GoPro Inc. reported a reduced loss in the first quarter as sales soared 71 percent.

“This is the new GoPro. We’ve evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability with continued subscriber growth,” said Nicholas Woodman, GoPro’s founder and CEO. “The value-creation implications of this shift are meaningful.”

“GoPro fired on all cylinders during the first quarter of 2021. Strong revenue growth globally, a continued shift to higher-end cameras, and subscription growth drove record ASP’s that resulted in expanded gross margins and operating results in the quarter,” said Brian McGee, GoPro’s CFO and COO.

GoPro Q1 2021 Financial Results

  • Revenue for Q1 2021 was $204 million, compared to $119 million in Q1 2020, up 71 percent year-over-year.
  • GAAP and non-GAAP gross margin for Q1 2021 was 38.6 percent and 39.2 percent, respectively, up 640 and 500 basis points, respectively, year-over-year.
  • Q1 2021 GAAP net loss was $10 million, or $0.07 per share, compared to a net loss of $64 million or $0.43 per share in Q1 2020. Non-GAAP net income was $5 million, or $0.03 per share in Q1 2021, compared to a net loss of $50 million, or $0.34 per share in Q1 2020.
  • Q1 2021 GAAP and non-GAAP operating expenses decreased 13 percent and 17 percent year-over-year to $82 million and $73 million, respectively.
  • Adjusted EBITDA for Q1 2021 was positive $11 million, compared to negative $41 million in the same period a year ago.

Recent GoPro Highlights

  • In April 2021, GoPro subscribers surpassed one million.
  • generated $82 million in revenue in Q1 2021, or 40 percent of total revenue and up 224 percent year-over-year.
  • Camera unit sell-through was approximately 700,000 units in Q1 2021.
  • Cameras with retail prices above $300 represented 95 percent of Q1 2021 camera revenue.
  • Q1 2021 Street ASP increased 4 percent year-over-year to $366, our highest ever.
  • In March, GoPro launched its new Quik App and made it available to smartphone users via a $9.99 annual subscription.

Photo courtesy GoPro