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what it is
GoPro sells action cameras, mounts, and a subscription that stores your footage and keeps you inside its app.
how it gets paid
Last year Gopro made $652M in revenue. Cameras was the main engine at $480M, or 74% of sales.
why growth slowed
Revenue fell 18.7% last year. The real number is 34.4% gross margin, because it says the products still have pricing power even while the company struggles to turn that into.
what just happened
Revenue hit $450M, but GoPro still lost money and the core story remains fragile.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
12.2x trailing p/e — the market's not buying it — or you found a deal
4.2% return on capital — nothing to write home about
-$2.82 fy2024 eps est
xvary composite: 28/100 — weak
What they do
GoPro sells action cameras, mounts, and a subscription that stores your footage and keeps you inside its app.
GoPro still owns the action-camera identity in your head. You strap a HERO to a helmet, surfboard, or chest, not a random rectangle. That brand memory still supports a $652 million revenue base, and the subscription layer keeps your footage, edits, and cloud storage in one place, which makes leaving annoying.
How they make money
$652M
annual revenue · their business grew -18.7% last year
Cameras
$480M
18.7%
Accessories
$66M
18.7%
Subscriptions
$82M
n/a
Services
$24M
n/a
The products that matter
flagship action camera hardware
HERO cameras
625K units in Q4
this still pays the bills. gopro shipped 625,000 cameras in Q4, down 48% from a year ago. if that keeps sliding, the rest of the story gets much harder.
core revenue base
recurring software and cloud revenue
GoPro subscription
$106M annual revenue
this segment grew 8% to $106M and is the cleanest proof that users still want something beyond the camera. in human-speak: this is the part working.
only disclosed growth pocket
next product-cycle bet
GP3 AI camera
2026 launch window
management tied the launch to a plan for $10M–$20M EBITDA on $750M revenue. that is a lot of pressure on one product cycle for a $119M company.
execution risk
Key numbers
31%
debt load
Long-term debt equals 31% of capital. Plain English: about a third of the funding stack is debt. So what: that gets ugly faster when operating margin is -12.8%.
18.7%
revenue decline
Sales fell from about $802 million to $652 million. Plain English: customers bought a lot less stuff. So what: shrinking revenue makes every fixed cost feel larger.
34.4%
gross margin
Gross margin means money left after making the product. Plain English: GoPro keeps about 34 cents of each sales dollar before overhead. So what: there is still product-level value if demand stabilizes.
1.7
beta
Beta measures stock jumpiness versus the market. Plain English: this stock tends to move harder than the indexes. So what: your downside arrives faster.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $55M (31% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for GPRO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $450M, but GoPro still lost money and the core story remains fragile.
EPS was -$0.53 and gross margin was 34.4%. Revenue bounced 176% vs. prior year, but one big quarter does not erase an annual revenue decline of 18.7% to $652 million.
$163M
revenue
$0.53
eps
34.4%
gross margin
the number that mattered
The real number is 34.4% gross margin, because it says the products still have pricing power even while the company struggles to turn that into profit.
source: company earnings report, 2026
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What could go wrong
the #1 risk is continued collapse in HERO camera demand. 625,000 units in Q4 was down 48% from a year ago, and the smaller subscription business does not yet cover for that.
med
camera demand keeps sliding
hardware sales listed here are $546M. that is still the engine. when unit shipments fall 48% in a quarter, you do not need a spreadsheet to see the pressure.
if hardware keeps shrinking at anything close to this pace, the turnaround math breaks long before subscriptions catch up.
med
GP3 has too much riding on it
the 2026 AI camera launch is tied to a plan for $10M–$20M EBITDA on $750M revenue. for a $119M market cap company, that is not a side bet. it is the bet.
if the launch disappoints, the market is left with a shrinking legacy hardware business and a $106M subscription stream that is still too small.
med
the cushion is thin
Q4 adjusted EBITDA was a $784K profit. long-term debt is $55M, or 31% of capital. gross margin held at 34.4% even with $20M in tariff costs, but that does not leave much room if sales stay weak.
thin profitability means one bad launch, one bad holiday season, or one margin slip hits harder than it would at a stronger business.
Most of this story still sits on hardware. The camera business shown here is $546M. Subscription is $106M. Until that mix changes, weak demand is the risk that matters most.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 report
expected around april 29–30, 2026. management guided to $95M–$105M revenue versus a $69.9M consensus on this page. that gap is the number to watch.
trend
camera unit shipments
625,000 units in Q4 was the clearest sign of stress. if that line does not stabilize, the rest of the turnaround talk stays theoretical.
metric
subscription revenue
$106M and growing 8% is good. you need to see whether that growth rate accelerates enough to matter against the hardware decline.
risk
GP3 launch execution
the 2026 launch window now carries the weight of the $10M–$20M EBITDA plan. product delays or weak reviews would hit the thesis fast.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not trust this business to print steady quarters.
balance sheet strength
C+
below average balance sheet grade. you are not paying for safety here.
price stability
10 / 100
this stock moves like a stressed small cap, because that is what it is.
source: institutional data
Institutional activity
institutional ownership data for GPRO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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