GoPro Inc. reported first-quarter net income jumped 98.2 percent on a 54 percent revenue gain.

“We kicked off 2015 by delivering the second highest revenue quarter in GoPro's history,” said GoPro Founder and CEO, Nicholas Woodman. “We are making investments in talent, technology, software, and innovative new products that will fuel growth and strengthen GoPro's ecosystem.”

Summary of First Quarter 2015 GAAP Results:

  • Revenue of $363.1 million increased 54.0 percent compared to $235.7 million in the first quarter of 2014
  • Gross margin of 45.1 percent compared to 40.9 percent in the first quarter of 2014
  • Operating income of $22.3 million increased 34.5 percent compared to $16.6 million in the first quarter of 2014
  • Net income attributable to common stockholders of $16.8 million or $0.11 per diluted share increased 98.2 percent compared to $8.5 million or $0.08 per diluted share in the first quarter of 2014
  • Cash, cash equivalents and marketable securities of $491.9 million compared to $422.3 million at December 31, 2014
  • GoPro reports gross profit, operating expenses, operating income, net income and diluted net income per share in accordance with generally accepted accounting principles (GAAP) and on a non-GAAP basis.

Summary of First Quarter Non-GAAP Results:

  • Gross margin of 45.2 percent compared to 41.1 percent in the first quarter of 2014
  • Operating income of $49.1 million increased 135.2 percent compared to $20.9 million in the first quarter of 2014
  • Adjusted EBITDA of $56.5 million increased 97.4 percent compared to $28.6 million in the first quarter of 2014
  • Net income of $35.6 million or $0.24 per diluted share increased 149.4 percent compared to $14.3 million or $0.10 per diluted share in the first quarter of 2014

First Quarter 2015 and Recent GoPro Highlights Include:

  • International sales accounted for more than half of Q1 revenue; EMEA and APAC revenue was up 66 percent year-over-year.
  • According to NPD, GoPro's five capture device models accounted for all five of the top five products in the combined digital camera and camcorder category, on a unit basis, in the US for Q1. In the same category, on a dollar share basis, GoPro capture devices accounted for 3 of the top 5 products, including the #1 spot. GoPro was also the leader in accessory unit sales with 7 of the top 10 selling accessories.
  • A study commissioned by GoPro and conducted by IPSOS, a global market research firm, showed a 70 percent year-over-year increase in aided awareness of the GoPro brand among consumers in nine countries across five continents.
  • GoPro unveiled HEROCast™, the smallest, lightest and most cost-effective wireless HD micro transmitter on the broadcast market, enabling consumers to experience live events like never before.
  • The GoPro Channel launched on premium video service Vessel, joining Roku, Xbox, LG Smart TVs, and Virgin America In-Flight entertainment.
  • In Q1, the GoPro Channel App reached over one million downloads on the Xbox platform, with users watching an average of 25 minutes of GoPro videos during each viewing session.
  • The GoPro Mobile App was downloaded 2.6 million times in Q1, totaling nearly 16 million cumulative downloads; Q1 installs of GoPro Studio exceeded 1.7 million with average daily exports of nearly 40,000, a 68 percent year-over-year increase.
  • In Q1, videos published on the GoPro Channel on YouTube were up 93 percent while views were up 46 percent year-over-year.
  • Content submissions to GoPro's Photo and Video of the Day program increased 50 percent quarter-over-quarter.
  • GoPro agreed to acquire Kolor, a leader in virtual reality and spherical media solutions.