GoPro(GPRO) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue for Q2 2024 was $186 million, down 23$137 million, or 74% of total revenue, down 17% year-over-year[2] - Revenue for Q2 2024 was $186,224 thousand, a decrease of 22.7$241,020 thousand in Q2 2023[14] Profit and Loss - GAAP net loss was $48 million, or a$0.31 loss per share, compared to a net loss of $17 million or$0.11 loss per share in the prior year period[3] - Non-GAAP net loss was $36 million, or a$0.24 loss per share, compared to a non-GAAP net loss of $8 million, or$0.05 loss per share, in the prior year period[3] - Net loss for Q2 2024 was $(47,821) thousand, compared to$(17,212) thousand in Q2 2023[17] - Basic and diluted net loss per share for Q2 2024 was $(0.31), compared to$(0.11) in Q2 2023[14] - GAAP net loss for Q2 2024 was $47,821 thousand, compared to a loss of$17,212 thousand in Q2 2023, representing a 178% increase in losses year-over-year[21] - Non-GAAP net loss for Q2 2024 was $36,179 thousand, compared to a loss of$7,928 thousand in Q2 2023, indicating a 356% increase in losses year-over-year[21] Margins and Expenses - GAAP gross margin was 30.5%, down from 31.4% in the prior year period[3] - Non-GAAP gross margin as a percentage of revenue for Q2 2024 was 30.7%, down from 31.6% in Q2 2023[22] - Total operating expenses for Q2 2024 were $103,219 thousand, an increase from$98,266 thousand in Q2 2023, reflecting a 3.9% rise[22] - Adjusted EBITDA was negative $33 million, compared to negative$10 million in the prior year period[3] - Adjusted EBITDA for Q2 2024 was $(33,426) thousand, compared to$(10,290) thousand in Q2 2023, indicating a significant decline in performance[23] - Stock-based compensation for Q2 2024 totaled $7,791 thousand, down from$11,117 thousand in Q2 2023, a decrease of 30.9%[22] - Total restructuring and other costs for Q2 2024 were $2,736 thousand, compared to a benefit of$(715) thousand in Q2 2023, reflecting a significant increase in costs[23] Assets and Liabilities - Total current assets decreased to $351,427 thousand as of June 30, 2024, from$482,591 thousand at the end of 2023[15] - Cash and cash equivalents dropped to $133,036 thousand as of June 30, 2024, down from$222,708 thousand at the end of 2023[15] - Total liabilities decreased to $372,075 thousand as of June 30, 2024, from$412,105 thousand at the end of 2023[15] Growth and Future Plans - GoPro's subscriber base grew 4% year-over-year to 2.53 million, with subscription and service revenue increasing 8% year-over-year to $26 million[2] - GoPro plans to launch two new products in September, including the HERO13 Black and a new entry-level HERO camera priced at$199[1] - GoPro announced a partnership with SoftBank Group's SB C&S Corporation for additional distribution in Japan[4] - The company celebrated surpassing 50 million cameras sold since the launch of the original HD HERO camera in 2009[5] Research and Development - Research and development expenses rose to $46,932 thousand in Q2 2024, up 11.4$41,903 thousand in Q2 2023[14]