What were the key takeaways from Gopro’s earnings call?

What were the key takeaways from Gopro's earnings call?

What guidance did Gopro's management provide for the next earnings period?

What is the revenue and EPS growth rate for Gopro year over year?

Did Gopro beat or miss consensus estimates last quarter?

What factors drove the changes in Gopro's revenue and profit?

What is Gopro's latest dividend and current dividend yield?

What is Gopro's gross profit margin?

- **Q3 Success**: Exceeded revenue guidance with new products, including Emmy-winning Max 2 360 camera.
- **2026 Growth**: Delayed HERO launch to prepare for GP3 processor-based products, targeting unit and revenue growth.
- **Financial Improvement**: Q4 2025 adjusted EBITDA $12M (vs. -$14M prior year), 2026 outlook for $40M+ EBITDA.
- **Strategic Initiatives**: AI training program monetization, diversification into 360 and low-light camera markets.

**【CEO Summary Section】**
- Launched three new hardware products: Max 2 360 camera, Lit Hero, and Fluid Pro AI gimbal, driving Q3 revenue growth and exceeding guidance.
- Expanded TAM into 360 camera market (2M units annually) and low-light camera segment (2-2.5M units annually).
- Won 2025 Technology & Engineering Emmy Award for 360 technology, highlighting innovation leadership.
- Launched AI training program, with subscribers contributing 270,000 hours of video for third-party licensing revenue sharing.
- 2026 strategy: delayed flagship HERO launch to prepare for GP3 processor-based products, expected unit and revenue growth.

**【CFO Financial Commentary】**
- Q3 2025: Revenue $163M, 35.2% gross profit, $12M positive cash flow from operations.
- Q4 2025 guidance: Revenue $220M (10% growth), non-GAAP EPS $0.03, adjusted EBITDA $12M (vs. -$14M prior year).
- Unit sell-through down 18% YoY in Q4, but expects 2026 unit and revenue growth with new products.
- Tariffs impact gross margin (32% Q4 2025 vs. 35% prior year), offset by price increases and supply chain diversification.
- 2026 outlook: $40M+ adjusted EBITDA, $250M operating expenses, $80M cash by year-end.

**【Q&A Highlights】**
- Q4 2025 sell-through decline due to delayed HERO launch; 2026 growth driven by GP3 processor products.
- Diversification strategy: multiple SKUs targeting specialized use cases (e.g., 360 cameras, gimbals).
- AI training program: potential revenue sharing with subscribers as AI data demand grows.
- Confidence in 2026 despite macro uncertainty, with new product launches throughout the year.

GoPro, Inc. (GPRO) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Q2 $153M revenue (high end of guidance), 56% subscription attach rate, and 36% gross margin reflect disciplined execution.
- **Product Momentum**: HERO13 launches, 360 editing tools, and Max 2 camera set for H2 2025 growth.
- **AI & IP Wins**: $450PB UGC AI licensing program and ITC IP enforcement position GoPro for new revenue streams.
- **Financial Turnaround**: 2025 2H adjusted EBITDA target of $20M+ (vs. -$9M prior year), with $240M+ opex savings driving profitability.
- **Growth Frontiers**: 360 camera market ($2M+ units), low-light cameras, and motorcycle helmets ($3B SAM) expand TAM.

**【Management Opening Remarks】**
- CEO Nick Woodman and CFO Brian McGee outlined Q2 performance, emphasizing revenue growth, product launches, and financial discipline.
- Highlighted the importance of managing operating expenses, protecting IP, and launching new products to drive growth.
- Noted the company's focus on AI data licensing, IP enforcement, and board refreshment to strengthen governance.

**【CEO Summary Section】**
- Q2 revenue hit the high end of guidance at $153M, driven by 56% subscription attach rate (vs. 45% YoY).
- Launched HERO13 Black Ultra Wide Edition and Forest Green colorway, with new 360 editing tools in GoPro App.
- Announced AI data licensing program for subscribers, offering 50% revenue share from licensing UGC for AI training.
- Secured IP wins against Insta360, with ITC ruling on patent infringement and HyperSmooth stabilization claims.
- Expanded Board with Mick Lopez, Emily Culp, and Mike Dennison to enhance strategic expertise.
- Projected Q4 2025 revenue growth and $20M+ 2H25 adjusted EBITDA (vs. -$9M prior year).

**【CFO Financial Commentary】**
- Q2 GAAP net loss of $0.10, non-GAAP EPS of -$0.08 (vs. -$0.24 YoY), with 83% improvement in adjusted EBITDA to -$6M.
- Gross margin improved to 36% (vs. 30.7% YoY) due to reduced discounts and higher subscription mix.
- Operating expenses down 32% YoY to $63M, driven by cost cuts in marketing, R&D, and headcount.
- 2025 full-year opex guidance of $240-250M (vs. $360M+ prior year), with $18M tariff impact offset by 5% price increases.
- Q3 2025 revenue expected at $160M (vs. $256M YoY), with ASP up 26% YoY to $370.
- 2025 cash position projected at $80M+ post $94M convertible debt repayment in Nov '25.

**【Q&A Key Highlights】**
- **Consumer Spending Trends**: GoPro's tools-driven positioning maintains stable demand despite macro uncertainty. Tariffs (~$18M 2025) managed via modest price increases.
- **360 Camera Market**: Max 2 launch targets $2M+ annual 360 camera market, where GoPro previously held 80-90% share pre-competition entry.
- **Growth Opportunities**: Low-light camera segment ($2M+ units annually) and motorcycle helmets ($3B SAM) represent new TAM expansion areas.
- **Subscription Growth**: Attach rate up 24% YoY to 56%, with retention >67% for 7+ quarters. Opt-in AI licensing program adds diversified revenue stream.

GoPro (GPRO)-11 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Resilience**: $134M Q1 revenue beats expectations, despite 20% YoY unit decline
- **Subscription Strength**: 70% aggregate retention rate, 5% ARPU growth
- **Cost Control**: $62M OpEx (-26% YoY), $16M EBITDA loss (-48% YoY)
- **Tariff Mitigation**: 100% camera production outside China, 3-4% price increases
- **Growth Catalysts**: MAX2 360 launch in 2025H2, motorcycle helmet partnership with AGV


**【CEO Key Highlights】**
- **Revenue Performance**: Q1 2025 revenue of $134M exceeded guidance, driven by strong sell-through in North America and Europe, despite a 20% YoY decline in camera units globally.
- **Product Innovation**: Launched MAX 360 refresh and Anamorphic Lens Mod for HERO13 Black, with MAX2 360 set for 2025H2 launch. Expanded subscription ecosystem with 70% aggregate retention rate, up 200bps YoY.
- **Operational Efficiency**: Achieved $62M in OpEx (26% YoY decline), with headcount reduced to 659FTE (-30% YoY). Inventory down 27% YoY to $96M, lowest Q1 level since 2018.
- **Strategic Initiatives**: 
  - Announced U.S. production for select products to mitigate tariffs
  - Launched motorcycle helmet partnership with AGV targeting $3B TAM
  - Filing IP infringement case with ITC, ruling expected July 2025

**【CFO Financial Breakdown】**
- **Topline**: 
  - Retail channel revenue $94M (70% of total, +200bps mix vs Q1 2024)
  - Subscription ARPU +5% YoY, sub attach rate 49% (flat YoY)
- **Margin Performance**: 
  - Gross margin 32.3% (34.4% ex one-time $5M inventory sale)
  - Adjusted EBITDA loss $16M (-48% YoY)
- **Cash Flow**: 
  - Ended Q1 with $70M cash (including $25M ABL draw)
  - Q2 guidance: $145M revenue, $0.07 Non-GAAP EPS, $75M cash by year-end
- **Tariff Mitigation**: 
  - 100% camera production outside China
  - 3-4% price increases to offset $8M annual tariff impact

**【Q&A Key Takeaways】**
1. **Demand Dynamics**: 
  - U.S. sell-through down 10% YoY but best performing region
  - Asia-Pacific down 54% YoY due to macro weakness and local competition
2. **Inventory Management**: 
  - Sold $5M of slower-moving inventory in Q1
  - Expect $20M sequential inventory reduction to $75M by Q2
3. **Tariff Strategy**: 
  - 0% tariffs on U.S.-bound cameras (Thailand production)
  - Accessories moving to Vietnam to reduce 145% China tariffs
4. **Shareholder Value**: 
  - Focus on profitable growth through product innovation
  - No plans for reverse stock split; prioritize organic performance


GoPro (GPRO)-12 May 25-2025 Q1 Earnings call transcript

- **Subscription resilience**: ARPU +8% YoY, 69% retention rate highlights sticky customer base. 
- **360 camera revival**: MAX refresh launch to drive incremental profit, MAX2 set to redefine category. 
- **2025 tradeoff**: 20% revenue decline vs. 100+ bps margin expansion, positioning for 2026 recovery. 
- **Tech leadership**: GP3 SoC validation underscores R&D commitment to maintain competitive edge.

**【CEO Summary Section】**
- Q4 revenue met guidance with subscription ARPU up 8% YoY, driven by 69% aggregate retention rate (up 2% YoY). 
- Launched ultra-compact HERO 4K camera with 4:3 wide aspect ratio update, positioning for long-term growth. 
- 2025 outlook: 13% unit decline due to macroeconomic headwinds, but 2026 poised for recovery with diversified product roadmap. 
- Completed validation of next-gen GP3 SoC, expected to set new industry benchmarks.

**【CFO Financial Commentary】**
- Q4 non-GAAP net loss of $0.09 beat expectations, with subscription revenue up 9% YoY to $107M. 
- 2025 guidance: 20% revenue decline, but 100+ basis point gross margin improvement to 35%. 
- Operating expenses to drop 30% to $250-260M, with cash position targeted at $50M post-debt repayment. 
- Subscription user base expected to stabilize at 2.4M, supported by 70%+ retention rates.

**【Q&A Key Takeaways】**
- Subscription decline in 2025 driven by unit sales drop, but ARPU growth mitigates impact. 
- MAX 360 refresh launch to be margin-accretive, with MAX2 positioning as category leader. 
- 2026 growth hinges on software innovation and hardware diversification, with GP3 enabling new product possibilities.

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