The rise and fall of GoPro, which says it has 'substantial doubt' the company can survive another year

1 hour ago 1

Dave Smith

Tue, June 2, 2026 astatine 11:19 AM CDT 6 min read

GoPro is telling investors connected Monday that it whitethorn not past the adjacent 12 months. In an 8-K filed with the SEC (1) connected Monday, the action-camera shaper refiled its 2025 fiscal statements with a notable addition: Its auditor, PricewaterhouseCoopers, present warns of “substantial uncertainty astir the Company’s quality to proceed arsenic a going concern.”

PwC, which has audited GoPro (NASDAQ:GPRO) since 2011, said GoPro “has incurred operating losses and antagonistic operating currency flows, and has obligations nether its financing arrangements which go owed wrong the adjacent 12 months if definite covenants are not met.”

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The marketplace effect was swift. GPRO shares fell from $1.26 connected Friday to astir $1.10 connected Monday. On Tuesday greeting shares were trading (2) astatine astir $1.11.

From an $11 cardinal Wall Street darling to a penny banal

GoPro’s communicative began with a rubber set and a surfboard. Founder Nick Woodman, a 1997 UC San Diego visual-arts postgraduate (3), came up with the thought connected a 2002 surfing travel to Australia and Indonesia aft helium strapped a 35mm camera to his wrist to movie himself successful the water. He bankrolled the institution by borrowing astir $235,000 from his parents (4) and selling bead-and-shell necklaces retired of a Volkswagen bus. The archetypal GoPro retailed for astir $30.

It was Woodman’s 3rd changeable astatine gathering a startup. Two earlier ventures had fallen isolated — including a gaming task called Funbug, which went nether successful 2001 and took $3.9 cardinal successful capitalist wealth with it (5). Woodman has said the fearfulness of failing again is what drove him to marque GoPro work.

GoPro went nationalist connected June 26, 2014, astatine $24 a stock (6). Investors loved the archetypal pitch: a hardware institution that was besides a media brand, with footage racking up billions of YouTube views. GoPro closed its archetypal time astatine $31.34, (7) which valued the institution astatine astir $4 billion. (At its existent stock price, it’s present lone worthy astir $188 million.) The banal reached an all-time closing precocious of $93.85 connected October 7 that twelvemonth (8), pushing GoPro’s marketplace worth past $11 billion.

Woodman was concisely crowned the highest-paid CEO successful America. According to CNN Money (9), helium “was awarded a bundle of restricted banal units that astatine the extremity of 2014 was valued astatine an eye-popping $284.5 million,” making him the No. 1 American enforcement successful the Bloomberg Pay Index.

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