GoPro, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net revenue for the quarter ended September 30, 2026, is approximately $96 million, a decrease from $163 million in the same period in 2025.
• Gross margin for the quarter ended September 30, 2026, is approximately 12.7%, compared to 35.1% in the same period in 2025.
• Operating expenses for the quarter ended September 30, 2026, are approximately $60 million, compared to $73 million in the same period in 2025.
• Financial statements reflect substantial doubt regarding the Company's ability to continue as a going concern for the next twelve months.

Guidance and Future Outlook:

• Preliminary results for the quarter ended September 30, 2026, are subject to change as the financial close process is ongoing.
• The Company expects to file its Q3 Form 10-Q and Q3 Earnings 8-K as soon as practicable.

Risks and Challenges:

• The Company has a material weakness in internal control over financial reporting regarding the evaluation of accounting for and valuation of embedded features within financing arrangements, which has not been remediated.
• The Company is actively seeking waivers from lenders and evaluating the implications of noncompliance with certain covenants under its financing arrangements.
• Failure to obtain waivers could constitute an event of default under financing arrangements and trigger cross-default provisions in other debt agreements, potentially allowing lenders to accelerate repayment.
• Any acceleration of indebtedness could result in the failure to meet a closing condition of the Company's pending merger, permitting the acquirer to terminate the merger agreement.

Management Commentary and Tone:

• The inability to file the Q3 Form 10-Q and Q3 Earnings 8-K within the prescribed time period is attributed to the need for additional time to complete financial close procedures and documentation for the accounting and valuation of certain financing arrangements entered into during the third quarter of 2026.
• The Company states it is working diligently to complete these procedures.

Other Key Points:

• The filing is a Form 12b-25 Notification of Late Filing for the fiscal quarter ended September 30, 2026.
• The Company confirmed that its results of operations for the quarter will reflect significant changes from the quarter ended September 30, 2025.
• The Company previously disclosed the material weakness in its Annual Report on Form 10-K/A for the year ended December 31, 2025, and its Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2026, both filed on October 19, 2026.
• Brian Tratt, Chief Financial Officer, is the designated contact person for this notification.