GoPro Announces Fourth Quarter and 2024 Results

2024 Revenue of $801 million Fourth Quarter Revenue of $201 million 2024 Subscription and Service Revenue of $107 million, Up 10% Year-over-Year , /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2024, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com. "In 2024 we undertook several initiatives to put us back on a path to return to growth and profitability in 2026. This includes our plan to reduce operating expenses for 2025 by nearly 30% and refining our roadmap to pursue improved product diversification and how efficiently we design our products," said Nicholas Woodman, GoPro's founder and CEO. "Our continued focus to streamline our business has yielded reduced product costs and improved operational efficiencies as well as continued diversification of our supply chain outside of China, all of which has contributed to improving gross margin," said Brian McGee, GoPro's CFO and COO. Q4 2024 Financial Results Revenue was $201 million, down 32% year-over-year. Sell-through was approximately 775,000 camera units, down 16% year-over-year. Subscription and service revenue increased 9% year-over-year to $27 million, primarily due to 8% ARPU growth from improving retention rates. GoPro subscriber count ended Q4 at 2.52 million, up 1% year-over-year. Revenue from the retail channel was $150 million, or 74% of total revenue and down 34% year-over-year. GoPro.com revenue, including subscription and service revenue, was $51 million, or 26% of total revenue and down 24% year-over-year. GAAP net loss was $37 million, or a $(0.24) loss per share, compared to a net loss of $2 million or $(0.02) loss per share, in the prior year period. Non-GAAP net loss was $14 million, or a $(0.09) loss per share, compared to non-GAAP net income of $4 million, or $0.03 per share, in the prior year period. GAAP and non-GAAP gross margin was 34.7% and 35.1%, respectively. This compares to GAAP and non-GAAP gross margin of 34.2% and 34.4%, respectively, in the prior year period. Compared to guidance, gross margin was impacted by 80bps due to a stronger US dollar in the quarter. Adjusted EBITDA was negative $14 million compared to positive $3 million in the prior year period. Cameras with Manufacturer's Suggested Retail Prices (MSRP) at or above $400 represented 84% of Q4 2024 camera revenue. Q4 2024 Street ASP was $346, a 5% increase year-over-year. Cash and marketable securities were $103 million at the end of the fourth quarter. 2024 Financial Results Revenue was $801 million, down 20% year-over-year. Subscription and service revenue increased 10% year-over-year to $107 million. GAAP net loss was $432 million, or a $(2.82) loss per share, compared to a net loss of $53 million or $(0.35) loss per share, in the prior year period. Non-GAAP net loss was $370 million, or a $(2.42) loss per share, compared to non-GAAP net loss of $20 million, or $(0.13) loss per share, in the prior year period. GAAP and non-GAAP net loss per share for 2024 were impacted by the establishment of a $295 million valuation allowance on our U.S. deferred tax assets that was recorded in the first quarter of 2024. GAAP and non-GAAP gross margin was 33.8% and 34.1%, respectively. This compares to GAAP and non-GAAP gross margin of 32.2% and 32.4%, respectively, in the prior year period. 2024 Adjusted EBITDA was negative $72 million. This compares to negative $27 million in the prior year period. Results Summary: Three months ended December 31, Year ended December 31, ($ in thousands, except per share amounts) 2024 2023 % Change 2024 2023 % Change Revenue $ 200,882 $ 295,420 (32.0) % $ 801,473 $ 1,005,459 (20.3) % Gross margin GAAP 34.7 % 34.2 % 50 bps 33.8 % 32.2 % 160 bps Non-GAAP 35.1 % 34.4 % 70 bps 34.1 % 32.4 % 170 bps Operating income (loss) GAAP $ (39,100) $ (9,368) 317.4 % $ (135,033) $ (75,463) 78.9 % Non-GAAP $ (15,968) $ 2,033 (885.4) % $ (80,327) $ (34,075) 135.7 % Net income (loss) GAAP $ (37,191) $ (2,418) 1,438.1 % $ (432,311) $ (53,183) 712.9 % Non-GAAP (1) $ (14,418) $ 4,158 (446.8) % $ (370,417) $ (20,259) 1,728.4 % Diluted net income (loss) per share GAAP $ (0.24) $ (0.02) 1,100.0 % $ (2.82) $ (0.35) 705.7 % Non-GAAP (1) $ (0.09) $ 0.03 (400.0) % $ (2.42) $ (0.13) 1,761.5 % Adjusted EBITDA $ (14,359) $ 3,267 (539.5) % $ (71,639) $ (27,317) 162.3 % (1) In the first quarter of 2024, we revised the income tax adjustment to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised our prior period income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the income tax adjustment for the first quarter of 2024 to exclude the establishment of a valuation allowance on United States federal and state deferred tax assets. Conference Call GoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company's financial results. Prior to the start of the call, the Company will post Management Commentary on the "Events & Presentations" section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions. To listen to the live conference call, please call +1 833-470-1428 (US) or +1 404-975-4839 (International) and enter access code 687084, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the "Events & Presentations" section of the Company's website at https://investor.gopro.com. A recording of the webcast will be available on GoPro's website, https://investor.gopro.com, from approximately two hours after the call through May 7, 2025. About GoPro, Inc. (NASDAQ: GPRO) GoPro helps the world capture and share itself in immersive and exciting ways. GoPro has been recognized as an employer of choice by both Outside Magazine and U.S. News & World Report for being among the best places to work. Open roles can be found on our careers page. For more information, visit GoPro.com. Connect with GoPro on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro's blog, The Current. GoPro customers can submit their photos and videos to GoPro Awards for an opportunity to be featured on GoPro's social channels and receive gear and cash awards. Members of the press can access official logos and imagery on our press portal. GoPro, HERO and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. GoPro's Use of Social Media GoPro announces material financial information using the Company's investor relations website, SEC filings, press releases, public conference calls and webcasts. GoPro may also use social media channels to communicate about the Company, its brand and other matters; these communications could be deemed material information. Investors and others are encouraged to review posts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube, and GoPro's investor relations website and blog, The Current. Note Regarding Use of Non-GAAP Financial Measures GoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, gain on insurance proceeds, (gain) loss on extinguishment of debt, gain on the sale and license of intellectual property, and the tax impact of these items. When planning, forecasting, and analyzing gross margin, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation. GoPro also reports gross margin percentage on a constant currency basis to show performance unaffected by fluctuations in currency exchange rates. GoPro calculates constant currency amount by translating current period amounts at the prior period's average exchange rate and compare that to current period performance. Note on Forward-looking Statements This press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as "anticipate," "believe," "estimate," "expect," "intend," "should," "will," "plan" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations for profitability, improved gross margin, revenue growth, subscription growth, and reduced operating expenses; product diversification, reduced product costs and improved supply chain efficiencies. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve our revenue growth or profitability in the future, and if revenue growth or profitability is achieved, the inability to sustain it; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets, inflation, and fluctuations in interest rates or currency exchange rates may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, tariffs and import/export regulations which may negatively effect on our business and supply chain expenses; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers; our reliance on third-party suppliers, some of which are sole-source suppliers, to provide services and components for our products which may be impacted due to supply shortages, long lead times or other service disruptions that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East, Ukraine or China-Taiwan relations; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, and we may not be successful in doing so; the risk we are able to reduce our operating expenses; the fact that we rely on sales of our cameras, mounts and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing and marketing; our ability to achieve or maintain profitability if there are delays or issues in our product launches; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage and retain qualified personnel; any changes to trade agreements, trade policies, tariffs, and import/export regulations; the impact of competition on our market share, revenue and profitability; the fact that we may experience fluctuating revenue, expenses and profitability in the future; risks related to inventory, purchase commitments and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the Securities and Exchange Commission (SEC). These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements. GoPro, Inc. Preliminary Condensed Consolidated Statements of Operations (unaudited) Three months ended December 31, Year ended December 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $ 200,882 $ 295,420 $ 801,473 $ 1,005,459 Cost of revenue 131,181 194,325 530,178 681,886 Gross profit 69,701 101,095 271,295 323,573 Operating expenses: Research and development 50,025 43,892 185,897 165,688 Sales and marketing 43,450 50,363 160,635 169,578 General and administrative 15,326 16,208 59,796 63,770 Total operating expenses 108,801 110,463 406,328 399,036 Operating loss (39,100) (9,368) (135,033) (75,463) Other income (expense): Interest expense (1,057) (1,236) (3,329) (4,699) Other income, net 563 5,198 5,273 12,429 Total other income (expense), net (494) 3,962 1,944 7,730 Loss before income taxes (39,594) (5,406) (133,089) (67,733) Income tax expense (benefit) (2,403) (2,988) 299,222 (14,550) Net loss $ (37,191) $ (2,418) $ (432,311) $ (53,183) Basic and diluted net loss per share $ (0.24) $ (0.02) $ (2.82) $ (0.35) Shares used to compute basic and diluted net loss per share 155,091 151,078 153,113 153,348 GoPro, Inc. Preliminary Condensed Consolidated Balance Sheets (unaudited) (in thousands) December 31,2024 December 31,2023 Assets Current assets: Cash and cash equivalents $ 102,811 $ 222,708 Marketable securities — 23,867 Accounts receivable, net 85,944 91,452 Inventory 120,716 106,266 Prepaid expenses and other current assets 29,774 38,298 Total current assets 339,245 482,591 Property and equipment, net 8,696 8,686 Operating lease right-of-use assets 14,403 18,729 Goodwill 152,351 146,459 Other long-term assets 28,983 311,486 Total assets $ 543,678 $ 967,951 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 85,936 $ 102,612 Accrued expenses and other current liabilities 110,769 110,049 Short-term operating lease liabilities 10,936 10,520 Deferred revenue 55,418 55,913 Short-term debt 93,208 — Total current liabilities 356,267 279,094 Long-term taxes payable 11,621 11,199 Long-term debt — 92,615 Long-term operating lease liabilities 18,067 25,527 Other long-term liabilities 6,034 3,670 Total liabilities 391,989 412,105 Stockholders' equity: Common stock and additional paid-in capital 1,026,527 998,373 Treasury stock, at cost (193,231) (193,231) Accumulated deficit (681,607) (249,296) Total stockholders' equity 151,689 555,846 Total liabilities and stockholders' equity $ 543,678 $ 967,951 GoPro, Inc. Preliminary Condensed Consolidated Statements of Cash Flows (unaudited) Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 Operating activities: Net loss $ (37,191) $ (2,418) $ (432,311) $ (53,183) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 1,780 1,159 6,491 6,160 Non-cash operating lease cost 1,335 957 1,050 3,090 Stock-based compensation 5,199 10,031 29,132 41,479 Deferred income taxes, net 12 73 296,771 (17,891) Impairment of right-of-use assets — — 3,276 — Gain on extinguishment of debt — (3,092) — (3,092) Other 1,088 (632) 461 (2,600) Net changes in operating assets and liabilities 2,678 37,651 (30,011) (6,826) Net cash provided by (used in) operating activities (25,099) 43,729 (125,141) (32,863) Investing activities: Purchases of property and equipment, net (416) (535) (4,039) (1,520) Purchases of marketable securities — — — (25,782) Maturities of marketable securities — 15,000 24,000 149,204 Acquisition, net of cash acquired — — (12,308) — Net cash provided by (used in) investing activities (416) 14,465 7,653 121,902 Financing activities: Proceeds from issuance of common stock — — 2,150 3,876 Taxes paid related to net share settlement of equity awards (232) (862) (3,079) (8,008) Repurchase of outstanding common stock — (10,000) — (40,000) Payment to partially repurchase 2025 convertible senior notes — (46,250) — (46,250) Net cash used in financing activities (232) (57,112) (929) (90,382) Effect of exchange rate changes on cash and cash equivalents (1,637) 642 (1,480) 316 Net change in cash and cash equivalents (27,384) 1,724 (119,897) (1,027) Cash and cash equivalents at beginning of period 130,195 220,984 222,708 223,735 Cash and cash equivalents at end of period $ 102,811 $ 222,708 $ 102,811 $ 222,708 GoPro, Inc.Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. Additionally, we present gross profit percentage on a constant currency basis to show performance unaffected by fluctuations in currency exchange rates. We calculate constant currency amounts by translating current period amounts at the prior period's average exchange rate and compare that to current period performance. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating: the comparability of our on-going operating results over the periods presented; the ability to identify trends in our underlying business; and the comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures. These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are: adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us; adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us; adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements; adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets; adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods; adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance; adjusted EBITDA and non-GAAP net income (loss) excludes a gain on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains vary; adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary; non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation; non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent; non-GAAP net income (loss) includes income tax adjustments. In the first quarter of 2024, we revised our income tax adjustments to reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised the prior year income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the first quarter of 2024 income tax adjustment to exclude the establishment of a valuation allowance on the United States federal and state deferred tax assets; GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 Notes in periods of net income, as if converted at the beginning of the period; and other companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures. GoPro, Inc. Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures (unaudited) Reconciliations of non-GAAP financial measures are set forth below: Three months ended December 31, Year ended December 31, (in thousands, except per share data) 2024 2023 2024 2023 GAAP net loss $ (37,191) $ (2,418) $ (432,311) $ (53,183) Stock-based compensation: Cost of revenue 240 459 1,343 1,955 Research and development 2,461 4,681 14,411 19,062 Sales and marketing 912 2,074 5,804 8,736 General and administrative 1,586 2,817 7,574 11,726 Total stock-based compensation 5,199 10,031 29,132 41,479 Acquisition-related costs: Research and development 469 — 1,563 — General and administrative (7) 822 789 822 Total acquisition-related costs 462 822 2,352 822 Restructuring and other costs: Cost of revenue 562 75 699 (173) Research and development 13,013 488 15,954 (189) Sales and marketing 3,352 26 4,964 (330) General and administrative 544 (41) 1,605 (221) Total restructuring and other costs 17,471 548 23,222 (913) Gain on insurance recovery (1,130) — (1,130) — Gain on extinguishment of debt — (3,092) — (3,092) Gain on sale and/or license of intellectual property — — (999) — Income tax adjustments (1) 771 (1,733) 9,317 (5,372) Non-GAAP net income (loss) $ (14,418) $ 4,158 $ (370,417) $ (20,259) Non-GAAP net income (loss) - basic $ (14,418) $ 4,158 $ (370,417) $ (20,259) Add: Interest on convertible notes, tax effected — 499 — — Non-GAAP net income (loss) - diluted $ (14,418) $ 4,657 $ (370,417) $ (20,259) GAAP shares for diluted net loss per share 155,091 151,078 153,113 153,348 Add: Effect of non-GAAP dilutive securities — 13,541 — — Non-GAAP shares for diluted net income (loss) per share 155,091 164,619 153,113 153,348 GAAP diluted net loss per share $ (0.24) $ (0.02) $ (2.82) $ (0.35) Non-GAAP diluted net income (loss) per share $ (0.09) $ 0.03 $ (2.42) $ (0.13) (1) In the first quarter of 2024, we revised the income tax adjustment to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments to better align with SEC guidance. For comparative purposes, we have revised our prior period income tax adjustments to reflect current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments. Additionally, in the second quarter of 2024, we revised the first quarter of 2024 income tax adjustment to exclude the establishment of a valuation allowance on United States federal and state deferred tax assets. Three months ended December 31, Year ended December 31, (dollars in thousands) 2024 2023 2024 2023 GAAP gross margin as a % of revenue 34.7 % 34.2 % 33.8 % 32.2 % Stock-based compensation 0.1 0.2 0.2 0.2 Restructuring and other costs 0.3 — 0.1 — Non-GAAP gross margin as a % of revenue 35.1 % 34.4 % 34.1 % 32.4 % GAAP operating expenses $ 108,801 $ 110,463 $ 406,328 $ 399,036 Stock-based compensation (4,959) (9,572) (27,789) (39,524) Acquisition-related costs (462) (822) (2,352) (822) Restructuring and other costs (16,909) (473) (22,523) 740 Non-GAAP operating expenses $ 86,471 $ 99,596 $ 353,664 $ 359,430 GAAP operating loss $ (39,100) $ (9,368) $ (135,033) $ (75,463) Stock-based compensation 5,199 10,031 29,132 41,479 Acquisition-related costs 462 822 2,352 822 Restructuring and other costs 17,471 548 23,222 (913) Non-GAAP operating income (loss) $ (15,968) $ 2,033 $ (80,327) $ (34,075) Three months ended December 31, Year ended December 31, (in thousands) 2024 2023 2024 2023 GAAP net loss $ (37,191) $ (2,418) $ (432,311) $ (53,183) Income tax expense (benefit) (2,403) (2,988) 299,222 (14,550) Interest expense (income), net 279 (707) (1,388) (5,233) Depreciation and amortization 1,781 1,159 6,491 6,160 POP display amortization 1,635 734 5,123 2,015 Stock-based compensation 5,199 10,031 29,132 41,479 Gain on insurance recovery (1,130) — (1,130) — Gain on extinguishment of debt — (3,092) — (3,092) Restructuring and other costs 17,471 548 23,222 (913) Adjusted EBITDA $ (14,359) $ 3,267 $ (71,639) $ (27,317) SOURCE GoPro, Inc. 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GoPro Announces Fourth Quarter and 2024 Results

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