Q1 2026 earnings snapshot

GoPro (GPRO) has just opened its Q1 2026 reporting season story against a backdrop where recent quarterly revenue has sat in the low to mid US$100 million range and EPS has remained in loss territory, with Q4 2025 revenue at US$201.7 million and a basic EPS loss of US$0.06. Over the last six reported quarters, revenue has moved between US$134.3 million and US$258.9 million while basic EPS swung from a loss of US$0.30 per share in Q1 2025 to smaller per share losses in subsequent quarters. This gives investors a clear read on how top line scale and per share performance have been pairing up. With the stock trading at US$1.13, these results put the focus squarely on how efficiently GoPro is converting that revenue base into earnings and what that means for margins.

See our full analysis for GoPro.

With the headline figures set, the next step is to see how these margins and earnings trends line up against the most common GoPro narratives in the market and where the latest numbers push back on those stories.

Losses remain sizable at US$93.5 million over the last year

• On a trailing twelve month basis to Q4 2025, GoPro reported revenue of US$651.5 million and a net loss of US$93.5 million, with basic EPS at a loss of US$0.59.
• Analysts' consensus narrative expects cost reductions and product development efficiency to help margins over time, yet the recent twelve month net loss of US$93.5 million and earlier period loss of US$139.9 million show that profitability is still some distance from the scenario where earnings reach US$59.0 million in future:
  • The consensus view points to operating expenses planned to be reduced by nearly 30% from 2024 to 2025, while the trailing data still shows losses across every quarter from Q1 2024 through Q4 2025.
  • Consensus also highlights subscriptions as a higher margin stream, but the current loss profile means those benefits have not yet offset product related pressures in the historical numbers provided.

Five year loss trend and recent share volatility stand out

• Over the past five years, losses have grown at about 61.8% per year and the stock price around US$1.13 has been highly volatile over the last three months relative to the US market.
• Bears focus on this extended loss history and volatility, and the trailing figures give them plenty to point to:
  • The trailing twelve month net loss of US$93.5 million follows earlier twelve month periods where losses were US$121.6 million and US$139.9 million, which lines up with concerns about sustained earnings pressure.
  • With no profitability in any of the reported quarters and a share price that has been more volatile than the broader market, the bearish view that earnings risk and price swings are key issues is well grounded in the supplied data.

Skeptics argue the recent loss track record and share price swings could keep pressure on sentiment even if product launches land on schedule, and they outline that view in the 🐻 GoPro Bear Case.

P/S of 0.3x versus peers at 1.7x and industry at 0.6x

• GoPro trades on a P/S of 0.3x, which is below the peer average of 1.7x and the Consumer Durables industry average of 0.6x, against a backdrop of US$651.5 million in trailing twelve month revenue.
• Supporters of the bullish narrative see this low P/S as leaving room if the business gets closer to their margin and product mix goals, but the current loss profile keeps that as a work in progress:
  • The consensus narrative talks about new cameras and the GP3 SoC as potential long term growth drivers, yet the latest trailing data still shows losses across each of the past six reported quarters.
  • Backers of the optimistic case also point to subscription ARPU growing 8% year over year in their framework, while the P/S of 0.3x suggests the market is still pricing the stock at a discount to peers despite that higher margin potential in the business model.

Fans of the optimistic case argue that a 0.3x P/S on US$651.5 million of revenue leaves room if subscriptions and new products start to shift margins, and they lay out that argument in the 🐂 GoPro Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for GoPro on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With bulls and bears both finding support in the current numbers, it is worth checking the figures yourself and deciding how the story stacks up for you. If you want a clearer view of the key issues investors are watching, start by looking at the 2 important warning signs.

See What Else Is Out There

GoPro is still carrying sizeable losses, persistent quarterly red ink and elevated share price swings, which together keep the risk profile high for many investors.

If you want ideas that put stability and consistency closer to the center of your portfolio, start comparing companies in the 69 resilient stocks with low risk scores today while the market is still moving.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.