

2025

Operating activities:

Net loss

$ (51,005)

$ (16,422)

$ (131,825)

$ (63,131)

Adjustments to reconcile net loss to net cash

provided by (used in) operating activities:

Depreciation and amortization

1,784

1,698

3,578

3,416

Non-cash operating lease cost

1,360

1,368

2,720

1,153

Stock-based compensation

4,056

5,116

7,054

10,486

Goodwill impairment

—

18,600

Deferred income taxes, net

(233)

581

(130)

Non-cash interest expense

3,837

—

5,682

—

Gain on sale of intellectual property

—

(1,200)

—

Loss on extinguishment of debt

—

8,870

—

Derivative expense

—

7,552

—

Change in fair value of derivative liabilities

4,789

—

10,441

—

Other

354

178

(2,117)

284

Net changes in operating assets and liabilities

24,633

17,047

41,262

(19,112)

Net cash provided by (used in) operating

activities

(10,184)

8,752

(47,402)

(48,434)

Investing activities:

Purchases of property and equipment, net

(1,020)

(478)

(2,063)

(1,783)

Proceeds from the sale and license of intellectual

property

600

—

1,200

—

Net cash used in investing activities

(420)

(478)

(863)

(1,783)

Financing activities:

Proceeds from issuance of common stock

—

303

374

Taxes paid related to net share settlement of

equity awards

(1,314)

(121)

(1,743)

(624)

Proceeds from borrowings

—

30,250

25,000

Repayments of borrowings

(1,475)

(20,000)

(1,850)

(20,000)

Payment of debt issuance costs

—

(941)

—

Net cash provided by (used in) financing

activities

(2,789)

(20,121)

26,019

4,750

Effect of exchange rate changes on cash and

cash equivalents

(65)

784

(163)

1,227

Net change in cash and cash equivalents

(13,458)

(11,063)

(22,409)

(44,240)

Cash and cash equivalents at beginning of period

40,723

69,634

49,674

102,811

Cash and cash equivalents at end of period

$ 27,265

$ 58,571

$ 27,265

$ 58,571

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 June 30,

Six months ended June 30,

(in thousands, except per share data)

2026

2025

2026

2025

GAAP net loss

$ (51,005)

$ (16,422)

$ (131,825)

$ (63,131)

Stock-based compensation:

Cost of revenue

148

240

292

488

Research and development

1,859

2,681

3,419

5,501

Sales and marketing

760

935

1,335

1,817

General and administrative

1,289

1,260

2,008

2,680

Total stock-based compensation

4,056

5,116

7,054

10,486

Acquisition-related costs:

Research and development

469

938

General and administrative

—

Total acquisition-related costs

470

469

940

941

Restructuring and other costs:

Cost of revenue

(19)

(32)

Research and development

1,404

(611)

1,189

(20)

Sales and marketing

222

(64)

321

General and administrative

157

636

152

1,779

Total restructuring and other costs

1,855

(58)

1,495

2,048

Non-cash interest expense

3,837

—

5,682

—

(Gain) loss on insurance recovery

—

(424)

Loss on extinguishment of debt

—

8,870

—

(Gain) loss on revaluation of warrants

179

—

(2,571)

—

(Gain) loss related to derivative liabilities

4,789

—

17,993

—

(Gain) loss on sale and/or license of intellectual

property

—

(1,200)

—

Goodwill impairment

—

18,600

Income tax adjustments

(1,062)

Non-GAAP net loss

$ (35,794)

$ (11,957)

$ (93,470)

$ (31,401)

GAAP and non-GAAP shares for diluted net

loss per share

171,234

157,843

167,243

157,144

GAAP diluted net loss per share

$ (0.30)

$ (0.10)

$ (0.79)

$ (0.40)

Non-GAAP diluted net loss per share

$ (0.21)

$ (0.08)

$ (0.56)

$ (0.20)

Three months ended June 30,

Six months ended June 30,

(dollars in thousands)

2026

2025

2026

2025

GAAP gross margin as a % of revenue

30.2 %

35.8 %

17.6 %

34.1 %

Stock-based compensation

0.1

0.2

0.1

Restructuring and other costs

0.1

—

0.1

—

Non-GAAP gross margin as a % of revenue

30.4 %

36.0 %

17.8 %

34.2 %

GAAP operating expenses

$ 70,645

$ 68,670

$ 132,196

$ 157,027

Stock-based compensation

(3,908)

(4,876)

(6,762)

(9,998)

Acquisition-related costs

(470)

(469)

(940)

(941)

Restructuring and other costs

(1,783)

(1,438)

(2,080)

Goodwill impairment

—

(18,600)

Non-GAAP operating expenses

$ 64,484

$ 63,364

$ 123,056

$ 125,408

GAAP operating loss

$ (38,982)

$ (14,007)

$ (96,227)

$ (59,215)

Stock-based compensation

4,056

5,116

7,054

10,486

Acquisition-related costs

470

469

940

941

Restructuring and other costs

1,855

(58)

1,495

2,048

Goodwill impairment

—

18,600

Non-GAAP operating loss

$ (32,601)

$ (8,480)

$ (86,738)

$ (27,140)

Three months ended June 30,

Six months ended June 30,

(in thousands)

2026

2025

2026

2025

GAAP net loss

$ (51,005)

$ (16,422)

$ (131,825)

$ (63,131)

Income tax expense

796

1,309

2,641

2,961

Interest expense, net

6,263

916

9,932

1,164

Depreciation and amortization

1,784

1,698

3,578

3,416

POP display amortization

1,786

1,751

3,555

3,483

Stock-based compensation

4,056

5,116

7,054

10,486

(Gain) loss on insurance recovery

—

(424)

Loss on extinguishment of debt

—

8,870

—

(Gain) loss on revaluation of warrants

179

—

(2,571)

—

(Gain) loss related to derivative liabilities

4,789

—

17,993

—

Goodwill impairment

—

18,600

Restructuring and other costs

1,855

(58)

1,495

2,048

Adjusted EBITDA

$ (29,497)

$ (5,690)

$ (79,278)

$ (21,397)

SOURCE GoPro, Inc.