GoPro, Inc. reported a profit against a loss in the second quarter ended June 30. Sales jumped 86 percent and GoPro subscribers were up 211 percent.

“GoPro’s subscription-centric strategy delivered a stellar Q2 with improved margins and 86 percent year-over-year revenue growth,” said Nicholas Woodman, GoPro’s founder and CEO. “As a result of this better-than-expected momentum, we are increasing our revenue, margin and earnings outlook for the second half and 2021, which is detailed in the management commentary posted on our investor relations website.”

“In Q2, strong execution further revealed the benefits of the strategic shifts we’ve made in our business to a more direct-to-consumer, subscription-centric model,” said Brian McGee, GoPro’s CFO and COO. “We believe the changes to our business will continue to result in a more predictable and profitable GoPro.”

GoPro Q2 2021 Financial Results

  • Revenue for Q2 2021 was $250 million, compared to $134 million in Q2 2020, up 86 percent year-over-year;
  • GAAP and non-GAAP gross margin for Q2 2021 was 39.8 percent and 40.1 percent, respectively, up 950 bps and 850 bps, respectively, year-over-year;
  • Q2 2021 GAAP net income was $17 million, or $0.10 per share, compared to a net loss of $51 million or ($0.34) per share in Q2 2020. Non-GAAP net income was $20 million, or $0.12 per share, compared to a net loss of $30 million, or ($0.20) per share in Q2 2020. Q2 2021 marked the fourth consecutive quarter of non-GAAP profitability;
  • Q2 2021 GAAP and non-GAAP operating expenses were $90 million and $79 million, respectively, compared to operating expenses in Q2 2020 of $86 million and $69 million, respectively; and
  • Adjusted EBITDA for Q2 2021 was positive $25 million, or 10 percent of revenue, as compared to negative $22 million in the same period a year ago.

Recent GoPro Highlights

  • Closed Q2 with 1,160,000 GoPro subscribers, up 23 percent sequentially and 211 percent year-over-year;
  • GoPro.com revenue increased 48 percent year-over-year to $88 million in Q2 2021, or 35 percent of total revenue;
  • Camera unit sell-through was approximately 820,000 units in Q2 2021, up more than 10 percent year-over-year;
  • Cameras with retail prices at or above $300 represented 94 percent of Q2 2021 camera revenue;
  • Q2 2021 Street ASP increased 15 percent year-over-year to $345;
  • Channel Inventory decreased 15 percent sequentially and 35 percent year-over-year to below 500,000 units;
  • In June 2021, GoPro announced Open GoPro, an open API initiative that makes it easy for third-party developers to integrate its Hero9;
  • Black into its own development efforts, potentially expanding its TAM; and
  • In July 2021, GoPro released its first Outdoor CEO DEI pledge report.

Photo courtesy GoPro