GoPro Inc (GPRO) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to the GoPro third quarter 2025 earnings call. My name is Charlie, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加 GoPro 2025 年第三季財報電話會議。我叫查理，今天我將負責協調這通電話。（操作說明）

I will now hand over to your host, Robin Stoecker, Director, Corporate Communications of GoPro, Inc. to begin. Robin, please go ahead.

現在我將把發言權交給主持人，GoPro公司企業傳播總監Robin Stoecker，由她來開始。羅賓，請繼續。

Thank you, Charlie. Good afternoon, and welcome to GoPro's third quarter 2025 earnings conference call. With me today are GoPro's CEO, Nicholas Woodman; and CFO and COO, Brian McGee. Today's agenda will include brief commentary from Nick and Brian, followed by Q&A. For detailed information about our third quarter as well as outlook, please read our Q3 earnings press release and management commentary, we posted to the Investor Relations section of GoPro's website.

謝謝你，查理。下午好，歡迎參加 GoPro 2025 年第三季財報電話會議。今天陪同我出席的有 GoPro 的執行長 Nicholas Woodman；以及財務長兼營運長 Brian McGee。今天的議程將包括尼克和布萊恩的簡短評論，然後是問答環節。有關我們第三季度及展望的詳細信息，請閱讀我們發佈在 GoPro 網站投資者關係部分的第三季度收益新聞稿和管理層評論。

Before I pass the call to Nick, I'd like to remind everybody that our remarks today may include forward-looking statements. Forward-looking statements and all other statements that are not historical facts are not guarantees of future performance and are subject to a number of risks and uncertainties, which may cause actual results to differ materially.

在將電話交給尼克之前，我想提醒大家，我們今天的演講可能包含前瞻性陳述。前瞻性陳述以及所有其他非歷史事實的陳述均不構成對未來業績的保證，並且受到諸多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

Additionally, any forward-looking statements made today are based on assumptions as of today. This means that results could change at any time, and we do not undertake any obligation to update these statements as a result of new information or future events. To better understand the risks and uncertainties that could cause actual results to differ from our commentary, we refer you to our most recent annual report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission and other reports that we may file from time to time with the SEC.

此外，今天所做的任何前瞻性陳述都是基於截至今天的假設。這意味著結果可能隨時發生變化，我們不承擔因新資訊或未來事件而更新這些聲明的任何義務。為了更了解可能導致實際結果與我們的評論有所不同的風險和不確定性，我們建議您參閱我們最新的截至 2024 年 12 月 31 日的年度 10-K 表格報告（該報告已提交給美國證券交易委員會）以及我們可能不時向美國證券交易委員會提交的其他報告。

Today, we may discuss gross margin, operating expense, net profit and loss, adjusted EBITDA as well as basic and diluted net profit and loss per share in accordance with GAAP and on a non-GAAP basis. A reconciliation of GAAP to non-GAAP operating expenses can be found in the press release that was issued this afternoon, which is posted on the Investor Relations section of our website. Unless otherwise noted, all income statement-related numbers that are discussed in the management commentary and remarks made today other than revenue are non-GAAP.

今天，我們可能會討論毛利率、營業費用、淨利潤和虧損、調整後 EBITDA 以及按照 GAAP 和非 GAAP 計算的基本和稀釋每股淨利潤和虧損。有關 GAAP 與非 GAAP 營運費用的調整表，請參閱今天下午發布的新聞稿，該新聞稿已發佈在我們網站的投資者關係部分。除非另有說明，除收入外，今天管理層評論和發言中討論的所有與損益表相關的數字均為非GAAP數據。

Now I'll turn the call over to GoPro's Founder and CEO, Nicholas Woodman.

現在我將把電話交給 GoPro 的創辦人兼執行長 Nicholas Woodman。

Thanks, Robin, and thanks, everybody, for joining us today. As Robin mentioned, Brian and I will share brief remarks before going into Q&A, and I want to encourage all on the call to read the detailed management commentary we posted on our Investor Relations website.

謝謝羅賓，也謝謝各位今天收看我們的節目。正如 Robin 所提到的，我和 Brian 將在問答環節之前作簡短發言，我鼓勵所有參加電話會議的人員閱讀我們發佈在投資者關係網站上的詳細管理層評論。

The third quarter marked significant progress in our strategy to grow our business by developing our hardware and software offerings, and diversifying our hardware and software offerings. In Q3, we launched 3 new hardware products and several new software products that helped us exceed our Q3 revenue guidance. Our teams are executing with efficient precision, and we're excited to build on this momentum. As you'll hear from Brian, we believe we have turned an important corner, and we expect to return to unit revenue and profitability growth on a year-over-year basis this Q4 and for 2026. Our innovation machine is accelerating to increase our TAM beyond the 3 million unit action camera category.

第三季度，我們在透過開發硬體和軟體產品以及實現硬體和軟體產品多元化來發展業務的策略方面取得了重大進展。第三季度，我們推出了 3 款新的硬體產品和幾款新的軟體產品，這幫助我們超額完成了第三季的營收預期。我們的團隊執行力高效精準，我們很高興能夠在此基礎上繼續發展壯大。正如你將從布萊恩那裡聽到的那樣，我們相信我們已經度過了一個重要的轉折點，我們預計今年第四季度和 2026 年將恢復單位收入和盈利能力的同比增長。我們的創新機器正在加速運轉，以期將我們的市場規模擴大到300萬台以上的運動相機類別。

In Q3, we launched our highly anticipated MaX2 360-camera, our new ultra-compact LIT HERO camera and Fluid Pro AI, our new multi-camera compatible gimbal designed for creators that own multiple types of cameras and need one gimbal to meet their multi-camera stabilization needs. MaX2 360-camera opens up a new growth segment, which we estimate the TAM to be nearly 2 million units annually. We're excited to regain market share with the launch of our MaX2 360-camera, and we're fully further expanding our TAM with LIT HERO, with its playful aesthetic, ease of use and versatility, making it especially appealing to a younger demographic looking to capture and share moments on the go.

第三季度，我們推出了備受期待的 MaX2 360 相機、全新的超緊湊型 LIT HERO 相機以及 Fluid Pro AI，這是一款全新的多相機兼容雲台，專為擁有多種類型相機且需要一款雲台來滿足其多相機穩定需求的創作者而設計。MaX2 360 度相機開闢了一個新的成長領域，我們估計其年市場規模接近 200 萬台。我們很高興透過推出 MaX2 360 度相機來重新奪回市場份額，並且我們正在透過 LIT HERO 全面擴大我們的 TAM，LIT HERO 具有趣味性的外觀、易用性和多功能性，對希望隨時隨地捕捉和分享精彩瞬間的年輕群體尤其具有吸引力。

Additionally, the low-light capable camera segment, which we estimate the TAM to be 2 million to 2.5 million units annually, represents a significant opportunity for GoPro as we do not currently participate in this market, but plan to. Our tech-enabled motorcycle helmets initiative is progressing and collaboration with AGV is already underway. Both teams are working closely to deliver innovative safety and performance features combined with the fun of effortlessly capturing immersive GoPro video while riding. We look forward to providing updates as development progresses.

此外，低光相機市場（我們估計其年市場規模為 200 萬至 250 萬台）對 GoPro 來說是一個重要的機遇，因為我們目前尚未涉足該市場，但我們計劃進入該市場。我們的高科技摩托車安全帽計畫正在推進中，與 AGV 的合作也已展開。兩個團隊正在緊密合作，致力於提供創新的安全性和性能功能，同時讓用戶在騎行時輕鬆拍攝身臨其境的 GoPro 視頻，享受其中的樂趣。我們將隨著開發進展及時提供最新消息。

Starting with MAX2, what a game changer. Its industry-leading 360 technology combines with its True 8K video resolution to capture up to 21% more resolution than the competition. MAX2 also features convenient and durable twist-and-go replaceable lenses, making it easy to swap out a lens in the field without tools or calibration, an inconvenience inherent with competitive products. And we recently launched an innovative and expansive new line of 16 360-centric accessories and mounts that expand MAX2'S creative potential and versatility. Early customer feedback has been resoundingly positive with many praising MAX2'S superior image quality, ease of use and durability.

從 MAX2 開始，這真是顛覆性的改變。其業界領先的 360 技術與真正的 8K 視訊解析度相結合，可捕捉到比競爭對手高出 21% 的解析度。MAX2 還配備了方便耐用的旋轉式可更換鏡頭，無需工具或校準即可在現場輕鬆更換鏡頭，這是同類產品固有的不便之處。我們最近推出了一系列創新且功能強大的全新產品，包括 16 款以 360 度為中心的配件和支架，進一步拓展了 MAX2 的創造潛力和多功能性。早期客戶回饋非常積極，許多客戶稱讚 MAX2 的影像品質出色、易於使用且經久耐用。

And in September, GoPro won a 2025 Technology & Engineering Emmy Award in recognition of our innovative 360 technology, which is core to our 360 cameras and software. This is GoPro's third Emmy for innovations related to digital imaging and our first in the 360-technology category. We believe MAX2 will help grow share in the global 360-camera market. MAX2 is now available online and on shelf at retailers globally.

9 月，GoPro 榮獲 2025 年技術與工程艾美獎，以表彰我們創新的 360 技術，該技術是我們 360 度相機和軟體的核心。這是 GoPro 第三次獲得與數位成像相關的創新艾美獎，也是我們第一次獲得 360 度技術類別的獎項。我們相信 MAX2 將有助於提升我們在全球 360 度相機市場的份額。MAX2現已在全球各大零售商的線上和實體店面販售。

We're also excited about a second new camera we launched in Q3, LIT HERO, an ultracompact lifestyle camera designed for whatever, whenever capture with its built-in photo and video light. LIT HERO opens up creative possibility in any setting, day or night, and delivers a fun retro-inspired look to the images it captures. And the third new hardware product we launched in Q3 is Fluid Pro AI, our advanced multi-camera, AI subject tracking gimbal designed for today's multi-camera content creators looking for a high-performance gimbal that meets their multi-camera needs. Fluid Pro AI is compatible with all GoPro cameras, smartphones and point-and-shoot cameras up to 400 grams, making it remarkably versatile for capturing smooth, professional-looking content while vlogging, capturing sports or documenting life's most meaningful moments. Fluid Pro AI represents an exciting opportunity for GoPro to participate in the global gimbal market.

我們也很高興地宣布，我們在第三季推出了第二款新相機 LIT HERO，這是一款超緊湊型生活方式相機，內建拍照和錄影燈，可隨時隨地進行拍攝。LIT HERO 在任何環境下，無論白天或夜晚，都能帶來無限的創意可能，並為拍攝的照片賦予有趣的復古風格。我們在第三季推出的第三款新硬體產品是 Fluid Pro AI，這是一款先進的多相機 AI 主體追蹤雲台，專為當今尋求高性能雲台以滿足其多相機需求的多相機內容創作者而設計。Fluid Pro AI 與所有重量不超過 400 克的 GoPro 相機、智慧型手機和傻瓜相機相容，因此在拍攝影片部落格、捕捉運動畫面或記錄生活中最有意義的時刻時，能夠非常靈活地拍攝出流暢、專業級的內容。Fluid Pro AI 為 GoPro 參與全球雲台市場提供了一個絕佳的機會。

As we enter the holiday season, GoPro now offers a diversified line of 8 industry-leading camera SKUs that range from an MSRP of $199 to $649, more than 70 versatility expanding camera mounts and accessories and an industry-leading mobile app and subscription experience that adds enormous convenience and value to GoPro subscribers. And we're just getting started. We believe our current offerings serve as an incredible foundation to build on with the planned launch of several exciting new products in 2026 that we believe will result in revenue, profit and market share growth across our business.

隨著假期季節的到來，GoPro 現推出 8 款業界領先的相機 SKU，建議零售價從 199 美元到 649 美元不等，另有 70 多種可擴展相機功能的支架和配件，以及業界領先的行動應用程式和訂閱體驗，為 GoPro 訂閱用戶帶來極大的便利和價值。我們才剛起步。我們相信，我們目前的產品組合為2026年計劃推出的幾款令人興奮的新產品奠定了堅實的基礎，我們相信這些新產品將為我們的業務帶來收入、利潤和市場份額的成長。

Turning to software. In Q3, we launched several new 360-related editing tools that make immersive 360 content creation easy for everyone. And we updated our Quik mobile app with several new 360 editing features, including AI-powered subject tracking, convenient POV and selfie modes and cloud-based 360 editing. These powerful new features significantly enhance the convenience and creative experience for MAX and MAX2 owners and GoPro subscribers.

轉向軟體。第三季度，我們推出了幾款新的 360 度相關編輯工具，讓每個人都能輕鬆創作沉浸式 360 度內容。我們還更新了 Quik 行動應用程序，新增了多項 360 度編輯功能，包括 AI 驅動的主體追蹤、便捷的 POV 和自拍模式以及基於雲端的 360 度編輯。這些強大的新功能顯著提升了 MAX 和 MAX2 用戶以及 GoPro 訂閱用戶的便利性和創作體驗。

Our subscription model continues to exceed our expectations, contributing enormous value to both subscribers and our bottom line. We anticipate renewed subscriber and associated revenue growth in 2026, fueled by camera unit growth and the launch of new editing and content management features that we expect to significantly enhance convenience, capability and value. And we continue to see strong engagement from subscribers, opting into our AI training program, which will earn them 50% of the third-party licensing revenue we expect to generate on their behalf. GoPro subscribers have contributed more than 270,000 hours of video content during the AI training program's invitation-only outreach period, which began in July 2025.

我們的訂閱模式持續超出預期，為訂閱用戶和我們的獲利都帶來了巨大的價值。我們預計，在攝影機銷售成長以及新的編輯和內容管理功能的推出推動下，2026 年用戶數量和相關收入將再次成長，我們預計這些功能將顯著提高便利性、功能和價值。我們持續看到訂閱用戶積極參與我們的人工智慧訓練計劃，這將使他們獲得我們預計代表他們產生的第三方授權收入的 50%。在人工智慧訓練計畫的邀請制推廣期內（該推廣期於 2025 年 7 月開始），GoPro 用戶貢獻了超過 27 萬小時的影片內容。

We are in discussion with several AI data licensees to address their demand for authentic real-world video content for AI model training. We believe this program represents a meaningful opportunity over time for both our subscribers and GoPro, and we look forward to sharing progress as the program continues to evolve. As Brian will detail, we've amended our Second Lien Credit Agreement to address volatility in tariff rates. Given our commitment and expectation to achieve the minimum $40 million in trailing 12-month adjusted EBITDA by year-end 2026, I'm personally backing our commitment with a $2 million equity infusion into the company.

我們正在與幾家人工智慧資料授權商進行洽談，以滿足他們對用於人工智慧模型訓練的真實現實世界視訊內容的需求。我們相信，隨著時間的推移，該計劃對我們的訂閱用戶和 GoPro 來說都代表著一個有意義的機會，我們期待著隨著該計劃的不斷發展與大家分享進展。正如布萊恩將詳細介紹的那樣，我們已經修改了第二留置權信貸協議，以應對關稅稅率的波動。鑑於我們承諾並期望在 2026 年底前實現過去 12 個月調整後 EBITDA 至少達到 4000 萬美元，我個人將透過向公司注資 200 萬美元來支持我們的承諾。

In summary, we're executing against our strategy, and we're seeing the results, improved product diversification via the launch of industry-leading hardware and software products and an expected return to unit revenue and profitability growth in Q4 2025. We expect to build on this momentum in 2026 with the launch of several new innovative and differentiated products and services that we believe will lead to consistent quarterly camera unit and revenue growth on a year-over-year basis and a swing from losses in recent years to solid adjusted EBITDA profitability in 2026. Many thanks to all of GoPro's incredibly talented, passionate and committed employees. Your execution is enabling us to realize our vision to the benefit of our customers and investors alike.

總而言之，我們正在執行我們的策略，我們看到了成果，透過推出業界領先的硬體和軟體產品，產品多樣化得到改善，預計在 2025 年第四季恢復單位收入和獲利成長。我們預計在 2026 年將憑藉幾款創新且差異化的產品和服務，鞏固這一發展勢頭。我們相信，這些產品和服務將帶來持續的季度相機銷售和收入同比增長，並使公司從近年來的虧損狀態扭轉為 2026 年穩健的調整後 EBITDA 盈利。非常感謝 GoPro 所有才華橫溢、充滿熱情、盡職盡責的員工。你們的執行力使我們能夠實現願景，從而使我們的客戶和投資者都從中受益。

Now I'll turn the call over to Brian to share some details on our financials and outlook.

現在我將把電話交給布萊恩，讓他分享一些關於我們財務狀況和前景的細節。

Thanks, Nick. For the third quarter of 2025, revenue was $163 million and gross profit was 35.2%, in line with guidance. We achieved a second consecutive quarter of positive cash flow from operations of $12 million, a $14 million improvement year-over-year. Demand for our cameras as measured via sell-through was 5% better than we predicted. Channel inventory declined 30% from the prior year quarter and has reduced for 4 consecutive quarters as we prepare for the upcoming holiday quarter.

謝謝你，尼克。2025 年第三季度，營收為 1.63 億美元，毛利率為 35.2%，與預期相符。我們連續第二季實現了經營活動產生的正現金流，達到 1,200 萬美元，比上年同期成長了 1,400 萬美元。根據銷售情況衡量，我們相機的需求比預期高出 5%。通路庫存較上年同期下降了 30%，並且隨著我們為即將到來的假期季節做準備，庫存已連續 4 個季度下降。

As we look to the fourth quarter, our outlook is prefaced by highlighting by heightened uncertainty that exists due to volatility in tariff rates, consumer confidence, competition, component supply chain and global economic uncertainty. For the fourth quarter, we expect revenue growth at the midpoint of guidance of 10% to $220 million, non-GAAP net income per share of $0.03, plus or minus $0.02 and adjusted EBITDA positive $12 million compared to a prior year adjusted EBITDA loss of $14 million, a $26 million improvement. All of these expected improvements are due to the actions we took in 2024 to launch new products in the second half of 2025, reduce operating expenses, diversify our supply chain and drive product cost reductions, which were partially offset by higher tariffs.

展望第四季度，我們首先要強調的是，由於關稅稅率波動、消費者信心、競爭、零件供應鏈以及全球經濟的不確定性，存在著高度的不確定性。對於第四季度，我們預期營收成長幅度為預期中位數 10%，達到 2.2 億美元；非 GAAP 每股淨收益為 0.03 美元，上下浮動 0.02 美元；調整後 EBITDA 為正 1,200 萬美元，而上年同期調整後 EBITDA 虧損 1,400 萬美元，改善了 260 萬美元。所有這些預期改進都歸功於我們在 2024 年採取的行動，包括 2025 年下半年推出新產品、降低營運費用、實現供應鏈多元化以及推動產品成本降低，但這些措施被更高的關稅部分抵消了。

We estimate street ASP in the fourth quarter to be approximately $350, up slightly year-over-year. We expect unit sell-through to be down 18% year-over-year at the midpoint of guidance to 625,000 units and channel inventory to be nominally up sequentially. We continue to actively manage the balance sheet and expect to further reduce inventory sequentially in the fourth quarter. In addition, we expect to end the year with cash and cash equivalents in the range of $60 million to $65 million, along with an additional $50 million available under our ABL facility.

我們預計第四季街頭平均售價約為 350 美元，比去年同期略有上漲。我們預計銷量將年減 18%（取預期中位數）至 625,000 台，通路庫存將較上季略有成長。我們將繼續積極管理資產負債表，並預計第四季庫存將環比進一步下降。此外，我們預計年底現金及現金等價物將達到 6,000 萬美元至 6,500 萬美元，此外，我們還可根據 ABL 貸款安排獲得 5,000 萬美元的可用資金。

We expect gross margin in the fourth quarter to be 32% at the midpoint of guidance, down compared to the prior year quarter of 35%, primarily due to tariffs. Excluding tariffs, gross margin in the fourth quarter 2025 would be approximately 37%. We expect fourth quarter 2025 operating expenses to be $63 million at the midpoint of our guidance range, a more than 25% reduction from the prior year quarter due to lower spending on wages from lower headcount, reduced marketing and lower engineering expenses. We expect shares outstanding to be approximately 177 million in the fourth quarter.

我們預期第四季毛利率為 32%（預期中位數），低於去年同期的 35%，主要原因是關稅。不計關稅，2025 年第四季的毛利率約為 37%。我們預計 2025 年第四季營運支出將達到我們預期範圍的中點 6,300 萬美元，比去年同期減少 25% 以上，原因是員工人數減少導致薪資支出降低、行銷支出減少以及工程支出降低。我們預計第四季流通股數約為1.77億股。

As we look ahead to 2026, we expect the following: to grow units and revenue in 2026 based on both our existing lineup of products as well as new products and services expected to be introduced next year. Our expectation is to grow units and revenue each quarter in 2026 on a year-over-year basis. Full year 2026 operating expenses to be approximately $250 million, slightly down year-over-year to continue to offset approximately half of our expected tariff costs of $45 million in 2026 with modest price increases and continued supply chain diversification. Subscription ARPU growth of 5% and to end 2026, up 2% to 2.4 million subscribers.

展望 2026 年，我們預計：在現有產品線以及預計明年推出的新產品和服務的基礎上，2026 年的銷售和收入將實現成長。我們預計到 2026 年，每季的銷售和收入都將年增。2026 年全年營運支出約為 2.5 億美元，年比略有下降，以繼續透過適度提價和持續的供應鏈多元化來抵消 2026 年預計 4,500 萬美元關稅成本的一半左右。訂閱用戶平均營收成長 5%，到 2026 年底成長 2%，達到 240 萬用戶。

Our liquidity position to be more than adequate during 2026, and we expect to end 2026 with approximately $80 million in cash, plus or minus $5 million, along with an additional $50 million available under our ABL facility. To experience some margin pressure year-over-year due to tariffs and increasing component prices, which we expect to partially offset with improvements in supply chain. As detailed in the management commentary in our filing, we have amended our debt agreement due to changes in tariff rates. We expect adjusted EBITDA to be greater than $40 million in 2026, an improvement from losses of $18 million in 2025 and $72 million in 2024.

預計到 2026 年，我們的流動性狀況將非常充足，預計到 2026 年底，我們將擁有約 8000 萬美元現金，上下浮動 500 萬美元，此外，我們還可根據 ABL 融資安排獲得 5000 萬美元的可用資金。由於關稅和零件價格上漲，預計利潤率將比去年同期承壓，但我們預計供應鏈的改善將部分抵消這些壓力。正如我們在文件中管理層評論中所詳述的那樣，由於關稅稅率的變化，我們修改了債務協議。我們預計 2026 年調整後 EBITDA 將超過 4,000 萬美元，較 2025 年虧損 1,800 萬美元和 2024 年虧損 7,200 萬美元的情況有所改善。

In closing, we believe our strategy is working. We are in the midst of an innovation cycle with the continued launch of new products and services expected over the next several years. Combined with the initiatives we undertook in 2024 to reduce operating expenses and improve supply chain in 2025, we believe we will restore unit and revenue growth and deliver strong adjusted EBITDA of at least $40 million in 2026.

總之，我們認為我們的策略是有效的。我們正處於創新週期之中，預計未來幾年將持續推出新產品和服務。結合我們在 2024 年採取的降低營運費用的舉措以及在 2025 年改善供應鏈的舉措，我們相信我們將恢復單位和收入增長，並在 2026 年實現至少 4000 萬美元的強勁調整後 EBITDA。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great, thank you very much for taking my questions guys. Nick, maybe if I just start on 4Q sell-through, I think it was saying that you expect sell-through to be down, I think it was 18% year-over-year. Can you just talk about kind of the puts and takes there? You launched 3 new cameras this year versus two last year. I think the timing of the launches this year was a little later than last year. So just why we're seeing sell-through down as opposed to others because there's no flagship camera. Just any detail you could help us understand there, please?

太好了，非常感謝各位回答我的問題。Nick，或許我先從第四季的銷售情況說起，我記得你預期銷售情況會下降，比去年同期下降了 18%。可以談談那裡的買賣情況嗎？今年你們推出了3款新相機，而去年只有2款。我認為今年的新品發佈時間比去年晚了一些。所以，為什麼我們看到銷量下降而不是像其他產品那樣下降？因為沒有旗艦級相機。能幫我們了解一下具體細節嗎？

Yes, you nailed it. I had to be a little hesitant. It's clear that we didn't launch a new flagship HERO camera this year in Q3 for Q4 sales. And what I can say is, that is strategic in preparation for 2026 launches. So a little bit of patience now, yields, we believe, significant upside in 2026. So it's a bit of -- we've got something special planned. So we appreciate market patience, investor patience, and we think that this decision is going to significantly help us grow units, revenue and profits in first half of 2026.

沒錯，你說得太對了。我當時有點猶豫。很明顯，我們今年第三季並沒有推出新的旗艦級 HERO 相機，以期在第四季實現銷售。我可以肯定地說，這是為 2026 年的發布做準備的策略性舉措。所以我們相信，現在多一點耐心，到 2026 年將會帶來巨大的上漲空間。所以，我們準備了一些特別的東西。因此，我們感謝市場的耐心和投資者的耐心，我們認為這項決定將極大地幫助我們在 2026 年上半年實現銷售、收入和利潤的成長。

And to give us a little more context, I have to be a little bit careful as it relates to competition, obviously, but we believe that by focusing on a bigger upgrade, we can have a more significant outcome than if we were to have launched a product in the third quarter of this year.

為了給大家更多背景信息，我必須在談到競爭時格外謹慎，但我們相信，通過專注於一次更大的升級，我們可以取得比今年第三季度推出產品更顯著的成果。

Okay. All right. Super. Looking forward to that. And I was going to ask you a question on innovation. And so realizing you just made that comment, but I'd love if you could just talk where you think kind of the camera innovation can, needs or should go from here? Obviously, you got 360 into the market. That's great. You've launched a lifestyle camera. You have the gimbal system. You've talked about the motorcycle helmets.

好的。好的。極好的。非常期待。我本來想問你一個關於創新的問題。既然您剛才發表了那番評論，我很想聽聽您認為相機創新未來可以、需要或應該朝著哪個方向發展？顯然，你已經全面進入市場了。那太棒了。你推出了一款生活方式相機。你們有雲台系統。你談到了摩托車安全帽。

Again, without disclosing things that -- obviously, for competitive reasons, where do you think there are differentiated end markets or use cases that are compelling from here? Whatever you can share would be super helpful.

再次強調，在不透露任何資訊（顯然，出於競爭原因）的情況下，您認為從這裡來看，有哪些具有差異化的終端市場或引人注目的應用案例？任何你能分享的資訊都將非常有幫助。

It's clear that the opportunity for growth is in diversification and meeting more of the specific needs of the market, not through one SKU. Traditionally, the HERO camera, the product that GoPro was built on, was a bit of a Swiss Army knife that did it all for everybody. And that was terrific for a time. But as consumer and professional demands have grown and become more specialized, and we've seen the end customer want to not have a do-it-all Swiss Army knife as much as they want additional tools, multiple tools, multiple cameras that help them achieve more specifically the solution for whatever capture scenario they're solving for.

很明顯，成長的機會在於多元化和滿足市場更多特定需求，而不是透過單一的 SKU。傳統上，GoPro 賴以起家的 HERO 相機就像一把瑞士軍刀，可以滿足所有人的所有需求。那段時間真是太棒了。但隨著消費者和專業人士的需求不斷增長，並且變得更加專業化，我們發現最終用戶不再想要萬能的瑞士軍刀，而是想要額外的工具、多種工具、多台攝影機，以幫助他們更具體地解決他們正在解決的任何拍攝場景。

So that's terrific for us because that can expand the TAM, help us relate GoPro to more end users and not burden any one product with the burden of doing everything for everyone. So what I would say is diversification, diversification, diversification. You're seeing that already in our product line, and you'll see that scale in 2026. And we believe that will result in TAM expansion, unit growth, subscriber growth and sustained profitability growth.

這對我們來說非常棒，因為這可以擴大潛在市場規模，幫助我們將 GoPro 與更多終端用戶聯繫起來，並且不會讓任何單一產品承擔為所有人做所有事情的重擔。所以我要說的是，多元化，多元化，多元化。您已經在我們的產品線中看到了這一點，並且您將在 2026 年看到這種規模。我們相信這將帶來市場規模擴大、銷售成長、用戶成長和持續的獲利成長。

Yes. Nick, I think on top of that, GP3 processor is also market-leading in its capability and what we're able to do with that from an imaging and innovation perspective. So that's another area where we're leading with the product that will come out -- products that will come out with next year using that processor.

是的。Nick，我認為除此之外，GP3 處理器在成像和創新方面也處於市場領先地位，它能夠實現的功能非常強大。所以這是我們引領產品發展的另一個領域——明年將推出使用該處理器的產品。

Yes. What Brian just alluded to is 2026 will be the year of GP3. Our current cameras are based on a GP2 processor. And 2026 is the debut of our line of GP3-based processors that will take GoPro and the industry to the next level of performance.

是的。布萊恩剛才暗示的是，2026年將是GP3元年。我們目前的相機是基於GP2處理器。2026 年，我們將推出基於 GP3 的處理器系列，這將使 GoPro 和整個行業的效能提升到一個新的水平。

Okay. Super. And then maybe last one for me quickly, is just I appreciate all the color on 2026. I guess at a high level, kind of how are you -- or what are you assuming the world looks like in 2026? Obviously, there's a lot of uncertainty even as it just relates to like the holiday period coming up. So like what gives you the degree of confidence to kind of guide the way that you did? And how are you kind of embedding the world view in 2026 underlying that guidance? That's it for me.

好的。極好的。最後，我想快速補充一點，我非常欣賞 2026 年的繽紛色彩。我想從宏觀層面來說，你覺得 2026 年的世界會是什麼樣子？或者你認為 2026 年的世界會是什麼樣子？顯然，即使只是即將到來的假期，也存在著許多不確定因素。那麼，是什麼讓你有這麼大的信心去引導你走這條路呢？那麼，您是如何將2026年的世界觀融入這指引中的呢？就這些了。

Yes, I'll start and then...

是的，我先開始，然後…

Go ahead.

前進。

What I was just going to say -- to add to what I said about market demand for diversification, that's how we see consumers behaving today. That's -- all of our research shows that there's clearly an opportunity to diversify our product lineup to better meet the diversified needs of the market. That's what the road map delivers in 2026.

我剛才想說的是——補充我之前提到的市場對多元化的需求，這就是我們今天看到的消費者行為。也就是說——我們所有的研究都表明，顯然有機會使我們的產品陣容多樣化，以更好地滿足市場多樣化的需求。這就是該路線圖在 2026 年要達成的目標。

And when you combine that diversification with the next-generation GP3 processor from GoPro, that is going to, we believe, make GoPro a market leader in all of the important categories that we're participating in. So the demand that we see for our products today, we see increasing as we enter this new era of performance and capability at GoPro next year.

我們相信，將這種多元化與 GoPro 的下一代 GP3 處理器相結合，將使 GoPro 成為我們所參與的所有重要類別中的市場領導者。因此，我們預計，隨著 GoPro 明年進入性能和功能的新時代，我們今天對我們產品的需求將會不斷增長。

Brian, you can add to that.

布萊恩，你可以補充一下。

Yes. I think on top of that, I'll add even in the fourth quarter of this year, which arguably is challenging with consumer and everything else that's going on, we remain on track for our sell-through and sell-in targets for the fourth quarter. So -- and now we have newer products in 2026 that are going to add to that. So that's pretty exciting as we look ahead actually to have both unit growth and revenue growth finally now in the fourth quarter as we have two new products or three new products in now -- this year and more coming next year.

是的。我認為除此之外，我還要補充一點，即使在今年第四季度，考慮到消費者和其他各種因素，情況可能充滿挑戰，我們仍然有望實現第四季度的銷售目標和進貨目標。所以——而且我們現在還有2026年推出的新產品，這些產品將進一步增強這一趨勢。所以這非常令人興奮，展望未來，我們終於在第四季度實現了銷售和收入的雙重成長，因為我們今年推出了兩到三款新產品，明年還將推出更多產品。

Yeah. And just to be clear, the cadence of launching new products next year will be steadily throughout the year. So that's also something to look forward to as opposed to being so back-end loaded.

是的。需要明確的是，明年新產品的推出節奏將全年保持穩定。所以，與後期開發負擔過重相比，這也是值得期待的一點。

All right, super, guys, thanks so much. Thank you

好的，太棒了，夥計們，非常感謝。謝謝

Thanks, Sarah

謝謝你，莎拉

Thank you. We have no further questions registered on today's call. So I'll hand back over to the management team for any further or final remarks.

謝謝。今天的電話會議沒有其他問題登記了。那麼，我將把發言權交還給管理團隊，讓他們做進一步或最後的總結發言。

Thank you, operator, and thank you, everyone, for joining today's call. To summarize, we're executing well against our strategy to launch industry-leading hardware and software products with improved product diversification expected to restore unit revenue and profitability growth this fourth quarter and throughout 2026.

謝謝接線生，也謝謝各位參加今天的電話會議。總而言之，我們正在很好地執行我們的策略，推出業界領先的硬體和軟體產品，並改善產品多元化，預計這將在本第四季度以及整個 2026 年恢復單位收入和盈利能力的增長。

Thank you, everyone. This is Team GoPro signing off.

謝謝大家。這裡有GoPro團隊，就此告別。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。