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GoPro Announces Second Quarter Results

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Revenue of $105 million

Subscription and Service Revenue of $29 million

New MISSION 1 Series of Cameras Available On-line and Through Retailers Globally

GoPro Subscription Hits Record 69% Attach Rate

SAN MATEO, Calif., Aug. 10, 2026 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2026, and posted management commentary in the investor relations section of its website at https://investor.gopro.com.

“In Q2, we expanded the performance and creative potential of our camera lineup with the launch of the MISSION 1 Series of cameras and continued to advance our strategic review process to maximize shareholder value. I’m 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,” said Nicholas Woodman, GoPro’s founder and CEO.

Q2 2026 Financial Results

Revenue was $105 million, down 31% year-over-year.Sell-through was approximately 291,000 camera units, down 38% year-over-year.Subscription and service revenue increased 11% year-over-year to $29 million, or 28% of revenue, compared to 17% of Q2 2025 revenue. Q2 2026 subscription and service revenue included $2 million generated from GoPro’s AI content licensing program.Subscriber attach rate was a record at 69%, compared to 54% the prior year quarter.Subscription ARPU increased 9% year-over-year and 5% sequentially.Revenue from the retail channel was $58 million, or 56% of total revenue and down 48% year-over-year. GoPro.com revenue, including subscription and service revenue, was $47 million, or 44% of total revenue and up 13% year-over-year.GAAP gross margin was 30.2% compared to 35.8% in the prior year quarter and included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments. Non-GAAP gross margin was 30.4% compared to 36.0% in the prior year quarter.GAAP net loss was $51 million, or a $(0.30) loss per share, compared to a net loss of $16 million or a $(0.10) loss per share, in the prior year quarter. Non-GAAP net loss was $36 million, or a $(0.21) loss per share, compared to a net loss of $12 million or a $(0.08) loss per share, in the prior year quarter. GAAP and non-GAAP net loss for Q2 2026 included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments.Adjusted EBITDA was negative $29 million compared to negative $6 million in the prior year quarter.

Recent Business Highlights

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. In May, GoPro began shipping its new MISSION 1 PRO and MISSION 1 compact cinema cameras, available on GoPro.com and through retail partners globally, including Best Buy and Walmart, and specialized imaging retailers B&H and Adorama. The MISSION 1 Series has earned recognition across the industry, including editor’s choice awards and recommendations from press.GoPro’s tech-enabled motorcycle helmet initiative, jointly developed with AGV, the leading Italian helmet brand, remains on track. The helmet recently achieved ECE 22.06 safety standard compliance, one of the industry’s most advanced and comprehensive street-riding helmet safety standards.  

Results Summary:

($ in thousands, except per share amounts)

Three months ended June 30,

2026

2025

% Change

Revenue

Hardware revenue

$       75,953

$      126,428

(39.9) %

Subscription and services revenue

28,981

26,215

10.6 %

Total revenue

$      104,934

$      152,643

(31.3) %

Gross margin

GAAP

30.2 %

35.8 %

(560) bps

Non-GAAP

30.4 %

36.0 %

(560) bps

Operating loss

GAAP

$      (38,982)

$      (14,007)

178.3 %

Non-GAAP

$      (32,601)

$        (8,480)

284.4 %

Net loss

GAAP

$      (51,005)

$      (16,422)

210.6 %

Non-GAAP

$      (35,794)

$      (11,957)

199.4 %

Diluted net loss per share

GAAP

$         (0.30)

$         (0.10)

200.0 %

Non-GAAP

$         (0.21)

$         (0.08)

162.5 %

Adjusted EBITDA

$      (29,497)

$        (5,690)

418.4 %

Conference Call

GoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company’s financial results.

Prior to the start of the call, the Company will post Management Commentary on the “Events & Presentations” section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions.

To listen to the live conference call, please dial +1 833-461-5787 (US) or +1 585-542-9983 (International) and enter access code 529 017 833, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the “Events & Presentations” section of the Company’s website at https://investor.gopro.com. An archived audio webcast will be accessible for at least 90 days on GoPro’s website, https://investor.gopro.com.

About GoPro, Inc. (NASDAQ: GPRO)

GoPro helps the world capture and share itself in immersive and exciting ways.

Connect with GoPro on Instagram, YouTube, TikTok, Facebook, X, LinkedIn, and GoPro’s blog, The Current. Members of the press can access official logos and imagery on our press portal. For more information, visit GoPro.com.

GoPro, HERO, MAX, MISSION and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.

Note Regarding Use of Non-GAAP Financial Measures

GoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, gains or losses on insurance proceeds, gains or losses on extinguishment of debt, gains or losses on the revaluation of warrants, gains or losses related to derivative liabilities, gains on the sale and/or license of intellectual property, non-cash interest expense, goodwill impairment charges, and the tax impact of these items. When planning, forecasting, and analyzing gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation.

Note on Forward-looking Statements

This press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should,” “will,” “may”, “plan” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations regarding revenue, profitability, improved gross margin, and reduced operating expenses; cash flow improvement and inventory reduction; the launch and market positioning of the MISSION 1 Series cameras in the high-end digital imaging market; our evaluation of strategic alternatives and the timing of completing any strategic alternatives, including a potential sale or merger of the Company; subscription and service revenue and subscriber retention and; partnerships and brand collaborations. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve or sustain revenue growth or profitability in the future; substantial doubt about our ability to continue as a going concern; dilution of our common stock; our ability to maintain compliance with Nasdaq listing requirements; plans to drive profitability, including our restructuring plans and the improved efficiencies in our operations that such plans may create; our ability to achieve profitability if there are delays in our product launches, increases in component costs, or shortages of key components, including due to our ability to retain or identify alternative suppliers in a timely fashion; the impact of negative macroeconomic factors including fluctuating interest rates, inflation, currency exchange rates, market volatility, and economic downturns or uncertainty in our key U.S. and international markets that may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, increased tariffs, and import/export regulations which may negatively affect our business, supply chain expenses, and gross margins; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers, and the risk that subscriber count may continue to decline; our reliance on third-party suppliers, some of which are sole-source suppliers, and contract manufacturers for our products, some of which may be impacted due to supply shortages, long lead times, or other service disruptions, including unprecedented increases and volatility in memory component costs, that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East, Ukraine, or China-Taiwan relations; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, including through new products such as the MISSION 1 Series and potential expansion into defense and aerospace markets, and we may not be successful in doing so; the risk we are unable to reduce our operating expenses or that continued reductions in research and development and marketing spending may constrain our product roadmap, ability to innovate, and ability to generate sufficient consumer demand; the fact that we rely on sales of our cameras, mounts, and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing, and marketing; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage, and retain qualified personnel, particularly given reductions in our workforce and fluctuations in the price of our Class A common stock; the impact of competition on our market share, revenue, and profitability; the fact that we may experience fluctuating revenue, expenses, and profitability in the future; our substantial indebtedness, including but not limited to, our Credit Facilities and Convertible Debentures and 2026 Notes, and the corresponding cash debt service obligations and restrictive covenants; our ability to comply with financial covenants in our Credit Facilities and the risk of cross-default; the risk that our evaluation of strategic alternatives may not result in a transaction or other outcome that enhances stockholder value, and may be disruptive to our business operations; the risk that our pursuit of defense and aerospace opportunities could subject us to retaliatory actions by foreign governments; risks related to inventory, purchase commitments, and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; the outcome of pending or future litigation and legal proceedings; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, and as updated in subsequent periodic filings with the SEC including the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.

GoPro, Inc.

Preliminary Condensed Consolidated Statements of Operations

(unaudited)

Three months ended June 30,

Six months ended June 30,

(in thousands, except per share data)

2026

2025

2026

2025

Revenue

Hardware

$          75,953

$         126,428

$         148,103

$         233,847

Subscription and services

28,981

26,215

55,896

53,104

Total revenue

104,934

152,643

203,999

286,951

Cost of revenue

Hardware

62,510

90,566

148,199

174,162

Subscription and services

10,761

7,414

19,831

14,977

Total cost of revenue

73,271

97,980

168,030

189,139

Gross profit

31,663

54,663

35,969

97,812

Operating expenses:

Research and development

29,646

30,503

58,081

60,060

Sales and marketing

29,016

25,275

52,234

48,533

General and administrative

11,983

12,892

21,881

29,834

Goodwill impairment

18,600

Total operating expenses

70,645

68,670

132,196

157,027

Operating loss

(38,982)

(14,007)

(96,227)

(59,215)

Other income (expense):

Interest expense

(6,442)

(1,436)

(10,560)

(2,233)

Other income (expense), net

(4,785)

330

(22,397)

1,278

Total other interest (expense), net

(11,227)

(1,106)

(32,957)

(955)

Loss before income taxes

(50,209)

(15,113)

(129,184)

(60,170)

Income tax expense

796

1,309

2,641

2,961

Net loss

$         (51,005)

$         (16,422)

$        (131,825)

$         (63,131)

Basic and diluted net loss per share

$            (0.30)

$            (0.10)

$            (0.79)

$            (0.40)

Shares used to compute basic and diluted net

     loss per share

171,234

157,843

167,243

157,144

 

GoPro, Inc.

Preliminary Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

June 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$             27,265

$             49,674

Accounts receivable, net

60,366

93,513

Inventory

86,745

78,431

Prepaid expenses and other current assets

54,690

30,951

Total current assets

229,066

252,569

Property and equipment, net

7,019

5,903

Operating lease right-of-use assets

9,220

11,138

Goodwill

133,751

133,751

Other long-term assets

19,400

24,622

Total assets

$           398,456

$           427,983

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities:

Accounts payable

$           125,987

$             97,012

Accrued expenses and other current liabilities

147,830

95,856

Short-term operating lease liabilities

7,547

12,069

Deferred revenue

50,876

52,636

Short-term debt

72,656

19,598

Total current liabilities

404,896

277,171

Long-term taxes payable

14,799

13,544

Long-term debt

44,322

Long-term operating lease liabilities

5,845

7,329

Other long-term liabilities

5,587

9,067

Total liabilities

431,127

351,433

Stockholders’ equity (deficit):

Common stock and additional paid-in capital

1,067,479

1,044,875

Treasury stock, at cost

(193,231)

(193,231)

Accumulated deficit

(906,919)

(775,094)

Total stockholders’ equity (deficit)

(32,671)

76,550

Total liabilities and stockholders’ equity (deficit)

$           398,456

$           427,983

 

GoPro, Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(unaudited)

Three months ended June 30,

Six months ended June 30,

(in thousands)

2026

2025

2026

2025

Operating activities:

Net loss

$         (51,005)

$         (16,422)

$        (131,825)

$         (63,131)

Adjustments to reconcile net loss to net cash

     provided by (used in) operating activities:

Depreciation and amortization

1,784

1,698

3,578

3,416

Non-cash operating lease cost

1,360

1,368

2,720

1,153

Stock-based compensation

4,056

5,116

7,054

10,486

Goodwill impairment

18,600

Deferred income taxes, net

8

(233)

581

(130)

Non-cash interest expense

3,837

5,682

Gain on sale of intellectual property

(1,200)

Loss on extinguishment of debt

8,870

Derivative expense

7,552

Change in fair value of derivative liabilities

4,789

10,441

Other

354

178

(2,117)

284

Net changes in operating assets and liabilities

24,633

17,047

41,262

(19,112)

Net cash provided by (used in) operating

     activities

(10,184)

8,752

(47,402)

(48,434)

Investing activities:

Purchases of property and equipment, net

(1,020)

(478)

(2,063)

(1,783)

Proceeds from the sale and license of intellectual

     property

600

1,200

Net cash used in investing activities

(420)

(478)

(863)

(1,783)

Financing activities:

Proceeds from issuance of common stock

303

374

Taxes paid related to net share settlement of

     equity awards

(1,314)

(121)

(1,743)

(624)

Proceeds from borrowings

30,250

25,000

Repayments of borrowings

(1,475)

(20,000)

(1,850)

(20,000)

Payment of debt issuance costs

(941)

Net cash provided by (used in) financing

     activities

(2,789)

(20,121)

26,019

4,750

Effect of exchange rate changes on cash and

     cash equivalents

(65)

784

(163)

1,227

Net change in cash and cash equivalents

(13,458)

(11,063)

(22,409)

(44,240)

Cash and cash equivalents at beginning of period

40,723

69,634

49,674

102,811

Cash and cash equivalents at end of period

$          27,265

$          58,571

$          27,265

$          58,571

GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures

To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:

the comparability of our on-going operating results over the periods presented;the ability to identify trends in our underlying business; andthe comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.

These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are:

adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us;adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us;adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements;adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets;adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods;adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on the revaluation of warrants because it is not reflective of ongoing operating results in the period, and hinders our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes gains (losses) related to derivative liabilities as they are not reflective of ongoing operating results in the period and hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes goodwill impairment charges as they do not reflect ongoing operating results in the period and hinders our ability to assess core operational performance;non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation;non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent;non-GAAP net income (loss) excludes non-cash interest expense as it is not related to our core operating performance or reflective of ongoing operating results in the period;non-GAAP net income (loss) includes income tax adjustments which reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments;GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 convertible senior notes and Convertible Debentures in periods of net income, as if converted at the beginning of the period; andother companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

 

GoPro, Inc.

Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures

(unaudited)

Reconciliations of non-GAAP financial measures are set forth below:

Three months ended June 30,

Six months ended June 30,

(in thousands, except per share data)

2026

2025

2026

2025

GAAP net loss

$         (51,005)

$         (16,422)

$        (131,825)

$         (63,131)

Stock-based compensation:

Cost of revenue

148

240

292

488

Research and development

1,859

2,681

3,419

5,501

Sales and marketing

760

935

1,335

1,817

General and administrative

1,289

1,260

2,008

2,680

Total stock-based compensation

4,056

5,116

7,054

10,486

Acquisition-related costs:

Research and development

469

469

938

938

General and administrative

1

2

3

Total acquisition-related costs

470

469

940

941

Restructuring and other costs:

Cost of revenue

72

(19)

57

(32)

Research and development

1,404

(611)

1,189

(20)

Sales and marketing

222

(64)

97

321

General and administrative

157

636

152

1,779

Total restructuring and other costs

1,855

(58)

1,495

2,048

Non-cash interest expense

3,837

5,682

(Gain) loss on insurance recovery

(424)

Loss on extinguishment of debt

8,870

(Gain) loss on revaluation of warrants

179

(2,571)

(Gain) loss related to derivative liabilities

4,789

17,993

(Gain) loss on sale and/or license of intellectual

     property

(1,200)

Goodwill impairment

18,600

Income tax adjustments

25

(1,062)

92

79

Non-GAAP net loss

$         (35,794)

$         (11,957)

$         (93,470)

$         (31,401)

GAAP and non-GAAP shares for diluted net

     loss per share

171,234

157,843

167,243

157,144

GAAP diluted net loss per share

$            (0.30)

$            (0.10)

$            (0.79)

$            (0.40)

Non-GAAP diluted net loss per share

$            (0.21)

$            (0.08)

$            (0.56)

$            (0.20)

Three months ended June 30,

Six months ended June 30,

(dollars in thousands)

2026

2025

2026

2025

GAAP gross margin as a % of revenue

30.2 %

35.8 %

17.6 %

34.1 %

Stock-based compensation

0.1

0.2

0.1

0.1

Restructuring and other costs

0.1

0.1

Non-GAAP gross margin as a % of revenue

30.4 %

36.0 %

17.8 %

34.2 %

GAAP operating expenses

$        70,645

$        68,670

$      132,196

$      157,027

Stock-based compensation

(3,908)

(4,876)

(6,762)

(9,998)

Acquisition-related costs

(470)

(469)

(940)

(941)

Restructuring and other costs

(1,783)

39

(1,438)

(2,080)

Goodwill impairment

(18,600)

Non-GAAP operating expenses

$        64,484

$        63,364

$      123,056

$      125,408

GAAP operating loss

$       (38,982)

$       (14,007)

$       (96,227)

$       (59,215)

Stock-based compensation

4,056

5,116

7,054

10,486

Acquisition-related costs

470

469

940

941

Restructuring and other costs

1,855

(58)

1,495

2,048

Goodwill impairment

18,600

Non-GAAP operating loss

$       (32,601)

$        (8,480)

$       (86,738)

$       (27,140)

Three months ended June 30,

Six months ended June 30,

(in thousands)

2026

2025

2026

2025

GAAP net loss

$         (51,005)

$         (16,422)

$        (131,825)

$         (63,131)

Income tax expense

796

1,309

2,641

2,961

Interest expense, net

6,263

916

9,932

1,164

Depreciation and amortization

1,784

1,698

3,578

3,416

POP display amortization

1,786

1,751

3,555

3,483

Stock-based compensation

4,056

5,116

7,054

10,486

(Gain) loss on insurance recovery

(424)

Loss on extinguishment of debt

8,870

(Gain) loss on revaluation of warrants

179

(2,571)

(Gain) loss related to derivative liabilities

4,789

17,993

Goodwill impairment

18,600

Restructuring and other costs

1,855

(58)

1,495

2,048

Adjusted EBITDA

$         (29,497)

$          (5,690)

$         (79,278)

$         (21,397)

 

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FM Announces Acquisition of FortressFire

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Transaction brings together FortressFire’s physics-based wildfire risk modeling platform and FM’s leading engineering and research capabilities

JOHNSTON, R.I., Aug. 10, 2026 /PRNewswire/ — Commercial property insurer FM today announced the acquisition of FortressFire, a leading provider of wildfire intelligence that combines machine learning and physics-based modeling. Financial details of the transaction were not disclosed.

Through a data-driven, science-backed approach to wildfire risk modeling, FortressFire helps protect homes, businesses and communities from wildfire loss. Operating as an independent, wholly owned division of FM, FortressFire’s platform enables insurers and property owners to better understand and manage wildfire risk down to an individual property level. Its wildfire intelligence solutions include aerial wildfire reports, monitoring, analytics, ground inspections and mitigation assessments to provide actionable, structure-specific insights and mitigation recommendations.

“FortressFire shares FM’s core belief in the power of data-driven, location-based risk mitigation and protection measures to help clients better understand and manage wildfire exposure,” said Malcolm Roberts, chairman and chief executive officer of FM. “The FortressFire team brings powerful tools to assess and mitigate wildfire risk, and we are excited to welcome them to the FM family.”

“For years we’ve argued that the best risk management is ignition prevention—and that the path to insurability runs through science,” said Michael Ashker, founder, chairman and chief executive officer of FortressFire. “To have an engineering-focused insurer of FM’s caliber put its capital and conviction behind that thesis is the strongest possible validation of what our team has built.”

Wildfire has long threatened property—but its risk has intensified in many parts of the world in recent years. FortressFire was built to reverse that cycle—quantifying ignition risk through fire physics, prescribing verifiable mitigation recommendations and monitoring properties to keep them protected over time.

The acquisition pairs FortressFire’s structure-specific wildfire intelligence with FM’s long engineering heritage, scientific research capabilities and balance sheet strength. FortressFire will continue to serve insurers, reinsurers, brokers, real estate professionals, lenders and property owners across the market under its own brand and leadership.

About FM 
Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

Follow FM on LinkedInInstagram and Facebook. Visit our newsroom for updates on FM, and listen to our podcast, Sound Policy, on Spotify or Apple Podcasts.

About FortressFire
FortressFire brings together wildfire scientists, insurance professionals, technologists and fire mitigation experts to help protect homes, businesses and communities from wildfire loss. Most wildfire risk tools estimate how likely a fire is to happen. FortressFire goes further, determining whether a structure will ignite — and then preventing it. Through its proprietary AMP Platform — Assess, Mitigate, Monitor, Protect — FortressFire provides structure-specific wildfire vulnerability analysis, mitigation guidance, onsite inspection and ongoing monitoring and protection services. Using physics, thermodynamics, fire behavior modeling and structure-fuel analysis, FortressFire turns science into action with targeted protection that reduces loss. By quantifying ignition risk and validating mitigation effectiveness, FortressFire helps insurance carriers reduce loss, enables underwriters to improve precision and provides property owners with actionable next steps. Visit www.FortressFire.com to learn more.

MEDIA CONTACT
ROBERT JULAVITS
VP, STRATEGIC COMMUNICATIONS
M: +1 415-806-5120
ROBERT.JULAVITS@FM.COM 

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Moneris announces acquisition by Francisco Partners

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New investment from Francisco Partners and long‑term referral agreements with BMO and RBC further the company’s commitment to advancing Canadian commerce

TORONTO, and SAN FRANCISCO, Calif., Aug. 10, 2026 /PRNewswire/ — Moneris Solutions Corporation (“Moneris”), a leader in Canadian commerce solutions, and Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology companies, today announced that FP has entered into a definitive agreement to acquire Moneris from Bank of Montreal (BMO) and Royal Bank of Canada (RBC), subject to customary regulatory approvals and closing conditions.

Under the terms of the agreement, FP will acquire Moneris for cash consideration of approximately C$2.0 billion, with BMO and RBC each receiving a 50 percent share. Further, long-term referral agreements have been established with both BMO and RBC, under which they will exclusively refer customers, reflecting Moneris’ position as Canada’s trusted payments and commerce partner and reinforcing the innovation, continuity and stability that Moneris is known for.

FP combines deep expertise in payments and fintech with extensive experience growing technology-enabled businesses globally. The firm has a strong track record of long-term investment and supporting operational excellence, innovation and growth, as evidenced by its investments in Hypercom, Paymetric, PayLease, NMI and Verifone, among others. Its investment in Moneris reflects confidence in the company’s mission, performance and future potential, while providing additional expertise, resources and strategic support to help accelerate the company’s next phase of growth and innovation.

As part of the transaction, Jeff Sloan, former President and CEO of Global Payments Inc., and a highly regarded payments industry leader, will join Moneris as Chairman. Sloan brings decades of global experience and a proven track record, complementing the strength of Moneris’ experienced leadership team.

As ownership transitions to FP, Moneris’ commitment to serving Canadian businesses will remain unchanged, as reflected in its leadership, people, presence and platforms, including nearly 2,000 team members across the country, a head office and technology infrastructure fully resident in Canada and a continued dedication to local communities from coast to coast to coast.

“This announcement marks an exciting next step in Moneris’ continued evolution as the company that powers Canadian commerce,” said James Hicks, President and CEO at Moneris. “With Francisco Partners’ deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations. Importantly, our commitment to our customers, partners and people remains unchanged, and we will continue to operate with the same focus, values and leadership that have defined Moneris for more than two decades. The deep relationships we have built with BMO and RBC extend well beyond ownership. Their decision to establish long-term referral agreements and maintain ongoing commercial relationships with Moneris reflects the confidence both organizations have in Moneris and provides a strong foundation for continuity, collaboration and long-term growth. I am also pleased to be working again with Jeff Sloan, whose industry experience and perspective will complement the strong momentum our team has built.”

“For 25 years, Moneris has earned the trust of Canadian businesses by delivering secure, reliable and innovative payment solutions,” said Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking, BMO. “This next chapter will enable Moneris to build on that strong foundation while accelerating its strategy in a rapidly evolving payments landscape. Through our ongoing referral arrangements, clients will continue to benefit from the trusted support and solutions they rely on today.”

“Moneris has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem,” said Sean Amato-Gauci, Group Head, Commercial Banking, RBC. “The trusted team, leading platforms and unwavering commitment to clients that Moneris is known for will be leveraged and amplified by Francisco Partners in this next stage of growth. We’re eager to see the accelerated investment in innovation and modernized solutions Moneris can bring to our valued business clients and the Canadian market.”

“Moneris is one of the strongest payments solution providers in North America, with a trusted brand, leading technology and a proven team that has helped shape the way Canadian businesses operate,” said Peter Christodoulo, Partner at Francisco Partners. “We see a significant opportunity to build on that foundation through continued investment in innovation, platform expansion and long-term growth, while preserving the deeply Canadian identity that has made Moneris a market leader, including its long-standing relationships with leading Canadian financial institutions, BMO and RBC.”

“Together with Jeff Sloan’s deep industry expertise and strategic counsel as Chairman, we are excited to support the Moneris team as they continue to deliver the technology, scale and reliability Canadian businesses need to thrive in an increasingly digital and AI-driven economy,” added Nate Zupan, Principal at Francisco Partners.

“Moneris has established itself as a leader, with a strong market position, a clear strategic vision and a talented team that is deeply committed to its customers and partners,” said Jeff Sloan. “The company has built significant momentum under James’ leadership and, having worked together in the past, I have tremendous confidence in his leadership team, the strategy they are executing and the opportunities ahead. With the investment and support of Francisco Partners, Moneris is well-positioned to accelerate that strategy and continue building on its strong foundation. I look forward to supporting Moneris and its leadership team as they continue creating value for customers, partners and stakeholders.”

Closing and approvals

The transaction remains subject to customary closing conditions and regulatory approvals, including under the Retail Payment Activities Act (Canada) and clearance under the Competition Act (Canada). The transaction is expected to close by the end of the first quarter of BMO and RBC’s fiscal year 2027.

PJT Partners served as exclusive financial advisor and Torys as exclusive legal advisor to Moneris. PJT Partners also advised Moneris’ shareholders. RBC Capital Markets and BMO Capital Markets served as financial advisors, and Blake, Cassels & Graydon LLP and Osler, Hoskin & Harcourt LLP served as legal advisors, to Moneris’ shareholders. Barclays, Goldman Sachs & Co. LLC and Wells Fargo served as financial advisors, and Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal advisors to Francisco Partners.

About Moneris

Moneris is Canada’s leading commerce solutions provider, helping businesses of all sizes sell more, serve customers better and operate more efficiently. Moneris has powered Canadian commerce for more than 25 years. Today, Moneris helps businesses accept and manage payments at over 325,000 points of commerce, representing one in three transactions across the country.

Moneris offers ecommerce and omnichannel solutions, point-of-sale hardware and software, integrated business tools and data and insights, all backed by secure payment acceptance across in-store, online and mobile environments. As the only major provider in Canada with an in-house national Field Services team, Moneris ensures businesses are supported when and where they need it, through on-site installation and maintenance coast-to-coast-to-coast, and 24/7/365 support.

Headquartered in Toronto, with offices in Sackville, Montreal, Quebec City, Calgary and Burnaby, Moneris serves businesses of all sizes across industries and regions nationwide.

For more information, visit moneris.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $75 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Forward-looking statements

This release contains forward-looking statements regarding the proposed transaction and potential future developments. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, including market, technology and regulatory requirements. Actual results may differ from those expressed or implied. Moneris undertakes no obligation to update forward-looking statements except as required by applicable law. 

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LX Pantos Strengthens Global ESG Leadership Through Its 2026 Sustainability Report

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Completes calculation and third-party verification of Scope 1 and 2 GHG emissions across Korea and key overseas operationsExpands ESG disclosures to cover human rights, safety, working conditions, and training for global employees

SEOUL, South Korea, Aug. 11, 2026 /PRNewswire/ — LX Pantos (President & CEO: Lee Yong-ho) has released its 2026 Sustainability Report, highlighting progress in advancing ESG management across its domestic and global operations.

The report covers nine material ESG issues identified through a double materiality assessment, including climate change adaptation and mitigation, energy, eco-friendly logistics services, customer value management, human resources management, information security, risk management, business conduct, and new growth engines and business diversification.

A key highlight of this year’s report is the expanded reporting scope, which now includes global worksites. The expansion reflects LX Pantos’s strong international footprint and the growing scale of its overseas operations.

On the environmental front, the company calculated Scope 1 direct greenhouse gas emissions and Scope 2 indirect greenhouse gas emissions from its domestic operations and key overseas sites. Third-party verification further strengthened the reliability of its environmental disclosures.

In the social area, LX Pantos collected and analyzed employee data from nine subsidiaries in Europe, covering human rights and labor, occupational health and safety, working conditions, education, and career development.

In governance, the report highlights progress in Jeong-do Management, the company’s ethics- and compliance-based management philosophy. LX Pantos recorded zero significant legal violations related to anti-corruption and fair trade rules and achieved a 100% completion rate for Jeong-do Management training in 2025.

The report was prepared in accordance with the GRI Standards 2021 and references global ESG frameworks including SASB, the UN SDGs, the UNGC, and the TCFD. An independent third-party assurance agency verified the report for accuracy and reliability.

In 2025, LX Pantos also earned a Bronze rating from EcoVadis, a B rating from the Carbon Disclosure Project (CDP), LEED Gold certification for the MegaWise Cheongna Center, and an A+ rating under the Regional Social Contribution Recognition System administered by the Korean Ministry of Health and Welfare.

Commenting on the release of this report, Lee Yong-ho, President & CEO of LX Pantos said, “LX Pantos is further advancing its sustainability management by expanding the scope of ESG management beyond Korea to our overseas operations. Under our ESG vision, ‘Value Deliverer for People and the Planet,’ we will continue to communicate with stakeholders in a transparent manner.”

■ About LX Pantos
Established in 1977, LX Pantos is a leading global logistics provider headquartered in Korea. It delivers comprehensive logistics solutions across sea, air, rail, and contract logistics through a worldwide network spanning more than 40 countries.
Learn more about LX Pantos online and follow it on LinkedIn.

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