GoPro *really* needs GP3 to succeed

GoPro's 2025 results were rough: revenue down 19%, subscribers sliding. But the GP3 chip arriving in Q2 2026 could change everything.

GoPro's full-year 2025 results make for mostly unhappy reading. Revenue fell 19% year-over-year to $652 million, with camera sales dropping 20% to around two million units. The net loss for the year was $93 million, not helped by having to absorb $20 million in tariff expenses (though GoPro designs in the US, it manufactures in China).

Perhaps more worryingly given that service revenues are a cornerstone for everyone from Apple to Adobe, subscriber numbers ended Q4 at 2.36 million, down 7% year-over-year. Subscription and service revenue was roughly flat at $106 million.

Q4 was a brighter picture in relative terms. Revenue held steady at $202 million, and adjusted EBITDA turned marginally positive at $784,000 — compared to a $14 million deficit in the same quarter of 2024. Operating expenses were slashed by $93 million (26%) over the full year, and cash flow from operations improved by $104 million.

GP3 in the wings

In other words, it really needs the forthcoming cameras based on the new GP3 chip to succeed when they launch later this year. The chip is pitched as a significant performance leap, positioning GoPro to compete at higher price tiers and enter the cinematic market while defending its existing action camera turf. 

The spec looks good. GP3 is a 5 nm System-on-a-Chip that delivers more than twice the pixel processing power of its predecessor GP2, with a dedicated AI Neural Processing Unit for low-light performance (long a Gopro weakness) and dedicated cores for scene recognition and subject detection

For a company that has been enduring years of declining hardware sales and heavy cost-cutting, GP3 represents the most significant product bet in some time. Whether it can reverse the revenue slide is the question that everyone from the market to the action camera consumer will be watching closely when the new Hero14 Black comes out.