GoPro reports first-quarter revenue down 26%, board exploring options for sale of company

GoPro Inc. announced financial results for its first quarter ended March 31, 2026. In a separate announcement, GoPro said its Board of Directors has authorized the company to engage in a process to review strategic alternatives, and to engage a financial advisor to assist with that process.

“In Q1, revenue of $99 million was within guidance,” Brian Tratt, GoPro’s CFO. “We made meaningful progress on key metrics—cash used in operations improved $21 million year-over-year to $37 million, operating expenses declined year-over-year, and we continued to reduce both owned and channel inventory sequentially and year-over-year.”

“Q1 and the weeks since have been a pivotal period for GoPro. The critically acclaimed launch of our MISSION 1 Series cameras represents our boldest step yet into professional imaging, and our exploration of defense, aerospace and strategic M&A opportunities reflects our belief that there is significant unrealized value in GoPro’s technology, IP and brand—value we are committed to realizing on behalf of our shareholders,” said Nicholas Woodman, GoPro’s founder and CEO.

Q1 2026 Financial Results

• Revenue was $99 million, down 26% year-over-year.
• Sell-through was approximately 313,000 camera units, down 29% year-over-year.
• Subscription and service revenue was flat year-over-year at $27 million. GoPro subscriber count ended Q1 at 2.26 million, down 8% year-over-year.
• Revenue from the retail channel was $61 million, or 61% of total revenue and down 35% year-over-year. GoPro.com revenue, including subscription and service revenue, was $38 million, or 39% of total revenue and down 6% year-over-year.
• GAAP gross margin was 4.3% compared to 32.1% in the prior year quarter. Non-GAAP gross margin was 4.5% compared to 32.3% in the prior year quarter. GAAP and non-GAAP gross margin for Q1 2026 included a discrete $24.5 million charge related to certain component purchase commitments and $4.5 million sale of slow-moving inventory.
• GAAP net loss was $81 million, or a $(0.50) loss per share, compared to a net loss of $47 million or a $(0.30) loss per share, in the prior year quarter. Non-GAAP net loss was $58 million, or a $(0.35) loss per share, compared to a net loss of $19 million or a $(0.12) loss per share, in the prior year quarter. GAAP and non-GAAP net loss for Q1 2026 included a discrete $24.5 million charge related to certain component purchase commitments and $4.5 million sale of slow-moving inventory.
• Adjusted EBITDA was negative $50 million compared to negative $16 million in the prior year quarter.

GoPro also announced its Board of Directors has authorized the company to evaluate a range of strategic alternatives that could include a sale of the company or merger, aimed at maximizing value for stockholders.

This review follows GoPro’s recent engagement of Oliver Wyman, a global leader in defense‑sector consulting, to support the company’s expansion into the defense and aerospace markets. Since announcing this initiative on April 13, GoPro has received several unsolicited inbound strategic inquiries.

“Over the past 24 years, GoPro has developed significant technology, IP, and brand assets along with world-class product development and scaled manufacturing capabilities,” said Nicholas Woodman, GoPro’s founder and CEO. “We are excited to work with our advisors to evaluate potential opportunities in various sectors to maximize shareholder value.”

GoPro and its Board of Directors have not set a timetable for the conclusion of its evaluation. There can be no assurances as to the outcome of timing of such review, or whether any particular transaction may be pursued or consummated.