The strategic review process (potential sale) is the dominant catalyst, but the deteriorating operating metrics and cash burn create a high-risk binary event. Monitor for any 8-K announcing a definitive agreement or termination of the review process; failure to secure a deal could lead to a significant de-rating given the negative equity position.
Price Chart
Executive Summary
GoPro reported Q2 2026 revenue of $105M, down 31% YoY, with a GAAP net loss of $51M ($-0.30/share) and a non-GAAP net loss of $36M ($-0.21/share). While subscription revenue grew 11% YoY to a record 69% attach rate, the core hardware business continued to deteriorate sharply with camera unit sell-through down 38% YoY, and the company's cash position fell to $27M from $50M at year-end. The ongoing strategic review process is the primary catalyst for the stock, as the operating fundamentals remain deeply negative.
Key Financial Metrics
Key Facts
- Revenue of $105M declined 31% YoY, worse than the 26% decline in Q1.
- Camera unit sell-through fell 38% YoY to ~291,000 units.
- GAAP net loss widened to $51M from $16M in the prior year quarter.
- Non-GAAP net loss per share was $(0.21), compared to $(0.08) a year ago.
- Adjusted EBITDA was negative $29M, worsening from negative $6M in Q2 2025.
- Cash and cash equivalents fell to $27.3M from $49.7M at year-end 2025.
- Stockholders' equity turned negative to $(32.7M) from positive $76.6M at year-end.
- Subscription and service revenue grew 11% YoY to $29M, with a record 69% subscriber attach rate.
- The Board authorized a process to evaluate a potential sale of the company in May 2026.
- GAAP gross margin improved to 30.2% from 4.3% in Q1, but was down from 35.8% a year ago.
Financial Impact
Revenue decline of 31% YoY ($105M vs $153M) and net loss of $51M, with cash burn of $13.5M in the quarter.
Risk Factors
- Strategic review may not result in a transaction, leaving a deeply unprofitable business with declining cash reserves.
- Continued cash burn could force dilutive financing or restructuring if a sale is not completed.
- Hardware revenue decline of 31% YoY shows no sign of stabilization from the MISSION 1 launch.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001500435-26-000034 |
| Document: gpro-20260810.htm | 0001500435-26-000034 |
| Document: 0001500435-26-000034-index-headers.html | 0001500435-26-000034 |
| Document: 0001500435-26-000034-index.html | 0001500435-26-000034 |
| Document: 0001500435-26-000034.txt | 0001500435-26-000034 |
| 8-K Data (Synthetic) | 0001500435-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | DEFA14A | $1.07 | awaiting T+5 | — | $1.02 (−4.23%) |
Oct 19, 2026 8d ago | DEFA14A | $1.04 $1.03 | ▼ −0.96% | ▼ −0.82% | $1.02 (−1.92%) |
Oct 19, 2026 8d ago | Press Release | $1.04 $1.03 | ▲ +0.96% | ▲ +0.82% | $1.02 (+1.92%) |
Oct 19, 2026 8d ago | PREM14A | $1.04 $1.03 | ▼ −0.96% | ▼ −0.82% | $1.02 (−1.92%) |
Oct 19, 2026 8d ago | 10-Q/A | $1.04 $1.03 | ▲ +0.96% | ▲ +0.82% | $1.02 (+1.92%) |
Oct 19, 2026 8d ago | 10-Q/A | $1.04 $1.03 | ▲ +0.96% | ▲ +0.82% | $1.02 (+1.92%) |
Oct 19, 2026 8d ago | 10-K/A | $1.04 $1.03 | ▲ +0.96% | ▲ +0.82% | $1.02 (+1.92%) |
Oct 16, 2026 11d ago | 8-K | $1.04 $1.03 | ▲ +0.96% | ▲ +0.82% | $1.02 (+1.92%) |
Sep 22, 2026 5w ago | Institutional Cluster | $1.27 $1.33 | ▲ +4.33% | ▲ +5.52% | $1.02 (−19.69%) |
Sep 2, 2026 7w ago | 8-K | $1.39 $1.38 | ▼ −0.72% | ▲ +0.43% | $1.02 (−26.62%) |
US Market Status
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