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CLOSED · 08:25 ET
Market ClerkRecap
Sun Nov 1 · markets closed1 signal on Oct 31129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

GPRO

GoPro, Inc.
NASDAQ · CONSUMER DISCRETIONARY · PHOTOGRAPHIC EQUIPMENT & SUPPLIES
0.93
−0.07 −7.00%
USD · close Oct 30
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Work order
3
FLAG · shorts 3
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $568.6M −23.9%NET INCOME −$162.2MNET CASH $27.3M52W 0.57 – 1.88SEC XBRL · TTM TO Invalid Date

How GPRO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
32%
of sentences unchanged
Added
483
new sentences
Dropped
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sentences removed
Length
+4,082
words, now 36,160

New in FY2025

  • (units and dollars in thousands, except per share amounts) Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Total revenue $ 201,673 $ 200,882 — % $ 651,542 $ 801,473 (19) % Camera units shipped (1) 574 581 (1) % 1,826 2,431 (25) % Gross margin (2) 31.8 % 34.7 % (290) bps 33.6 % 33.8 % (20) bps Operating expenses $ 72,428 $ 108,801 (33) % $ 302,507 $ 406,328 (26) % Net loss $ (9,104) $ (37,191) (76) % $ (93,487) $ (432,311) (78) % Diluted net loss per share $ (0.06) $ (0.24) (75) % $ (0.59) $ (2.82) (79) % Cash provided by (used in) operations $ 15,603 $ (25,099) (162) % $ (20,669) $ (125,141) (83) % Other financial information: Adjusted EBITDA (3) $ 784 $ (14,359) (105) % $ (28,516) $ (71,639) (60) % Non-GAAP net loss (4) $ (2,669) $ (14,418) (81) % $ (47,977) $ (370,417) (87) % Non-GAAP diluted net loss per share (5) $ (0.02) $ (0.09) (78) % $ (0.30) $ (2.42) (88) % (1) Represents the number of camera units that are shipped during a reporting period, net of any returns.
  • (3) We define adjusted EBITDA as net income (loss) adjusted to exclude the impact of income tax expense (benefit), interest income, interest expense, depreciation and amortization, point of purchase (POP) display amortization, stock-based compensation, (gain) loss on insurance proceeds, (gain) loss on extinguishment of debt, restructuring and other costs, including right-of-use asset impairment charges (if applicable), (gain) loss on the revaluation of warrants, and goodwill impairment charges.
  • (4) We define non-GAAP net income (loss) as net income (loss) adjusted to exclude stock-based compensation, acquisition-related costs, restructuring and other costs, including right-of-use asset impairment charges (if applicable), (gain) loss on insurance proceeds, (gain) loss on extinguishment of debt, gain on sale and/or license of intellectual property, (gain) loss on the revaluation of warrants, goodwill impairment charges, and income tax adjustments.
  • (5) We define non-GAAP diluted net income (loss) per share as non-GAAP net income (loss) divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of our stock options, RSUs, PSUs, warrants, and convertible notes.
  • Full Year and Fourth Quarter 2025 financial performance Revenue for the full year of 2025 was $651.5 million, of which, $545.3 million was from hardware sales and $106.3 million was from subscription and services.
  • Hardware revenue decreased 21.5% from the prior year period, primarily due to the timing and mix of product launches in the full years of 2025 and 2024, consumer-related macroeconomic issues resulting in a softer global consumer market, and an increasingly global competitive landscape which has resulted in market share loss.
  • As a result, camera units shipped in the full year of 2025 decreased 24.9% year-over-year to 1.8 million.
  • For the full year of 2025, camera revenue mix from cameras with an MSRP equal to or greater than $400 was 75% compared to 76% for the same period in 2024.
  • Subscription and services revenue was flat year-over-year at $106.3 million.
  • For the full year of 2025, our average selling price increased 8.2% year-over-year to $357.
  • Retail revenue was $481.9 million for the full year of 2025 and represented 74.0% of total revenue, compared to 75.0% of total revenue for the same period in 2024.
  • GoPro.com revenue, which includes subscription and service revenue, was $169.6 million for the full year of 2025 and represented 26.0% of total revenue, compared to 25.0% of total revenue in the prior year period.
  • Our gross margin percentage for the full year of 2025 was 33.6%, compared to 33.8% for the full year of 2024.
  • Net loss for the full year of 2025 was $93.5 million, compared to a net loss of $432.3 million in 2024, which included the establishment of a net valuation allowance of $294.9 million on United States federal and state deferred tax assets in the first quarter of GoPro, Inc.
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations 2024.
  • Adjusted EBITDA for the full year of 2025 was negative $28.5 million, compared to negative $71.6 million in 2024.
  • Revenue for the fourth quarter of 2025 was $201.7 million, of which, $175.1 million was from hardware sales and $26.6 million was from subscription and services.
  • Hardware revenue increased 0.9% in the fourth quarter of 2025 compared to the prior year period, primarily due to our camera revenue mix favoring our higher-end products, like MAX2, which has a MSRP starting at $500, partially offset by a 1.2% decrease in camera units shipped year-over-year to 574 thousand.
  • Our fourth quarter of 2025 camera revenue mix from cameras with an MSRP equal to or greater than $400 was 79% compared to 84% for the same period in 2024.
  • Subscription and services revenue decreased 3% from the prior year period, primarily due to a 6.7% decrease in subscribers as camera unit shipped decreased year-over-year, partially offset by an increase in the average revenue per user.
  • In the fourth quarter of 2025, our average selling price increased 1.6% year-over-year to $351.
  • Retail revenue was $153.6 million in the fourth quarter of 2025 and represented 76.2% of total revenue, compared to 74.4% of total revenue for the same period in 2024.
  • GoPro.com revenue, which includes subscription and service revenue, was $48.1 million in the fourth quarter of 2025 and represented 23.8% of total revenue, compared to 25.6% of total revenue for the same period in 2024.
  • Our overall subscription attach rate from both sales on GoPro.com and from post-camera purchases at retail was 43% in the fourth quarter of 2025, up from 34% in the prior year quarter.
  • Our aggregate retention rate for annual subscribers was 68% in the fourth quarter of 2025, compared to 69% in the same period in 2024.
  • Our gross margin percentage for the fourth quarter of 2025 was 31.8%, compared to 34.7% in the same period in 2024.
  • Net loss for the fourth quarter of 2025 was $9.1 million, compared to a net loss of $37.2 million for the same period in 2024.
  • Adjusted EBITDA for the fourth quarter of 2025 was positive $0.8 million, compared to negative $14.4 million in the same period in 2024.
  • We incurred operating losses in 2025 and 2024 and may incur losses in the future.
  • While our prior restructuring actions have reduced our operating costs compared to our historical levels, w e continue to make strategic decisions to drive volume, growth, and profitability in our business.
  • We are implementing our 2026 operational plan and changing our approach to operate in a leaner, more focused manner that we believe is sustainable and strategic for long-term success and improved financial performance.
  • In the longer term, this includes increasing our total addressable market by introducing new, innovative hardware and software products, increasing unit sales volume of our new and existing products, and increasing our subscriber base.
  • As part of our strategic focus on operational efficiency and implementation of our 2026 operational plan, we have adjusted certain investments in research and development while continuing to prioritize projects that support long-term growth of our company, including the expected launch of our new system-on-chip GP3-based cameras beginning in the second quarter of 2026.
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations to further build upon our integrated mobile and cloud-based storytelling solutions, as well as our subscription offerings.
  • Our investments, including those for marketing and advertising, and those related to development efforts associated with our acquisition in 2024, may not successfully drive increased revenue and our customers may not accept our new offerings.
  • Historically, we have experienced the highest levels of total revenue and channel inventory sell-through in the fourth quarter of the year, coinciding with the holiday shopping season, particularly in the United States and Europe.
  • Macroeconomic conditions affecting the level of consumer spending include market volatility and fluctuations in tariffs, foreign exchange rates, inflation, and interest rates.
  • Components of our Results of Ope rations Revenue.
  • Hardware revenue is derived from the sale of our cameras and accessories directly to retailers, through our network of domestic and international distributors, and on GoPro.com.
  • Our hardware cost of revenue primarily consists of product costs, including costs of contract manufacturing for production, third-party logistics and procurement costs, warranty repair costs, tooling and equipment depreciation, excess and obsolete inventory write-downs, license fees, tariffs and certain allocated costs related to our manufacturing team, facilities, including right-of-use asset impairment charges and personnel- GoPro, Inc.

and 443 more.

Gone since FY2024

  • (units and dollars in thousands, except per share amounts) Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change Revenue $ 200,882 $ 295,420 (32) % $ 801,473 $ 1,005,459 (20) % Camera units shipped (1) 581 895 (35) % 2,431 2,984 (19) % Gross margin (2) 34.7 % 34.2 % 50 bps 33.8 % 32.2 % 160 bps Operating expenses $ 108,801 $ 110,463 (2) % $ 406,328 $ 399,036 2 % Net loss $ (37,191) $ (2,418) 1,438 % $ (432,311) $ (53,183) 713 % Diluted net loss per share $ (0.24) $ (0.02) 1,100 % $ (2.82) $ (0.35) 706 % Cash provided by (used in) operations $ (25,099) $ 43,729 (157) % $ (125,141) $ (32,863) 281 % Other financial information: Adjusted EBITDA (3) $ (14,359) $ 3,267 (540) % $ (71,639) $ (27,317) 162 % Non-GAAP net income (loss) (4) (5) $ (14,418) $ 4,158 (447) % $ (370,417) $ (20,259) 1,728 % Non-GAAP diluted net income (loss) per share (5) $ (0.09) $ 0.03 (400) % $ (2.42) $ (0.13) 1,762 % (1) Represents the number of camera units that are shipped during a reporting period, net of any returns.
  • (3) We define adjusted EBITDA as net income (loss) adjusted to exclude the impact of income tax expense (benefit), interest income, interest expense, depreciation and amortization, point of purchase (POP) display amortization, stock-based compensation, gain on insurance proceeds, (gain) loss on extinguishment of debt, and restructuring and other costs, including right-of-use asset impairment charges (if applicable).
  • (4) We define non-GAAP net income (loss) as net income (loss) adjusted to exclude stock-based compensation, acquisition-related costs, restructuring and other costs, including right-of-use asset impairment charges (if applicable), gain on insurance proceeds, (gain) loss on extinguishment of debt, gain on sale and/or license of intellectual property, and income tax adjustments.
  • (5) In the first quarter of 2024, we revised the income tax adjustment to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance.
  • Full Year and Fourth Quarter 2024 financial performance Revenue for the full year of 2024 was $801.5 million, which represented a 20.3% decrease from the prior year period of $1.0 billion.
  • The decrease was primarily driven by a decrease in units shipped of 2.4 million from 3.0 million in 2023, or a decrease of 18.5%, primarily due to consumer related-macroeconomic issues resulting in a softer global consumer market, an increasingly global competitive landscape and the delay of our next generation 360-camera.
  • This decrease in annual revenue from lower camera unit sales was partially offset by year-over-year growth in our subscription and service revenue of 9.7% to $107.0 million in 2024.
  • For the full year of 2024, the average selling price decreased 2.2% year-over-year to $330, primarily due to a shift in camera revenue mix with the introduction of our $199 HERO entry level product and an increase in promotional activity during the year.
  • Retail revenue was $600.9 million for the full year of 2024 and represented 75.0% of total revenue, compared to 70.0% of total revenue in the prior year period.
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations includes subscription and service revenue, was $200.6 million for the full year of 2024 and represented 25.0% of total revenue, compared to 30.0% of total revenue in the prior year period.
  • Our gross margin percentage for the full year of 2024 was 33.8% and was negatively impacted by approximately 40 basis points due to the strengthening of the U.S. dollar relative to foreign currencies in the year.
  • Our gross margin percentage for the full year of 2023 was 32.2%.
  • Relative to 2021 when gross margin was 41.1%, the U.S. dollar appreciated, which has negatively impacted revenue and gross margin for the full year 2024 by approximately $50 million, or 390 bps of gross margin.
  • Net loss for the full year of 2024 was $432.3 million, which included the establishment of a net valuation allowance of $294.9 million on United States federal and state deferred tax assets in the first quarter of 2024, compared to a net loss of $53.2 million in 2023.
  • Adjusted EBITDA for the full year of 2024 was negative $71.6 million, compared to negative $27.3 million in 2023.
  • Revenue for the fourth quarter of 2024 was $200.9 million, which represented a 32.0% decrease from the same period in 2023.
  • The decrease was primarily driven by a 35.1% decrease in units shipped in the fourth quarter of 2024 of 581 thousand, compared to 895 thousand in the same period in 2023 primarily due to consumer related-macroeconomic issues resulting in softer global consumer demand, an increasingly global competitive landscape, and a nearly 20% sequential reduction in channel inventory, which was partially offset by an 8.5% increase in our subscription and service revenue.
  • Sell-through in the fourth quarter of 2024 was approximately 775 thousand units, resulting in an approximate 170 thousand unit sequential decrease in the inventory channel.
  • Our fourth quarter of 2024 average selling price increased by 4.7% year-over-year to $346, primarily due to a camera revenue mix shift with 84% of camera revenue from cameras with an MSRP equal to or greater than $400 compared to 74% in the same period in 2023, and an increase in subscription and service revenue as a percentage of total revenue, partially offset by an increase in promotional activity.
  • Retail revenue was $149.6 million in the fourth quarter of 2024 and represented 74.4% of total revenue, compared to 77.2% in the same period of 2023.
  • GoPro.com revenue, which includes subscription and service revenue, was $51.3 million in the fourth quarter of 2024 and represented 25.6% of total revenue, compared to 22.8% of total revenue in the same period of 2023.
  • Our overall subscription attach rate from both sales on GoPro.com and from post-camera purchases at retail was 34% in the fourth quarter of 2024, up from a 29% attach rate in the prior year quarter.
  • Our aggregate retention rate for annual subscribers was 69% in the fourth quarter of 2024, compared to 67% in the same period of 2023.
  • Our gross margin percentage in the fourth quarter of 2024 was 34.7% compared to 34.2% in the same period of 2023.
  • Our fourth quarter of 2024 gross margin percentage was negatively impacted by 30 basis points due to the strengthening of the U.S. dollar relative to foreign currencies in the quarter compared to the prior year quarter.
  • Net loss for the fourth quarter of 2024 was $37.2 million, compared to a net loss of $2.4 million for the same period in 2023.
  • Adjusted EBITDA for the fourth quarter of 2024 was negative $14.4 million, compared to positive $3.3 million in the same period of 2023.
  • We incurred operating losses in 2024 and 2023.
  • We continue to make strategic decisions to drive volume, growth, and profitability in our business.
  • Restructuring actions in 2024 and prior restructuring actions, along with continued cost management have resulted in a more efficient global organization that has allowed for improved communication and alignment among our functional teams.
  • We are changing our approach to operate in a leaner, more focused manner that we believe is sustainable and strategic for long-term success and improved financial performance.
  • And, in the longer term, increasing our total addressable market by introducing new, innovative hardware and software products, increasing unit sales volume of our new and existing products, and increasing our subscriber GoPro, Inc.
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations base.
  • We plan to further build upon our integrated mobile and cloud-based storytelling solutions, as well as our subscription offerings.
  • Our investments, including those for marketing and advertising, and those related to development efforts associated with our most recent acquisition, may not successfully drive increased revenue and our customers may not accept our new offerings.
  • Historically, we have typically experienced the highest levels of total revenue and channel inventory sell-through in the fourth quarter of the year, coinciding with the holiday shopping season, particularly in the United States and Europe.
  • However, total revenue in the fourth quarter of 2024 did not continue this trend due to a number of factors, including macroeconomic conditions, competition, and a delay in an expected hardware product release.
  • In the fourth quarter of 2024, channel inventory sell-through continued the historical trend.
  • Macroeconomic conditions affecting the level of consumer spending include market volatility and fluctuations in foreign exchange rates, inflation, and interest rates.
  • Components of our Results of Ope rations GoPro, Inc.

and 371 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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