GoPro, Inc. reported a lower loss on an adjusted basis in the fourth quarter on flat sales. The operating loss in the year narrowed as expense reductions offset a $20 million tariff-related charge.

“In 2025, we maintained subscription and service revenue of $106 million by improving attach rates, retention rates and driving ARPU higher. GAAP gross margin was flat despite absorbing $20 million in tariff expenses, and we reduced operating expenses by $93 million, or 26 percent from the prior year. In addition, we improved cash flow from operations by $104 million,” said Brian McGee, GoPro’s CFO and COO.

“Looking ahead to Q2 2026, we’re excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year,” said Nicholas Woodman, GoPro’s founder and CEO. “GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance.”

Q4 2025 Financial Results

  • Revenue was $202 million, flat year-over-year.
  • Sell-through was approximately 625,000 camera units, down 19 percent year-over-year.
  • Subscription and service revenue was down 3 percent year-over-year at $27 million. GoPro subscriber count ended Q4 at 2.36 million, down 7 percent year-over-year.
  • Revenue from the retail channel was $154 million, or 76 percent of total revenue and up 3 percent year-over-year. GoPro.com revenue, including subscription and service revenue, was $48 million, or 24 percent of total revenue, and down 6 percent year-over-year.
  • GAAP gross margin was 31.8 percent compared to 34.7 percent in the prior year quarter. Non-GAAP gross margin was 31.9 percent compared to 35.1 percent in the prior year quarter.
  • GAAP net loss was $9 million, or 6 cents a share, compared to a net loss of $37 million, or 24 cents, in the prior year quarter.
  • Non-GAAP net loss was $3 million, or 2 cents per share, compared to a net loss of $14 million, or 9 cents, in the prior year quarter.
  • Adjusted EBITDA was positive $1 million compared to negative $14 million in the prior year quarter. 

2025 Financial Results

  • Cash flow from operations improved by $104 million year-over-year.
  • Revenue was $652 million, down 19 percent year-over-year.
  • Sell-through was approximately 2,000,000 camera units, down 20 percent year-over-year.
  • Subscription and service revenue was down 1 percent year-over-year at $106 million.
  • GAAP gross margin was 33.6 percent compared to 33.8 percent in the prior year period. Non-GAAP gross margin was 33.8 percent compared to 34.1 percent in the prior year period.
  • GAAP net loss was $93 million, or a $(0.59) loss per share, compared to a net loss of $432 million, or a $(2.82) loss per share in the prior year period. Non-GAAP net loss was $48 million, or a $(0.30) loss per share, compared to a net loss of $370 million, or a $(2.42) loss per share in the prior year period. GAAP and non-GAAP net loss per share for 2024 were impacted by the establishment of a $295 million valuation allowance on our U.S. deferred tax assets that was recorded in the first quarter of 2024.
  • Adjusted EBITDA was negative $29 million compared to negative $72 million in the prior year period.

Image courtesy GoPro