GoPro Inc (GPRO) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the GoPro second-quarter 2026 earnings call.

大家好。感謝各位加入我們，歡迎參加 GoPro 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

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

現在我將把會議交給企業傳播總監 Robin Stoecker。Robin，請開始。

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

謝謝你，Pascal。各位下午好，歡迎參加 GoPro 2026 年第二季財報電話會議。今天與我一同出席的有 GoPro 執行長 Nicholas Woodman，以及財務長 Brian Tratt。

Today's agenda will include brief commentary from Nick, followed by Q&A. For detailed information about our second-quarter performance, please read our Q2 2026 earnings press release we've posted to the Investor Relations section of GoPro's website.

今天的議程將先由 Nick 做簡短評論，接著進行問答。如需了解我們第二季表現的詳細資訊，請閱讀我們已發布於 GoPro 官網投資人關係專區的 2026 年第二季（Q2 2026）財報新聞稿。

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，今天所做的任何前瞻性陳述均基於截至今日的假設。這表示結果可能隨時改變，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.

為了更好地了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 discussed in the management commentary other than revenue are non-GAAP.

今天我們可能會依據 GAAP 以及非 GAAP 口徑，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的投資人關係專區。除非另有說明，管理層評論中所討論、除營收以外的所有損益表相關數字均為非 GAAP。

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

現在我把電話交給 GoPro 創辦人暨執行長 Nicholas Woodman。

Thanks, Robin, and thanks, everybody, for joining us today. As Robin mentioned, for detailed information about our second-quarter performance, please refer to our Q2 2026 earnings press release issued today and subsequent 10-Q filing. Today, I will share brief remarks that are focused on our products and the strategic initiatives we're driving forward.

謝謝你，Robin，也謝謝各位今天加入我們。如 Robin 所提，若要了解我們第二季表現的詳細資訊，請參閱我們今天發布的 2026 年第二季財報新聞稿以及後續提交的 10-Q 季報。今天我將分享一些簡短談話，重點聚焦於我們的產品以及我們正在推進的策略性計畫。

In May, GoPro's Board of Directors authorized a process to evaluate a potential sale of the company and other strategic alternatives aimed at maximizing shareholder value. The inquiries we've received span the defense, consumer and financial sectors, and we're in the later stages of the process. As I've shared, this process has my full support.

在 5 月，GoPro 董事會已授權啟動一項程序，以評估公司潛在出售以及其他旨在最大化股東價值的策略替代方案。我們收到的洽詢涵蓋國防、消費與金融等領域，目前我們已進入流程的後期階段。如我先前分享，這項流程獲得我全力支持。

In Q2, we delivered the Mission 1 series to the world. After debuting the three-camera lineup at the National Association of Broadcasters Trade Show in April, we opened preorders and began shipping our new Mission 1 PRO and Mission 1 cameras in May at GoPro.com and through retail partners globally. These include Best Buy and Walmart and specialized imaging retailers, B&H and Adorama. With pricing starting at $499 for existing GoPro subscribers, we've made the world's most capable compact cinema cameras financially within reach for even budget-constrained creators.

在第二季，我們向全球推出 Mission 1 系列。在 4 月於全國廣播協會（NAB）展會首次亮相三機型產品線後，我們於 5 月在 GoPro.com 以及全球零售合作夥伴開放預購並開始出貨全新的 Mission 1 PRO 與 Mission 1 相機。這些合作夥伴包括 Best Buy、Walmart，以及專業影像零售商 B&H 與 Adorama。現有 GoPro 訂閱用戶的起售價為 499 美元，我們讓全球最強大的輕巧型電影攝影機在價格上也能讓預算有限的創作者負擔得起。

The Mission 1 Series has earned significant praise from consumers, critics and the digital imaging industry at large. Multiple Editors' Choice Awards and strong recommendations from Tom's Guide, Gizmodo, PCMag, Mashable, Wired, Digital Camera World and The Shortcut are just a few of the rave reviews our new cameras have received so far. And last week, we expanded our Mission 1 Series lineup with new special editions and capability-expanding accessories. The new Mission 1 PRO Creator edition is perfect for bloggers and creators who want an ultra-capable complete professional camera system that's ready for any mission.

Mission 1 系列獲得消費者、評論人士以及整體數位影像產業的高度讚譽。Tom's Guide、Gizmodo、PCMag、Mashable、Wired、Digital Camera World 與 The Shortcut 等媒體給予多項「編輯推薦」獎項與強力推薦，只是我們新相機迄今獲得熱烈好評的一部分。而在上週，我們也以全新特別版與擴充功能的配件，擴展了 Mission 1 系列產品線。全新的 Mission 1 PRO Creator 版非常適合部落客與創作者，提供一套超強、完整的專業相機系統，隨時準備好迎接任何任務。

The Mission 1 PRO Ultimate Creator edition is for filmmakers looking for maximum flexibility and the best of everything. It features GoPro's Fluid Pro AI gimbal for advanced stabilization and AI-driven subject tracking plus the new suite of accessories we launched, including the Wireless Mic Complete Kit for professional audio, the Light Mod 2 for compact portable lighting and the Mission 1 Series Media Mod for input/output port expansion.

Mission 1 PRO Ultimate Creator 版則是為追求最大彈性與「全都要」的電影製作人而設計。它搭載 GoPro 的 Fluid Pro AI 雲台，提供進階防震與 AI 驅動的主體追蹤，並包含我們新推出的一整套配件：用於專業收音的 Wireless Mic Complete Kit、用於輕巧可攜照明的 Light Mod 2，以及用於擴充輸入/輸出連接埠的 Mission 1 系列 Media Mod。

To share more on the new accessories, the Media Mod allows creators to plug in external monitors, microphones and more to expand the professional capabilities of the Mission 1 line. And the Volta 2 battery grip provides up to 9 hours of continual recording and convenient button controls in an ergonomic grip that also serves as a tripod. And then there's our Wireless Mic Complete Kit that frees creators from being tethered to the camera for professional-grade audio. It opens up a lot of creative possibilities, from run-and-gun vlogging to multi-camera shoots.

再多分享一些新配件：Media Mod 讓創作者可外接監看螢幕、麥克風等，擴展 Mission 1 產品線的專業能力。Volta 2 電池握把可提供最長 9 小時的連續錄影時間，並在符合人體工學的握把上提供便利的按鍵控制，同時也可作為三腳架使用。此外，我們的 Wireless Mic Complete Kit 讓創作者不必再被相機「綁住」，即可取得專業等級的音訊。它開啟了許多創作可能性，從機動式（run-and-gun）Vlog 到多機位拍攝皆適用。

The new Mission 1 Series special editions and the entire suite of accessories are available on GoPro.com and at retailers globally later this month. And for a limited time, customers can get $100 off Mission 1, Mission 1 PRO and Mission 1 PRO Grip Edition at GoPro.com and retailers worldwide. And we're also excited to share an update on the upcoming launch of the third camera in our Mission 1 Series lineup, Mission 1 PRO ILS, a specialized camera for inspired enthusiasts and demanding professionals who desire the versatility of an interchangeable lens system that can match the breadth of their creative vision.

全新的 Mission 1 系列特別版與全套配件，將於本月稍晚在 GoPro.com 以及全球零售通路開賣。此外，在限時期間內，消費者可於 GoPro.com 與全球零售商購買 Mission 1、Mission 1 PRO 與 Mission 1 PRO Grip Edition，享有 100 美元折扣。我們也很高興分享 Mission 1 系列產品線第三款相機——Mission 1 PRO ILS——即將上市的最新進度。這是一款為充滿靈感的進階愛好者與要求嚴苛的專業人士打造的專用相機，適合希望擁有可交換鏡頭系統之多樣性、以匹配其廣泛創作視野的使用者。

Mission 1 PRO ILS supports more than 300 readily available Micro Four Thirds lenses, along with GoPro's award-winning in-camera HyperSmooth video stabilization. The combination of HyperSmooth video stabilization with such a broad range of lens options in a small, durable 8K compact cinema camera has created enormous excitement and anticipation within the industry, and they'll only have to wait until next month to get their hands on it when Mission 1 PRO ILS launches in September.

Mission 1 PRO ILS 支援超過 300 款隨手可得的 Micro Four Thirds 鏡頭，並搭載 GoPro 屢獲殊榮的機內 HyperSmooth 影片防震。在小巧、耐用的 8K 輕巧型電影攝影機中，將 HyperSmooth 影片防震與如此廣泛的鏡頭選擇結合，已在業界引發極大興奮與期待；而他們只需等到下個月，Mission 1 PRO ILS 將於 9 月上市，屆時就能親手體驗。

Mission 1 PRO ILS will offer several options for seeing a live preview from your camera, checking the focus of your shot and previewing footage on a larger screen. One of those options is the new Mission Monitor App. It will deliver a live preview of your shot on your iPhone or iPad plus professional monitoring tools, including composition overlays and remote camera control to frame, expose and capture your cinematic vision perfectly. The Mission Monitor App will be available from the Apple App Store in September.

Mission 1 PRO ILS 將提供多種方式，讓你查看相機的即時預覽、檢查畫面對焦，並在更大的螢幕上預覽素材。其中一個選項是全新的 Mission Monitor App。它可在你的 iPhone 或 iPad 上提供拍攝畫面的即時預覽，以及專業監看工具，包括構圖輔助疊圖與遠端相機控制，協助你精準完成取景、曝光與拍攝，完美呈現你的電影級創作願景。Mission Monitor App 將於 9 月在 Apple App Store 上架。

With the launch of our new Mission 1 Series cameras, we've given creators more options and performance than ever before. From our tried-and-true cinematic and adventure lifestyle proven HERO13 cameras to the award-winning MAX2 360 camera to the all-new Mission 1 Series built for professionals and prosumers, GoPro's camera offerings set the bar for adventure-fueled lifestyle and now cinema-grade capture. And to make all of this hardware capability incredibly convenient, there's the GoPro subscription.

隨著全新 Mission 1 系列相機上市，我們為創作者帶來前所未有的更多選擇與更強性能。從我們久經考驗、在電影感與冒險生活風格領域表現出色的 HERO13 相機，到屢獲殊榮的 MAX2 360 相機，再到為專業人士與進階消費者（prosumers）打造的全新 Mission 1 系列，GoPro 的相機產品陣容為冒險驅動的生活風格拍攝、以及如今的電影級捕捉樹立了標竿。而要讓這些硬體能力變得極其便利，還有 GoPro 訂閱服務。

Being a GoPro subscriber means you get unlimited cloud storage of all your content uploaded automatically from your camera while it's charging. You'll get the convenience of a powerful yet easy-to-use mobile editing app that you can edit your content directly in the cloud to avoid clogging up your phone with all those video files.

成為 GoPro 訂閱用戶，代表你可享有無限雲端儲存空間：當相機充電時，所有內容會自動從相機上傳。你也能使用功能強大且易於上手的行動剪輯 App，直接在雲端編輯內容，避免大量影片檔案塞滿你的手機。

And you get, 'you break it, we replace it, no questions asked' camera protection, plus up to 50% off discounts at GoPro.com, making being a GoPro owner a straightforward and rewarding experience. For our business, this results in a high-margin recurring revenue subscription business that deepens our relationship with our customers and allows us to provide them increasing value as we continue to enhance the subscriber experience and benefits.

您將獲得「弄壞了我們就換新、無需多問」的相機保護方案，外加在 GoPro.com 最高可享 5 折優惠折扣，讓成為 GoPro 擁有者成為一段簡單且有回報的體驗。對我們的業務而言，這帶來一個高毛利、可重複發生的訂閱式收入業務，深化我們與客戶的關係，並使我們能在持續提升訂閱者體驗與權益的同時，為他們提供愈來愈高的價值。

And our subscribers appear to feel as positive about the GoPro subscription as we do. Our subscriber attach rate was a record 69% in Q2 compared to 54% in the same period last year, and retention was 67%, consistent with previous performance. It's hugely rewarding to see such strong subscriber metrics as it means subscribers value the passion, execution and work our teams are putting into the service.

而我們的訂閱者似乎也和我們一樣，對 GoPro 訂閱服務抱持非常正面的感受。我們的訂閱綁定率在第二季創下 69% 的新高，相較去年同期為 54%，留存率為 67%，與過往表現一致。看到如此強勁的訂閱者指標令人非常振奮，因為這代表訂閱者重視我們團隊投入在服務上的熱情、執行力與努力。

Shifting gears to further expand GoPro's presence in the motorcycle and greater motorsports market, there's the tech-enabled motorcycle helmet we're developing with AGV, the leading Italian helmet brand. I'm excited to report that the helmet's development remains on track, having recently achieved ECE 22.06 safety standard compliance, widely recognized as one of the most advanced and comprehensive street riding helmet safety standards. GoPro and AGV are each bringing something exciting to this joint development.

接著談到為進一步擴大 GoPro 在機車與更廣泛賽車運動市場的布局，我們正與義大利頂尖安全帽品牌 AGV 共同開發一款科技加持的機車安全帽。我很高興報告，該安全帽的開發仍按計畫推進，近期已達成 ECE 22.06 安全標準合規；該標準被廣泛認為是最先進且最全面的道路騎乘安全帽安全標準之一。GoPro 與 AGV 在這項共同開發中各自帶來令人興奮的優勢。

AGV's legendary design and safety pedigree and GoPro's engineering and digital imaging expertise and, of course, the combined brand strength of the two companies. Together, we're building the future of motorcycle helmets, and I can tell you this, the helmet is absolutely stunning in every way, from its looks to its technical performance.

包括 AGV 傳奇般的設計與安全傳承、GoPro 的工程與數位影像專業，當然還有兩家公司合併的品牌實力。我們正共同打造機車安全帽的未來；我可以告訴各位，這款安全帽無論外觀或技術表現都令人驚艷。

Huge thanks to our friends at AGV and our GoPro employees who are making this brave new product possible. Your work is going to revolutionize the motorcycle helmet industry and, most importantly, excite and enable our riders around the world.

非常感謝我們在 AGV 的夥伴，以及讓這項勇敢新產品成真的 GoPro 員工。各位的工作將徹底革新機車安全帽產業，更重要的是，將讓全球騎士感到興奮並獲得更強的能力。

In June, we also released a major firmware update for MAX2, our award-winning 360 camera, adding a suite of professional image quality improvements and expanded creative controls. These include professional 10-bit color with GP-Log, increased 200 megabits per second bit rate in recording and enhanced low-light controls. MAX2 has been recognized as a best-in-class 360 camera by outlets, including Wired, Tom's Guide, CNET and PCMag and its groundbreaking technology won GoPro its third Emmy Award for technology and engineering.

6 月，我們也為 MAX2（我們屢獲獎項的 360 相機）釋出重大韌體更新，新增一系列專業級畫質提升與更豐富的創作控制。更新內容包括具備 GP-Log 的專業 10-bit 色彩、錄影位元率提升至每秒 200 兆位元，以及強化的低光控制。MAX2 已被 Wired、Tom's Guide、CNET 與 PCMag 等媒體評為同級最佳的 360 相機，其突破性技術也為 GoPro 贏得第三座科技與工程艾美獎。

As we shared, in Q2, we expanded our camera lineup with the new Mission 1 Series and continued to make progress on our key initiatives, including our strategic review process. I am excited about what's ahead for GoPro.

如同我們分享的，第二季我們以全新的 Mission 1 系列擴充了相機產品線，並持續推進我們的關鍵計畫，包括策略檢視流程。我對 GoPro 接下來的發展感到振奮。

Operator, we are now ready for questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Erik Woodring, Morgan Stanley.

摩根士丹利的 Erik Woodring。

Congrats on the Mission 1 launch. I know for a few quarters, you've been teasing the new camera launches. Obviously, big to get those out. I was just wondering like if we take a step back, I think you probably have the broadest lineup of cameras in GoPro history, ranging not just within the action camera market, ranging from HERO all the way up to the Mission 1 PRUO and soon the Mission 1 PRO ILS. Just what do you think it takes to get sell-through back into positive territory now that you have all these product launches?

恭喜 Mission 1 上市。我知道過去幾個季度你們一直在預告新相機的推出。顯然，能把這些產品推出來很重要。我想退一步問一下：我認為你們可能擁有 GoPro 歷史上最完整的相機產品線，不僅涵蓋運動相機市場，從 HERO 一路到 Mission 1 PRUO，並且很快還會有 Mission 1 PRO ILS。在你們已推出這麼多新產品之後，你認為要如何才能讓終端銷售（sell-through）回到正成長？

And what would you say is kind of the biggest impediment to that at the moment? And then a quick follow-up, please.

你會說目前最大的阻礙是什麼？然後我還有一個簡短的追問，謝謝。

Thanks, Erik. I think awareness driving is critical. We do have the most compelling products that we've had in the history of the company. And after developing and launching those comes the job of driving awareness. So we're in the process of doing that.

謝謝你，Erik。我認為提升市場認知度至關重要。我們確實擁有公司史上最具吸引力的產品。在完成研發並推出之後，接下來的工作就是推動市場認知。所以我們正在進行這件事。

And of course, the rave reviews help a ton. And most importantly is the success that our customers are having with our products and their endorsement through their own socially shared content. And there's a very positive swell of support for GoPro and our products, thanks to these new launches. There's a lot of love out there, and you need only go and read what owners are saying about their Mission cameras to see how excited they are about them. And of course, that's inspiring others to go out and buy them as well.

當然，熱烈的評測口碑也幫助很大。而最重要的是客戶使用我們產品所取得的成功，以及他們透過自己在社群分享的內容所給予的背書。拜這些新產品上市之賜，市場對 GoPro 與我們產品的支持聲量正非常正向地升溫。外界有很多喜愛，你只要去看看 Mission 相機擁有者的評論，就能感受到他們有多興奮。而這也當然會激勵更多人去購買。

And there's a lot of anticipation for our interchangeable lens Mission 1 camera, the Mission 1 PRO ILS that's coming out in September. That actually garnered as much, if not more enthusiasm from everyone when we debuted the cameras as the Mission 1 and Mission 1 PRO camera did. The idea of having an interchangeable lens GoPro has really sparked the imagination of creators and really hits a nerve with the more -- or I should say, hits the mark with the more pro-minded users in our community and, importantly, has the potential to expand GoPro's share in the prosumer and pro market, attracting creators who maybe haven't considered using a GoPro before because we just didn't have the right camera for them.

此外，大家也非常期待我們 9 月將推出的可換鏡頭 Mission 1 相機，也就是 Mission 1 PRO ILS。當我們首次亮相這些相機時，這款產品引發的熱情不亞於、甚至可能高於 Mission 1 與 Mission 1 PRO。擁有一台可換鏡頭的 GoPro 這個概念，確實點燃了創作者的想像力，也更能打中我們社群中偏專業使用者的需求；更重要的是，它有機會擴大 GoPro 在準專業（prosumer）與專業市場的市占，吸引那些過去可能未曾考慮使用 GoPro 的創作者，因為我們之前沒有適合他們的相機。

But now with an interchangeable lens system, we know that there's an enormous amount of enthusiasm amongst professional creators because of the added creative versatility and potential that an interchangeable lens camera provides. And then in addition to all that, it's continuing to roll the products out globally. We still don't have full distribution. We still are getting our new cameras into retailers around the world. We have pretty good distribution, but not full representation.

但現在有了可換鏡頭系統，我們知道專業創作者之間有極高的熱情，因為可換鏡頭相機帶來更高的創作彈性與可能性。除此之外，我們也持續在全球推進產品鋪貨。我們目前仍未達到全面通路覆蓋。我們仍在把新相機導入全球各地的零售商。我們的通路覆蓋已相當不錯，但還沒有完全到位。

So that's also going to help as well. But things are looking good in terms of people's regard for the new line of GoPros and continued launches later this year.

因此，這也會帶來幫助。就市場對 GoPro 新產品線的評價，以及今年稍晚持續推出新品而言，整體看起來相當不錯。

Okay. I appreciate all that. And then maybe just a follow-up for Brian. Just I know last quarter, you had -- because you were doing some of the strategic review, you had withdrawn your forward-looking guidance. Just, Brian, any commentary you can provide at least as we look forward, whether that is how to think about margins or how to think about sell-through or just anything that can directionally help us think about what these new camera launches mean for results in the second half would be super.

好的。我很感謝這些說明。接著可能想請 Brian 追問一下。我知道上季因為你們在進行策略檢視，所以撤回了前瞻性指引。Brian，你是否能提供任何評論，至少讓我們在往前看時，無論是如何看待毛利率、如何看待終端銷售，或任何能在方向上幫助我們理解這些新相機上市對下半年業績意味著什麼的資訊，都會很有幫助。

Yes. Thanks, Erik. I think as you can imagine, we withdrew guidance as we're going through our strategic process. And for that reason, we really can't add extra color on top of our prepared remarks. So we'll have to leave it there for this call.

是的。謝謝你，Erik。如你所想像的，我們在進行策略流程期間撤回了指引。也因此，我們確實無法在事先準備的講稿之外再補充更多細節。所以這通電話我們就先到這裡。

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

我們的問答環節現在結束。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, looking back at Q2, we expanded the performance and creative potential of our camera lineup with the launch of the Mission 1 Series of cameras and continue to make progress with our strategic review process that aims to maximize shareholder value. I'm very proud of our team's execution, and I'm very excited about our new and upcoming products as they further establish GoPro as one of the world's most exciting digital imaging companies and brands. Thanks, everyone. This is Team GoPro signing off.

謝謝接線員，也謝謝各位參與今天的電話會議。最後回顧第二季，我們透過推出 Mission 1 系列相機，擴展了相機產品線的性能與創作潛力，並持續推進以最大化股東價值為目標的策略檢視流程。我為團隊的執行力感到非常自豪，也對我們已推出與即將推出的新產品感到非常興奮；這些產品將進一步奠定 GoPro 作為全球最令人振奮的數位影像公司與品牌之一的地位。謝謝大家。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。