GoPro, Inc. reported revenues fell 18 percent in the second quarter ended June 30, but the losses shrank due to aggressive efforts to reduce expenses and improve margins.

“The initiatives we undertook in 2024 to reduce operating expenses and improve gross margin are beginning to deliver meaningful results. In Q2 2025, year-over-year, we improved gross margin to 36.0 percent, up from 30.7 percent, reduced operating expenses by 32 percent and improved adjusted EBITDA 83 percent,” said Brian McGee, GoPro’s CFO and COO.

“Our Q2 results reflect consistent operational execution and efficiency, and we’re excited to launch a broader, more diversified suite of hardware and software products in the second half of 2025, which we believe will restore revenue growth and profitability to our business starting in Q4 2025,” said Nicholas Woodman, GoPro’s founder and CEO.

Q2 2025 Financial Results

  • Revenue was $153 million, down 18 percent year-over-year.
  • Sell-through was approximately 500,000 camera units, representing a 23 percent year-over-year decline.
  • Subscription and service revenue was flat year-over-year at $26 million. GoPro subscriber count ended Q2 at 2.45 million, down 3 percent year-over-year.
  • Revenue from the retail channel was $111 million, representing 73 percent of total revenue and a 19 percent year-over-year decrease. GoPro.com revenue, including subscription and service revenue, was $41 million, representing 27 percent of total revenue and a 16 percent year-over-year decrease.
  • GAAP gross margin was 35.8 percent compared to 30.5 percent in the prior year quarter. Non-GAAP gross margin was 36.0 percent compared to 30.7 percent in the prior year quarter.
  • GAAP net loss was $16 million, or a $(0.10) loss per share, compared to a net loss of $48 million, or $(0.31) loss per share, in the prior year period.
  • Non-GAAP net loss was $12 million, or a $(0.08) loss per share, compared to non-GAAP net loss of $36 million, or $(0.24) per share, in the prior year period.
  • Adjusted EBITDA was negative $6 million compared to negative $33 million in the prior year period, an 83 percent improvement year-over-year.

Recent Business Highlights

  • GoPro added three veteran executives to its Board of Directors.
  • GoPro closed a second lien credit facility of $50 million. As part of the agreement, GoPro issued an aggregate of 11.1 million warrants to purchase shares of its common stock at an exercise price of $1.25 per share.
  • A United States Administrative Law Judge with the International Trade Commission issued an initial determination that one of its China-based competitors, Insta360, violated federal law by importing and selling products that infringe on a patent covering GoPro’s Hero camera design in the U.S. A final determination will be issued on or before November 10, 2025.
  • Announced a new opt-in AI Training program that enables U.S. subscribers to voluntarily make their user-generated content available for licensing to tech companies.
  • Launched the special edition Hero13 Black Ultra Wide Edition, featuring an ultra-wide lens mod pre-installed on the camera, to capture low-distortion, wide-angle 177-degree perspectives.
  • Added two new editing tools to the GoPro App: MotionFrame and POV, for reviewing, capturing, and sharing traditional fixed-frame videos and photos from 360-degree footage.
  • Introduced a limited-edition Forest Green colorway of Hero13 Black.

Image courtesy GoPro