GoPro (NASDAQ: GPRO) says debt accounting errors will force restatements

Posted by Wayne Rhoads on Oct 17th, 2026

What happened

GoPro, Inc. (NASDAQ: GPRO) said it found errors in accounting for certain debt instruments and will restate several prior financial statements. On October 9, 2026, the audit committee said the 2025 audited statements, the September 30, 2025 quarterly statements and the March 31, 2026 and June 30, 2026 interim statements were materially misstated. GoPro said those statements should no longer be relied upon.

The errors involved warrants issued to Mateo Financing, LLC and convertible debentures issued in 2026 to YA II PN, Ltd. GoPro also pointed to the November 5, 2025 repricing tied to the 2025 credit agreement and to debt discount amortization. GoPro plans to file the 2025 10-K/A, Q1 2026 10-Q/A and Q2 2026 10-Q/A as soon as reasonably practicable.

The company said the corrections do not affect revenue, gross margin, operating loss, cash, operating cash flows, EBITDA or non-GAAP operating income (loss). It also said it requested and obtained waivers from default under its revolving credit facility, term loan credit facility, convertible debentures and senior secured notes. GoPro said it obtained an October 16, 2026 waiver from term loan lenders for non-compliance with the minimum asset coverage ratio as of September 30, 2025 and December 31, 2025.

Key numbers

Metric	Latest	Change	Source
Net loss, year ended December 31, 2025	$92.6 million	from $93.5 million, -$0.8 million	SEC 8-K
Net loss, nine months ended September 30, 2025	$90.5 million	from $84.4 million, +$6.1 million	SEC 8-K
Long-term debt, December 31, 2025	$36.6 million	from $44.3 million, -$7.7 million	SEC 8-K
Short-term debt, June 30, 2026	$81.6 million	from $72.7 million, +$9.0 million	SEC 8-K

Why it matters

The restatement changes reported losses and debt balances, but not the operating metrics the company said were unaffected. For the year ended December 31, 2025, net loss was $92.6 million as restated, versus $93.5 million previously reported. That is a $0.8 million shift. Nine months ended September 30, 2025 net loss was $90.5 million as restated, versus $84.4 million previously reported.

Long-term debt was $36.6 million as restated at December 31, 2025, versus $44.3 million previously reported. Short-term debt was $81.6 million as restated at June 30, 2026, versus $72.7 million previously reported. The filing also said there is a material weakness in internal control over financial reporting, and management said disclosure controls and internal control were ineffective on four dates.

OptimistFi's case is that GoPro needs a profitable dedicated-camera niche before liquidity and relevance erode. This filing weakens that case because it adds reporting uncertainty, even as the company says the errors were unintentional and non-cash.

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What's next

GoPro said it intends to file the 2025 10-K/A, Q1 2026 10-Q/A and Q2 2026 10-Q/A as soon as reasonably practicable. Those amendments are the next test of whether the restatement stays limited to debt accounting or becomes broader.

From OptimistFi Perps

Sources

SEC 8-K — Current report on accounting errors, restatements and waivers dated October 9, 2026 and filed October 16, 2026.

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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.