2024 Revenue of $801 million

Fourth Quarter Revenue of $201 million

2024 Subscription and Service Revenue of $107 million, Up 10% Year-over-Year

SAN MATEO, Calif., Feb. 6, 2025 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2024, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.

“In 2024 we undertook several initiatives to put us back on a path to return to growth and profitability in 2026. This includes our plan to reduce operating expenses for 2025 by nearly 30% and refining our roadmap to pursue improved product diversification and how efficiently we design our products,” said Nicholas Woodman, GoPro’s founder and CEO.

“Our continued focus to streamline our business has yielded reduced product costs and improved operational efficiencies as well as continued diversification of our supply chain outside of China, all of which has contributed to improving gross margin,” said Brian McGee, GoPro’s CFO and COO.

Q4 2024 Financial Results

• Revenue was $201 million, down 32% year-over-year.
• Sell-through was approximately 775,000 camera units, down 16% year-over-year.
• Subscription and service revenue increased 9% year-over-year to $27 million, primarily due to 8% ARPU growth from improving retention rates. GoPro subscriber count ended Q4 at 2.52 million, up 1% year-over-year.
• Revenue from the retail channel was $150 million, or 74% of total revenue and down 34% year-over-year. GoPro.com revenue, including subscription and service revenue, was $51 million, or 26% of total revenue and down 24% year-over-year.
• GAAP net loss was $37 million, or a $(0.24) loss per share, compared to a net loss of $2 million or $(0.02) loss per share, in the prior year period.
• Non-GAAP net loss was $14 million, or a $(0.09) loss per share, compared to non-GAAP net income of $4 million, or $0.03 per share, in the prior year period.
• GAAP and non-GAAP gross margin was 34.7% and 35.1%, respectively. This compares to GAAP and non-GAAP gross margin of 34.2% and 34.4%, respectively, in the prior year period. Compared to guidance, gross margin was impacted by 80bps due to a stronger US dollar in the quarter.
• Adjusted EBITDA was negative $14 million compared to positive $3 million in the prior year period.
• Cameras with Manufacturer’s Suggested Retail Prices (MSRP) at or above $400 represented 84% of Q4 2024 camera revenue. Q4 2024 Street ASP was $346, a 5% increase year-over-year.
• Cash and marketable securities were $103 million at the end of the fourth quarter.

2024 Financial Results

• Revenue was $801 million, down 20% year-over-year.
• Subscription and service revenue increased 10% year-over-year to $107 million.
• GAAP net loss was $432 million, or a $(2.82) loss per share, compared to a net loss of $53 million or $(0.35) loss per share, in the prior year period. Non-GAAP net loss was $370 million, or a $(2.42) loss per share, compared to non-GAAP net loss of $20 million, or $(0.13) 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.
• GAAP and non-GAAP gross margin was 33.8% and 34.1%, respectively. This compares to GAAP and non-GAAP gross margin of 32.2% and 32.4%, respectively, in the prior year period.
• 2024 Adjusted EBITDA was negative $72 million. This compares to negative $27 million in the prior year period.

Results Summary:

Conference Call

GoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company’s financial results.

Prior to the start of the call, the Company will post Management Commentary on the “Events & Presentations” section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions.

To listen to the live conference call, please call +1 833-470-1428 (US) or +1 404-975-4839 (International) and enter access code 687084, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the “Events & Presentations” section of the Company’s website at https://investor.gopro.com. A recording of the webcast will be available on GoPro’s website, https://investor.gopro.com, from approximately two hours after the call through May 7, 2025.

About GoPro, Inc. (NASDAQ: GPRO)

GoPro helps the world capture and share itself in immersive and exciting ways.

GoPro has been recognized as an employer of choice by both Outside Magazine and U.S. News & World Report for being among the best places to work. Open roles can be found on our careers page. For more information, visit GoPro.com. 

Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro’s blog, The Current. GoPro customers can submit their photos and videos to GoPro Awards for an opportunity to be featured on GoPro’s social channels and receive gear and cash awards. Members of the press can access official logos and imagery on our press portal.

GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.

GoPro’s Use of Social Media

GoPro announces material financial information using the Company’s investor relations website, SEC filings, press releases, public conference calls and webcasts. GoPro may also use social media channels to communicate about the Company, its brand and other matters; these communications could be deemed material information. Investors and others are encouraged to review posts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro’s investor relations website and blog, The Current.

Note Regarding Use of Non-GAAP Financial Measures

GoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, gain on insurance proceeds, (gain) loss on extinguishment of debt, gain on the sale and license of intellectual property, and the tax impact of these items. When planning, forecasting, and analyzing gross margin, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation. GoPro also reports gross margin percentage on a constant currency basis to show performance unaffected by fluctuations in currency exchange rates. GoPro calculates constant currency amount by translating current period amounts at the prior period’s average exchange rate and compare that to current period performance.

Note on Forward-looking Statements

This press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should,” “will,” “plan” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations for profitability, improved gross margin, revenue growth, subscription growth, and reduced operating expenses; product diversification, reduced product costs and improved supply chain efficiencies. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve our revenue growth or profitability in the future, and if revenue growth or profitability is achieved, the inability to sustain it; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets, inflation, and fluctuations in interest rates or currency exchange rates may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, tariffs and import/export regulations which may negatively effect on our business and supply chain expenses; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers; our reliance on third-party suppliers, some of which are sole-source suppliers, to provide services and components for our products which may be impacted due to supply shortages, long lead times or other service disruptions that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East, Ukraine or China–Taiwan relations; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, and we may not be successful in doing so; the risk we are able to reduce our operating expenses; the fact that we rely on sales of our cameras, mounts and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing and marketing; our ability to achieve or maintain profitability if there are delays or issues in our product launches; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage and retain qualified personnel; any changes to trade agreements, trade policies, tariffs, and import/export regulations; the impact of competition on our market share, revenue and profitability; the fact that we may experience fluctuating revenue, expenses and profitability in the future; risks related to inventory, purchase commitments and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the Securities and Exchange Commission (SEC). These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.