GoPro Receives Second Nasdaq Minimum Bid Warning in 16 Months
Distressed
Company Background
GoPro makes action cameras and subscription software from its San Mateo headquarters, selling under the HERO and MISSION brands through retail and direct-to-consumer channels. The business has contracted sharply: full-year 2025 revenue was $652 million, down 19% from $801 million in 2024, while the GAAP net loss came in at $93 million. First-quarter 2026 revenue fell a further 26% year-over-year to $99 million, and a discrete $24.5 million charge related to component purchase commitments compressed GAAP gross margin to 4.3% in the quarter, compared with 32.1% a year earlier.
By March 31, 2026, GoPro's total stockholders' equity had turned negative, to $(1.9) million, down from positive $76.6 million at year-end 2025. The company's own first-quarter 2026 risk disclosures listed "substantial doubt about our ability to continue as a going concern" as a factor that could cause results to differ materially from management's expectations. In April 2026, the board approved a workforce reduction of approximately 145 employees — 23% of the then-current headcount — at an estimated cost of $11.5 million to $15 million. In May 2026, the company engaged Houlihan Lokey as financial advisor to evaluate a potential sale and other strategic alternatives, following what management described as several unsolicited inbound inquiries.
What Was Disclosed
On July 21, 2026, Nasdaq notified GoPro that its Class A common stock had closed below $1.00 per share for 30 consecutive business days, placing the company out of compliance with Nasdaq Listing Rule 5450(a)(1). Under Nasdaq Marketplace Rule 5810(c)(3)(A), GoPro has 180 calendar days to regain compliance. To cure the deficiency, the stock must close at or above $1.00 for at least ten consecutive business days within that window. The notice has no immediate effect on GPRO's continued listing or trading on the Nasdaq Global Select Market.