GoPro Board Authorizes Sale Process as Revenue Falls
Second-quarter revenue was $105 million, down 31% from a year earlier, as hardware sales and retail demand continued to contract.
GoPro, Inc. (GPRO), the digital-imaging camera maker, reported second-quarter revenue of $105 million, down 31% from a year earlier, after a 26% year-over-year decline in the first quarter.
Hardware revenue fell to $75.95 million from $126.43 million a year earlier, a 39.9% decline. Sell-through was approximately 291,000 camera units, down 38% year-over-year, after 313,000 units in the prior quarter.
The retail channel, still the larger of the two sales routes, generated $58 million, or 56% of total revenue, down 48% year-over-year. GoPro.com revenue, including subscription and service, was $47 million, or 44% of the total, up 13% year-over-year.
Subscription and service revenue increased 11% year-over-year to $29 million, or 28% of revenue, compared with 17% of second-quarter 2025 revenue, after being flat year-over-year at $27 million in the first quarter. The quarter included $2 million from its AI content licensing program. Subscriber attach rate was a record 69%, compared with 54% a year earlier. Subscription ARPU increased 9% year-over-year and 5% sequentially.
GAAP gross margin was 30.2%, compared with 35.8% in the prior-year quarter. Non-GAAP gross margin was 30.4%. GAAP and non-GAAP gross margin included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments. Sequentially, GAAP gross margin recovered from 4.3% in the first quarter, which had included a $24.5 million component-purchase-commitment charge and a $4.5 million sale of slow-moving inventory.
GAAP net loss was $51 million, or a $(0.30) loss a share, compared with a $16 million, or $(0.10), loss a year earlier. Non-GAAP net loss was $36 million, or $(0.21) a share. Adjusted EBITDA was negative $29 million, compared with negative $6 million a year earlier. GAAP operating loss widened to $39.0 million from $14.0 million a year earlier; non-GAAP operating loss was $32.6 million.
In May, the board authorized a process to evaluate a potential sale of the company and other strategic alternatives, aimed at maximizing shareholder value. Founder and CEO Nicholas Woodman said the company continued to advance that strategic review and expanded the camera lineup with the MISSION 1 Series.
GoPro began shipping MISSION 1 PRO and MISSION 1 compact cinema cameras in May, available on GoPro.com and through retail partners including Best Buy, Walmart, B&H and Adorama. The series had earned editor’s-choice awards and press recommendations. A tech-enabled motorcycle helmet initiative with AGV remained on track, with recent ECE 22.06 safety-standard compliance.
Cash and cash equivalents were $27.3 million at June 30, 2026, down from $49.7 million at year-end 2025. Stockholders’ equity swung to a $(32.7) million deficit from $76.6 million of equity. Short-term debt was $72.7 million. Inventory was $86.7 million.
The company would host a conference call to discuss the results. Forward-looking statements in the release referenced expectations on revenue, profitability, improved gross margin, reduced operating expenses, cash-flow improvement, inventory reduction, the MISSION 1 Series, the evaluation of strategic alternatives, subscription and service revenue, and partnerships.