GoPro, Inc. reported a steep loss in the third quarter ended September 30, as sales declined 37 percent. However, the company indicated that cash flow from operations was positive for the second consecutive quarter and sell-through exceeded expectations.

Q3 2025 Financial Results

  • Revenue was $163 million, down 37 percent year-over-year.
  • Sell-through was approximately 500,000 camera units, down 18 percent year-over-year.
  • Subscription and service revenue was down 3 percent year-over-year at $27 million. GoPro subscriber count ended Q3 at 2.42 million, down 5 percent year-over-year.
  • Revenue from the retail channel was $123 million, or 75 percent of total revenue, and down 41 percent year-over-year. GoPro.com revenue, including subscription and service revenue, was $40 million, or 25 percent of total revenue, and down 22 percent year-over-year.
  • GAAP gross margin was 35.1 percent compared to 35.5 percent in the prior year quarter. Non-GAAP gross margin was 35.2 percent compared to 35.6 percent in the prior year quarter.
  • GAAP net loss was $21 million, or a $(0.13) loss per share, compared to a net loss of $8 million, or a 5-cent loss per share, in the prior year quarter.
  • Non-GAAP net loss was $14 million, or a 9-cent loss per share, compared to breakeven on a per share basis in the prior year quarter.
  • Adjusted EBITDA was negative $8 million compared to positive $5 million in the prior year quarter.

“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 percent, 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 percent, and channel inventory declined 30 percent from a year ago and has been reduced for four consecutive quarters.”

Recent Business Highlights

  • GoPro amended its Second Lien Credit Agreement with Mateo Financing, LLC and Farallon Capital Management, LLC dated August 4, 2025, to adjust interim 2026 covenants to accommodate the increase in camera tariff rates from 10 percent to 19 percent, 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.
  • GoPro launched the Max2 360 camera, featuring 360 technologies combined with True 8K video resolution to capture up to 21 percent more resolution. Max2 also features twist-and-go replaceable lenses, to swap out a lens without tools or calibration.
  • GoPro was awarded a 2025 Technology and Engineering Emmy for its 360 technologies, which is core to its 360 cameras and software, including the Max2 360 camera. This is GoPro’s third Emmy Award for innovations in the digital imaging category.
  • GoPro launched the LIT Hero,; a compact lifestyle camera featuring a built-in photo and video light and includes a waterproof design.
  • GoPro launched Fluid Pro AI, a multi-camera, AI subject-tracking gimbal designed for multi-camera content creators. Fluid Pro AI is compatible with all GoPro cameras, smartphones, and point-and-shoot cameras weighing up to 400 grams, marking GoPro’s entry into the global gimbal market.
  • GoPro has launched 360-degree related editing tools to facilitate 360-degree content creation, including the GoPro ReFrame plugin for DaVinci Resolve.
  • GoPro added new features to its GoPro Player desktop app for Apple macOS Tahoe users, including support for Apple Projected Media Profile, a new media profile that allows GoPro videos to be displayed in the high fidelity when viewed in an Apple Vision Pro, and advance denoise capability to clean up grainy or noisy video while maintaining sharpness and detail, especially when editing low-light video content.
  • GoPro has introduced new features to its Quik mobile app to enhance 360-degree editing, including AI-powered subject tracking, POV and selfie modes and cloud-based 360-degree editing.

Image courtesy GoPro