If you have ever strapped a camera to your helmet before dropping into a chute, there is a good chance it was a GoPro. Now the iconic POV camera company that made action cameras synonymous with skiing and snowboarding has warned investors that its future is uncertain — and its auditor has raised serious doubts about whether it will survive the next 12 months.
Go Pro’s auditor, PricewaterhouseCoopers (PwC), raised “substantial doubt” about the company’s ability to continue operating over the next 12 months. The audit revealed that operating losses, negative cash flow, and debt obligations that could become due if certain financial conditions are not met.
Investors reacted quickly, and GoPro shares fell from $1.26 on Friday to around $1.10 on Monday and continued to trade near $1.10 on Wednesday morning. “Over the past 24 years, GoPro has developed significant technology, IP, and brand assets along with world-class product development and scaled manufacturing capabilities,” Nicholas Woodman, GoPro’s founder and CEO, said in a press release. “We are excited to work with our advisors to evaluate potential opportunities in various sectors to maximize shareholder value.” GoPro went public in June 2014 at $24 per share, and the stock surged, eventually reaching a closing high of $93.85 later that year and pushing the company’s valuation beyond $11 billion.
Timeline
On April 13, GoPro announced that it will pursue new market opportunities for its technology within the defense and aerospace sector. It has engaged Oliver Wyman, a global leader in management consulting and a business of Marsh, for this work. To support a review of these inquiries and other potential strategic alternatives, the Board has authorized the Company to engage a financial advisor. “GoPro’s brand is well known within defense, government, and aerospace sectors,” Nicholas Woodman, GoPro’s founder and CEO, said in a press release. “For years, GoPro cameras have been used in numerous diverse use cases in these sectors, including recently being mounted to the solar array wings on the Artemis II Orion spacecraft and used inside the ship for documentation of the voyage.”
GoPro’s cameras and technology are widely used in demanding environments where durability, industry-leading video stabilization, and image quality are mission-critical. “Defense and aerospace customers are increasingly adopting dual-use, commercially available technologies to move faster and operate with greater cost efficiency,” Timothy Wickham, Partner in the Aerospace and Defense practice at Oliver Wyman, said in a press release. “The opportunity is significant and growing, with the global defense and aerospace imaging, unmanned, and related markets representing billions of dollars of addressable market.”
On May 11, GoPro announced that the company would engage in a strategic process and to engage a financial advisor to assist with that process. During the review process, the Board expects to evaluate a range of strategic alternatives such as the sale of the company or a merger, aimed at maximizing value for stockholders. In authorizing this process, the Board plans to work with independent financial and legal advisors. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation.
On May 13, GoPro announced that it has retained Houlihan Lokey, Inc. (“Houlihan Lokey”), a leading global investment bank with strong ties into defense and consumer sectors, to serve as its financial advisor as the Company evaluates a potential sale and other strategic alternatives, according to a press release. This engagement follows GoPro’s May 11 announcement that it has initiated a process to evaluate several unsolicited inbound strategic inquiries from parties across various sectors, including defense, consumer, and financial.
“We believe GoPro has substantial unrecognized value that can be realized via a sale of the company or other strategic event, and given inbound interest since our announcement, it seems others feel similarly,” Nicholas Woodman, GoPro’s founder and CEO, said in a press release. “I fully support the effort to review a potential sale of the company to maximize shareholder value, and this process has the full support of GoPro’s Board of Directors and management team. We are excited to work with the very experienced team at Houlihan Lokey.”
GoPro and its Board of Directors have not set a timetable for the conclusion of its evaluation, nor has it made any decisions related to its review of any potential transactions at this time. GoPro does not intend to comment on its strategic review until it deems further disclosure is appropriate or necessary. There can be no assurances as to the outcome or timing of such review, or whether any particular transaction may be pursued or consummated. At its June 2 annual meeting, shareholders re-elected all seven directors and approved additional equity incentive shares.
What Caused GoPro’s Financial Struggles?
GoPro is still the biggest player in the action camera industry, but the competition has gotten a lot tighter. Insta360, Garmin, and DJI all produce high-quality action cameras and have taken some of the revenue and profits away from GoPro. Smartphone cameras are also a strong alternative for consumers who do not want to pay for an additional camera when their phone’s camera can capture quality photos and videos.
The loss of consumers purchasing GoPros resulted in the company’s revenue declining to $651.5 million in 2025, down from $801.5 million in 2024 and more than $1 billion in 2023. GoPro’s Hardware revenue dropped from $908 million in 2023 to $545 million last year. The company reported a loss of $93.5 million in 2025 and finished the year with just $49.7 million in cash, compared with $222.7 million two years earlier.
Will GoPro Survive?
GoPro has set into motion several financial options and strategic alternatives to stabilize the company’s future. That includes the possibility of a sale or merger, as well as a pivot toward defense and aerospace markets — sectors where GoPro cameras are already in use and where the addressable market represents billions of dollars.
For the skiing and snowboarding community that helped build GoPro’s brand, the outcome of that process matters. Whether the company finds a buyer, secures new financing, or successfully pivots into new markets, the technology and the product line that has been standard kit on ski helmets for two decades still has a future.
