As filed with the Securities and Exchange Commission on March 20, 2026. Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GOPRO, INC. (Exact name of Registrant as specified in its charter) Delaware 3861 77-0629474 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 3025 Clearview Way ...

Core Insights - GoPro is diversifying its hardware and software offerings in 2025 to expand its total addressable market, with several new product launches planned [2][4] - The company is undergoing leadership changes, with Brian Tratt becoming CFO and Brian McGee appointed as President and COO [2][3] Financial Performance - Fiscal 2025 showed significant improvements, including a reduction in operating expenses by $93 million, a gross margin of nearly 34%, and a $104 million improvement in cash flow from operations [4][11] - For Q4 2025, revenue was reported at $202 million, below guidance, with adjusted EBITDA at $1 million and positive cash flow from operations for the third consecutive quarter [12] - Full-year 2025 retail channel revenue was $482 million, representing 74% of total revenue, while subscription and service revenue was $106 million, flat year-over-year [13] Product Development - GoPro is launching a new product cycle centered around the GP3 processor, which is a 5nm system-on-chip expected to deliver more than twice the pixel processing power of its predecessor [5][10] - The GP3 processor aims to improve low-light image quality and enhance thermal performance, with camera run times expected to be 40% to 90% longer than competitors [10] AI and Licensing Initiatives - GoPro is making progress on an AI content licensing initiative, expecting to recognize revenue from the program in Q1 2026, with over 500,000 hours of video content submitted by subscribers [6] - The company is also developing a tech-enabled motorcycle helmet in partnership with AGV, focusing on safety and performance innovations [7] 2026 Outlook - For 2026, GoPro expects revenue between $750 million and $800 million, with a projected adjusted EBITDA of $10 million to $20 million, despite anticipated margin pressure from higher memory costs [15][19] - Operating expenses are expected to decrease to $220 million to $230 million in 2026, with further reductions anticipated in 2027 [16] Intellectual Property - GoPro's design patent rights were reaffirmed by the U.S. International Trade Commission, blocking infringing products from the U.S. market, and the company holds over 1,500 U.S. patents [8]

Financial Data and Key Metrics Changes - Fiscal 2025 showed substantial improvement over 2024, with operating expense reductions of $93 million and flat gross margins of 34% despite a $20 million impact from IEEPA tariffs [17] - Revenue for Q4 was $202 million, slightly below guidance of $220 million ± $5 million, with positive adjusted EBITDA of $1 million [17] - Cash flow from operations improved by $104 million year-over-year, reaching $16 million in Q4 [17][20] - GAAP and non-GAAP loss per share improved to $0.59 and $0.30 respectively, compared to losses of $2.82 and $2.42 in the prior year [19] Business Line Data and Key Metrics Changes - Revenue from the retail channel was $482 million, accounting for 74% of total revenue, while revenue from gopro.com, including subscription and service revenue, was $170 million, or 26% of total revenue [18] - Subscription and service revenue remained flat year-over-year at $106 million, representing 16% of total revenue [18] Market Data and Key Metrics Changes - The 2025 street average selling price (ASP) was $357, reflecting an 8% improvement year-over-year [18] - The company expects revenue growth in 2026 to range from $750 million to $800 million, nearly 20% growth based on the existing product lineup [20] Company Strategy and Development Direction - The company aims to diversify its business and expand its total addressable market (TAM) through new product launches, including the MAX2 360 camera and the LIT HERO camera [7][8] - GoPro is focusing on AI content licensing and has launched an AI training program that allows subscribers to monetize their content for AI model training [9][10] - The introduction of the GP3 processor is expected to significantly enhance performance and image quality, positioning GoPro to lead in both existing and new professional product categories [13][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic pressures, including tariffs and rising memory costs, but expressed optimism about strengthening the operating profile and advancing the product cycle [16] - The company anticipates a reduction in operating expenses in 2026, with a focus on expense management and litigation cost reductions [21][25] Other Important Information - GoPro's patent portfolio has exceeded 1,500 U.S. patents, and the company is committed to defending its innovations against competitors [11][12] - The company announced a $50 million financing, with $25 million already closed, to support its operations [23] Q&A Session Summary Question: No questions were registered during the Q&A session - There were no questions from analysts during the Q&A session, and the operator noted the absence of inquiries [26][27]

Core Insights - GoPro and ASUS have launched the ProArt GoPro Limited Edition convertible laptop, priced at $2,999, available exclusively at Best Buy in the U.S. [1] - The laptop is designed to enhance the content creation process by integrating seamlessly with the GoPro ecosystem, featuring a dedicated GoPro hotkey and the StoryCube AI app for organizing footage [1][1][1] - The ProArt GoPro Edition is powered by the AMD Ryzen AI Max+ 395 processor and includes 128GB of unified memory, enabling efficient editing of high-resolution video content [1][1] Product Features - The ProArt GoPro Limited Edition includes a rugged sleeve, special packaging, ASUS Pen 3.0, and a one-year GoPro Premium+ Subscription [1][1] - The laptop is optimized for ultra high-quality video editing, supporting HERO13 Black 5.3K and MAX2 True 8K 360° video workflows [1][1] Strategic Partnership - The collaboration between GoPro and ASUS aims to innovate creator-first tools that facilitate capturing, organizing, editing, and sharing stories [1][1][1]

Core Insights - GoPro, Inc. is enhancing its software ecosystem with the public beta launch of the GoPro ReFrame plugin for DaVinci Resolve, coinciding with the introduction of the MAX2 360 camera, which offers True 8K 360 video resolution, claiming image quality up to 21% better than competitors [1][8] Product Launch and Features - The DaVinci Resolve plugin expands on GoPro's existing ReFrame tools for Adobe Premiere Pro and After Effects, allowing users to manipulate 360 content with full creative control [2] - The MAX2 camera and the DaVinci Resolve integration are part of GoPro's strategy to make immersive content creation more accessible to both beginners and professionals [1][5] - GoPro has also upgraded its GoPro Player for macOS with support for Apple Projected Media Profile (APMP) and Advanced Denoise features, enhancing video quality on Apple Vision Pro headsets [3] Mobile and Software Enhancements - The Quik app introduces AI-Powered Object Tracking, enabling automatic centering of selected subjects throughout clips, along with various editing features like POV modes and cloud-based editing [4] - The enhancements in the GoPro App include new 360 editing tools, which are expected to complement the upcoming MAX2 launch [6] Market Position and Growth Strategy - GoPro's focus on product innovation, including the introduction of the HERO13 Black Ultra-Wide Edition and a limited-edition colorway, aims to boost customer interest and diversify its offerings [6] - The acquisition of Forcite Helmet Systems and collaboration with AGV marks GoPro's entry into the $3 billion tech-enabled motorcycle helmets market, indicating a strategy to unlock new revenue streams [7] Competitive Landscape - GoPro faces significant competition in the camera market from established brands like Canon, Nikon, Sony, and Garmin, which have introduced lower-cost alternatives and advanced features [10][11][12] - The action-camera market is characterized by increasing commoditization, with competitors like Sony and Garmin offering products that emphasize image quality and integrated features [10][11][12]