GoPro announces fourth-quarter and full-year results, new processor
Register to get 3 free articles
Support the Dead Pixels Society and get access to exclusive content by becoming a subscriber!
Want unlimited access? View Plans
Already have an account? Sign in
GoPro, Inc. announced financial results for its fourth quarter and full year ended Dec. 31, 2025. For the fourth quarter, year-over-year revenue was flat at $202 million. Sell-through was approximately 625,000 camera units, down 19% year-over-year. Subscription and service revenue was down 3% year-over-year at $27 million. GoPro subscriber count ended Q4 at 2.36 million, down 7% year-over-year. Revenue from the retail channel was $154 million, or 76% of total revenue and up 3% year-over-year. GoPro.com revenue, including subscription and service revenue, was $48 million, or 24% of total revenue and down 6% year-over-year.
For the full year, revenue was $652 million, down 19% year-over-year. Cash flow from operations improved by $104 million year-over-year. Sell-through was approximately 2,000,000 camera units, down 20% year-over-year. Subscription and service revenue was down 1% year-over-year at $106 million.
“In 2025, we maintained subscription and service revenue of $106 million by improving attach rates, retention rates and driving ARPU higher. GAAP gross margin was flat despite absorbing $20 million in tariff expenses, and we reduced operating expenses by $93 million, or 26% from the prior year. In addition, we improved cash flow from operations by $104 million,” said Brian McGee, GoPro’s CFO and COO.
“Looking ahead to Q2 2026, we’re excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year,” said Nicholas Woodman, GoPro’s founder and CEO. “GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance.”
Results Summary (unaudited):
|
($ in thousands, except per share |
Three months ended December 31, |
Year ended December 31, |
|||||||||
|
2025 |
2024 |
% Change |
2025 |
2024 |
% Change |
||||||
|
Revenue |
|||||||||||
|
Hardware revenue |
$ 175,121 |
$ 173,636 |
0.9 % |
$ 545,267 |
$ 694,512 |
(21.5) % |
|||||
|
Subscription and services revenue |
26,552 |
27,246 |
(2.5) % |
106,275 |
106,961 |
(0.6) % |
|||||
|
Total revenue |
$ 201,673 |
$ 200,882 |
0.4 % |
$ 651,542 |
$ 801,473 |
(18.7) % |
|||||
|
Gross margin |
|||||||||||
|
GAAP |
31.8 % |
34.7 % |
(290) bps |
33.6 % |
33.8 % |
(20) bps |
|||||
|
Non-GAAP |
31.9 % |
35.1 % |
(320) bps |
33.8 % |
34.1 % |
(30) bps |
|||||
|
Operating loss |
|||||||||||
|
GAAP |
$ (8,241) |
$ (39,100) |
(78.9) % |
$ (83,341) |
$ (135,033) |
(38.3) % |
|||||
|
Non-GAAP |
$ (2,518) |
$ (15,968) |
(84.2) % |
$ (40,702) |
$ (80,327) |
(49.3) % |
|||||
|
Net loss |
|||||||||||
|
GAAP |
$ (9,104) |
$ (37,191) |
(75.5) % |
$ (93,487) |
$ (432,311) |
(78.4) % |
|||||
|
Non-GAAP |
$ (2,669) |
$ (14,418) |
(81.5) % |
$ (47,977) |
$ (370,417) |
(87.0) % |
|||||
|
Diluted net loss per share |
|||||||||||
|
GAAP |
$ (0.06) |
$ (0.24) |
(75.0) % |
$ (0.59) |
$ (2.82) |
(79.1) % |
|||||
|
Non-GAAP |
$ (0.02) |
$ (0.09) |
(77.8) % |
$ (0.30) |
$ (2.42) |
(87.6) % |
|||||
|
Adjusted EBITDA |
$ 784 |
$ (14,359) |
(105.5) % |
$ (28,516) |
$ (71,639) |
(60.2) % |
|||||
GoPro also announced the upcoming launch of GP3, its most powerful custom imaging processor to date. Exclusive to GoPro, GP3 is a 5-nanometer System-on-a-Chip (SoC) that delivers more than 2X the pixel processing power and superior AI-driven image quality and low-light performance over its predecessor, GP2. GP3’s power efficiency and thermal performance are expected to significantly outperform the competition, resulting in industry-leading runtimes in the most demanding environmental conditions. These advancements position GP3 to usher in a new era of professional-level image quality, low-light performance, resolution and frame rates for small form-factor camera markets, including action cameras, 360 cameras, vlogging cameras, and ultra-premium, compact cinema-grade cameras.
