GoPro, a global leader in action cameras

Founded in 2002 by Nick Woodman, GoPro has since gone on to become one of the world’s most favourite brands, helping people across the globe capture and share experiences in exciting and immersive ways. Woodman’s leap into this sector came after a trip to Australia and Indonesia, during which he discovered that he could sell waterproof cameras.

He then went on to establish Woodman Labs, the parent company of GoPro. The first camera to be developed and sold was the 35mm HERO in September 2004, earning US350k in sales.

GoPro produces rugged, waterproof action cameras like the popular HERO series, designed for capturing high-quality video and photos during extreme sports and outdoor adventures.

The company also offers an extensive variety of accessories enabling users to attach their cameras to various objects like bikes and helmets. Furthermore, GoPro also offers software solutions like the GoPro Quik app for easy video editing on mobile devices.

Investor profile

GoPro is headquartered in San Mateo, California, U.S.A. Woodman continues to serve as GoPro’s Chief Executive Officer and member of the board of directors since 2004, Chairman since January 2014, and as President from 2004 – June 2014.

GoPro common stock is listed on the NASDAQ Global Select Market under the symbol “GPRO.” Its shares began trading publicly on 26 June 2014. The initial offering price was $24.00 per share.

The top individual shareholders of GoPro include Brian McGee (529,575 shares), Dean Jahnke (375,970 shares), and Alexander Lurie (341,132 shares). The company’s largest institutional investors are BlackRock, Vanguard Group, and Shaw D.E. & Co., Inc. As of 30 June 2024, BlackRock holds 10.5 million shares, Vanguard holds 7.54 million shares, and Shaw D.E. & Co., Inc holds 5.51 million shares. As of 23 August 2024, GoPro has a market capitalisation of $192.44 million, with a revenue of $931.41 million.

On 12 June 2024, the company announced that it had exceeded 50 million cameras sold since the 2009 launch of its pioneering HD HERO camera. Interestingly, since 2009, GoPro has launched 20 cameras that have sold at least one million units.

This includes their Action and 360 cameras. Their drive for innovation and high performance has seen the company be awarded several awards, including multiple Technical Emmy® and Red Dot Design awards. GoPro was also inducted into the IEEE Spectrum’s Consumer Electronics Hall of Fame.

GoPro announces 2nd quarter results

On 6 August 2024, GoPro announced its financial results for its second quarter ending 30 June 2024.

GoPro’s revenue for Q2 2024 was $186 million, a 23% decline year-over-year, with subscription and service revenue rising by 8% to $26 million due to improved retention rates and a 4% ARPU increase. The GoPro subscriber count reached 2.53 million, a 4% increase year-over-year. Revenue from the retail channel was $137 million, down 17% year-over-year, while GoPro.com revenue, including subscription and service revenue, was $49 million, down 35% year-over-year.

The GAAP net loss was $48 million ($0.31 per share), compared to $17 million ($0.11 per share) the previous year. The non-GAAP net loss was $36 million ($0.24 per share), compared to $8 million ($0.05 per share) the previous year. GAAP and non-GAAP gross margins were 30.5% and 30.7%, respectively, slightly down from the previous year’s margins of 31.4% and 31.6%.

Adjusted EBITDA was negative $33 million, compared to negative $10 million in the prior year. Cameras priced at or above $400 represented 76% of camera revenue, with a Q2 2024 Street ASP of $323, a 6% decrease year-over-year. Cash and marketable securities remained flat at $133 million.

GoPro recognised as best company to work for

In June 2024, GoPro announced that the company was recognised in the U.S. News & World Report’s Best Companies to Work for Rankings for the second consecutive year. In the 2024-2025 rankings, GoPro was in fact honoured on three ranking lists: the overall “Best Companies,” the “Best Companies in the West,” and the “Best in Consumer Products and Services.” Notably, in 2023, “GoPro was awarded Mental Health Program of the Year by Transform.us, recognizing the company with the most holistic, progressive and positive approach to supporting employee mental health.”

Environmental sustainability

GoPro is committed to minimising its impact on the environment, with a concerted effort to eliminate plastics and chemical-based materials from its supply chain. In fact, the company reports that it has reduced the amount of plastic utilised in camera packaging and logistics from 39% in its HERO8 cameras to less than 2% in its HERO11 cameras.

Furthermore, since the latter half of 2022 all international direct-to-consumer (DTC) fulfilment centres are plastic free. In the company’s Asia Pacific and North America DTC fulfilment centres, recyclable crinkle paper has replaced traditional air pillows to protect products while in transit. GoPro also supports a number of organisations on the forefront of climate change and conservation. This includes WILDCOAST, The Ocean Cleanup, and The Redford Center.

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