GoPro's Losses Deepen as Revenue Slides 31 Percent, But Subscription Business Keeps Growing

GoPro, Inc. reported a steeper adjusted loss for the second quarter ended June 30 as revenue fell 31 percent year-over-year to $105 million, down from $153 million a year ago — a decline that lands well short of the roughly $151 million analysts had been modeling heading into the report. The results mark the third straight quarter of double-digit revenue erosion for the embattled action-camera maker, which disclosed "substantial doubt" about its ability to continue as a going concern just two months ago.

Amid the broader slide, one bright spot held steady: subscription and service revenue climbed 11 percent year-over-year to $29 million, continuing a trend of improving retention and rising average revenue per user that has partially offset weakening hardware sales for several quarters running.

"In Q2, we expanded the performance and creative potential of our camera lineup with the launch of the MISSION 1 Series of cameras and continued to advance our strategic review process to maximize shareholder value," said Nicholas Woodman, GoPro's founder and CEO. "I'm excited about our new and upcoming products as they further establish GoPro as one of the world's most exciting digital imaging companies and brands."

A Company Under Pressure

The second-quarter report caps a difficult stretch for GoPro. The company's first-quarter revenue fell 26 percent year-over-year to $99.1 million, with hardware unit sell-through down 31 percent, prompting a June regulatory filing that flagged going-concern risk. Since then, GoPro has cut its workforce by roughly 23 percent as part of a broader restructuring, and Woodman personally provided $20 million in financing to help stabilize the company's balance sheet while its board pursues a formal strategic review — a process that includes exploring a possible sale or merger of the company.

That review has run in parallel with a hardware push the company is counting on to reverse its fortunes. The second quarter was the first full three-month period to include sales of the new MISSION 1 Series, a line of professional-grade compact cinema cameras — MISSION 1, MISSION 1 PRO and MISSION 1 PRO ILS — aimed at pulling GoPro upmarket into the high end of the digital imaging business, a segment historically dominated by far more expensive dedicated cinema cameras. GoPro rounded out the line in late July with the addition of Creator Edition bundles, a new Media Mod, and a Volta 2 battery grip, pricing the top-tier kit at $1,099.99.

Subscriptions Remain the Steadier Story

While hardware revenue continues to erode, GoPro's subscription business has been one of the few parts of the company moving in the right direction. The 11 percent growth in subscription and service revenue in the second quarter builds on a pattern seen throughout the past year, in which the company has leaned on improving attach rates and subscriber retention to offset a smaller and pricier camera lineup. GoPro closed out full-year 2025 with subscription and service revenue of $106 million, roughly flat with the prior year, even as total company revenue fell 19 percent.

Strategic Crossroads

GoPro's challenges have mounted even as it has tried to diversify beyond its traditional consumer action-camera base, including early-stage outreach into the defense and aerospace sectors through a partnership with consulting firm Oliver Wyman, and co-branded product tie-ins such as a laptop collaboration with ASUS. The company has also touted GoPro-equipped astronauts' use of its cameras aboard NASA's Artemis II mission as evidence of its technology's reach beyond the sporting and adventure markets that built the brand.

Still, the fundamentals facing the strategic review are stark: two consecutive quarters of steep revenue declines, a persistently weak gross margin profile weighed down by tariff-related costs and inventory actions, and a shrinking cash position that led the company's own auditor to flag going-concern risk in its most recent annual report. Whether the MISSION 1 launch — and the subscription business's steady growth — can shift that trajectory before the strategic review concludes remains the central question hanging over GoPro heading into the back half of 2026.