GoPro announces third quarter revenue down 37%

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GoPro, Inc. announced third-quarter revenue for the quarter ending Sept 30, 2025, was $163 million, down 37% year-over-year.

“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.”

Sell-through was approximately 500,000 camera units, down 18% year-over-year. Subscription and service revenue was down 3% year-over-year at $27 million. GoPro subscriber count ended Q3 at 2.42 million, down 5% year-over-year/ Revenue from the retail channel was $123 million, or 75% of total revenue and down 41% year-over-year. GoPro.com revenue, including subscription and service revenue, was $40 million, or 25% of total revenue and down 22% year-over-year.

GoPro amended its Second Lien Credit Agreement with Mateo Financing LLC and Farallon Capital Management LLC dated Aug/4, 2025, to adjust interim 2026 covenants to accommodate for the increase in camera tariff rates from 10% to 19%, as reported in its 8-K filing. Additionally, a trust affiliated with Nicholas Woodman will invest $2 million through the direct purchase of Series A common stock from GoPro, reinforcing his continued confidence in the company’s success.

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.