GoPro NASDAQ: GPRO said its board-authorized review of a potential sale and other strategic alternatives is in the later stages, while the company focuses on expanding its camera lineup and building awareness for newly launched products.
Chief Executive Officer Nicholas Woodman said the strategic review, authorized by GoPro’s board in May, is intended to maximize shareholder value. He said inquiries have come from the defense, consumer and financial sectors, and that the process has his full support. The company did not provide additional details on potential outcomes or timing.
During the second quarter, GoPro began shipping its MISSION 1 PRO and MISSION 1 cameras after opening preorders in May. The cameras are available through GoPro’s website and global retail partners including Best Buy, Walmart, B&H and Adorama. Woodman said pricing begins at $499 for existing GoPro subscribers.
MISSION 1 Lineup Expands
Woodman said GoPro recently expanded the MISSION 1 range with special-edition bundles and accessories. The MISSION 1 PRO Creator Edition is aimed at vloggers and creators, while the MISSION 1 PRO Ultimate Creator Edition is intended for filmmakers seeking a more extensive package of equipment.
The Ultimate Creator Edition includes GoPro’s Fluid Pro AI gimbal, which Woodman said provides stabilization and AI-driven subject tracking. Newly announced accessories include the Wireless Mic Complete Kit, Light Mod 2, Media Mod for the MISSION 1 series and Volta 2 battery grip.
- Media Mod: Adds ports for external monitors, microphones and other accessories.
- Volta 2: Provides up to nine hours of continual recording, according to the company, while serving as a grip, control device and tripod.
- Wireless Mic Complete Kit: Is designed to support untethered audio capture for uses including vlogging and multi-camera shoots.
The special editions and accessories are scheduled to become available later this month through GoPro’s website and retailers globally. The company is also offering a limited-time $100 discount on MISSION 1, MISSION 1 PRO and MISSION 1 PRO Grip Edition cameras.
GoPro plans to launch the third camera in the series, the MISSION 1 PRO ILS, in September. The interchangeable-lens model will support more than 300 Micro Four Thirds lenses and include the company’s HyperSmooth video stabilization, Woodman said. GoPro will also introduce the Mission Monitor app for iPhone and iPad in September, offering live camera preview, composition overlays and remote controls.
Subscription Metrics and Motorcycle Helmet Development
Woodman highlighted growth in the company’s subscription business, which includes unlimited cloud storage for content uploaded while a camera is charging, mobile editing tools, camera replacement protection and product discounts. GoPro’s subscriber attach rate reached a record 69% in the second quarter, up from 54% in the year-earlier period, while retention was 67%, consistent with prior performance.
The company also said development of its technology-enabled motorcycle helmet with Italian helmet brand AGV remains on track. The helmet recently achieved compliance with the ECE 22.06 safety standard, Woodman said. GoPro and AGV are combining AGV’s helmet design and safety expertise with GoPro’s engineering and digital-imaging capabilities.
Separately, GoPro released a firmware update for its MAX2 360 camera in June. The update added 10-bit color with GP-Log, 200 megabits-per-second recording and enhanced low-light controls, according to Woodman.
Awareness and Distribution Remain Focus Areas
Responding to a question from Morgan Stanley analyst Erik Woodring about returning sell-through to positive territory, Woodman said product awareness is critical. He said GoPro has what he views as its most compelling product lineup to date, but the company must continue educating consumers about the products and their capabilities.
Woodman said customer feedback, reviews and social-media content are helping create support for the new cameras. He also pointed to anticipated demand for the MISSION 1 PRO ILS among professional and prosumer creators who may not have previously considered GoPro because the company lacked an interchangeable-lens option.
GoPro is also continuing to expand global retail distribution for its new camera models, Woodman said, adding that distribution is strong but not yet fully represented across all markets.
Chief Financial Officer Brian McGee declined to offer additional commentary on second-half margins, sell-through or the financial impact of the product launches. He said GoPro withdrew its forward-looking guidance because of the ongoing strategic review and could not provide further color beyond prepared remarks.
About GoPro (NASDAQ:GPRO)
GoPro, Inc NASDAQ: GPRO is an American technology company specializing in the design and manufacture of compact, high-definition cameras and related accessories. Headquartered in San Mateo, California, GoPro's product lineup is centered on its flagship HERO series of action cameras, which combine rugged construction, waterproof housings and advanced imaging capabilities. In addition to the HERO line, the company offers the MAX camera for 360-degree video capture, along with an array of mounts, grips and protective cases to support use in extreme sports, travel and professional video production.
Since its founding in 2002 by Nicholas Woodman, who continues to serve as chief executive officer, GoPro has expanded beyond hardware into software and cloud-based services.
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