GoPro delays 10-Q on covenant default risk; preliminary Q3 revenue $96M vs $163M, gross margin 12.7%

GoPro, Inc.

Preliminary Q3 2026 net revenue approximately $96M vs $163M in Q3 2025; gross margin 12.7% vs 35.1%; operating expenses ~$60M vs $73M.
GoPro cannot timely file its Q3 Form 10-Q, needing more time for accounting and valuation of financing arrangements entered into in Q3 2026.
Unremediated material weakness in controls over embedded features of financing arrangements persists, per the 10-K/A and 10-Q/A filed October 19, 2026.
Company is seeking lender waivers; noncompliance is an event of default that via cross-default could accelerate debt and let the acquirer terminate the pending merger.
Financial statements will continue to reflect substantial doubt about ability to continue as a going concern for the next twelve months; Q3 earnings 8-K also delayed.

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