GoPro(US:GPRO)2025-02-06 21:09Revenue Performance - Fourth quarter revenue was $201 million, down 32% year-over-year, with full year revenue at $801 million, down 20% year-over-year[7] - Subscription and service revenue increased 10% year-over-year to $107 million, with a subscriber count of 2.52 million, up 1% year-over-year[7] - Retail channel revenue was $150 million, accounting for 74% of total revenue, down 34% year-over-year[7] - Revenue for Q4 2024 was $200,882 thousand, a decrease of 32.0% compared to $295,420 thousand in Q4 2023[18] Profitability and Loss - GAAP net loss for Q4 was $37 million, or $(0.24) loss per share, compared to a net loss of $2 million or $(0.02) loss per share in the prior year[7] - Non-GAAP net loss for the full year was $370 million, or $(2.42) loss per share, compared to a non-GAAP net loss of $20 million or $(0.13) loss per share in the prior year[9] - Adjusted EBITDA for 2024 was negative $72 million, compared to negative $27 million in the prior year[9] - Operating loss for the year ended December 31, 2024, was $135,033 thousand, compared to a loss of $75,463 thousand in 2023, representing an increase of 78.9%[18] - Net loss for Q4 2024 was $37,191 thousand, significantly higher than the net loss of $2,418 thousand in Q4 2023[18] Cash Flow and Assets - Cash and cash equivalents decreased to $102,811 thousand as of December 31, 2024, from $222,708 thousand at the end of 2023, a decline of 53.8%[20] - Total assets decreased to $543,678 thousand in 2024 from $967,951 thousand in 2023, a reduction of 43.8%[20] - Total liabilities decreased slightly to $391,989 thousand in 2024 from $412,105 thousand in 2023, a decrease of 4.9%[20] Expenses - Research and development expenses increased to $50,025 thousand in Q4 2024, up 14.5% from $43,892 thousand in Q4 2023[18] - Total stock-based compensation for the year ended December 31, 2024, was $29,132 thousand, down from $41,479 thousand in 2023[25] - Total acquisition-related costs for the year ended December 31, 2024, were $2,352 thousand, up from $822 thousand in 2023[25] Future Plans and Strategies - The company plans to reduce operating expenses by nearly 30% in 2025 to return to growth and profitability by 2026[3] - The company plans to focus on new product development and market expansion strategies to improve future performance[22] - The company is diversifying its supply chain outside of China to improve operational efficiencies and gross margin[4] Gross Margin - GAAP gross margin for 2024 was 33.8%, an increase of 160 basis points compared to the prior year[9] - GAAP gross margin as a percentage of revenue for Q1 2024 was 34.7%, slightly up from 34.2% in Q1 2023[26] - Non-GAAP gross margin for Q1 2024 was 35.1%, compared to 34.4% in Q1 2023[26]