GoPro Inc (GPRO) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending the GoPro fourth quarter and fiscal year 2025 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加 GoPro 2025 財年第四季及全年業績電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作說明）

I would now like to pass the conference over to your host, Robin Stoecker, Director of Corporate Communications with GoPro. You may proceed.

現在，我將把會議交給主持人，GoPro 公司企業傳播總監 Robin Stoecker。您可以繼續。

Thank you, Cameron. Good afternoon and welcome to Gopro's fourth quarter and full year 2025 earnings conference call. With me today are Gopro's CEO, Nicholas Woodman; and CFO and COO, Brian McGee.

謝謝你，卡梅倫。下午好，歡迎參加 Gopro 2025 年第四季及全年財報電話會議。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。

Today's agenda will include brief commentary from Nick and Brian followed by Q&A. For detailed information about our fourth quarter and full year 2025 performance as well as outlook, please read our Q4 and full year 2025 earnings press release and management commentary we've posted to the investor Relations section of GoPro's website.

今天的議程包括尼克和布萊恩的簡短評論，以及隨後的問答環節。有關我們 2025 年第四季度和全年業績及展望的詳細信息，請閱讀我們發佈在 GoPro 網站投資者關係部分的 2025 年第四季度和全年收益新聞稿及管理層評論。

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 risk 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 to 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 EFEC.

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 10-K 表格年度報告（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 EFEC 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.

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 計算的基本和稀釋淨利潤和每股虧損。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。

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.

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。

No,w I'll turn the call over to GoPro Founder and CEO, Nicholas Woodman.

好了，我將把電話交給 GoPro 創辦人兼執行長 Nicholas Woodman。

Thanks, Robin. Thanks, everybody, for joining us today. As Robin mentioned, and will share brief remarks before going into Q&A. And I want to encourage all on the call to read the details of management commentary we posted on our Investor Relations website. I'd like to begin by congratulating Brian McGee, GoPro's current EVP, CFO, and COO on his appointment to the role of President and COO.

謝謝你，羅賓。謝謝大家今天收看我們的節目。正如 Robin 所提到的，我將在進入問答環節之前發表簡短演講。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管理層評論詳情。首先，我要祝賀 GoPro 現任執行副總裁、財務長兼營運長 Brian McGee 被任命為總裁兼營運長。

In his expanded role as President, Brian will further strengthen company-wide alignment and execution, enabling cross-functional teams to move faster and more cohesively towards our strategic goals. Brian is a very talented and passionate operator, with a collaborative approach to problem solving and strategy development. I'm very excited for what GoPro can accomplish with Brian in his new role.

布萊恩擔任總裁後，將進一步加強公司範圍內的協調和執行，使跨職能團隊能夠更快、更協調地朝著我們的策略目標邁進。Brian 是一位非常有才華且充滿熱情的經營者，他善於合作解決問題和製定策略。我非常期待 GoPro 在 Brian 的新職位上能夠取得怎樣的成就。

I'm also pleased to share that Brian Tratt, GoPro's current VP of Finance, will serve as our CFO. Brian Tratt has served as an integral part of GoPro's finance team for 13 years and has earned the respect and trust of the entire GoPro organization. I'm excited for him to bring his deep understanding of our business and his fresh perspectives to the CFO role, leading our accounting and finance team. These leadership changes will become effective on March 17.

我很高興地宣布，GoPro 現任財務副總裁 Brian Tratt 將擔任我們的財務長。Brian Tratt 在 GoPro 財務團隊擔任重要成員 13 年，贏得了整個 GoPro 組織的尊重和信任。我很高興他能將他對我們業務的深刻理解和全新的視角帶到財務長的職位上，領導我們的會計和財務團隊。這些領導層變動將於3月17日生效。

In 2025, we broadened our hardware and software offerings, delivering on the first stage of our mission to diversify our business and expand our town. During the year, we launched our new 360 camera, MAX2, delivering the only True 8-K video resolution in the consumer 360 camera category, featuring durable twist and go replaceable lenses, trademark GoPro durability and versatility, and the new ecosystem of 16 360-centric accessories.

2025年，我們擴大了硬體和軟體產品範圍，實現了業務多元化和城鎮擴張的第一階段目標。今年，我們推出了新款 360 度相機 MAX2，它是消費級 360 度相機類別中唯一一款真正支援 8K 視訊解析度的產品，它具有耐用的旋轉式可更換鏡頭、GoPro 標誌性的耐用性和多功能性，以及全新的 16 款以 360 度為中心的配件生態系統。

We also launched our new LIT HERO camera, ultra compact, lightweight, rugged, action, and lifestyle camera that has the widest field of view lens in its class and an integrated light enabling captivating photos and video in even no-light, pitch-black scenario.

我們還推出了新款 LIT HERO 相機，這是一款超緊湊、輕巧、堅固耐用的運動和生活方式相機，擁有同類產品中最廣角的鏡頭和集成照明燈，即使在無光、漆黑的環境下也能拍攝出引人入勝的照片和視頻。

And we launched our new professional-grade gimbal, Fluid Pro AI, a best-in-class, multi-camera AI subject tracking gimbal that's compatible with GoPro cameras, smartphones, and point and shoot cameras weighing up to 400 grams.

我們推出了全新的專業級雲台 Fluid Pro AI，這是一款一流的多相機 AI 主體追蹤雲台，相容於重量不超過 400 克的 GoPro 相機、智慧型手機和傻瓜相機。

In addition, we launched a steady cadence of new software functionalities, including new 360 content editing features, such as AI-powered subject tracking and cloud-based 360 editing via our Quik mobile app. Additionally, we launched a GoPro ReFrame plug-in for DaVinci Resolve, low-light denoise enhancements in the GoPro Player desktop app. And Apple projected media profile support for the highest fidelity video playback in Apple Vision Pro.

此外，我們還穩步推出了一系列新的軟體功能，包括新的 360 度內容編輯功能，例如 AI 驅動的主題追蹤和透過我們的 Quik 行動應用程式進行的基於雲端的 360 度編輯。此外，我們還推出了 DaVinci Resolve 的 GoPro ReFrame 插件，以及 GoPro Player 桌面應用程式中的低光降噪增強功能。蘋果公司預計 Apple Vision Pro 將支援最高保真度的影片播放媒體設定檔。

And in Q4, we made progress on several strategic initiatives, including GoPro’s AI Training program and development of our tech-enabled motorcycle helmet with our partner and leading Italian motorcycle helmet brand, AGV.

第四季度，我們在幾項戰略舉措上取得了進展，包括 GoPro 的 AI 培訓計劃，以及與我們的合作夥伴、意大利領先的摩托車頭盔品牌 AGV 共同開發我們的高科技摩托車頭盔。

We're pleased to share a meaningful update on our AI Training program. We’re now working with select AI partners, providing them access to authentic, high-quality GoPro content contributed by US subscribers who opted in to monetize their GoPro cloud-based content for AI model training. We plan to recognize revenue from the program in Q1 and make our first monetary payouts to participating subscribers whose content was selected later this year.

我們很高興與大家分享人工智慧培訓計畫的重要進展。我們現在正與部分人工智慧合作夥伴合作，為他們提供由選擇將其 GoPro 雲端內容貨幣化用於人工智慧模型訓練的美國訂閱用戶貢獻的真實、高品質的 GoPro 內容。我們計劃在第一季確認該計劃的收入，並於今年稍後向內容被選中的參與訂閱用戶支付首筆款項。

The program creates value for all stakeholders. AI partners gain real world video to train their models, participating subscribers earn money through a revenue share, and GoPro benefits from a new, scalable high-margin revenue stream.

該項目為所有利益相關者創造價值。AI 合作夥伴獲得真實世界的影片來訓練他們的模型，參與的訂閱用戶透過收入分成賺錢，而 GoPro 則受益於新的、可擴展的高利潤收入來源。

Since launching the program in Q3 2025, we've seen strong subscriber enthusiasm, with more than 500,000 hours of diverse, high-quality video content submitted to date, and steady growth as we continue expanding the program to more subscribers globally. We expect to close further agreements with additional third-party licensing partners throughout 2026.

自 2025 年第三季推出該計劃以來，我們看到了訂閱者的熱情高漲，迄今為止已提交超過 50 萬小時的多樣化、高品質的視訊內容，並且隨著我們繼續將該計劃擴展到全球更多訂閱者，訂閱量也在穩步增長。我們預計將在 2026 年與更多第三方授權合作夥伴達成進一步協議。

Shifting gears, we remain focused on our tech-enabled motorcycle helmet initiative, developed jointly in partnership with the leading Italian motorcycle helmet brand, AGV. Together, GoPro and AGV are leveraging each other's design, engineering, and brand strengths to deliver significant innovations that enhance safety, performance, and enjoyment for motorcyclists, all wrapped into a helmet design that is simply stunning in every regard. We look forward to providing investors with more substantial updates on this program later this year, and we plan to publicly share a few product teases in the near future, so stay tuned.

轉換思路，我們將繼續專注於我們與義大利領先的摩托車頭盔品牌 AGV 合作開發的科技賦能型摩托車頭盔計劃。GoPro 和 AGV 攜手合作，充分發揮彼此在設計、工程和品牌方面的優勢，帶來重大創新，從而提升摩托車騎士的安全、性能和樂趣，所有這些都融入到一款各方面都令人驚豔的頭盔設計中。我們期待在今年稍後向投資者提供有關該計劃的更實質更新，並且我們計劃在不久的將來公開分享一些產品預告，敬請期待。

Turning to recent developments, on February 26, the US International Trade Commission reaffirmed our design patent rights by issuing exclusion and cease-and-desist orders against Insta360, blocking their infringing products from the US market. This decision, combined with the Patent Trial and Appeal Board's rulings last year upholding multiple patents covering our HyperSmooth technology, validates what we've always known: GoPro is built on original innovation. Our patent portfolio now exceeds 1,500 US patents, and we will continue to defend against competitors who choose to copy rather than create.

再來看最近的進展，2 月 26 日，美國國際貿易委員會透過對 Insta360 發出排他令和停止令，重申了我們的設計專利權，阻止其侵權產品進入美國市場。這項決定，加上專利審判和上訴委員會去年維持我們 HyperSmooth 技術多項專利的裁決，證實了我們一直以來所知道的：GoPro 建立在原創創新之上。我們目前的專利組合已超過 1500 項美國專利，我們將繼續捍衛自身權益，對抗那些選擇抄襲而不是創造的競爭對手。

Our commitment to innovation has driven many advancements in digital imaging, from the world’s far and away best in-camera video stabilization, HyperSmooth, to industry-leading image quality, resolutions, and frame rates, best-in-class wide angle field-of-views, and more, all in rugged and versatile small-formfactor cameras.

我們對創新的執著推動了數位成像領域的許多進步，從全球領先的機內視訊防手震功能 HyperSmooth，到業界領先的影像品質、解析度和幀速率，以及一流的廣角視野等等，所有這些都體現在堅固耐用、功能多樣的小型相機中。

Our custom GP2 processor played an important role in many of these innovations and helped power our flagship cameras to market-leading positions. At the same time, GP2 imposed a few constraints that limited how far we could push our cameras in certain areas of performance, specifically power efficiency, thermal performance, and low-light use cases. Most notably, GP2’s low-light constraint hampered GoPro’s ability to compete in the fast growing premium low-light capable camera category, a market segment we estimate to have been approximately 2 million to 2.5 million units annually in 2025.

我們客製化的 GP2 處理器在許多創新中發揮了重要作用，並幫助我們的旗艦相機取得了市場領先地位。同時，GP2 也施加了一些限制，限制了我們在某些​​性能領域（特別是電源效率、散熱性能和低光使用情況）能夠將相機的性能發揮到何種程度。最值得注意的是，GP2 的低光照限制阻礙了 GoPro 在快速成長的高階低光源相機類別中的競爭能力，我們估計到 2025 年，該細分市場的年銷量約為 200 萬至 250 萬台。

Enter GP3. GoPro’s soon-to-be-released next-generation processor, which is designed to deliver industry-leading power efficiency, runtimes, and thermal performance, along with best-in-class low-light performance not yet seen in small-form-factor cameras, or even many professional cameras. As we publicly announced earlier this week, our new, exclusive GP3 processor represents the most significant advancement in processing power and image quality in GoPro’s history.

輸入 GP3。GoPro 即將推出的新一代處理器旨在提供業界領先的電源效率、運行時間和散熱性能，以及小型相機甚至許多專業相機都未曾見過的同類最佳低光性能。正如我們本週早些時候公開宣布的那樣，我們全新的獨家 GP3 處理器代表了 GoPro 歷史上處理能力和影像品質方面最重大的進步。

Whereas, GP2 was a 12-nanometer SoC, GP3 is a 5-nanometer SoC that delivers more than 2x the pixel processing power of GP2, resulting in industry-leading resolutions and frame rates that go far beyond what the competition is capable of. GP3 also features a dedicated AI NPU that enables significant gains in low-light image quality when combined with low-light image sensors, and industry-leading power efficiency and thermal performance that significantly outperforms the competition.

GP2 是一款 12 奈米 SoC，而 GP3 是一款 5 奈米 SoC，其像素處理能力是 GP2 的兩倍以上，從而實現了業界領先的分辨率和幀速率，遠遠超過了競爭對手的能力。GP3 還配備了專用的 AI NPU，與低光照影像感測器結合使用時，可顯著提高低光照影像質量，並具有業界領先的電源效率和散熱性能，明顯優於競爭對手。

To quantify how efficient and far ahead GP3 is, in our own internal testing, we’re seeing camera runtimes ranging from 40% to 90% longer than the competition and similarly impressive thermal performance advantages over the competition -- in addition to demonstrably better image quality. Accompanying images captured on GoPro’s next-generation camera system powered by GP3 showcase the breakthrough image quality and low-light performance enabled by this new technology.

為了量化 GP3 的效率和領先優勢，我們在內部測試中發現，其相機運行時間比競爭對手長 40% 到 90%，並且在熱性能方面也比競爭對手具有同樣令人印象深刻的優勢——此外，圖像質量也明顯更好。使用 GoPro 新一代 GP3 相機系統拍攝的配套圖片展示了這項新技術帶來的突破性影像品質和低光性能。

To say we’re fired up about GP3 and the new GP3-based cameras we’re launching in Q2 would be an understatement. We expect GP3 to serve as a pivotal growth catalyst for GoPro, setting new performance benchmarks for the digital imaging industry as a whole, enabling GoPro to lead in our existing core markets and gain meaningful share in new, professional product categories, including the quickly growing low-light camera segment beginning this Q2.

要說我們對 GP3 以及我們將在第二季推出的基於 GP3 的新型相機感到興奮，那真是輕描淡寫了。我們預計 GP3 將成為 GoPro 的關鍵成長催化劑，為整個數位成像行業設定新的性能標桿，使 GoPro 能夠在現有核心市場中保持領先地位，並在新的專業產品類別中獲得有意義的份額，包括從今年第二季度開始快速增長的低光相機領域。

I encourage you to visit the News section of gopro.com to check out several jaw-dropping images captured with one of our soon-to-be-released GP3 cameras. I think you''ll agree with me that GoPro is about to enable new dimension of performance and capability.

我建議您訪問 gopro.com 的新聞版塊，查看幾張用我們即將發布的 GP3 相機拍攝的令人驚嘆的照片。我想你會同意我的觀點，GoPro即將開啟效能和功能的新篇章。

[Optionally] speaking, despite ongoing macroeconomic pressures facing the consumer electronics sector, including tariffs and rising memory costs and supply constraints, we’re working towards strengthening our operating profile as Brian will outline, while also advancing our next product cycle with meaningful technological enhancements.

[可選地] 表示，儘管消費電子行業面臨持續的宏觀經濟壓力，包括關稅、內存成本上漲和供應限制，但正如布萊恩將概述的那樣，我們正在努力加強我們的運營狀況，同時通過有意義的技術改進推進我們的下一個產品週期。

We believe we’re at the start of a new era of technological and performance leadership for GoPro -- with a clear opportunity to grow revenue and operating income, as Brian will share in his remarks. We are highly motivated by what’s ahead for GoPro and want to thank our employees, suppliers, retail and distribution partners, and our shareholders for your support. We are excited for what’s to come.

我們相信，GoPro 正處於技術和性能領導地位的新時代——正如 Brian 將在他的演講中分享的那樣，我們擁有增加收入和營業利潤的明確機會。我們對 GoPro 的未來充滿信心，並衷心感謝我們的員工、供應商、零售和分銷合作夥伴以及股東們的支持。我們對未來充滿期待。

Now, I’ll turn the call over to Brian.

現在，我把電話交給布萊恩。

Thanks, Nick. Fiscal 2025 improved substantially over 2024 in a number of areas, including operating expense reductions of $93 million, flat gross margins of 34% despite a $20 million impact due to IEEPA tariffs, inventory reduction of 35%, and an improvement in cash flow from operations of $104 million. In the fourth quarter of 2025, revenue was $202 million, versus our guidance of $220 million plus or minus $5 million, and we generated positive

謝謝你，尼克。2025 財年在多個方面比 2024 財年有了顯著改善，包括營運費用減少 9,300 萬美元，儘管受到 IEEPA 關稅 2000 萬美元的影響，毛利率仍保持在 34%，庫存減少 35%，以及經營活動現金流改善 1.04 億美元。2025年第四季度，營收為2.02億美元，低於我們先前預測的2.2億美元（上下浮動500萬美元），並且我們實現了正收益。

Adjusted EBITDA of $1 million. Cash flow from operations was positive for the third quarter in a row at $16 million, a $41 million improvement year over year. Sell-through was at the midpoint of guidance at 625,000 camera units, which resulted in a 30,000 unit decrease in channel inventory.

調整後 EBITDA 為 100 萬美元。經營活動產生的現金流連續第三季為正，達到 1,600 萬美元，比上年同期成長 4,100 萬美元。實際銷售量達到預期中位數 625,000 台，導致通路庫存減少 30,000 台。

Looking back on the year, notable financial performance highlights include revenue from our retail channel was [$182 million, or 74%] of revenue compared to 75% revenue. Revenue from gopro.com channel, includes subscription and service revenue was $170 million or 26% of revenue compared to 25% of 2024 revenue.

回顧過去一年，值得注意的財務績效亮點包括：零售通路的收入為 1.82 億美元，佔總收入的 74%，而去年同期為 75%。gopro.com 頻道的收入（包括訂閱和服務收入）為 1.7 億美元，佔總收入的 26%，而 2024 年的收入佔比為 25%。

Subscription and service revenue was flat year over year at $106 million or 16% of revenue. 2025 Street ASP was $357. and 8% improvement year over year. Gross margin was 33.8% compared to 34.1% in the prior year. Despite negative impacts related to IPA Chairs of approximately $20 million incurred in 2025. Operating expenses reduced $93 million from $354 million to $261 million, a 26% decrease year over year.

訂閱和服務收入與去年持平，為 1.06 億美元，佔總收入的 16%。2025 年街頭平均售價為 357 美元，較去年同期成長 8%。毛利率為 33.8%，而去年同期為 34.1%。儘管與 IPA 主席相關的負面影響在 2025 年產生了約 2000 萬美元。營運支出從 3.54 億美元減少到 2.61 億美元，減少了 9,300 萬美元，年減 26%。

GAAP and non-GAAP loss per share was $0.59 and $0.30 respectively, compared to prior year loss per share of $2.82 and $2.42 respectively. 2024 GAAP and non-GAAP loss per share were impacted by $1.93 per share due to the establishment of a $295 million text valuation allowance that was recorded in 2024.

以美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 計算，每股虧損分別為 0.59 美元和 0.30 美元，而去年同期每股虧損分別為 2.82 美元和 2.42 美元。由於 2024 年提列了 2.95 億美元的文字估值準備金，2024 年 GAAP 和非 GAAP 每股虧損受到影響，每股虧損 1.93 美元。

Adjusted EBITDA was negative $29 million compared to negative $72 million in the prior year.

調整後 EBITDA 為負 2,900 萬美元，而上年同期為負 7,200 萬美元。

Cash flow used in operations was $21 million compared to cash used in operations of $125 million in 2024. $104 million improvement.

2024 年經營活動所用現金流量為 2,100 萬美元，而 2024 年經營活動所用現金流量為 1.25 億美元，減少了 1.04 億美元。

Fitting into 2026, our outlook is prefaced by highlighted uncertainty that exists due to volatility and tariff rates, memory pricing, memory availability, consumer confidence, competition, component supply chain, and global economic uncertainty.

展望 2026 年，我們的展望首先強調了由於波動性和關稅稅率、記憶體定價、記憶體供應、消費者信心、競爭、組件供應鏈和全球經濟不確定性而存在的不確定性。

To provide color on our expectations and priorities for the year, we expect revenue to grow in 2026 to a range of $750 million to $800 million or nearly 20%. Growth at the midpoint based on the existing lineup of products. The introduction of several new products starting in Q2 and additional AI content licensing this year. We expect subscription and service revenue to grow approximately 10%. due to improvements in ARPU growth of 10% and improvements in attach rates and retention rates, which is slightly offset by subscribers projected to be down 7% year over year to $2.2 million.

為了闡明我們對今年的預期和優先事項，我們預計 2026 年的營收將成長至 7.5 億美元至 8 億美元，增幅接近 20%。基於現有產品線，實現中期成長。從第二季開始推出多款新產品，並在今年增加人工智慧內容授權。我們預計訂閱和服務收入將成長約 10%，這主要得益於 ARPU 成長 10% 以及附加率和留存率的提高，但訂閱用戶數量預計將年減 7% 至 220 萬美元，這將略微抵消上述成長。

We expect operating expenses to be in a range of $220 million to $230 million, down from $261 million in 2025, or a 14%. The anticipated decrease is primarily due to a reduction in litigation expenses or prior restructuring actions which resulted in reduced employee related costs in 2025 and a continued strong focus on expense management. The cumulative effect of our planned actions is expected to result in a reduction due stopparding expense range in 2027 of between $200 million and $210 million.

我們預計營運費用將在 2.2 億美元至 2.3 億美元之間，低於 2025 年的 2.61 億美元，降幅為 14%。預計下降的主要原因是訴訟費用減少或先前的重組措施導致 2025 年員工相關成本降低，以及對費用管理的持續重視。預計我們計劃採取的行動的累積效應將使 2027 年的停工費用減少 2 億至 2.1 億美元。

We expect memory price increases, both DRAM and NAND, to impact margin by approximately 500 basis points year over year. We expect to have enough memory to meet our unit and revenue goals for 2026. Today, we announced a $50 million financing, of which we closed $25 million. In addition, we amended loan covenants for ADL and debt agreements. the details of which can be found in the 8-K we filed concurrent with today's earnings. We expect our liquidity position to be adequate.

我們預計，DRAM 和 NAND 等記憶體價格上漲將使利潤率年減約 500 個基點。我們預計擁有足夠的內存，以滿足我們 2026 年的銷售和收入目標。今天，我們宣布了一項 5000 萬美元的融資計劃，其中已完成 2500 萬美元的融資。此外，我們修改了ADL的貸款契約和債務協議，詳情請參閱我們與今天財報同時提交的8-K表格。我們預計我們的流動性狀況充足。

And we expect to end 2026 with approximately $50 million plus or minus $5 million in cash, along with an additional $35 million available under our ADL facility and $25 million available under our recent financing agreement. We expect adjusted EBITDA to be in a range of $10 million to $20 million in 2026, an improvement from losses of $29 million in 2025 and $72 million in 2024.

我們預計到 2026 年底將擁有約 5,000 萬美元現金（上下浮動 500 萬美元），此外，根據我們的 ADL 融資安排，我們還將獲得 3,500 萬美元的可用資金，根據我們最近的融資協議，我們還將獲得 2,500 萬美元的可用資金。我們預計 2026 年調整後 EBITDA 將在 1,000 萬美元至 2,000 萬美元之間，較 2025 年虧損 2,900 萬美元和 2024 年虧損 7,200 萬美元有所改善。

Relative to our prior outlook of trailing 12-month adjusted EBITDA of $40 million in 2026, it's worth noting that memory pricing impacted the trailing $40 million EBITDA by $40 million for a total impact of nearly $60 million in 2026.

相對於我們先前對 2026 年過去 12 個月調整後 EBITDA 為 4000 萬美元的預測，值得注意的是，內存價格對過去 4000 萬美元的 EBITDA 產生了 4000 萬美元的影響，2026 年的總影響接近 6000 萬美元。

In closing, we believe our strategy is working. We're in the midst of an exciting innovation cycle with the launch of leading products, continued AI content licensing, and other services expected over the next several years that we believe will bolster our market position, while expanding our TAM. We expect to continue operating expense reduction initiatives in 2026 that we initiated in 2024 to mitigate memory cost increases. We believe we will restore revenue growth and deliver adjusted EBITDA in a range of $10 million to $20 million in 2026.

總之，我們認為我們的策略是有效的。我們正處於令人興奮的創新週期之中，未來幾年我們將推出領先產品、持續進行人工智慧內容授權以及其他服務，我們相信這些舉措將鞏固我們的市場地位，同時擴大我們的潛在市場規模。我們預計將在 2026 年繼續推行 2024 年啟動的降低營運成本的舉措，以緩解記憶體成本上漲的影響。我們相信，到 2026 年，我們將恢復營收成長，並實現調整後 EBITDA 1,000 萬美元至 2,000 萬美元。

Operator, we're now ready to take questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作說明）摩根士丹利 Erik Woodring。

Erik, your line may be muted.

艾瑞克，你的線路可能被靜音了。

Erik, your line may be muted.

艾瑞克，你的線路可能被靜音了。

Well, there are currently no questions registered at this time.

目前還沒有人提出問題。

(Operator Instructions)

（操作說明）

There are no questions waiting at this time. I would now like to pass the conference back to management team for any closing remarks.

目前沒有待解答的問題。現在我將會議交還給管理團隊，請他們作總結發言。

Thank you, operator, and thanks everybody for joining today's call.

謝謝接線員，也謝謝各位參加今天的電話會議。

As we shared, we're excited for the year ahead and particularly for this Q2 and the launch of our new GP3-based cameras that we believe will mark a new era of technical and performance leadership for GoPro, which we believe will ultimately result in revenue and profit growth for the company.

正如我們之前所說，我們對未來一年充滿期待，尤其對第二季以及我們即將推出的基於 GP3 的全新相機感到興奮。我們相信，這些相機將標誌著 GoPro 在技術和性能方面進入一個新時代，最終將為公司帶來收入和利潤的成長。

Be sure to stay tuned to our social channels for product pieces and more. as we approach the launch of our new products. Thanks again, everyone. This is Team GoPro, signing off.

敬請關注我們的社交媒體帳號，我們將陸續發布產品圖片及更多信息，敬請期待我們的新產品上市。再次感謝大家。這裡是GoPro團隊，再見。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。