Shares of GoPro tumbled 7.2% to $0.65 after the action-camera maker posted a dismal second quarter and disclosed its board is now weighing a potential sale of the company, raising an existential question: can GoPro survive as an independent business? GoPro's Quarter From Hell: Can a Fire Sale Rescue a Brand That's Running Out of Cash and Cameras to Sell?
Shares skidded 7.2% to $0.65 after GoPro delivered one of its worst quarters as a public company, missing every financial target by a wide margin while its board openly shops the company for a buyer. The results force a blunt question: at a market value of roughly $130 million, is GoPro a bargain for an acquirer — or a melting ice cube no one wants to hold?
Camera Sales Collapsed, and Revenue Fell Off a Cliff
Revenue hit just $104.9 million, down 31.3% from a year earlier, while the net loss ballooned to $51 million. The miss was staggering: adjusted loss per share came in at -$0.21 versus the $0.02 profit Wall Street expected. Camera units shipped plunged 52% year-over-year to just 197,000 , a volume collapse that new product launches could not offset. Hardware sales dropped 40% , meaning GoPro's core business is shrinking at an alarming pace. For shareholders, this signals that even aggressive product refreshes cannot reverse the demand erosion from rivals like DJI and Insta360.
The Board Is Waving a White Flag
In May, the board authorized a process to evaluate a potential sale of the company, aimed at "maximizing shareholder value."
GoPro hired investment bank Houlihan Lokey to run the process.
The review stems from "several unsolicited inbound strategic inquiries" received after GoPro announced plans to explore defense and aerospace markets. CEO Nick Woodman publicly backs a sale, but with the stock at $0.65 — down from a 2014 IPO-era peak near $90 — any acquirer has enormous leverage to name its price.
Subscriptions Are Growing but Can't Plug the Hole
Subscription and service revenue rose 11% to $29 million, now representing 28% of total revenue versus 17% a year ago.
The subscriber attach rate hit a record 69%. That recurring income stream, plus $2 million from a new AI content-licensing program , could make GoPro's brand and data assets attractive in a deal. But subscriptions alone cannot offset a hardware business that is in free fall.
Cash Is Draining Fast
Cash on hand was just $70 million at the end of March 2025 , already down from $103 million at year-end 2024, and the $51 million quarterly net loss suggests the runway is dangerously short. Adjusted EBITDA was negative $29 million , nearly five times worse than a year ago. Without a deal or radical restructuring, GoPro risks running low on cash within a few quarters — making the sale process less a strategic choice and more a survival necessity.