GoPro reported a non-GAAP loss per share of $0.02 in fourth-quarter 2025, compared with a 4-cent profit estimate. Revenue rose 0.4% year-over-year to $201.7 million but fell 10.4% below consensus and missed the company’s $220 million target. Unit shipments declined 19% to 625,000 cameras, while direct channel revenue dipped 6% to $48 million and retail grew 3% to $154 million. Regionally, U.S. sales increased 5%, EMEA rose 15%, and Asia Pacific fell 37%.

Non-GAAP gross margin compressed to 31.9% from 35.1% a year earlier after absorbing $20 million in tariffs. The company cut operating expenses by 26% year-over-year to $72.4 million and narrowed its operating loss to $2.5 million. Adjusted EBITDA turned positive at $0.8 million versus a $14.4 million loss, and operating cash flow improved by $40.7 million to generate $15.6 million. Ending cash and equivalents stood at $49.7 million.

For first-quarter 2026, the company forecasts revenue of $100 million ±$5 million, unit sell-through of 300,000–350,000 cameras and non-GAAP loss per share of $0.20. It expects full-year revenue of $750–$800 million and adjusted EBITDA of $10–$20 million. GoPro plans to introduce its AI-enabled GP3 image processor in Q2 2026, aiming to power premium camera models, boost attach rates and expand its total addressable market.