Key Highlights

  • GoPro (NASDAQ:GPRO) traded at USD 0.64 on November 13, 2026, down 4.07%, close to the bottom of a 52-week range of USD 0.57 to USD 2.05, with a Market Value of about USD 139 million.
  • On November 10 the camera maker said it could not file its third-quarter report on time, and preliminary figures showed Revenue of about USD 96 million, down from USD 163 million.
  • Gross Margin fell to about 12.7% from 35.1%, the company expects Going Concern doubt in its statements, and it is seeking waivers for covenant noncompliance under its loans.
  • Without waivers, lenders could accelerate debt, which could cause a closing condition in the September 1 Merger agreement to Fail before its December 31, 2026 outside date.

What the Late Filing Revealed

GoPro (NASDAQ:GPRO) said it needs more time to complete its financial close and to account for financing arrangements made during the third quarter. The preliminary numbers point to a sharp deterioration. Revenue of about USD 96 million was down about 41% from a year earlier, gross margin collapsed to about 12.7%, and operating expenses of about USD 60 million were still well above gross profit. The company also expects to report substantial doubt about its ability to continue as a going concern and said a material weakness in internal controls has not been fixed. In October it disclosed that results for 2025 and the first half of 2026 would be restated because Debt had been overstated by USD 8.1 million. Second-quarter revenue had already fallen 31% to USD 104.9 million, with a net loss of USD 51.0 million, cash of USD 27.3 million and Negative equity of USD 32.7 million.

The Merger and the Debt

The pending deal is the main support for the share price. Under the September 1 agreement, holders are to receive 0.1 share of the surviving company plus USD 1.14 in cash for each share, about USD 92 million of debt is to be repaid at closing, and there is a USD 10 million termination fee. The current price of USD 0.64 sits well below the USD 1.14 cash portion alone, which shows how much doubt the market places on completion. Financing has become layered and expensive. Entities linked to the chief executive provided USD 20 million of secured notes in July at 6.50% paid in kind, and a USD 20 million convertible Debenture issued in September can convert at the lower of USD 1.35 or 98% of the lowest recent volume-weighted price, a structure that tends to add selling pressure. The revolving Credit Facility requires weekly repayments that rose to USD 1.0 million from November 6.

Reading the Screen and What to Watch

The screen shows a 42.33% change in earnings per share, which reflects movement between loss periods and is not a sign of recovery given the preliminary third-quarter figures. The stock regained compliance with the USD 1 minimum bid rule in September but has since fallen back below that level, so a new deficiency notice is possible. For GoPro (NASDAQ:GPRO), the outcome now turns on a small number of events: whether lenders grant waivers, when the delayed Quarterly Report is filed and what it shows, and whether the merger closes by December 31. A failed deal would leave a Business with shrinking revenue, thin margins and negative equity to refinance on its own. Investors should treat the gap between the share price and the deal terms as a measure of completion risk rather than an opportunity without risk.

Where Things Stand

GoPro (NASDAQ:GPRO) delayed its third-quarter report after preliminary revenue fell to about USD 96 million and margins collapsed. Covenant waivers are needed to keep its merger on track, and the shares at USD 0.64 trade well below the USD 1.14 cash component of the deal. Lender decisions and the December 31 outside date are the key markers.