GoPro, Inc.

GoPro, Inc. has filed a notification of late filing for its third quarter 2026 report, citing difficulties in completing financial close procedures and accounting for certain financing arrangements. The company anticipates significantly lower revenue and gross margin for Q3 2026 compared to the prior year, with net revenue expected around $96 million and gross margin at 12.7%. GoPro also disclosed ongoing issues with internal controls and potential covenant noncompliance with lenders, which could impact its pending merger. The company expects to file its delayed reports as soon as practicable.

GoPro reported a significant net loss of $(51.0) million for Q2 2026, widening from $(16.4) million in the prior year, with total revenue declining 31.2% to $104.9 million. The company issued a going concern warning due to continued operating losses, negative cash flows, and non-compliance with debt covenants, indicating insufficient liquidity to meet obligations. In response, GoPro is evaluating strategic alternatives, asset sales, and additional financing, and initiated a restructuring plan in April 2026 to reduce its workforce by approximately 23%.

GoPro, Inc. announced its second quarter 2026 financial results, reporting a significant decline in revenue and a widened net loss. Total revenue fell 31% year-over-year to $105 million, and the GAAP net loss increased to $(51) million. Despite the overall financial downturn, subscription and service revenue grew 11% to $29 million, and the subscriber attach rate hit a record 69%. The company also highlighted the launch of its new MISSION 1 Series cameras and the ongoing strategic review process to maximize shareholder value.

GoPro, Inc. received a notice from Nasdaq on July 21, 2026, indicating non-compliance with Listing Rule 5450(a)(1) because its Class A Common Stock traded below $1.00 per share for 30 consecutive business days. The company has a 180-calendar-day grace period to regain compliance by having its stock price close at or above $1.00 for at least ten consecutive business days. This notification does not immediately affect the listing or trading of GoPro's stock on Nasdaq.

GoPro, Inc. closed the sale of $20 million in senior secured notes and warrants to entities affiliated with its CEO, Nicholas Woodman. Concurrently, the company amended its credit agreements with Wells Fargo and Farallon Capital Management. The Wells Fargo amendment increased the interest rate on revolving loans by 1.00% and introduced significant fees, including a $5.0 million restructuring fee and a $1.0 million success fee, along with a new repayment schedule and a requirement to refinance within 180 days.

GoPro, Inc. entered into a securities purchase agreement with entities affiliated with CEO Nicholas Woodman to secure $20 million in financing. This includes $20 million in senior secured notes and warrants exercisable for 25,706,940 shares of Class B common stock. The financing, which bears a 6.50% interest rate and matures in July 2028, was deemed by an independent committee to offer the most favorable terms for the company and its shareholders.

GoPro, Inc. filed an Amendment No. 1 to its S-1 Registration Statement, disclosing substantial doubt about its ability to continue as a going concern. The filing also registers up to 120,000,000 Class A common shares for resale by a selling stockholder, from which the company will not receive any proceeds. The company highlighted risks including stock price volatility, potential delisting from Nasdaq, and concentrated voting control by its CEO.

GoPro, Inc. refiled its consolidated financial statements for the year ended December 31, 2025, to include an explanatory paragraph from its independent registered public accounting firm, PricewaterhouseCoopers LLP, raising substantial doubt about the company's ability to continue as a going concern. This disclosure, driven by operating losses, negative cash flows, and unexpected memory cost increases, may trigger an Event of Default under its existing credit agreements and convertible debentures. The company is in active discussions with its lenders and is evaluating strategic alternatives, including a potential sale or merger, and has initiated a restructuring plan to reduce its workforce by approximately 23%.

GoPro, Inc. announced it has retained Houlihan Lokey, Inc. as its financial advisor to explore a potential sale or other strategic alternatives, following several unsolicited inquiries. The company's Board of Directors and CEO Nicholas Woodman fully support this initiative to maximize shareholder value, though no timetable or decisions have been made. Separately, GoPro entered into a new lease agreement for approximately 25,000 square feet at 2855 Campus Drive, San Mateo, CA, which will serve as its new corporate headquarters starting January 1, 2027, with an initial monthly base rent of $87,500.

GoPro, Inc. announced a significant legal victory in its patent infringement lawsuit with Contour IP Holding LLC. The U.S. District Court for the Northern District of California granted GoPro's motion for judgment as a matter of law, finding the sole remaining valid patent claim invalid as obvious. Consequently, the Court vacated the $8,200,000 damages award in its entirety, resulting in no liability for GoPro from the case. All asserted claims of both patents have now been found invalid, though the ruling is subject to appeal.