Core Insights - GoPro reported a revenue of $652 million for 2025, with fourth-quarter revenue at $202 million, indicating a flat year-over-year performance [1] - The company is set to launch its next-generation AI-enabled processor, GP3, in Q2 2026, which aims to enhance camera performance and expand its total addressable market (TAM) [1] Financial Performance - Fourth Quarter 2025: - Adjusted EBITDA was positive $1 million, a significant improvement from negative $14 million in the prior year [1] - Non-GAAP net loss was $3 million, or $(0.02) per share, compared to a net loss of $14 million, or $(0.09) per share, in the prior year [1] - GAAP net loss was $9 million, or $(0.06) per share, compared to a net loss of $37 million, or $(0.24) per share, in the prior year [1] - GAAP gross margin was 31.8%, down from 34.7% in the prior year [1] - Revenue from the retail channel was $154 million, up 3% year-over-year, while GoPro.com revenue was $48 million, down 6% year-over-year [1] - Full Year 2025: - Adjusted EBITDA was negative $29 million, an improvement from negative $72 million in the prior year [1] - GAAP net loss was $93 million, or $(0.59) per share, compared to a net loss of $432 million, or $(2.82) per share, in the prior year [1] - Total revenue decreased by 19% year-over-year to $652 million [1] - Subscription and service revenue was $106 million, down 1% year-over-year [1] Operational Highlights - The company improved cash flow from operations by $104 million year-over-year [1] - Operating expenses were reduced by $93 million, or 26% from the prior year [1] - The subscriber count at the end of Q4 was 2.36 million, down 7% year-over-year [1] - Sell-through of camera units was approximately 625,000, down 19% year-over-year [1] Future Outlook - The launch of the GP3 processor is expected to enhance GoPro's camera lineup, improving image quality and processing performance [1] - The company aims to strengthen its leadership position in the digital imaging market and expand its TAM with the new product [1]