After announcing a 15 percent reduction in staff last year, GoPro is continuing its cost-cutting measures into 2025 as CEO Nicholas Woodman voluntarily declined his salary for the remainder of the calendar year. According to paperwork filed with the Securities and Exchange Commission on March 19, Woodmand volunteered to waive his salary between March 19 and December 31.
Woodman’s move to cut his pay comes after the company planned to cut 15 percent of its workforce before the end of 2024. According to the waiver agreement, Woodman requested the salary waiver “in order to contribute to the Company’s operating expense reduction for 2025.”
During the company’s last earnings call Woodman noted that the company expects lower revenue for 2025 compared to 2024. Last year, the company posted an operating loss of $80 million operating loss, but Woodman expects cost cutting and product launches to help the company return to the positive in 2026.
“We’ve substantially reduced operating expenses for 2025 and believe this lower level of spending enables us to continue to innovate and will lead us to an exciting year of new releases in 2026 and beyond,” Woodman said during the February earnings call. “To be clear – we are focused on returning GoPro to unit and revenue growth, along with improved profitability. We plan to do this through a broader, more diversified and innovative roadmap that we believe will expand our TAM, further establish GoPro as a market-leading innovator, and restore unit and revenue growth in 2026.”
During that earning call – which happened ahead of Woodman declining the remainder of his salary for the year – the CEO noted two key innovations that he expects to help the company return to growth. The first is the GoPro MAX2, the company’s highly anticipated successor to its first 360 camera. While GoPro recently refreshed the MAX without a change in name, including a lower price and updated mount, the second generation of the camera is still expected to launch sometime in 2025. The refreshed GoPro Max will continue to be available as an entry-level option.
“And speaking of MAX2, we’re excited about the progress we’ve made on what we believe are innovative capabilities that will redefine the 360-camera market and position MAX2 as the world’s most impressive 360-camera,” Woodman said. “Innovation can be hard, and we’re proud of our engineers who’ve stayed committed to making MAX2 into something truly special – we cannot wait to launch it later this year.”
The second innovation that Woodman hopes will move the company out of the red for 2026 is the brand’s latest SoC or System on a Chip, the GP3. GoPro switched to its native processor with the HERO6, launching the GP2 SoC with the HERO10 Black. The GP3 would be the next version of that processor, which is responsible for image processing, performance, and usability features.
During the 2024 fiscal year, GoPro posted a 15 percent year-over-year decline in retail revenue, although the brand’s subscription service grew by around 10 percent. The 2024 operating loss of $80 million followed a loss of $34 million in 2023.
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