GoPro Inc (GPRO) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the GoPro first quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 GoPro 2026 會計年度第一季財報電話會議。（接線員指示）

I will now hand the conference over to Robin Stoecker, Director of Corporate Communications. Please go ahead.

現在我將把會議交給企業傳播總監 Robin Stoecker。請開始。

Thank you, Rebecca. Good afternoon, and welcome to GoPro's first-quarter 2026 earnings conference call. With me today are GoPro's CEO, Nicholas Woodman; CFO, Brian Tratt; and President and COO, Brian McGee.

謝謝你，Rebecca。各位下午好，歡迎參加 GoPro 2026 會計年度第一季財報電話會議。今天與我一同出席的有 GoPro 執行長 Nicholas Woodman；財務長 Brian Tratt；以及總裁兼營運長 Brian McGee。

Today's agenda will include brief commentary from Nick and Brian, followed by Q&A. For detailed information about our first-quarter performance, please read our Q1 2026 earnings press release and management commentary we've posted to the Investor Relations section of GoPro's website.

今天的議程將先由 Nick 與 Brian 進行簡短評論，接著進入問答。關於我們第一季表現的詳細資訊，請閱讀我們已發布的 2026 年第一季財報新聞稿，以及我們張貼於 GoPro 官網投資人關係（Investor Relations）專區的管理層評論。

Before I pass the call to Nick, I'd like to remind everyone 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.

在我把電話交給 Nick 之前，我想提醒各位，我們今天的發言可能包含前瞻性陳述。前瞻性陳述以及所有非歷史事實的陳述，並非對未來績效的保證，且受到多項風險與不確定性影響，可能導致實際結果出現重大差異。

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.

此外，今天所作的任何前瞻性陳述皆基於截至今日的假設。這表示結果可能在任何時間改變，而我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。

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, 2025, which is on file with the Securities and Exchange Commission and other reports that we may file from time to time with the SEC.

為了更好地理解可能導致實際結果與我們評論不同的風險與不確定性，我們請各位參閱我們最近一期截至 2025 年 12 月 31 日止年度的 Form 10-K 年報（已向美國證券交易委員會提交存檔），以及我們不時可能向 SEC 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 disclosed in the management commentary other than revenue are non-GAAP.

今天我們可能會依據 GAAP 以及非 GAAP 基礎討論毛利率、營業費用、淨利與淨損、調整後 EBITDA，以及基本與稀釋後每股淨利與淨損。GAAP 與非 GAAP 營業費用之調節表可見於今天下午發布的新聞稿，該新聞稿已張貼於我們官網投資人關係專區。除非另有說明，管理層評論中揭露的所有損益表相關數字（營收除外）皆為非 GAAP。

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 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.

謝謝你，Robin，也謝謝各位今天加入我們。如 Robin 所提到的，Brian 和我會在進入問答前先分享簡短評論；我也鼓勵所有與會者閱讀我們張貼在投資人關係網站上的詳細管理層評論。

In April, we announced that GoPro is formally exploring opportunities in the defense and aerospace sector, having engaged Oliver Wyman, a global leader in defense sector consulting to assess addressable market segments, product synergies and go-to-market strategies.

4 月，我們宣布 GoPro 正式探索國防與航太領域的機會，並已聘請 Oliver Wyman（全球國防產業顧問領導者）協助評估可觸及的市場區隔、產品協同效益與市場進入策略。

GoPro cameras have long been used in demanding defense, government and aerospace applications where versatility, durability, industry-leading video stabilization and image quality are mission-critical and we believe there is a meaningful, scalable opportunity to formalize and grow our presence in these sectors.

GoPro 相機長期以來被用於要求嚴苛的國防、政府與航太應用場景，在這些場景中，多功能性、耐用性、業界領先的影像穩定與畫質皆屬任務關鍵；我們相信，將我們在這些領域的布局制度化並擴大規模，存在具意義且可擴展的機會。

Following the April announcement of our work with Oliver Wyman, we received several inbound inquiries related to M&A. To capitalize on this interest, GoPro's Board of Directors has authorized the company to engage in a strategic process and to engage a financial advisor to assist with that process and evaluate strategic alternatives in order to maximize shareholder value.

在 4 月宣布與 Oliver Wyman 合作後，我們收到數起與併購（M&A）相關的主動洽詢。為了把握這股興趣，GoPro 董事會已授權公司啟動策略流程，並聘請財務顧問協助該流程、評估策略替代方案，以期最大化股東價值。

We believe there is unrealized value in GoPro's technology, IP, brand, product development, and scaled manufacturing capabilities, and we look forward to exploring how M&A could unlock that value to the benefit of our shareholders.

我們認為 GoPro 的技術、智慧財產（IP）、品牌、產品開發與規模化製造能力仍有尚未實現的價值；我們期待探索併購如何能釋放該價值，為股東帶來利益。

Testament to GoPro's credibility as a mission-proven tool for defense and aerospace application is NASA's use of GoPro cameras on the Artemis II mission. On April 1, the Orion spacecraft launched with modified GoPro cameras mounted externally on its solar array wings and off-the-shelf GoPro cameras were used inside the ship to capture content for a National Geographic documentary about the mission.

GoPro 作為經任務驗證、可用於國防與航太應用工具的可信度，體現在 NASA 於 Artemis II 任務中使用 GoPro 相機。4 月 1 日，Orion 太空船發射時，其太陽能陣列翼外部安裝了改裝的 GoPro 相機；而船內則使用市售 GoPro 相機拍攝內容，供《國家地理》製作關於該任務的紀錄片。

Everyone at GoPro is deeply honored that our cameras played even a small role in the historic Artemis II mission. It's incredibly meaningful to all of us.

GoPro 全體同仁都深感榮幸，我們的相機能在歷史性的 Artemis II 任務中扮演哪怕是很小的角色。這對我們所有人而言都極具意義。

Turning to Q1, we advanced several partnership initiatives designed to broaden GoPro's reach and appeal. In January, we announced an exciting partnership with ASUS, a leading Taiwanese multinational technology company, and launched a co-branded ASUS ProArt GoPro Edition laptop. The laptop was purpose-built by ASUS to support GoPro content creator workflows.

回到第一季，我們推進了多項合作夥伴計畫，旨在擴大 GoPro 的觸及與吸引力。1 月，我們宣布與華碩（ASUS）這家領先的台灣跨國科技公司建立令人振奮的合作關係，並推出聯名的 ASUS ProArt GoPro Edition 筆記型電腦。該筆電由 ASUS 針對支援 GoPro 內容創作者工作流程而量身打造。

ASUS has shared that early traction has far exceeded their expectations for the ProArt line, reinforcing the strength of GoPro's brand in technology collaborations.

ASUS 表示，ProArt 產品線的早期動能遠超其預期，進一步印證 GoPro 品牌在科技合作中的強大影響力。

And in March, we announced our partnership with DICK's Sporting Goods, an integration with their GameChanger app, the number one rated youth sports app for scorekeeping and live streaming, which has more than 9 million active users. This partnership combines GoPro's industry-leading video quality with GameChanger's live streaming service, making it easy for families to capture and share game day live.

此外在 3 月，我們宣布與 DICK's Sporting Goods 合作，並與其 GameChanger 應用程式完成整合。GameChanger 是評分第一的青少年運動記分與直播應用程式，擁有超過 900 萬名活躍用戶。此合作結合 GoPro 業界領先的影像品質與 GameChanger 的直播服務，讓家庭能輕鬆即時捕捉並分享比賽日的精彩畫面。

The GameChanger GoPro product bundle, available online at DICK's Sporting Goods, brings together everything families need for seamless, high-quality live streaming of the game. Millions of existing GoPro HERO13 through HERO7 Black and MAX owners can now pair the GoPro they already own with the GameDay app to start streaming live sporting events.

GameChanger GoPro 產品組合套裝可於 DICK's Sporting Goods 線上購買，集結家庭進行順暢、高品質賽事直播所需的一切。數百萬名既有 GoPro HERO13 至 HERO7 Black 以及 MAX 的用戶，現在都可將手上既有的 GoPro 與 GameDay 應用程式配對，開始直播現場體育賽事。

And just last month, we debuted our new Mission 1 series of professional 8K and 4K open-gate compact cinema cameras at the National Association of Broadcasters Trade Show, the largest television industry trade show in the US. The launch of the Mission 1 series marks GoPro's most significant push into the professional and prosumer creator markets.

就在上個月，我們於美國規模最大的電視產業展會——美國廣播電視展（National Association of Broadcasters Trade Show，NAB）——首次亮相全新的 Mission 1 系列專業級 8K 與 4K open-gate 緊湊型電影攝影機。Mission 1 系列的推出，標誌著 GoPro 迄今對專業與準專業（prosumer）創作者市場最重要的一次進軍。

Featuring a new 50-megapixel 1-inch sensor and GoPro's new ultra-efficient next-generation GP3 processor, the Mission 1 series cameras deliver category-leading resolutions, frame rates, runtime, and thermal performance for mission-critical reliability and extreme use cases. The new lineup includes three camera models, Mission 1 Pro, Mission 1 Pro ILS, and Mission 1.

Mission 1 系列搭載全新的 5,000 萬畫素 1 吋感光元件，以及 GoPro 全新超高效率的次世代 GP3 處理器，可在解析度、幀率、續航時間與散熱表現方面提供同級領先的表現，具備任務關鍵的可靠性並能應對極端使用情境。新產品線包含三款機型：Mission 1 Pro、Mission 1 Pro ILS，以及 Mission 1。

The response to our Mission 1 series of products has been overwhelmingly positive. Recent press coverage has consistently highlighted the camera's industry-leading specs, image quality, compact and durable design, plus the outright performance and value the cameras deliver relative to dramatically more expensive cinema cameras.

市場對我們 Mission 1 系列產品的反應極為正面。近期媒體報導持續強調該相機業界領先的規格、影像品質、緊湊且耐用的設計，以及相較於價格高出許多的電影攝影機所展現出的整體性能與價值。

At the NAB show, our new cameras earned three prestigious awards from leading industry outlets, one of six RedShark Best in Show Awards, 1 of 10 ProductionHub Awards of Excellence, and the Mission 1 Pro ILS was the sole winner of the CineD Best of Show Award in the Camera category. These awards go to all of GoPro's employees whose dedication and passion made the Mission 1 Series cameras possible. Thank you, team, and congratulations.

在 NAB 展會上，我們的新相機獲得來自主要產業媒體的三項重量級獎項：RedShark Best in Show Awards 六個獎項之一、ProductionHub Awards of Excellence 十個獎項之一，且 Mission 1 Pro ILS 更是 Camera 類別中唯一獲得 CineD Best of Show Award 的得主。這些獎項屬於每一位 GoPro 員工，正是大家的投入與熱情讓 Mission 1 系列相機得以實現。謝謝各位，團隊辛苦了，恭喜。

We expect the Mission 1 Series products to enable GoPro to gain meaningful share in our core markets, as well as in new professional and prosumer markets. The Mission 1 Series products will be available May 28 at gopro.com and select authorized retail partners globally, including Best Buy and Walmart and high-end imaging retailers B&H and Adorama.

我們預期 Mission 1 系列產品將使 GoPro 在核心市場以及新的專業與準專業市場中取得具意義的市占率提升。Mission 1 系列產品將於 5 月 28 日在 gopro.com 以及全球部分授權零售合作夥伴開賣，包括 Best Buy、Walmart，以及高階影像通路 B&H 與 Adorama。

As we shared, Q1 and the past few weeks marked an exciting array of new partnerships, business opportunity explorations and product launches that we believe can help diversify and grow our business. We've just entered a new era of professional performance capability with the launch of our new Mission 1 Series of cameras, and we're excited for the impact they can have on our business.

如我們所分享的，第一季以及過去幾週帶來一系列令人振奮的新合作、商機探索與產品發表，我們相信這些舉措有助於分散並成長我們的業務。隨著全新 Mission 1 系列相機的推出，我們已進入專業級性能能力的新時代，我們也期待它們能為公司業務帶來的影響。

Now, I'll turn the call over to Brian Tratt to walk you through details of our Q1 financial results.

現在，我將把電話交給 Brian Tratt，請他帶各位了解我們第一季財務結果的細節。

Thanks, Nick. Turning to our financial results. Revenue in Q1 2026 was $99 million, within our guidance range and compared to $134 million in the prior-year period. Macro challenges in the consumer electronics sector, including rising memory costs, supply chain constraints, and fluctuating tariffs prompted us to take some discrete actions in the quarter that impacted gross margins and earnings per share period.

謝謝你，Nick。接著談我們的財務結果。2026 年第一季營收為 9,900 萬美元，落在我們的指引區間內，並與去年同期的 1.34 億美元相比有所下降。消費性電子產業的總體環境挑戰，包括記憶體成本上升、供應鏈限制以及關稅波動，促使我們在本季採取若干特定措施，進而影響毛利率與每股盈餘表現。

Despite these pressures, some of which materialized in the last week of the quarter, we made meaningful progress on the metrics within our control. Cash used in operations improved $21 million year-over-year to $37 million. Operating expenses declined year-over-year, and we continued to reduce both owned and channel inventory sequentially in year-over-year.

儘管面臨這些壓力（其中部分在季度最後一週才顯現），我們仍在可控指標上取得實質進展。營運活動使用現金較去年同期改善 2,100 萬美元至 3,700 萬美元。營業費用年減，我們也持續按季並較去年同期降低自有庫存與通路庫存。

Additional first quarter performance highlights include revenue from our retail channel was $61 million, or 61% of revenue, compared to 70% of Q1 2025 revenue. Revenue from our gopro.com channel, which includes subscription and service revenue, was $38 million, or 39% of revenue, compared to 30% of Q1 2025 revenue.

第一季其他績效亮點包括：來自我們零售通路的營收為 6,100 萬美元，占營收 61%，相較於 2025 年第一季營收占比 70%。來自我們 gopro.com 通路的營收（包含訂閱與服務營收）為 3,800 萬美元，占營收 39%，相較於 2025 年第一季營收占比 30%。

Subscription and services revenue was flat year-over-year at $27 million, or 27% of revenue. Subscription attach rate from cameras sold across all channels was 51%, compared to 49% in Q1 2025. Street ASP was $371, a 6% improvement year-over-year.

訂閱與服務營收年增持平，為 2,700 萬美元，占營收 27%。所有通路售出相機的訂閱綁定率為 51%，相較於 2025 年第一季的 49%。街價 ASP（平均售價）為 371 美元，年增改善 6%。

Operating expenses were $59 million, compared to $62 million in the prior-year period, a 6% decrease year-over-year.

營業費用為 5,900 萬美元，相較於去年同期的 6,200 萬美元，年減 6%。

The following results reflect the discrete actions mentioned previously. Gross margin was 4.5% compared to 32.3% in Q1 2025. Excluding the discrete actions, gross margin would have been approximately 31%. Net loss was $58 million compared to prior-year net loss of $19 million.

以下結果反映先前提到的一次性措施。毛利率為 4.5%，相較於 2025 年第一季的 32.3%。若排除一次性措施，毛利率約為 31%。淨損為 5,800 萬美元，相較於去年同期淨損 1,900 萬美元。

GAAP and non-GAAP loss per share were $0.50 and $0.35, respectively, compared to a prior-year loss per share of $0.30 and $0.12, respectively. Excluding the discrete actions, non-GAAP loss per share would have been $0.20. Adjusted EBITDA was negative $50 million compared to negative $16 million in the prior year period. Excluding the discrete actions, adjusted EBITDA would have been negative $25 million.

GAAP 與非 GAAP 每股虧損分別為 0.50 美元與 0.35 美元，相較於去年同期每股虧損分別為 0.30 美元與 0.12 美元。若排除一次性措施，非 GAAP 每股虧損將為 0.20 美元。調整後 EBITDA 為負 5,000 萬美元，相較於去年同期為負 1,600 萬美元。若排除一次性措施，調整後 EBITDA 將為負 2,500 萬美元。

We ended the quarter with inventory of $72 million, a 25% decrease year-over-year and an 8% decrease from Q4 2025. Channel inventory declined 20% from the prior year quarter and 6% sequentially. Given the macro challenges in the consumer electronics sector and the strategic process we've initiated to evaluate opportunities for the sale of the company, we will no longer be providing forward-looking guidance and withdrawing our full-year guidance at this time.

本季末存貨為 7,200 萬美元，年減 25%，較 2025 年第四季減少 8%。通路存貨較去年同季下降 20%，並較前一季下降 6%。鑑於消費性電子產業的總體環境挑戰，以及我們已啟動策略流程以評估出售公司之機會，我們將不再提供前瞻性指引，並於此時撤回全年指引。

In summary, we're encouraged by the early positive response to our Mission 1 line of cameras. And as Nick mentioned, we're excited about the strategic momentum building around our defense and aerospace exploration with Oliver Wyman and a plan to engage a strategic advisor to evaluate strategic alternatives, both of which we believe can unlock unrealized value in GoPro's technology, IP, and brand.

總結而言，我們對 Mission 1 相機產品線早期的正面回饋感到鼓舞。正如 Nick 所提到的，我們也對與 Oliver Wyman 在國防與航太探索方面所形成的策略動能感到振奮，並計畫聘請策略顧問以評估策略替代方案；我們相信這兩項舉措都能釋放 GoPro 技術、智慧財產（IP）與品牌中尚未實現的價值。

Operator, we're now ready to take questions.

主持人，我們現在準備開始提問。

(Operator Instructions)

（主持人指示）

Erik Woodring, Morgan Stanley.

摩根士丹利，Erik Woodring。

Hey, everyone. It's Dylan Liu on for Eric, and thanks for taking my questions. I have a couple, if I may. So today, you just announced a strategic alternative process, which include the sale of the company or merger to maximize the value for shareholders. So, Nick, I think your Class B shares give you about like 63% of the outstanding voting power of GoPro, meaning any sale or merger ultimately requires your personal approval.

各位好。我是代替 Eric 的 Dylan Liu，謝謝讓我提問。我有幾個問題，如果可以的話。今天你們剛宣布啟動策略替代方案流程，包含出售公司或合併，以為股東創造最大價值。因此，Nick，我認為你的 B 類股約賦予你 GoPro 已發行表決權約 63%，也就是說任何出售或合併最終都需要你個人的同意。

Can you clarify whether you are personally supportive of a full sale of the company? And if so, what price or strategic outcome would you need to see to vote in favor of such a transaction?

你能否釐清你個人是否支持全面出售公司？若是，你需要看到什麼樣的價格或策略結果，才會投票支持這類交易？

Thanks for the question. Yeah, I am fully supportive of evaluating strategic opportunities for the company to unlock value for shareholders. So this effort has my full and complete support.

謝謝你的問題。是的，我完全支持評估公司的策略機會，以為股東釋放價值。因此，這項工作獲得我完整且全面的支持。

Got it. And in the press release, you mentioned the strategic review was triggered by several unsolicited inbound strategic inquiries received after the defense and aerospace announcement in early or mid-April. So can you describe the nature of these inquiries? Are they primarily from defense/aerospace acquirers interested in GoPro technology or from financial or strategic buyers in your core consumer imaging market? And does the Board or you have a preference for one type of buyer over another?

了解。而在新聞稿中，你提到策略檢視是因為在 4 月上旬或中旬發布國防與航太公告後，收到數個非邀約的策略性洽詢而觸發。你能描述這些洽詢的性質嗎？它們主要來自對 GoPro 技術有興趣的國防／航太收購方，還是來自你們核心消費影像市場的財務買家或策略買家？董事會或你是否偏好某一類買家？

Well, without sharing too much detail, I can share that there's been interest from various sectors, various types of interested parties. So it's not just defense or not just financial. And the range of interest led us to make the decision that we should run a process to evaluate what kind of value we could unlock on behalf of shareholders.

嗯，在不透露太多細節的前提下，我可以分享的是，來自不同產業、不同類型的利害關係方都有興趣。所以不僅是國防，也不僅是財務買家。這樣廣泛的興趣促使我們做出決定：應該啟動一個流程，評估我們能代表股東釋放出何種價值。

Got it. That's clear to me. Thank you. Just one follow-up, if I may. So GoPro, you just launched the Mission 1 Series, and this is a brand new product line. So would you mind giving us the sense of the sell-in potential of this product, and I think you cized that low-light capable camera segment as a TAM. It's about like 2 million to 2.5 million units annually. Can you describe the specific customer segments that you're targeting with Mission 1 Series? Who are the major competitors that we're taking shares of? And how should we think about the pricing, the $600 to $700 selling price relative to InCompass Solutions?

了解，這對我很清楚，謝謝。若可以再追問一題：GoPro 剛推出 Mission 1 系列，這是一條全新的產品線。你能否談談這項產品的鋪貨（sell-in）潛力？我想你把具備低光能力的相機區隔視為 TAM（可服務總市場），每年約 200 萬到 250 萬台。你能描述 Mission 1 系列鎖定的具體客群嗎？我們主要從哪些競爭對手手中取得市占？以及相對於 InCompass Solutions，你們 600 到 700 美元的售價應如何看待？

Sure. Yeah, the Mission 1 line is very interesting because it plays in several different categories. First and foremost, we're marketing it to its strength as the world's most compact cinema camera line, whether it's the entry-level Mission 1 camera for $599 or the Mission 1 Pro for $699 or the Pro ILS with an interchangeable lens system also for $699, the resolutions, the frame rates, this image quality is all at the professional level.

當然可以。是的，Mission 1 產品線非常有意思，因為它涵蓋了幾個不同類別。首先也是最重要的，我們以其優勢來行銷：它是全球最小巧的電影攝影機產品線。無論是 599 美元的入門款 Mission 1，相較高階的 Mission 1 Pro（699 美元），或是同樣 699 美元、具可更換鏡頭系統的 Pro ILS，其解析度、幀率與影像品質都達到專業等級。

So they truly are compact cinema cameras that we think are going to unlock exciting new perspectives for professional filmmakers, television series producers, commercial producers, as well as influencers and tip-of-spear professional-level content creators.

因此，它們確實是小型電影攝影機；我們認為這將為專業電影製作人、電視影集製作團隊、商業廣告製作人，以及網紅與第一線的專業級內容創作者，開啟令人興奮的新視角。

But at the same time, the price points, the convenience, the versatility, the durability, make them ideal as very high-end alternatives for people that are currently using action cameras for creating whatever content they're creating, but want to do so at a much higher end with a much more professional output.

但同時，其價格帶、便利性、多功能性與耐用性，也使它們成為理想的高階替代方案，適合目前使用運動相機來創作各類內容、但希望以更高端、更專業輸出來完成創作的人。

And then for aspiring consumers that want the most capable action cameras in the world, the Mission Series line definitely can be used for that purpose. So a portion of that market, we think, will gravitate up towards the Mission Series because of how well they work just as an everyday camera. But the cameras are definitely targeting a higher-end professional user.

此外，對於想要擁有全球最強運動相機的進階消費者而言，Mission 系列也絕對可以用於此目的。我們認為該市場的一部分會因其作為日常相機的出色表現而升級至 Mission 系列。不過，這些相機確實主要鎖定更高端的專業使用者。

And we think that the price points relative to cameras that are far more expensive but don't match the resolution and frame rates of the Mission 1 line, we think the cameras are a relative bargain. And especially when you look at the capabilities of the ILS model, which enables people to use a vast array of commercially available micro four-thirds lenses or lenses that they might already own and truly get just an incredible range of different looks that you can create, whether it's macro to telephoto to full cinema lenses.

我們認為，相較於那些價格更高、但解析度與幀率仍不及 Mission 1 產品線的相機，我們的定價相對非常划算。尤其是 ILS 機型的能力，讓使用者能搭配市面上大量可取得的 Micro Four Thirds（M4/3）鏡頭，或使用者既有的鏡頭，真正創造出令人驚豔的多樣化影像風格，從微距、望遠到完整電影鏡頭皆可。

I think we're going to see a lot of staggeringly impressive content being created with the new Mission 1 Series line. So it's a step up for us across the board in performance and pricing. Yet at the same time, it's not a complete departure from our existing markets because at the end of the day, they're very relatable as GoPro's to the average consumer.

我認為我們將看到大量極其令人驚嘆的內容由全新的 Mission 1 系列所創作。對我們而言，這在效能與定價上都是全面升級。但同時，它也並非完全脫離我們既有市場，因為歸根結底，對一般消費者來說，它們仍然非常「像」GoPro。

Got it. Thank you. That's it for me.

了解，謝謝。我這邊就到這裡。

Thank you very much.

非常感謝。

We have reached the end of the Q&A session. I will now turn the call back to management for closing remarks.

問答環節到此結束。我現在把電話交回管理層作結語。

Thank you, operator, and thank you, everyone, for joining today's call. To close, Q1 and the last few weeks have been a period of meaningful momentum, marked by new partnerships, expanding business opportunities, and significant product launches that we believe can both diversify and grow our business.

謝謝主持人，也謝謝各位參加今天的電話會議。作為結語，第一季以及過去幾週是具有重要動能的一段期間，包含新的合作夥伴關係、擴大的商業機會，以及重大的產品發表；我們相信這些都能同時讓我們的業務更多元並推動成長。

And importantly, we believe there is unright realized value in GoPro's technology, IP, brand, product development, and scaled manufacturing capabilities. And we look forward to exploring how a potential sale of the company could unlock that value to the benefit of our shareholders.

更重要的是，我們相信 GoPro 的技術、智慧財產（IP）、品牌、產品開發與規模化製造能力中，仍存在尚未被充分實現的價值。我們期待探索潛在的公司出售如何能釋放該價值，並使股東受益。

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

謝謝各位。GoPro 團隊在此結束。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。