Q2 2026 GoPro Inc Earnings Call

August 10, 2026

Operator: Hello, everyone. Thank you for joining us, and welcome to the GoPro second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Robin Stoecker, Director of Corporate Communications. Robin, please go ahead.

Speaker #1: If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Robin Stoecker, Director of Corporate Communications.

Speaker #1: Robin, please go ahead.

Speaker #2: Thank you, Pascale. 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 Trapp.

Robin Stoecker: 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. 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 have posted to the investor relations section of GoPro's website. Before I pass the call to Nick, I would 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. Additionally, any forward-looking statements made today are based on assumptions as of today.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: 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.

Robin Stoecker: 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 31 December 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. 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.

Speaker #2: 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, as well as other reports that we may file from time to time with the SEC.

Speaker #2: Today, we may discuss gross margin, operating expenses, 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.

Speaker #2: 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.

Robin Stoecker: 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. Now I'll turn the call over to GoPro's founder and CEO, Nicholas Woodman.

Speaker #2: Unless otherwise noted, all income statement-related numbers that are discussed in the management commentary, other than revenue, are non-GAAP. Now, I'll turn the call over to GoPro's founder and CEO, Nicholas Woodman.

Speaker #3: 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.

Nicholas Woodman: Thanks, Robin, and thanks to everybody for joining us today. As Robin mentioned, for detailed information about our Q2 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. 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. In Q2, we delivered the Mission 1 series to the world.

Speaker #3: Today, I will share brief remarks that are focused on our products and the strategic initiatives we're driving forward. In May, GoPro's board of directors authorized a process to evaluate a potential sale of the company and other strategic alternatives.

Speaker #3: Aimed at maximizing shareholder value, the inquiries we've received span the defense consumer and financial sectors and were in the later stages of the process.

Speaker #3: As I've shared, this process has my full support. In Q2, we delivered the Mission One series to the world. After debuting the three camera lineup at the National Association of Broadcasters trade show in April, we opened pre-orders and began shipping our new Mission One Pro and Mission One cameras in May at GoPro.com and through retail partners globally.

Nicholas Woodman: After debuting the three-camera lineup at the National Association of Broadcasters trade show in April, we opened pre-orders 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. 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. Last week, we expanded our Mission 1 series lineup with new special editions and capability-expanding accessories.

Speaker #3: 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.

Speaker #3: The Mission One 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.

Speaker #3: And last week, we expanded our Mission One series lineup with new special editions and capability expanding accessories. The new Mission One Pro creator edition is perfect for vloggers and creators who want an ultra-capable, complete professional camera system that's ready for any mission.

Nicholas Woodman: The new Mission 1 Pro Creator Edition is perfect for vloggers and creators who want an ultra-capable, complete professional camera system that's ready for any mission. 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. 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.

Speaker #3: The Mission One 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 LightMod 2 for compact portable lighting, and the Mission One series media mod for input, output, port expansion.

Speaker #3: 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 One line.

Speaker #3: And the Volta 2 battery grip provides up to 9 hour of continual recording and convenient button controls in an ergonomic grip that also serves as a tripod.

Nicholas Woodman: 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. Then there is 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. 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. 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.

Nicholas Woodman: The Volta 2 battery grip provides up to nine hours of continual recording and convenient button controls in an ergonomic grip that also serves as a tripod. Then there is 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. 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. 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.

Speaker #3: And then there's our Wireless Mic Complete Kit that frees creators from being tethered to the camera for audio. It opens up a lot of creative possibilities, from run-and-gun vlogging to multi-camera shoots.

Speaker #3: The new Mission One 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 dollars off Mission One, Mission One Pro, and Mission One Pro grip edition at GoPro.com and retailers worldwide.

Speaker #3: And we're also excited to share an update on the upcoming launch of the third camera in our Mission One series lineup, Mission One Pro ILS.

Nicholas Woodman: We are 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. 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. They will only have to wait until next month to get their hands on it when Mission 1 Pro ILS launches in September.

Speaker #3: 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.

Speaker #3: Mission One Pro ILS supports more than 300 readily available micro four-thirds lenses, along with GoPro's award-winning in-camera hyper-smooth video stabilization. The combination of hyper-smooth 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.

Speaker #3: And they'll only have to wait until next month to get their hands on it when Mission One Pro ILS launches in September. Mission One 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.

Nicholas Woodman: 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. With the launch of our new Mission 1 series cameras, we have given creators more options and performance than ever before. From our tried and true cinematic and adventure lifestyle-driven Hero 13 cameras, to the award-winning Max 2 360 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.

Speaker #3: 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.

Speaker #3: The Mission Monitor app will be available from the Apple App Store in September. With the launch of our new Mission One series cameras, we've given creators more options and performance than ever before.

Speaker #3: From our tried-and-true, cinematic and adventure lifestyle-proven HERO13 cameras, to the award-winning MAX 2 360 camera, to the all-new Mission One series—built for professionals and prosumers—GoPro's camera offerings set the bar for adventure-fueled lifestyles and now cinema-grade capture.

Speaker #3: And to make all of this hardware capability incredibly convenient, there's the GoPro subscription. Being a GoPro subscriber means you get unlimited cloud storage of all your content, uploaded automatically from your camera while it's charging.

Nicholas Woodman: To make all of this hardware capability incredibly convenient, there is the GoPro subscription. Being a GoPro subscriber means you get unlimited cloud storage of all your content, uploaded automatically from your camera while it is charging. You will 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. 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.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: And our subscribers feel 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.

Nicholas Woodman: 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 is 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. Shifting gears, to further expand GoPro's presence in the motorcycle and greater motorsports markets, there is the tech-enabled motorcycle helmet we are developing with AGV, the leading Italian helmet brand. I am 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.

Speaker #3: 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.

Speaker #3: Shifting gears, to further expand GoPro's presence in the motorcycle and greater motorsports markets, there's the tech-enabled motorcycle helmet we're developing with AGV, the leading Italian helmet brand.

Speaker #3: I'm excited to report that the helmet's development remains on track, having recently achieved EC22.06 safety standard compliance, widely recognized as one of the most advanced and comprehensive street-riding helmet safety standards.

Speaker #3: GoPro and AGV are each bringing something exciting to this joint development. 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.

Nicholas Woodman: 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 are 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. 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 riders around the world. In June, we also released a major firmware update for Max 2, 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.

Speaker #3: 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.

Speaker #3: 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 riders around the world.

Speaker #3: In June, we also released a major firmware update for Max 2, our award-winning 360 camera, adding a suite of professional image quality improvements and expanded creative controls.

Speaker #3: These include professional 10-bit color with GP log, increased 200 megabits per second bitrate, recording and enhanced low-light controls. Max 2 has been recognized as a best-in-class 360 camera.

Nicholas Woodman: Max 2 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. 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 is ahead for GoPro. Operator, we are now ready to take questions.

Speaker #3: By outlets including Wired, Tom's Guide, CNET, and PC Mag, and its groundbreaking technology, One GoPro is a third Emmy Award for technology and engineering. As we shared in Q2, we expanded our camera lineup with the new Mission One series and continued to make progress on our key initiatives, including our strategic review process.

Speaker #3: I am excited about what's ahead for GoPro. Operator, we are now ready to take questions.

Speaker #2: Thank you. We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand.

Operator: Thank you. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Erik Woodring with Morgan Stanley. Erik, your line is open. Please go ahead.

Speaker #2: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #2: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Eric Woodring with Morgan Stanley.

Speaker #2: Eric, your line is open. Please go ahead.

Speaker #1: Thanks so much for taking my question, Nick. And congrats on the Mission One launch. I know for a few quarters you had been teasing the new camera launches.

Erik Woodring: Thanks so much for taking my question, Nick, and congrats on the Mission 1 launch. I know for a few quarters you'd been teasing the new camera launches. Obviously big to get those out. I was just wondering, 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 the Hero all the way up to the Mission 1 Pro, 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, and what would you say is kind of the biggest impediment to that at the moment? Then a quick follow-up, please. Thank you.

Speaker #1: Obviously, big to get those out. I was just wondering, 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.

Speaker #1: Ranging from the Hero all the way up to the Mission One Pro and soon the Mission One 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?

Speaker #1: And what would you say is kind of the biggest impediment to that at the moment? And then a quick follow-up, please. Thank you.

Speaker #3: Thanks, Eric. 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.

Nicholas Woodman: 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. After developing and launching those comes the job of driving awareness. So we're in the process of doing that, and of course, the rave reviews help a ton. Most importantly is the success that our customers are having with our products and their endorsement through their own socially shared content. 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. Of course, that's inspiring others to go out and buy them as well.

Speaker #3: So we're in the process of doing that. And, of course, the rave reviews help a ton. Most importantly, it's the success that our customers are having with our products.

Speaker #3: And they're 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.

Speaker #3: 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.

Speaker #3: And, of course, that's inspiring others to go out and buy them as well. And there's a lot of anticipation for our interchangeable lens Mission One camera.

Nicholas Woodman: There's a lot of anticipation for our interchangeable-lens Mission One camera, the Mission One 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 One and Mission One 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. 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.

Speaker #3: The Mission One 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 One and Mission One Pro camera did.

Speaker #3: 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.

Speaker #3: 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, 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.

Nicholas Woodman: 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. 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. 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.

Speaker #3: 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.

Speaker #3: We have pretty good distribution, but not full representation. 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.

Speaker #3: And continued launches later this year.

Speaker #1: Okay. I appreciate all that. Thank you, Nick. And then, maybe as just a follow-up for Brian, just I know last quarter you had because you were doing some of the doing some of the strategic review, you had withdrawn your forward-looking guidance.

Erik Woodring: Okay. I appreciate all that. Thank you, Nick. Then maybe as just a follow-up for Brian Tratt, I know last quarter, because you were doing some of the strategic review, you had withdrawn your forward-looking guidance. 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 H2 will be super. Thanks, guys.

Speaker #1: 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.

Speaker #1: Thanks, guys.

Speaker #4: Yeah, thanks, Eric. 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.

Brian Tratt: Yeah, thanks, Erik. I think as you can imagine, we withdrew guidance as we are going through our strategic process, and for that reason, we really cannot add extra color on top of our prepared remarks. So we will have to leave it there for this call.

Speaker #4: So we'll have to leave it there for this call.

Speaker #1: Okay. Understood. Thank you, guys.

Erik Woodring: Okay. Understood. Thank you, guys.

Speaker #3: Thank you, Eric.

Nicholas Woodman: Thank you, Erik.

Speaker #2: We have now reached the end of our Q&A. I will now turn the call back to management for closing remarks.

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

Speaker #3: Thank you, operator. And thank you, everyone, for joining today's call. To close, looking back at Q2, we expanded the performance and created potential of our camera lineup with the launch of the Mission One series of cameras, and we continue to make progress with our strategic review process that aims to maximize shareholder value.

Nicholas Woodman: 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 am very proud of our team's execution, and I am 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.

Speaker #3: 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.

Speaker #3: Thanks, everyone. This is Team GoPro. Signing off.

Operator: This concludes today's call. Thank you for attending. You may now disconnect. All right. We are no longer live. Thank you, everyone.

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