GoPro Loses $51 Million in Q2 as It Explores a Potential Sale

Summary

• GoPro reported a net loss of $51 million for the second quarter of 2026.
• Total revenue fell 31% to approximately $105 million.
• Camera sell-through dropped 38% to approximately 291,000 units.
• Subscription and service revenue increased 11% to $29 million.
• The company is evaluating a potential sale, merger, or other strategic transaction.
• Nicholas Woodman provided $20 million in financing, while GoPro has received another Nasdaq warning.

 

GoPro reported a $51 million loss for the second quarter of 2026, with total revenue falling 31%, while the company is already in an advanced process of evaluating a potential sale and other strategic alternatives.

The U.S. company ended the quarter on June 30, 2026, with revenue of approximately $105 million, compared with $153 million in the same period of 2025. Camera sell-through fell to approximately 291,000 units, down 38% year-over-year.

The development is particularly significant because it comes as GoPro attempts to expand beyond its traditional action-camera market while simultaneously cutting jobs, securing additional financing, and considering a potential sale or merger.

$51 Million Lost in a Single Quarter

On a GAAP basis, GoPro reported a net loss of $51 million, or $0.30 per share, in the second quarter. A year earlier, the company lost $16.4 million, or $0.10 per share.

On a non-GAAP basis, net loss reached $35.8 million, compared with approximately $12 million in the second quarter of 2025. Adjusted EBITDA was negative $29.5 million, compared with negative $5.7 million a year earlier.

The results included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments. GAAP gross margin fell to 30.2%, from 35.8% in the prior-year quarter.

Hardware Revenue Falls Sharply

The most serious weakness remains GoPro’s core business. Hardware revenue dropped to $75.95 million from $126.43 million a year earlier, a decline of 39.9%.

Total revenue was $104.93 million, down 31.3%. Retail-channel revenue fell to $58 million, down 48% year-over-year, and represented 56% of total revenue.

By contrast, GoPro.com revenue, including subscription and service revenue, reached $47 million and increased 13%.

Subscriptions Are One of the Few Bright Spots

Subscription and service revenue moved in the opposite direction from hardware. It increased 10.6% to $28.98 million and now represents approximately 28% of GoPro’s total revenue, compared with 17% a year earlier.

Approximately $2 million of that amount came from GoPro’s content-licensing program for AI training. The company’s subscriber attach rate also reached a record 69%, up from 54% in the second quarter of 2025, while subscription ARPU increased 9% year-over-year.

MISSION 1 Arrived Late in the Quarter

GoPro began shipping the new MISSION 1 PRO and MISSION 1 cameras in May as it moved into a more professional segment of the digital-imaging market. The wider MISSION 1 family includes the MISSION 1 PRO, MISSION 1 PRO ILS, and MISSION 1, marking an important diversification away from the company’s traditional action-camera lineup.

However, the new cameras only began shipping near the end of May, leaving roughly one month of contribution to the second-quarter results. That makes it too early to draw firm conclusions about their longer-term commercial performance, but the overall decline in camera sales illustrates the scale of the challenge the new lineup must overcome.

GoPro Is Considering a Sale

GoPro’s Board of Directors formally launched a strategic review in May that includes evaluating a potential sale or merger. The company retained investment bank Houlihan Lokey as financial adviser for the process.

The move followed several unsolicited approaches to GoPro from interested parties. The company has said the interest includes parties from the defense, consumer, and financial sectors. Nicholas Woodman indicated with the latest results that the process has reached a later stage.

There is no guarantee that the strategic review will ultimately result in a sale, merger, or any other transaction.

Woodman Put $20 Million Into the Company

On July 8, GoPro announced $20 million in financing from founder and CEO Nicholas Woodman through entities affiliated with him. The transaction involves $20 million in senior secured notes as well as warrants for Class B common stock.

GoPro said an independent committee of its Board considered a range of financing alternatives before selecting the structure. Woodman has also said he fully supports the company’s review of strategic alternatives.

Cash and the Balance Sheet Add Pressure

As of June 30, 2026, GoPro had approximately $27.3 million in cash and cash equivalents, down from $49.7 million at the end of 2025. During the first six months of 2026, the company used approximately $47.4 million in cash from operating activities.

Total current liabilities had reached $404.9 million, compared with $229.1 million in current assets, while stockholders’ equity had moved to a deficit of approximately $32.7 million.

For the full first half of 2026, net losses totaled approximately $131.8 million, compared with $63.1 million in the corresponding period of 2025.

About 23% of the Workforce Is Being Cut

Financial pressure had already pushed GoPro into another restructuring. In April, the company announced plans to eliminate approximately 145 jobs worldwide, representing about 23% of the 631 employees it had at the end of the first quarter.

The restructuring is intended to reduce operating costs and is expected to be largely completed by the end of 2026.

Another Nasdaq Warning

On July 21, 2026, GoPro received notice from Nasdaq that it was not complying with the minimum bid-price requirement after its Class A stock remained below $1 for 30 consecutive business days.

The company has a 180-day compliance period, during which its share price must reach at least $1 for a minimum of ten consecutive business days. The notice has no immediate effect on the stock’s trading status.

On August 10, the stock was shown at $0.70, compared with a peak of roughly $94 in October 2014.

GoPro Is Looking Beyond Action Cameras

Alongside its financial restructuring, GoPro is trying to develop new sources of revenue. In addition to the MISSION 1 family and its AI content-licensing program, the company is exploring opportunities in the defense and aerospace markets.

Its technology-enabled motorcycle helmet project with AGV is also continuing. According to GoPro, the helmet has achieved compliance with the ECE 22.06 safety standard.

What We Think

GoPro remains one of the most recognizable names in digital imaging, but the second-quarter figures show that its challenges extend beyond a single weak quarter. The sharp contraction in hardware, shrinking cash position, widening losses, and need for additional financing are creating substantial pressure.

Growing subscription revenue and the MISSION 1 family give the company two potential paths toward diversification, but they will need to become significantly larger businesses to offset weakness in the core operation. Against that backdrop, the outcome of the strategic review — whether it leads to a sale or another transaction — could prove decisive for GoPro’s next phase.

Frequently Asked Questions

How much money did GoPro lose in Q2 2026?

GoPro reported a GAAP net loss of approximately $51 million, compared with $16.4 million in the same quarter of 2025.

How much did GoPro camera sales decline?

The company estimates that approximately 291,000 cameras were sold through to consumers, down 38% year-over-year.

Is GoPro for sale?

GoPro is formally evaluating strategic alternatives that include a potential sale or merger, but no transaction or final decision has been announced.

What is happening with GoPro’s Nasdaq listing?

GoPro received a warning after its shares remained below Nasdaq’s $1 minimum bid-price requirement for 30 consecutive business days and has a 180-day compliance period.

Were there any positive figures in the results?

Subscription and service revenue increased approximately 11% to $29 million, while the subscriber attach rate reached a record 69%.