GoPro announces fourth-quarter and full-year results, new processor
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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 $104 million,” said Brian McGee, GoPro’s CFO and COO.
“Looking ahead to Q2 2026, we’re excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year,” said Nicholas Woodman, GoPro’s founder and CEO. “GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance.”
Results Summary (unaudited):
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($ in thousands, except per share |
Three months ended December 31, |
Year ended December 31, |
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2025 |
2024 |
% Change |
2025 |
2024 |
% Change |
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Revenue |
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Hardware revenue |
$ 175,121 |
$ 173,636 |
0.9 % |
$ 545,267 |
$ 694,512 |
(21.5) % |
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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) % |
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|
Gross margin |
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GAAP |
31.8 % |
34.7 % |
(290) bps |
33.6 % |
33.8 % |
(20) bps |
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|
Non-GAAP |
31.9 % |
35.1 % |
(320) bps |
33.8 % |
34.1 % |
(30) bps |
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Operating loss |
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GAAP |
$ (8,241) |
$ (39,100) |
(78.9) % |
$ (83,341) |
$ (135,033) |
(38.3) % |
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|
Non-GAAP |
$ (2,518) |
$ (15,968) |
(84.2) % |
$ (40,702) |
$ (80,327) |
(49.3) % |
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Net loss |
|||||||||||
|
GAAP |
$ (9,104) |
$ (37,191) |
(75.5) % |
$ (93,487) |
$ (432,311) |
(78.4) % |
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Non-GAAP |
$ (2,669) |
$ (14,418) |
(81.5) % |
$ (47,977) |
$ (370,417) |
(87.0) % |
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Diluted net loss per share |
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|
GAAP |
$ (0.06) |
$ (0.24) |
(75.0) % |
$ (0.59) |
$ (2.82) |
(79.1) % |
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Non-GAAP |
$ (0.02) |
$ (0.09) |
(77.8) % |
$ (0.30) |
$ (2.42) |
(87.6) % |
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Adjusted EBITDA |
$ 784 |
$ (14,359) |
(105.5) % |
$ (28,516) |
$ (71,639) |
(60.2) % |
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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.