GoPro (GPRO) investor relations material

Executive summary

• Leadership changes included Brian McGee promoted to President and COO, and Brian Tratt to CFO, effective March 17th.

• 2025 revenue reached $652 million, a 19% decrease year-over-year, with Q4 revenue at $202 million, flat compared to the prior year quarter.

• Expanded hardware and software offerings planned for 2025 and 2026, including new cameras, gimbal, and AI-powered features.

• Launched AI content licensing program, generating a new high-margin revenue stream and strong subscriber engagement.

• U.S. ITC issued exclusion orders against a competitor, reinforcing patent portfolio strength.

Financial highlights

• 2025 revenue: $652 million, down 19% year-over-year; Q4 revenue $202 million.

• Gross margin for 2025 was 33.6%–33.8%, nearly flat year-over-year despite $20 million tariff impact.

• Operating expenses reduced by $93 million (26%) year-over-year.

• Adjusted EBITDA improved to -$29 million from -$72 million in 2024.

• Cash flow from operations improved by $104 million year-over-year.

Outlook and guidance

• 2026 revenue expected to grow to $750–$800 million, nearly 20% growth at midpoint.

• GP3 processor launch in Q2 2026 is expected to drive a more premium camera lineup and expand market reach.

• Subscription and service revenue projected to grow ~10%, with ARPU up 10% but subscribers down 7% to 2.2 million.

• Operating expenses targeted at $220–$230 million in 2026, further reduction to $200–$210 million in 2027.

• Adjusted EBITDA expected to reach $10–$20 million in 2026.