GoPro Announces Fourth Quarter and 2024 Results

Rhea-AI Summary

GoPro (NASDAQ: GPRO) has released its financial results for Q4 and full-year 2024. The company reported annual revenue of $801 million and fourth quarter revenue of $201 million. A notable highlight was the company's Subscription and Service Revenue, which reached $107 million, representing a 10% increase year-over-year.

Positive

• Subscription and Service Revenue grew 10% YoY to $107 million

Negative

• Total revenue of $801 million indicates overall business performance metrics not provided for comparison

Insights

Financial Analyst

GoPro's 2024 financial results reveal a company in transition, with subscription services emerging as a critical growth driver amid challenging hardware market conditions. The $107 million in subscription and service revenue, representing 13.4% of total revenue, demonstrates the company's gradual shift toward a more predictable, higher-margin revenue model.

The subscription growth of 10% year-over-year is particularly noteworthy as it represents stable recurring revenue in contrast to the more cyclical hardware sales. This transformation echoes successful pivots seen in other consumer electronics companies, such as Adobe and Microsoft, who have leveraged subscription models to enhance shareholder value.

However, the total revenue of $801 million indicates ongoing challenges in the core hardware business. The Q4 revenue of $201 million suggests seasonal dependency and potential market saturation in the action camera segment. The company's focus on high-margin subscription services is strategically sound, but the pace of this transformation will be important for long-term viability.

Key considerations for investors include:

• The subscription revenue's higher gross margins could potentially offset hardware margin pressure
• The 13.4% contribution from services indicates room for growth but also highlights dependency on hardware sales
• Quarterly revenue patterns suggest continued seasonality despite diversification efforts

While the subscription growth is promising, GoPro faces the challenge of accelerating this transformation while maintaining its hardware business in an increasingly competitive market landscape.

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:

		Three months ended December 31,						Year ended December 31,
($ in thousands, except per share amounts)		2024		2023		% Change		2024		2023		% Change
Revenue		$  200,882		$  295,420		(32.0) %		$  801,473		$ 1,005,459		(20.3) %
Gross margin
GAAP		34.7 %		34.2 %		50 bps		33.8 %		32.2 %		160 bps
Non-GAAP		35.1 %		34.4 %		70 bps		34.1 %		32.4 %		170 bps
Operating income (loss)
GAAP		$  (39,100)		$     (9,368)		317.4 %		$  (135,033)		$    (75,463)		78.9 %
Non-GAAP		$  (15,968)		$      2,033		(885.4) %		$    (80,327)		$    (34,075)		135.7 %
Net income (loss)
GAAP		$  (37,191)		$     (2,418)		1,438.1 %		$  (432,311)		$    (53,183)		712.9 %
Non-GAAP (1)		$  (14,418)		$      4,158		(446.8) %		$  (370,417)		$    (20,259)		1,728.4 %
Diluted net income (loss) per share
GAAP		$      (0.24)		$       (0.02)		1,100.0 %		$       (2.82)		$       (0.35)		705.7 %
Non-GAAP (1)		$      (0.09)		$        0.03		(400.0) %		$       (2.42)		$       (0.13)		1,761.5 %
Adjusted EBITDA		$  (14,359)		$      3,267		(539.5) %		$   (71,639)		$   (27,317)		162.3 %

(1)

In the first quarter of 2024, we revised the income tax adjustment to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised our prior period income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the income tax adjustment for the first quarter of 2024 to exclude the establishment of a valuation allowance on United States federal and state deferred tax assets.

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.

 

GoPro, Inc. Preliminary Condensed Consolidated Statements of Operations (unaudited)
	Three months ended December 31,				Year ended December 31,
(in thousands, except per share data)	2024		2023		2024		2023
Revenue	$               200,882		$               295,420		$               801,473		$            1,005,459
Cost of revenue	131,181		194,325		530,178		681,886
Gross profit	69,701		101,095		271,295		323,573
Operating expenses:
Research and development	50,025		43,892		185,897		165,688
Sales and marketing	43,450		50,363		160,635		169,578
General and administrative	15,326		16,208		59,796		63,770
Total operating expenses	108,801		110,463		406,328		399,036
Operating loss	(39,100)		(9,368)		(135,033)		(75,463)
Other income (expense):
Interest expense	(1,057)		(1,236)		(3,329)		(4,699)
Other income, net	563		5,198		5,273		12,429
Total other income (expense), net	(494)		3,962		1,944		7,730
Loss before income taxes	(39,594)		(5,406)		(133,089)		(67,733)
Income tax expense (benefit)	(2,403)		(2,988)		299,222		(14,550)
Net loss	$                (37,191)		$                  (2,418)		$              (432,311)		$                (53,183)
Basic and diluted net loss per share	$                    (0.24)		$                    (0.02)		$                    (2.82)		$                    (0.35)
Shares used to compute basic and diluted net loss per share	155,091		151,078		153,113		153,348

 

GoPro, Inc. Preliminary Condensed Consolidated Balance Sheets (unaudited)
(in thousands)	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$                  102,811		$                  222,708
Marketable securities	—		23,867
Accounts receivable, net	85,944		91,452
Inventory	120,716		106,266
Prepaid expenses and other current assets	29,774		38,298
Total current assets	339,245		482,591
Property and equipment, net	8,696		8,686
Operating lease right-of-use assets	14,403		18,729
Goodwill	152,351		146,459
Other long-term assets	28,983		311,486
Total assets	$                  543,678		$                  967,951
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$                    85,936		$                  102,612
Accrued expenses and other current liabilities	110,769		110,049
Short-term operating lease liabilities	10,936		10,520
Deferred revenue	55,418		55,913
Short-term debt	93,208		—
Total current liabilities	356,267		279,094
Long-term taxes payable	11,621		11,199
Long-term debt	—		92,615
Long-term operating lease liabilities	18,067		25,527
Other long-term liabilities	6,034		3,670
Total liabilities	391,989		412,105
Stockholders' equity:
Common stock and additional paid-in capital	1,026,527		998,373
Treasury stock, at cost	(193,231)		(193,231)
Accumulated deficit	(681,607)		(249,296)
Total stockholders' equity	151,689		555,846
Total liabilities and stockholders' equity	$                  543,678		$                  967,951

 

GoPro, Inc. Preliminary Condensed Consolidated Statements of Cash Flows (unaudited)
	Three months ended December 31,				Year ended December 31,
(in thousands)	2024		2023		2024		2023
Operating activities:
Net loss	$                (37,191)		$                  (2,418)		$              (432,311)		$                (53,183)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,780		1,159		6,491		6,160
Non-cash operating lease cost	1,335		957		1,050		3,090
Stock-based compensation	5,199		10,031		29,132		41,479
Deferred income taxes, net	12		73		296,771		(17,891)
Impairment of right-of-use assets	—		—		3,276		—
Gain on extinguishment of debt	—		(3,092)		—		(3,092)
Other	1,088		(632)		461		(2,600)
Net changes in operating assets and liabilities	2,678		37,651		(30,011)		(6,826)
Net cash provided by (used in) operating activities	(25,099)		43,729		(125,141)		(32,863)
Investing activities:
Purchases of property and equipment, net	(416)		(535)		(4,039)		(1,520)
Purchases of marketable securities	—		—		—		(25,782)
Maturities of marketable securities	—		15,000		24,000		149,204
Acquisition, net of cash acquired	—		—		(12,308)		—
Net cash provided by (used in) investing activities	(416)		14,465		7,653		121,902
Financing activities:
Proceeds from issuance of common stock	—		—		2,150		3,876
Taxes paid related to net share settlement of equity awards	(232)		(862)		(3,079)		(8,008)
Repurchase of outstanding common stock	—		(10,000)		—		(40,000)
Payment to partially repurchase 2025 convertible senior notes	—		(46,250)		—		(46,250)
Net cash used in financing activities	(232)		(57,112)		(929)		(90,382)
Effect of exchange rate changes on cash and cash equivalents	(1,637)		642		(1,480)		316
Net change in cash and cash equivalents	(27,384)		1,724		(119,897)		(1,027)
Cash and cash equivalents at beginning of period	130,195		220,984		222,708		223,735
Cash and cash equivalents at end of period	$               102,811		$               222,708		$               102,811		$               222,708

GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures

To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. Additionally, we present gross profit percentage on a constant currency basis to show performance unaffected by fluctuations in currency exchange rates. We calculate constant currency amounts by translating current period amounts at the prior period's average exchange rate and compare that to current period performance. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:

• the comparability of our on-going operating results over the periods presented;
• the ability to identify trends in our underlying business; and
• the comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.

These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are:

• adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us;
• adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us;
• adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements;
• adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets;
• adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods;
• adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance;
• adjusted EBITDA and non-GAAP net income (loss) excludes a gain on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains vary;
• adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;
• non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation;
• non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent;
• non-GAAP net income (loss) includes income tax adjustments. In the first quarter of 2024, we revised our income tax adjustments to reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised the prior year income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the first quarter of 2024 income tax adjustment to exclude the establishment of a valuation allowance on the United States federal and state deferred tax assets;
• GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 Notes in periods of net income, as if converted at the beginning of the period; and
• other companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

 

GoPro, Inc. Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures (unaudited)
Reconciliations of non-GAAP financial measures are set forth below:
	Three months ended December 31,				Year ended December 31,
(in thousands, except per share data)	2024		2023		2024		2023
GAAP net loss	$                (37,191)		$                  (2,418)		$              (432,311)		$                (53,183)
Stock-based compensation:
Cost of revenue	240		459		1,343		1,955
Research and development	2,461		4,681		14,411		19,062
Sales and marketing	912		2,074		5,804		8,736
General and administrative	1,586		2,817		7,574		11,726
Total stock-based compensation	5,199		10,031		29,132		41,479
Acquisition-related costs:
Research and development	469		—		1,563		—
General and administrative	(7)		822		789		822
Total acquisition-related costs	462		822		2,352		822
Restructuring and other costs:
Cost of revenue	562		75		699		(173)
Research and development	13,013		488		15,954		(189)
Sales and marketing	3,352		26		4,964		(330)
General and administrative	544		(41)		1,605		(221)
Total restructuring and other costs	17,471		548		23,222		(913)
Gain on insurance recovery	(1,130)		—		(1,130)		—
Gain on extinguishment of debt	—		(3,092)		—		(3,092)
Gain on sale and/or license of intellectual property	—		—		(999)		—
Income tax adjustments (1)	771		(1,733)		9,317		(5,372)
Non-GAAP net income (loss)	$                (14,418)		$                    4,158		$              (370,417)		$                (20,259)
Non-GAAP net income (loss) - basic	$                (14,418)		$                    4,158		$              (370,417)		$                (20,259)
Add: Interest on convertible notes, tax effected	—		499		—		—
Non-GAAP net income (loss) - diluted	$                (14,418)		$                    4,657		$              (370,417)		$                (20,259)
GAAP shares for diluted net loss per share	155,091		151,078		153,113		153,348
Add: Effect of non-GAAP dilutive securities	—		13,541		—		—
Non-GAAP shares for diluted net income (loss) per share	155,091		164,619		153,113		153,348
GAAP diluted net loss per share	$                    (0.24)		$                    (0.02)		$                    (2.82)		$                    (0.35)
Non-GAAP diluted net income (loss) per share	$                    (0.09)		$                      0.03		$                    (2.42)		$                    (0.13)

(1)

In the first quarter of 2024, we revised the income tax adjustment to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised our prior period income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the first quarter of 2024 income tax adjustment to exclude the establishment of a valuation allowance on United States federal and state deferred tax assets.

 

	Three months ended December 31,				Year ended December 31,
(dollars in thousands)	2024		2023		2024		2023
GAAP gross margin as a % of revenue	34.7 %		34.2 %		33.8 %		32.2 %
Stock-based compensation	0.1		0.2		0.2		0.2
Restructuring and other costs	0.3		—		0.1		—
Non-GAAP gross margin as a % of revenue	35.1 %		34.4 %		34.1 %		32.4 %
GAAP operating expenses	$            108,801		$            110,463		$            406,328		$            399,036
Stock-based compensation	(4,959)		(9,572)		(27,789)		(39,524)
Acquisition-related costs	(462)		(822)		(2,352)		(822)
Restructuring and other costs	(16,909)		(473)		(22,523)		740
Non-GAAP operating expenses	$              86,471		$              99,596		$            353,664		$            359,430
GAAP operating loss	$            (39,100)		$               (9,368)		$          (135,033)		$            (75,463)
Stock-based compensation	5,199		10,031		29,132		41,479
Acquisition-related costs	462		822		2,352		822
Restructuring and other costs	17,471		548		23,222		(913)
Non-GAAP operating income (loss)	$            (15,968)		$                2,033		$            (80,327)		$            (34,075)
	Three months ended December 31,				Year ended December 31,
(in thousands)	2024		2023		2024		2023
GAAP net loss	$                (37,191)		$                  (2,418)		$              (432,311)		$                (53,183)
Income tax expense (benefit)	(2,403)		(2,988)		299,222		(14,550)
Interest expense (income), net	279		(707)		(1,388)		(5,233)
Depreciation and amortization	1,781		1,159		6,491		6,160
POP display amortization	1,635		734		5,123		2,015
Stock-based compensation	5,199		10,031		29,132		41,479
Gain on insurance recovery	(1,130)		—		(1,130)		—
Gain on extinguishment of debt	—		(3,092)		—		(3,092)
Restructuring and other costs	17,471		548		23,222		(913)
Adjusted EBITDA	$                (14,359)		$                    3,267		$                (71,639)		$                (27,317)

 

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SOURCE GoPro, Inc.

FAQ

What was GoPro's (GPRO) total revenue for 2024?

GoPro's total revenue for 2024 was $801 million.

How much revenue did GPRO generate in Q4 2024?

GoPro generated $201 million in revenue during the fourth quarter of 2024.

What was GPRO's Subscription and Service Revenue growth in 2024?

GoPro's Subscription and Service Revenue grew 10% year-over-year to $107 million in 2024.

How much did GoPro's (GPRO) subscription services contribute to 2024 revenue?

GoPro's subscription services contributed $107 million to the company's revenue in 2024.