GoPro, Inc. posted revenue of $358 million for the 2020 fourth quarter, representing a 32.3 percent decline from the prior-year quarter. The net loss was $67 million for the period compared to a net loss of $15 million in the prior-year period.

“GoPro’s shift to a more subscription-centric consumer-direct model is resulting in a simpler, more profitable business with materially better cash generation,” said Nicholas Woodman, GoPro’s founder and CEO. “The steps we’ve taken to improve our business during the pandemic should serve us very well when the world begins to recover in earnest—but as a business, fortunately, we don’t have to wait for that to happen.”

“GoPro generated more than $200 million in cash flow from operations in the second half, fourth-quarter subscriber growth of 52 percent sequentially, and we exited the year with historically low levels of channel inventory. Our subscription-based consumer-direct strategy is proving to be successful and we look forward to continued gains in 2021,” said Brian McGee, GoPro CFO and COO.

For the fourth quarter, GAAP and non-GAAP gross margin was 38.0 percent and 38.3 percent, respectively. GAAP and non-GAAP gross margin for 2020 both increased 70 basis points year-over-year to 35.3 percent and 36.1 percent, respectively. GAAP net income was $44 million, or 28 cents per share. Non-GAAP net income was $61 million, or 39 cents per share. GAAP net loss was $67 million compared to 2019 GAAP net loss of $15 million. Non-GAAP net income was $13 million compared to $35 million in 2019. GAAP and non-GAAP operating expenses decreased 24 percent and 26 percent year-over-year to $81 million and $73 million, respectively. GAAP and non-GAAP operating expenses decreased 15 percent and 21 percent to $351 million and $298 million, respectively. Adjusted EBITDA for Q4 and full-year 2020 was $68 million and $43 million, respectively.

Revenue for the full year 2020 was $892 million compared to $1.19 billion in 2019, down 25 percent year-over-year.

Cash and investments totaled $328 million at the end of 2020, of which $108 million was generated from operations in Q4 and $73.0 million was from the net issuance of convertible notes.

GoPro Q4 2020 Highlights

  • Ended 2020 with 761,000 GoPro subscribers, up 52 percent sequentially and 145 percent year-over-year;
  • GoPro.com generated a record $116 million in revenue in Q4, up 43 percent sequentially and 91 percent year-over-year.
  • Full-year 2020 GoPro.com revenue doubled year-over-year to $283 million;
  • Camera unit sell-through was more than 1.2 million units in Q4, and 3.6 million for the full year;
  • Channel inventory reduced approximately 10 percent sequentially and more than 50 percent since the start of 2020;
  • Cameras with retail prices above $300 represented 91 percent of Q4 revenue; and
  • Q4 Street ASP increased 14 percent year-over-year to $323, while 2020 Street ASP increased 13 percent to $316.

Photo courtesy GoPro