GOPRO, INC., 10-Q filed on 8/11/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 05, 2025
Class of Stock [Line Items]    
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0629474  
Entity Address, Address Line One 3025 Clearview Way  
Entity Address, City or Town San Mateo,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94402  
Title of 12(b) Security Class A common stock, $0.0001 par value  
Trading Symbol GPRO  
Entity Registrant Name GOPRO, INC.  
City Area Code (650)  
Local Phone Number 332-7600  
Entity Central Index Key 0001500435  
Entity Filer Category Accelerated Filer  
Document Type 10-Q  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-36514  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Security Exchange Name NASDAQ  
Entity Small Business false  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Quarterly Report true  
Common Class A [Member]    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   131,924,549
Common Class B [Member]    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   26,258,546
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 58,571,000 $ 102,811,000
Accounts receivable, net 83,481,000 85,944,000
Inventory 84,482,000 120,716,000
Prepaid expenses and other current assets 28,934,000 29,774,000
Total current assets 255,468,000 339,245,000
Property and equipment, net 7,791,000 8,696,000
Operating Lease, Right-of-Use Asset 13,250,000 14,403,000
Goodwill 133,751,000 152,351,000
Other long-term assets 28,730,000 28,983,000
Total assets 438,990,000 543,678,000
Current liabilities:    
Accounts payable 61,132,000 85,936,000
Accrued expenses and other current liabilities 85,914,000 110,769,000
Short-term operating lease liabilities 11,242,000 10,936,000
Deferred revenue 52,305,000 55,418,000
Short-term Debt 98,518,000 93,208,000
Total current liabilities 309,111,000 356,267,000
Long-term taxes payable 15,041,000 11,621,000
Long-term operating lease liabilities 13,912,000 18,067,000
Other long-term liabilities 3,011,000 6,034,000
Total liabilities 341,075,000 391,989,000
Commitments, contingencies and guarantees
Stockholders’ equity:    
Preferred Stock, Value, Outstanding 0 0
Common Stocks, Including Additional Paid in Capital 1,035,884,000 1,026,527,000
Treasury Stock, Value 193,231,000 193,231,000
Accumulated deficit (744,738,000) (681,607,000)
Total stockholders’ equity 97,915,000 151,689,000
Total liabilities and stockholders’ equity $ 438,990,000 $ 543,678,000
Preferred Stock    
Stockholders’ equity:    
Preferred Stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized (shares) 5,000,000 5,000,000
Preferred Stock, Shares Issued (shares) 0 0
Common Class A [Member]    
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 131,924,000 129,196,000
Common stock outstanding (shares) 131,924,000 129,196,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common Class B [Member]    
Stockholders’ equity:    
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,259,000 26,259,000
Common stock outstanding (shares) 26,259,000 26,259,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Treasury Stock, Common    
Stockholders’ equity:    
Treasury Stock, Common, Shares 26,608,000 26,608,000
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Common Class A [Member]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common Stock, Shares Authorized (shares) 500,000,000 500,000,000
Common Stock, Shares, Issued 131,924,000 129,196,000
Common stock outstanding (shares) 131,924,000 129,196,000
Common Class B [Member]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common Stock, Shares Authorized (shares) 150,000,000 150,000,000
Common Stock, Shares, Issued 26,259,000 26,259,000
Common stock outstanding (shares) 26,259,000 26,259,000
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 152,643,000 $ 186,224,000 $ 286,951,000 $ 341,693,000
Cost of revenue 97,980,000 129,514,000 189,139,000 231,945,000
Gross profit 54,663,000 56,710,000 97,812,000 109,748,000
Operating expenses:        
Research and development 30,503,000 46,932,000 60,060,000 91,544,000
Sales and marketing 25,275,000 41,353,000 48,533,000 76,499,000
General and administrative 12,892,000 14,934,000 29,834,000 29,627,000
Goodwill, Impairment Loss 0 0 18,600,000 0
Total operating expenses 68,670,000 103,219,000 157,027,000 197,670,000
Operating loss (14,007,000) (46,509,000) (59,215,000) (87,922,000)
Interest expense (1,436,000) (790,000) (2,233,000) (1,464,000)
Other income, net 330,000 811,000 1,278,000 2,019,000
Total other income (expense), net (1,106,000) 21,000 (955,000) 555,000
Loss before income taxes (15,113,000) (46,488,000) (60,170,000) (87,367,000)
Income tax expense 1,309,000 1,333,000 2,961,000 299,542,000
Net loss $ (16,422,000) $ (47,821,000) $ (63,131,000) $ (386,909,000)
Earnings Per Share, Basic $ (0.10) $ (0.31)    
Earnings Per Share, Diluted $ (0.10) $ (0.31) $ (0.40) $ (2.55)
Weighted Average Number of Shares Outstanding, Basic 157,843 152,502    
Weighted Average Number of Shares Outstanding, Diluted 157,843 152,502 157,144 151,796
v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities:      
Net loss $ (63,131) $ (386,909)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,416 2,884  
operating lease, right-of-use asset, periodic reduction, net 1,153 (1,611)  
Stock-based compensation 10,486 16,561  
Goodwill, Impairment Loss 18,600 0  
Deferred income taxes, net (130) 296,710  
Operating Lease, Impairment Loss 0 3,276  
Other 284 1,104  
Changes in operating assets and liabilities:      
Accounts receivable, net 2,681 4,943  
Inventory 36,234 8,935  
Prepaid expenses and other assets 1,723 (1,437)  
Accounts payable and other liabilities (55,867) (39,502)  
Deferred revenue (3,883) (2,752)  
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation (48,434) (97,798)  
Investing activities:      
Purchases of property and equipment, net (1,783) (1,680)  
Maturities of marketable securities 0 24,000  
Payments to Acquire Businesses, Net of Cash Acquired 0 12,308  
Net cash provided by (used in) investing activities (1,783) 10,012  
Financing activities:      
Proceeds from issuance of common stock 374 1,380  
Payment, Tax Withholding, Share-based Payment Arrangement (624) (2,180)  
Proceeds from Lines of Credit 25,000 0  
Repayments of Lines of Credit (20,000) 0  
Net cash provided by (used in) financing activities 4,750 (800)  
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,227 (1,086)  
Cash and cash equivalents 58,571 133,036  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $ (44,240) $ (89,672)  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents     $ 222,708
v3.25.2
Condensed Consolidated Statements Stockholders' Equity (Deficit) - USD ($)
shares in Thousands, $ in Thousands
Total
Retained Earnings [Member]
Treasury Stock, Common
Common Stock Including Additional Paid in Capital [Member]
Stockholders' Equity Attributable to Parent $ 555,846 $ (249,296) $ (193,231) $ 998,373
Shares, Outstanding       149,897
Allocated share-based compensation expense 8,770      
Net loss (339,088) (339,088)    
Common stock issued under employee benefit plans, net of shares withheld for tax 1,361     $ 1,361
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       2,403
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (1,977)     $ 1,977
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       8,770
Net loss (386,909)      
Stockholders' Equity Attributable to Parent 224,912 (588,384) (193,231) $ 1,006,527
Shares, Outstanding       152,300
Allocated share-based compensation expense 7,791      
Net loss (47,821) (47,821)    
Common stock issued under employee benefit plans, net of shares withheld for tax 0     $ 0
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       430
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (203)     $ 203
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       7,791
Stockholders' Equity Attributable to Parent 184,679 (636,205) (193,231) $ 1,014,115
Shares, Outstanding       152,730
Stockholders' Equity Attributable to Parent 151,689 (681,607) (193,231) $ 1,026,527
Shares, Outstanding       155,455
Allocated share-based compensation expense 5,143      
Net loss (46,709) (46,709)    
Common stock issued under employee benefit plans, net of shares withheld for tax 360     $ 360
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       2,095
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (503)     $ 503
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       5,143
Net loss (63,131)      
Stockholders' Equity Attributable to Parent 109,980 (728,316) (193,231) $ 1,031,527
Shares, Outstanding       157,550
Allocated share-based compensation expense 4,478      
Net loss (16,422) (16,422)    
Common stock issued under employee benefit plans, net of shares withheld for tax 0     $ 0
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       633
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (121)     $ 121
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       4,478
Stockholders' Equity Attributable to Parent $ 97,915 $ (744,738) $ (193,231) $ 1,035,884
Shares, Outstanding       158,183
v3.25.2
Summary of business and significant accounting policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of business and significant accounting policies
GoPro, Inc. and its subsidiaries (GoPro or the Company) make it easy for the world to capture and share itself in immersive and exciting ways, helping people get the most out of their photos and videos. The Company is committed to developing solutions that create an easy, seamless experience for consumers to capture, create, manage and share engaging personal content. To date, the Company’s cameras, mountable and wearable accessories, subscription and service, and implied post contract support have generated substantially all of its revenue. The Company sells its products globally on its website, and through retailers and wholesale distributors. The Company’s global corporate headquarters are located in San Mateo, California.
Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for financial information set forth in the Accounting Standards Codification (ASC), as published by the Financial Accounting Standards Board (FASB), and with the applicable rules and regulations of the Securities and Exchange Commission (SEC). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, and September 30.
The condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, that management believes are necessary for the fair statement of the Company's financial statements, but are not necessarily indicative of the results expected in future periods. The Condensed Consolidated Balance Sheet as of December 31, 2024 has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report). There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its 2024 Annual Report, except for estimates used in the Company’s goodwill impairment analysis.
Principles of consolidation. These condensed consolidated financial statements include all the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to revenue recognition and the allocation of the transaction price (including sales incentives, sales returns and implied post contract support), inventory valuation, product warranty liabilities, the valuation, impairment and useful lives of long-lived assets (property and equipment, operating lease right-of-use assets, intangible assets and goodwill), fair value of convertible senior notes, and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Liquidity. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. In the six months ended June 30, 2025, the Company’s performance continued to be impacted by consumer related-macroeconomic issues resulting in a softer global consumer market, an increasingly global competitive landscape and the delay of the Company’s next generation 360-camera. During the six months ended June 30, 2025, revenue declined 16.0% from the prior year period, which resulted in operating losses of $59.2 million and operating cash outflows of $48.4 million. As of June 30, 2025, the Company had $58.6 million in cash and cash equivalents and an accumulated deficit of $744.7 million. The 2025 Notes with an outstanding principal of $93.8 million mature on November 15, 2025, unless earlier repurchased or converted at the option of the holder into shares of the Company’s Class A common stock under certain circumstances. In the ordinary course of business, the Company drew $25.0 million from its 2021
Credit Agreement in February 2025 and repaid $20.0 million in June 2025. The Company had $39.8 million available to draw from its 2021 Credit Agreement as of June 30, 2025.
The Company has considered and assessed its ability to continue as a going concern for at least 12 months from the issuance of these condensed consolidated financial statements. The Company’s assessment included the preparation of a cash flow forecast taking into account the restructuring actions already implemented in 2024 and the 2025 Credit Agreement, as discussed in Note 13 Subsequent events, which provided $50.0 million in August 2025. The Company considered additional actions within its control that it would implement, if necessary, to maintain liquidity and operations in the ordinary course of business, including payment of the 2025 Notes upon maturity. The 2025 operational plan is structured to i) realize the savings in wages and benefits from the headcount reductions as part of the 2024 restructuring plans; ii) lower research and development costs from the completion of a next generation system-on-chip and rationalized product roadmap, and the reduction of sales and marketing expenses to a reduced level consistent with the business size; and iii) effectively manage working capital, specifically, the Company’s intention to manage inventory levels to better align with its current run rates and seasonality of the business and the Company’s intention to continue to effectively manage the collection of accounts receivables.
The Company estimates such actions will be sufficient to allow it to maintain liquidity and operations in the ordinary course, including payment of the 2025 Notes upon maturity on November 15, 2025, for at least 12 months from the issuance of these condensed consolidated financial statements. While the Company estimates such actions will be sufficient to allow it to maintain liquidity and operations in the ordinary course for at least 12 months from the issuance of these condensed consolidated financial statements, there can be no assurance the Company will generate sufficient future cash from operations. Factors that can impact the Company’s future cash generation include, but are not limited to, further inflation, rising interest rates, tariffs, ongoing recessionary conditions and continued competition. If the Company is not successful in maintaining demand for its products, or if macroeconomic conditions further constrain consumer demand, the Company may continue to experience adverse impacts to revenue and profitability. Additional actions within the Company’s control to maintain liquidity and operations include further reducing discretionary spending in all areas of the business and further headcount restructuring actions. In addition, the Company may need additional financing to execute on its current or future business strategy, and additional financing may not be available or on terms favorable to the Company.
Comprehensive income (loss). For all periods presented, comprehensive income (loss) approximated net income (loss). Therefore, the Condensed Consolidated Statements of Comprehensive Income (Loss) have been omitted.
Impairment of goodwill. The Company performs an annual assessment of its goodwill during the fourth quarter of each calendar year, or more frequently if indicators of potential impairment exist, such as an adverse change in business climate, declines in market capitalization or a decline in the overall industry demand, that would indicate it is more likely than not that the fair value of its single reporting unit is less than its carrying value. If the Company determines that it is more likely than not that the fair value of its single reporting unit is less than the carrying value, the Company measures the amount of impairment as the amount the carrying value of its single reporting unit exceeds the fair value, up to the carrying value of goodwill, by using a discounted cash flow method and market approach method.
In the first quarter of 2025, the Company’s market capitalization declined 38% from December 31, 2024, in part due to recent tariff and geopolitical events, resulting in the Company’s market capitalization no longer exceeding the carrying value of its single reporting unit as of March 31, 2025. As a result, the Company performed a quantitative goodwill impairment analysis and estimated the fair value of its single reporting unit utilizing the income approach using a discounted future cash flow model and a market approach. The analysis required estimates which consist of significant judgment related to the estimation of future cash flow and discount rates. The analysis was dependent on internal forecasts and profitability measures as well as certain unobservable Level 3 inputs such as the estimation of long-term revenue growth rates, terminal growth rates, and determination of the discount rate. As a result of the quantitative impairment test, the Company concluded that the carrying value of its single reporting unit exceeded its fair value, resulting in the recognition of a $18.6 million goodwill impairment charge in the first quarter of 2025. There was no goodwill impairment charge recorded in 2024.
In the second quarter of 2025, the Company’s market capitalization increased 15% from March 31, 2025, and as such, the Company does not believe that it is more likely than not that the fair value of its single reporting unit is less than the carrying value as of June 30, 2025. Using the market capitalization approach, the fair value of its single reporting unit is estimated based on the trading price of its stock at the test date, which is further adjusted by an acquisition control premium representing the synergies a market participant would obtain when obtaining control of the business. As of June 30, 2025, the market capitalization exceeded the carrying value of the Company’s single reporting unit by 18%, which was not adjusted for an acquisition control premium which would further increase the percentage the fair value exceeded the carrying value. The Company has not identified other impairment triggering events.
The estimated fair value of the Company’s single reporting unit is sensitive to the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s June 30, 2025 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 14%, which is not adjusted for an acquisition control premium. If the Company's market capitalization declines or future performance falls below the Company’s current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future material non-cash goodwill impairment charge, which could have a material adverse effect on the Company’s business, financial condition, and results of operations in the reporting period in which a charge would be necessary. The Company will continue to monitor developments, including updates to the Company’s forecasts and market capitalization. An update of the Company’s assessment and related estimates may be required in the future.
Revenue recognition. The Company derives substantially all of its revenue from the sale of cameras, mounts, accessories, subscription and service, and implied post contract support to customers. The transaction price recognized as revenue represents the consideration the Company expects to be entitled to and is primarily comprised of product revenue, net of returns and variable consideration, which includes sales incentives provided to customers.
The Company’s camera sales contain multiple performance obligations that can include the following four separate obligations: (i) a camera hardware component (which may be bundled with hardware accessories) and the embedded firmware essential to the functionality of the camera component delivered at the time of sale, (ii) a subscription and service, (iii) the implied right for the customer to receive post contract support after the initial sale (PCS), and (iv) the implicit right to the Company’s downloadable free apps and software solutions. The Company’s PCS includes the right to receive, on a when and if available basis, future unspecified firmware upgrades and features as well as bug fixes, and email, chat, and telephone support.
The Company recognizes revenue from its sales arrangements when control of the promised goods or services are transferred to its customers, in an amount that reflects the amount of consideration expected to be received in exchange for the transferred goods or services. For the sale of hardware products, including related firmware and free software solutions, revenue is recognized when transfer of control occurs at a point in time, which generally is at the time the hardware product is shipped and collection is considered probable. For customers who purchase hardware products directly from GoPro.com, the Company retains a portion of the risk of loss on these sales during transit, which are accounted for as fulfillment costs. For PCS, revenue is recognized ratably over 24 months, which represents the estimated period PCS is expected to be provided based on historical experience.
The Company’s subscription and service revenue is recognized primarily from its Premium+, Premium, and Quik subscription offerings and is recognized ratably over the subscription term, with any payments received in advance of services rendered recorded as deferred revenue. The Company launched its Premium+ subscription in February 2024, which includes cloud storage up to 500 gigabytes (GB) of non-GoPro content, access to GoPro’s HyperSmooth Pro video stabilization software, and the features included in the Premium subscription. The Company’s Premium subscription offers a range of services, including unlimited cloud storage of GoPro content supporting source video and photo quality, damaged camera replacement, cloud storage up to 25 GB of non-GoPro content, highlight videos automatically delivered via the Company’s mobile app when GoPro camera footage is uploaded to a GoPro cloud account using Auto Upload, access to a high-quality live streaming service on GoPro.com as well as discounts on GoPro cameras, gear, mounts, and accessories. The Company also offers the Quik subscription that provides access to a suite of simple single-clip and multi-clip editing tools. Subscription and service revenue was $26.2 million, or 17.2%, of total revenue for the three months ended June 30, 2025 and
$26.3 million, or 14.1%, of total revenue for the three months ended June 30, 2024. Subscription and service revenue was $53.1 million, or 18.5%, of total revenue for the six months ended June 30, 2025, and $52.2 million, or 15.3%, of total revenue for the six months ended June 30, 2024.
For the Company’s camera sale arrangements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells its hardware products, and subscription and service. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering market conditions and entity-specific factors. For example, the standalone selling price for PCS is determined based on a cost-plus approach, which incorporates the level of support provided to customers, estimated costs to provide such support, and the amount of time and costs that are allocated to efforts to develop the undelivered elements.
The Company’s standard terms and conditions of sale for non-web-based sales do not allow for product returns other than under warranty. However, the Company grants limited rights of return, primarily to certain large retailers. The Company reduces revenue and cost of sales for the estimated returns based on analyses of historical return trends by customer class and other factors. An estimated return liability along with a right to recover assets are recorded for future product returns. Return trends are influenced by product life cycles, new product introductions, market acceptance of products, product sell-through, the type of customer, seasonality, and other factors. Return rates may fluctuate over time but are sufficiently predictable to allow the Company to estimate expected future product returns.
The Company provides sales commissions to internal and external sales representatives which are earned in the period in which revenue is recognized. As a result, the Company expenses sales commissions as incurred.
Deferred revenue as of June 30, 2025 and December 31, 2024 includes amounts related to the Company’s subscriptions and PCS. The Company’s short-term and long-term deferred revenue balances totaled $54.4 million and $58.3 million as of June 30, 2025 and December 31, 2024, respectively. Of the deferred revenue balance as of December 31, 2024 and 2023, the Company recognized $16.7 million and $16.7 million of revenue during the three months ended June 30, 2025 and 2024, respectively, and $39.7 million and $39.4 million of revenue during the six months ended June 30, 2025 and 2024, respectively. Of the deferred revenue balance as of March 31, 2025 and 2024, the Company recognized $22.9 million and $23.2 million of revenue during the three months ended June 30, 2025 and 2024, respectively.
Sales incentives. The Company offers sales incentives through various programs, including cooperative advertising, price protection, marketing development funds, and other incentives. Sales incentives are considered to be variable consideration, which the Company estimates and records as a reduction to revenue at the date of sale. The Company estimates sales incentives based on historical experience, product sell-through, and other factors.
Income taxes. The Company utilizes the asset and liability method for computing its income tax provision, under which, deferred tax assets and liabilities are recognized for the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates. The Company makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income in each tax jurisdiction and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. In the first quarter of 2024, the Company provided a valuation allowance of $294.9 million on United States federal and state deferred tax assets. As of June 30, 2025, the Company intends to continue to maintain a full valuation allowance on its United States federal and state deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense.
Segment information. The Company operates as one operating segment as it only reports financial information on an aggregated and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker (CODM). The CODM assesses performance of the Company’s one operating segment and decides how to allocate resources based on net income (loss), which is also reported on the Condensed Consolidated Statements of Operations as net income (loss). The CODM regularly compares net income (loss) against forecast and prior periods when deciding which areas of the business to allocate resources. The significant expense categories within net income (loss) that the CODM regularly reviews are cost of revenue and operating expenses, which consists of three main subcategories: research and development, sales and marketing, and general and administrative. All significant expense categories and subcategories are reported on the Condensed Consolidated Statements of Operations. Other items included in net income (loss) but are excluded from the significant expense categories include interest expense, other income (expense), net, and income tax expense (benefit), all of which are also reported on the Condensed Consolidated Statements of Operations. Interest income, which is included in other income (expense), net was $0.5 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 million and $3.0 million for the six months ended June 30, 2025 and 2024, respectively.
Business Acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. The Company uses various models to determine the value of assets acquired such as the cost method. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Recent accounting standards.
StandardDescription
Effect on the condensed consolidated financial statements or other significant matters
Standards that were adopted
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU No. 2023-09
This standard requires reporting companies to break out income tax expense and a tax rate reconciliation in more detail. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard requires prospective transition with the option to apply retrospectively.
The Company is currently evaluating the impact of adopting this standard on its 2025 Form 10-K financial statements and related disclosures.
Standards not yet adopted
Income Statement Reporting - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU No. 2024-03
This new guidance is designed to improve financial reporting by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, including amounts and qualitative descriptions of inventory purchases, employee compensation, depreciation and intangible asset amortization, among other requirements. This standard is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. The standard should be applied prospectively, however retrospective application is permitted.The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.
Although there are several other new accounting standards issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its condensed consolidated financial statements.
Accounting Standards Update and Change in Accounting Principle
Recent accounting standards.
StandardDescription
Effect on the condensed consolidated financial statements or other significant matters
Standards that were adopted
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU No. 2023-09
This standard requires reporting companies to break out income tax expense and a tax rate reconciliation in more detail. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard requires prospective transition with the option to apply retrospectively.
The Company is currently evaluating the impact of adopting this standard on its 2025 Form 10-K financial statements and related disclosures.
Standards not yet adopted
Income Statement Reporting - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU No. 2024-03
This new guidance is designed to improve financial reporting by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, including amounts and qualitative descriptions of inventory purchases, employee compensation, depreciation and intangible asset amortization, among other requirements. This standard is effective for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027, with early adoption is permitted. The standard should be applied prospectively, however retrospective application is permitted.The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.
Although there are several other new accounting standards issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its condensed consolidated financial statements.
Business acquisitions , the Company completed an acquisition of Forcite Helmet Systems, a privately-held company that offers technology-enabled helmets, for total consideration of $14.0 million. The allocation of the purchase price primarily included $7.5 million in developed technology and $5.9 million of residual goodwill. Net tangible assets acquired were not material.
Goodwill is primarily attributable to expected synergies in the technologies that can be leveraged by the Company in future product offerings. The operating results of the acquired entity have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Actual and pro forma results of operations for this acquisition have not been presented because they did not have a material impact to the Company’s condensed consolidated financial statements.
v3.25.2
Business Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Business acquisitions , the Company completed an acquisition of Forcite Helmet Systems, a privately-held company that offers technology-enabled helmets, for total consideration of $14.0 million. The allocation of the purchase price primarily included $7.5 million in developed technology and $5.9 million of residual goodwill. Net tangible assets acquired were not material.
Goodwill is primarily attributable to expected synergies in the technologies that can be leveraged by the Company in future product offerings. The operating results of the acquired entity have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Actual and pro forma results of operations for this acquisition have not been presented because they did not have a material impact to the Company’s condensed consolidated financial statements.
v3.25.2
Fair value measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value measurements Fair value measurements
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
June 30, 2025December 31, 2024
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$40,022 $— $40,022 $42,436 $— $42,436 
Total cash equivalents$40,022 $— $40,022 $42,436 $— $42,436 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $18.5 million and $60.4 million as of June 30, 2025 and December 31, 2024, respectively.
Cash equivalents are classified as Level 1 because the Company uses quoted market prices to determine their fair value. As of June 30, 2025 and December 31, 2024, the Company had no marketable securities, or financial assets or liabilities measured at fair value on a recurring basis that were classified as Level 3, which are valued based on inputs supported by little or no market activity.
As of June 30, 2025 and December 31, 2024, the amortized cost of the Company’s cash equivalents approximated their fair value and there were no material realized or unrealized gains or losses, either individually or in the aggregate.
In November 2020, the Company issued $143.8 million principal amount of Convertible Senior Notes due 2025 (2025 Notes) (see Note 5 Financing arrangements). In November 2023, the Company repurchased $50.0 million in aggregate principal amount of the 2025 Notes. The calculated fair value of the 2025 Notes was $82.5 million and $82.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of the 2025 Notes is based on quoted market prices of the Company’s instruments in markets that are not active and are classified as Level 2 within the fair value hierarchy. The Company estimated the fair value of the 2025 Notes by evaluating quoted market prices and calculating the upfront cash payment a market participant would require to assume these obligations.
For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current assets and liabilities, the carrying amounts approximate their fair value primarily due to the relatively short maturity of these balances.
The Company also measures certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, intangible assets, and operating lease right-of-use assets, in connection with periodic evaluations for potential impairment. In the first quarter of 2025, the fair value of the Company’s single reporting unit was determined based on unobservable (Level 3) inputs, as discussed in Note 1 Summary of business and significant accounting policies. In 2024, the fair value of the Company’s operating lease right-of-use asset related to its headquarters campus was determined based on unobservable (Level 3) inputs, as discussed in Note 12 Restructuring charges.
v3.25.2
Condensed consolidated financial statement details
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated financial statement details
The following section provides details of selected balance sheet items.
Inventory
(in thousands)
June 30, 2025December 31, 2024
Components
$6,518 $19,407 
Finished goods
77,964 101,309 
Total inventory$84,482 $120,716 
Property and equipment, net
(in thousands)
June 30, 2025December 31, 2024
Leasehold improvements$24,014 $23,996 
Production, engineering, and other equipment36,350 38,018 
Tooling6,916 6,810 
Computers and software11,612 12,574 
Furniture and office equipment3,579 3,763 
Tradeshow equipment and other1,424 1,424 
Construction in progress843 156 
Gross property and equipment84,738 86,741 
Less: Accumulated depreciation and amortization(76,947)(78,045)
Property and equipment, net$7,791 $8,696 
Depreciation expense was $1.3 million and $1.1 million in the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $2.3 million in the six months ended June 30, 2025 and 2024, respectively.
Other long-term assets
(in thousands)
June 30, 2025December 31, 2024
Point of purchase (POP) displays$12,655 $14,715 
Deposits and other10,374 7,550 
Intangible assets, net5,015 5,953 
Long-term deferred tax assets686 765 
Other long-term assets$28,730 $28,983 
Amortization expense for POP displays was $1.8 million and $1.2 million in the three months ended June 30, 2025 and 2024, respectively, and $3.5 million and $2.1 million in the six months ended June 30, 2025 and 2024, respectively. Expenditures for POP displays were $0.5 million and $0.9 million in the three months ended June 30, 2025 and 2024, respectively, and $1.4 million and $6.8 million in the six months ended June 30, 2025 and 2024, respectively.
Intangible assets
Useful life
(in months)		June 30, 2025
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(53,566)$5,000 
Domain name15 —15 
Total intangible assets$58,581$(53,566)$5,015

Useful life
(in months)		December 31, 2024
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(52,628)$5,938 
Domain name15 —15 
Total intangible assets$58,581$(52,628)$5,953
Amortization expense was $0.4 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, expected amortization expense of intangible assets with definite lives for future periods was as follows:
(in thousands)
Total
Year ending December 31,
2025 (remaining 6 months)$937 
20261,875 
20271,875 
2028313 
2029— 
$5,000 
Goodwill
Changes to the carrying amount of goodwill during the six months ended June 30, 2025 were as follows:
(in thousands)Carrying Amount
Carrying amount as of December 31, 2024$152,351 
Goodwill impairment(18,600)
Carrying amount as of June 30, 2025$133,751 
Accrued expenses and other current liabilities
(in thousands)
June 30, 2025December 31, 2024
Accrued sales incentives$34,121 $53,997 
Accrued liabilities25,866 26,060 
Employee related liabilities (1)
8,692 7,401 
Warranty liabilities5,112 5,930 
Return liability3,473 4,913 
Inventory received660 2,010 
Customer deposits2,452 2,694 
Purchase order commitments1,207 1,504 
Other4,331 6,260 
Accrued expenses and other current liabilities$85,914 $110,769 
(1)    See Note 12 Restructuring charges for amounts associated with restructuring liabilities.
Product warranty
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Beginning balance$5,915 $7,039 $6,207 $8,759 
Charged to cost of revenue2,048 2,528 4,663 4,339 
Settlement of warranty claims(2,610)(3,047)(5,517)(6,578)
Warranty liability$5,353 $6,520 $5,353 $6,520 
As of June 30, 2025 and December 31, 2024, $5.1 million and $5.9 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.2 million and $0.3 million, respectively, was recorded as a component of other long-term liabilities.
Intangible Assets Disclosure
Intangible assets
Useful life
(in months)		June 30, 2025
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(53,566)$5,000 
Domain name15 —15 
Total intangible assets$58,581$(53,566)$5,015

Useful life
(in months)		December 31, 2024
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(52,628)$5,938 
Domain name15 —15 
Total intangible assets$58,581$(52,628)$5,953
Amortization expense was $0.4 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, expected amortization expense of intangible assets with definite lives for future periods was as follows:
(in thousands)
Total
Year ending December 31,
2025 (remaining 6 months)$937 
20261,875 
20271,875 
2028313 
2029— 
$5,000 
v3.25.2
Financing Arrangements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Financing Arrangements
5. Financing arrangements
2021 Credit Facility
In January 2021, the Company entered into a Credit Agreement which provides for a revolving credit facility (2021 Credit Facility) under which the Company may borrow up to an aggregate amount of $50.0 million. In March 2023 and August 2025, the Company amended the 2021 Credit Agreement (collectively, the 2021 Credit Agreement). The 2021 Credit Agreement will terminate, and any outstanding borrowings become due and payable in January 2027.
The amount that may be borrowed under the 2021 Credit Agreement may be based on a customary borrowing base calculation if the Company’s Asset Coverage Ratio is at any time less than 1.50. The Asset Coverage Ratio is defined as the ratio of (i) the sum of (a) the Company’s cash and cash equivalents in the United States plus
specified percentages of other qualified debt investments (Qualified Cash) plus (b) specified percentages of the net book values of the Company’s accounts receivable and certain inventory to (ii) $50.0 million.
Borrowed funds accrue interest at the greater of (i) a per annum rate equal to the base rate plus a margin of from 0.50% to 1.00% depending on the Company’s Asset Coverage Ratio or (ii) a per annum rate equal to the Secured Overnight Financing Rate plus a 10 basis point premium and a margin of from 1.50% to 2.00% depending on the Company’s Asset Coverage Ratio. The Company is required to pay a commitment fee on the unused portion of the 2021 Credit Facility of 0.25% per annum. Amounts owed under the 2021 Credit Agreement are guaranteed by certain of the Company’s United States subsidiaries and secured by a first priority security interest in substantially all of the assets of the Company and certain of its subsidiaries (including intellectual property registrations and applications, which is subject to an intercreditor agreement).
The 2021 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants. The negative covenants include restrictions on the occurrence of liens and indebtedness, certain investments, dividends, stock repurchases, and other matters, all subject to certain exceptions. In addition, the Company is required to maintain Liquidity (the sum of unused availability under the credit facility and the Company’s Qualified Cash) of at least $40.0 million from the date the Company entered into the 2025 Credit Agreement as discussed in Note 13 Subsequent events through October 30, 2025, $45.0 million from October 31, 2025 through November 14, 2025, $50.0 million from November 15, 2025 through November 30, 2025, and $55.0 million from December 1, 2025 through the maturity date (of which at least $40.0 million shall be attributable to Qualified Cash during all periods), or, if the borrowing base is then in effect, minimum unused availability under the credit facility of at least $10.0 million. The 2021 Credit Agreement also includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments and change of control. Upon an event of default, the lender may, subject to customary cure rights, require the immediate payment of all amounts outstanding.
As of June 30, 2025, the Company was in compliance with all financial covenants contained in the 2021 Credit Agreement. There is an outstanding letter of credit under the 2021 Credit Agreement of $5.2 million for certain duty-related requirements which was not collateralized by any cash on hand. In the ordinary course of business, the Company drew $25.0 million from its 2021 Credit Agreement in February 2025 and repaid $20.0 million in June 2025. The Company had $39.8 million available to draw from its 2021 Credit Agreement as of June 30, 2025.
2025 Convertible Notes
In November 2020, the Company issued $143.8 million aggregate principal amount of 1.25% Convertible Senior Notes due 2025 (the 2025 Notes). In November 2023, the Company repurchased $50.0 million in aggregate principal amount of the 2025 Notes in exchange for $46.3 million cash through a single, privately negotiated transaction. The repurchase was accounted for as a debt extinguishment. The carrying value of the portion of the 2025 Notes repurchased was $49.4 million, and the Company recognized a gain on the debt extinguishment of $3.1 million, which was recorded in the fourth quarter of 2023 within other income (expense), net, on the Company’s Condensed Consolidated Statements of Operations.
As of June 30, 2025 and December 31, 2024, the outstanding principal on the 2025 Notes was $93.8 million and $93.8 million, respectively, the unamortized debt issuance cost was $0.3 million and $0.6 million, respectively, and the net carrying amount of the liability was $93.5 million and $93.2 million, respectively, which was recorded as short-term debt within the Condensed Consolidated Balance Sheets. For the three months ended June 30, 2025 and 2024, the Company recorded interest expense of $0.3 million and $0.3 million, respectively, for contractual coupon interest, and $0.1 million and $0.1 million, respectively, for amortization of debt issuance costs. For the six months ended June 30, 2025 and 2024, the Company recorded interest expense of $0.6 million and $0.6 million, respectively, for contractual coupon interest, and $0.3 million and $0.3 million, respectively, for amortization of debt issuance costs. As of June 30, 2025 and December 31, 2024, the effective interest rate, which is calculated as the contractual interest rate adjusted for the debt issuance costs, was 1.0% and 1.9%, respectively.
The remaining 2025 Notes are senior, unsecured obligations of the Company and mature on November 15, 2025, unless earlier repurchased or converted by the holder into shares of Class A common stock under certain
circumstances. Prior to August 15, 2025, the 2025 Notes are convertible at the option of the holder, at an initial conversion rate of 107.1984 shares of Class A common stock per $1,000 principal amount of the 2025 Notes, which is equivalent to an initial conversion price of approximately $9.3285 per share of common stock, subject to adjustment. Conversion will be settled in cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election. If the Company does not elect to settle conversion of the 2025 Notes into cash, shares of the Company’s Class A common stock, or a combination thereof before August 15, 2025, the Company will be deemed to have elected to settle conversion of the 2025 Notes in a combination of cash and shares of the Company’s Class A common stock. The Company pays interest on the 2025 Notes semi-annually in arrears on May 15 and November 15 of each year.
The Company may redeem all or any portion of the 2025 Notes for cash if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the redemption notice, at a redemption price equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued interest and unpaid interest to, but excluding the redemption date. No sinking fund is provided for the 2025 Notes. The indenture includes customary terms and covenants, including certain events of default after which the 2025 Notes may be due and payable immediately.
Holders have the option to convert the 2025 Notes in multiples of a $1,000 principal amount at any time prior to August 15, 2025, but only in the following circumstances:
•during any calendar quarter beginning after the calendar quarter ending on March 31, 2021, if the last reported sale price of Class A common stock for at least 20 trading days (whether or not consecutive) during the last 30 consecutive trading days of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price of the 2025 Notes on each applicable trading day;
•during the five-business day period following any five consecutive trading day period in which the trading price for the 2025 Notes is less than 98% of the product of the last reported sale price of Class A common stock and the conversion rate for the 2025 Notes on each such trading day;
•if the Company calls any or all of the 2025 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately before the redemption date; or
•upon the occurrence of specified corporate events.
At any time on or after August 15, 2025 until the second scheduled trading day immediately preceding the maturity date of the 2025 Notes on November 15, 2025, a holder may convert its 2025 Notes, in multiples of a $1,000 principal amount. Holders of the 2025 Notes who convert their 2025 Notes in connection with a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. In addition, in the event of a fundamental change prior to the maturity date, holders will, subject to certain conditions, have the right, at their option, to require the Company to repurchase for cash all or part of the 2025 Notes at a repurchase price equal to 100% of the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. During the three months ended June 30, 2025, the conditions allowing holders of the 2025 Notes to convert were not met.
In connection with the offering of the 2025 Notes, the Company paid $10.2 million to enter into privately negotiated capped call transactions with certain financial institutions (Capped Calls). The Capped Calls have an initial strike price of $9.3285 per share, which corresponds to the initial conversion price of the 2025 Notes. The Capped Calls cover, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2025 Notes, the number of Class A common stock initially underlying the 2025 Notes. The Capped Calls are generally expected to reduce potential dilution to the Company’s Class A common stock upon any conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2025 Notes, as the case may be, with such reduction and/or offset subject to a cap, initially equal to $12.0925, and is subject to certain adjustments under the terms of the Capped Call transactions. The Capped Calls will expire in November 2025, if not exercised earlier.
The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the
Company, including merger events, tender offers, and announcement events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, insolvency filings and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions and not part of the terms of the 2025 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders’ equity as a reduction to additional paid-in capital and will not be remeasured as long as they continue to meet certain accounting criteria.
v3.25.2
Employee benefit plans
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Compensation and Employee Benefit Plans
7. Employee benefit plans
Equity incentive plans. The Company has outstanding equity grants from four of its five stock-based employee compensation plans: the 2024 Equity Incentive Plan (2024 Plan), the 2014 Equity Incentive Plan (2014 Plan), the 2010 Equity Incentive Plan (2010 Plan), and the 2024 Employee Stock Purchase Plan (2024 ESPP). The 2024 Plan serves as a successor to the 2014 Plan and the 2014 Plan served as successor to the 2010 Plan. The effective date of both the 2024 Plan and the 2024 ESPP was February 15, 2024. The 2014 Plan and the 2014 Employee Stock Purchase Plan (2014 ESPP) each expired on February 15, 2024. The 2014 ESPP plan’s final purchase was on February 15, 2024, and no remaining purchase rights are accrued under this plan. Awards granted under the 2010 and 2014 Plans will continue to be subject to the terms and provisions of the 2010 and 2014 Plans.
The 2024 Plan provides for the granting of incentive and non-qualified stock options, restricted stock awards (RSAs), restricted stock units (RSUs), stock appreciation rights, stock bonus awards (SBAs) and performance awards to qualified employees, non-employee directors and consultants. Options granted under the 2024 Plan generally expire within ten years from the date of grant and generally vest over one to four years. RSUs granted under the 2024 Plan generally vest over two to four years based upon continued service and are settled at vesting in shares of the Company’s Class A common stock. Performance stock units (PSUs) granted under the 2024 Plan generally vest over three years based upon continued service and the Company achieving certain financial and operating targets and are settled at vesting in shares of the Company’s Class A common stock. SBAs granted under the 2024 Plan are generally granted and vested on the same day based on continued service and employees achieving certain performance goals and are settled at vesting in shares of the Company’s Class A common stock. The Company accounts for forfeitures of stock-based payment awards in the period they occur. The 2024 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock through payroll deductions at a price equal to 85% of the lesser of the fair market value of the stock as of the first date or the ending date of each six-month offering period. For additional information regarding the Company’s equity incentive plans, refer to the 2024 Annual Report.
Stock options
A summary of the Company’s stock option activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average exercise price
Weighted-average remaining contractual term (in years)
Aggregate intrinsic value (in thousands)
Outstanding at December 31, 20242,327 $7.43 4.59$— 
Granted— — 
Exercised— — 
Forfeited/Cancelled(137)10.74 
Outstanding at June 30, 20252,190 $7.22 3.24$— 
Vested and expected to vest at June 30, 20252,190 $7.22 3.24$— 
Exercisable at June 30, 20252,037 $7.41 2.89$— 
The aggregate intrinsic value of the stock options outstanding as of June 30, 2025 represents the value of the Company’s closing stock price on June 30, 2025 in excess of the exercise price multiplied by the number of options outstanding.
Restricted stock units
A summary of the Company’s RSU activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202411,243 $3.38 
Granted5,875 0.72 
Vested(2,814)4.27 
Forfeited(1,180)2.78 
Non-vested shares at June 30, 202513,124 $2.05 

Performance stock units
A summary of the Company’s PSU activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2024286 

$6.06 
Granted2,132 0.60 
Vested(127)6.39 
Forfeited(18)5.79 
Non-vested shares at June 30, 20252,273 $0.92 
Employee stock purchase plan. For the six months ended June 30, 2025 and 2024, the Company issued 0.6 million and 0.7 million shares under its employee stock purchase plans, respectively, at weighted-average prices of $0.68 and $2.12 per share, respectively.
Stock-based compensation expense. The Company measures compensation expense for all stock-based payment awards based on the estimated fair values on the date of the grant. The fair value of stock options granted and ESPP issuances is estimated using the Black-Scholes option pricing model. The fair value of RSUs and PSUs are determined using the Company’s closing stock price on the date of grant. The fair value of SBAs is determined using the expected fixed dollar amount that will be settled by issuing shares of the Company’s Class A common stock on the vesting date. There have been no significant changes in the Company’s valuation assumptions from those disclosed in its 2024 Annual Report.
The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Cost of revenue$240 $339 $488 $754 
Research and development2,681 4,016 5,501 8,281 
Sales and marketing935 1,545 1,817 3,289 
General and administrative1,260 1,891 2,680 4,237 
Total stock-based compensation expense$5,116 $7,791 $10,486 $16,561 
Total stock-based compensation expense includes accrued stock bonus expense of $0.6 million and $0.9 million for the three and six months ended June 30, 2025, respectively. Total stock-based compensation expense included no accrued stock bonus expense for the three and six months ended June 30, 2024.
There was no income tax benefit related to stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 due to a full valuation allowance on the Company’s United States net deferred tax assets. See Note 9, Income taxes, for additional details.
As of June 30, 2025, total unearned stock-based compensation of $22.9 million related to stock options, RSUs, PSUs, SBAs and ESPP shares is expected to be recognized over a weighted-average period of 2.03 years
v3.25.2
Net loss per share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Three months ended June 30,Six months ended June 30,
(in thousands, except per share data)2025202420252024
Numerator:
Net loss$(16,422)$(47,821)$(63,131)$(386,909)
Denominator:
Weighted-average common shares - basic and diluted for Class A and Class B common stock157,843 152,502 157,144 151,796 
Basic and diluted net loss per share$(0.10)$(0.31)$(0.40)$(2.55)
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Stock-based awards14,825 16,692 14,617 16,303 
Shares related to convertible senior notes10,050 10,050 10,050 10,050 
Total anti-dilutive securities24,875 26,742 24,667 26,353 
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding. Diluted net income per share adjusts the basic net income per share and the weighted-average number of shares of common stock outstanding for the potentially dilutive impact of the Company’s ESPP and stock awards, using the treasury stock method. The Company calculated the potential dilutive effect of its 2025 Notes under the if-converted method. Under the if-converted method, diluted net income per share was determined by assuming all of the outstanding 2025 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In addition, in periods of net income, interest charges on the 2025 Notes, which includes both coupon interest and amortization of debt issuance costs, were added back to net income on an after-tax effected basis.
The 2025 Notes will mature on November 15, 2025, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances as described further in Note 5 Financing arrangements. Prior to August 15, 2025, the 2025 Notes are convertible at the option of the holder, at an initial conversion rate of 107.1984 shares of Class A common stock per $1,000 principal amount of the 2025 Notes, which is equivalent to an initial conversion price of approximately $9.3285 per share of common stock, subject to adjustment. Conversion will be settled in cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election.
The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. Class A common stock is not convertible into Class B common stock. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock.
v3.25.2
Income taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income taxes
9. Income taxes
The following table provides the income tax expense (benefit) amount:
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2025202420252024
Income tax expense$1,309 $1,333 $2,961 $299,542 
The Company recorded an income tax expense of $1.3 million for the three months ended June 30, 2025 on pre-tax net loss of $15.1 million. The Company’s income tax expense for the three months ended June 30, 2025 primarily resulted from a tax expense of $1.7 million on pre-tax book income in certain tax jurisdictions and discrete items that included $0.4 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by a net decrease in the valuation allowance of $0.4 million, a net income tax benefit on goodwill impairment of $0.3 million, and foreign provision to income tax return adjustments of $0.2 million.
The Company recorded an income tax expense of $3.0 million for the six months ended June 30, 2025 on pre-tax net loss of $60.2 million. The Company’s income tax expense for the six months ended June 30, 2025 primarily
resulted from a tax expense of $3.3 million on pre-tax book income in certain tax jurisdictions and discrete items that included $2.6 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by a net decrease in the valuation allowance of $2.0 million, an income tax benefit of $0.5 million related to restructuring charges, a net tax benefit on goodwill impairment of $0.3 million, and foreign provision to income tax return adjustments of $0.2 million.
Each quarter, the Company assesses the realizability of its deferred tax assets under ASC Topic 740. The Company assesses available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize its deferred tax assets. In the assessment for the period ended June 30, 2025, the Company concluded that it remains more likely than not that its United States federal and state deferred tax assets would not be realizable. The Company will continue to monitor its financial results and future projections to assess the realizability of its deferred tax assets. In the event there is a need to release the valuation allowance, a corresponding tax benefit would be recognized. The Company’s foreign deferred tax assets in each jurisdiction are supported by taxable income or in the case of acquired companies, by the future reversal of deferred tax liabilities. It is more likely than not that the Company’s foreign deferred tax assets will be realized and thus, a valuation allowance is not required on its foreign deferred tax assets.
The Company recorded an income tax expense of $1.3 million for the three months ended June 30, 2024 on pre-tax net loss of $46.5 million. The Company’s income tax expense for the three months ended June 30, 2024 primarily resulted from a tax expense of $1.5 million on pre-tax book income in certain tax jurisdictions, and discrete items that included $0.5 million of nondeductible equity tax expense for employee stock-based compensation and a net increase in the valuation allowance of $0.2 million, partially offset by an income tax benefit of $0.6 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.3 million.
The Company recorded an income tax expense of $299.5 million for the six months ended June 30, 2024 on pre-tax net loss of $87.4 million. The Company’s income tax expense for the six months ended June 30, 2024 primarily resulted from a tax expense of $2.9 million on pre-tax book income in certain tax jurisdictions, and discrete items that included $295.1 million of net tax expense from the valuation allowance on United States federal and state net deferred tax assets, and $3.0 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by an income tax benefit of $1.1 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.4 million.
As of June 30, 2025 and December 31, 2024, the Company’s gross unrecognized tax benefits were $30.6 million and $27.0 million, respectively. If recognized, $13.5 million of these unrecognized tax benefits (net of United States federal benefit) as of June 30, 2025 would reduce income tax expense. A material portion of the Company’s gross unrecognized tax benefits, if recognized, would increase the Company’s net operating loss carryforward, which would be offset by a full valuation allowance based on present circumstances.
The Company conducts business globally and as a result, files income tax returns in the United States and foreign jurisdictions. The Company’s unrecognized tax benefits relate primarily to unresolved matters with taxing authorities. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, the Company believes that its reserves reflect the more likely outcome. The Company believes, primarily due to the statute of limitations expiration, that within the next 12 months, it is possible that up to $2.9 million of uncertain tax positions could be released. It is also reasonably possible that additional uncertain tax positions will be added. It is not reasonably possible at this time to quantify the net effect.
In 2021, the Organization for Economic Co-operation and Development (OECD) established an inclusive framework on base erosion and profit shifting and agreed on a two-pillar solution (Pillar Two) to global taxation, focusing on global profit allocation and a 15% global minimum effective tax rate. On December 15, 2022, the EU member states agreed to implement the OECD’s global minimum tax rate of 15%. The OECD issued Pillar Two model rules and continues to release guidance on these rules. The inclusive framework calls for tax law changes by participating countries to take effect in 2024 and 2025. Various countries have enacted or have announced plans to enact new tax laws to implement the global minimum tax. The Company assessed the impact of Pillar Two and determined that there is no material impact on the provision for income taxes for the three and six
months ended June 30, 2025. The Company will continue to monitor future guidance issued and assess the potential impact on the Company’s condensed consolidated financial statements.
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which new tax legislation is enacted. Consequently, as of the July 4, 2025 date of enactment, the Company will evaluate all deferred tax balances under the newly enacted tax law and identify any other changes required to its Condensed Consolidated Financial Statements as a result of the OBBBA, and the results of such evaluation will be reflected in its disclosures for the period ended September 30, 2025. However, since the Company has a full valuation allowance on its United States federal and state deferred tax assets, the Company does not expect the OBBBA to have a material tax impact on its Condensed Consolidated Financial Statements.
v3.25.2
Commitments, contingencies and guarantees
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies and guarantees
10. Commitments, contingencies, and guarantees
Facility leases. The Company leases its facilities under long-term operating leases, which expire at various dates through 2033.
The components of net lease cost, which were primarily recorded in operating expenses, were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Operating lease cost (1)
$2,343 $2,506 $4,419 $5,306 
Sublease income(723)(649)(1,446)(1,372)
Right-of-use asset impairment cost— 3,276 — 3,276 
Net lease cost$1,620 $5,133 $2,973 $7,210 
(1)    Operating lease costs include immaterial variable lease costs and amounts related to restructuring charges, which are discussed in Note 12 Restructuring charges.

Supplemental cash flow information related to leases was as follows:
Six months ended June 30,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$7,082 $6,941 
Right-of-use assets obtained in exchange for operating lease liabilities1,581 4,801 

Supplemental balance sheet information related to leases was as follows:
June 30, 2025December 31, 2024
Weighted-average remaining lease term (in years) - operating leases2.943.10
Weighted-average discount rate - operating leases6.4%6.3%
As of June 30, 2025, maturities of operating lease liabilities were as follows:
(in thousands)June 30, 2025
2025 (remaining 6 months)$6,365 
202613,758 
20272,711 
20281,301 
2029884 
Thereafter2,918 
Total lease payments27,937 
Less: Imputed interest(2,783)
Present value of lease liabilities$25,154 
Other commitments. In the ordinary course of business, the Company enters into multi-year agreements to purchase sponsorships with event organizers, resorts and athletes as part of its marketing efforts; software licenses related to its financial and IT systems; debt agreements; and various other contractual commitments. As of June 30, 2025, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $196.9 million.
Legal proceedings and investigations. Since 2015, Contour IP Holdings LLC (CIPH) and related entities have filed lawsuits in various federal district courts alleging, among other things, patent infringement in relation to certain GoPro products. Following litigation in federal courts and the United States Patent and Trademark Office, CIPH’s patents were ruled invalid in March 2022. Judgment was then entered in favor of the Company and against CIPH. CIPH later appealed to the Federal Circuit. In September 2024, the Federal Circuit panel reversed the district court ruling. On remand, the district court set a trial date for September 29, 2025.
On March 29, 2024, the Company filed a complaint with the U.S. International Trade Commission (ITC) and a lawsuit in the U.S. District Court for the Central District of California against Arashi Vision Inc., and Arashi Vision (U.S.) LLC, both d/b/a Insta360 (Insta360). The complaint and lawsuit each allege infringement of certain GoPro patents related to the Company’s cameras and digital imaging technology. Insta360 has filed inter partes review (IPR) petitions seeking to challenge the validity of the GoPro patents asserted against Insta360, some of which have been instituted by the Patent Trial and Appeal Board. Insta360 has also filed three patent infringement actions against the Company in China (Jiangsu High Court, Changsha Intermediate Court IP Tribunal, and Shenzhen Intermediate People’s Court), which the Company believes lacks merit and intends to defend against. The ITC held a hearing on GoPro’s complaint in January 2025. On July 10, 2025, a United States Administrative Law Judge (ALJ) of the ITC issued an Initial Determination, finding that Insta360 violated federal law by importing and selling in the United States products that infringe the Company’s intellectual property covering the Company’s iconic HERO camera design. The ALJ also ruled on infringement, validity, and other issues with respect to other patents asserted by the Company, including ruling that some claims of certain patents were not shown to be infringed and some claims of certain patents had been shown to be invalid. The ITC is expected to issue its Final Determination on all the Company’s infringement claims against Insta360 by November 10, 2025.
The Company regularly evaluates the associated developments of the legal proceedings described above, as well as other legal proceedings that arise in the ordinary course of business. While litigation is inherently uncertain, based on the currently available information, the Company is unable to determine a loss or a range of loss, and does not believe the ultimate cost to resolve these matters will have a material adverse effect on its business, financial condition, cash flows or results of operations.
Indemnifications. The Company has entered into indemnification agreements with its directors and executive officers which requires the Company to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. In addition, in the normal course of business, the Company enters into agreements that contain a variety of representations and warranties, and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. It is not possible to determine the maximum potential
amount under these indemnification agreements due to the Company’s limited history with indemnification claims and the unique facts and circumstances involved in each particular agreement. As of June 30, 2025, the Company has not paid any claims, nor has it been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.
v3.25.2
Concentrations of risk and geographic information
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Concentrations of risk and segment information Concentrations of risk and geographic information
Concentration of risk. Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents, marketable securities, accounts receivable, and derivative instruments, including the Capped Calls associated with the 2025 Notes. The Company places cash and cash equivalents with high-credit-quality financial institutions; however, the Company maintains cash balances in excess of the FDIC insurance limits. The Company believes that credit risk for accounts receivable is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within the Company’s expectations. The Company believes its counterparty credit risk related to its derivative instruments is mitigated by transacting with major financial institutions with high credit ratings.
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
June 30, 2025December 31, 2024
Customer A30%26%
Customer B12%*
* Less than 10% of net accounts receivable for the periods indicated.
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Accounts receivable sold$28,575 $19,850 $35,532 $37,492 
Factoring fees544 290 667 526 
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
Customer A19%*15%*
Customer B11%13%14%11%
* Less than 10% of total revenue for the periods indicated.
Supplier concentration. The Company relies on third parties for the supply and manufacture of its hardware products, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its hardware products to its customers on time, if at all. The Company also relies on third parties with whom it outsources supply chain activities related to inventory warehousing, order fulfillment, distribution and other direct sales logistics. In instances where an outsourcing agreement does not exist or these third parties fail to perform their obligations, the Company may be unable to find alternative partners or satisfactorily deliver its hardware products to its customers on time.
Geographic information
Revenue by geographic region, based on ship-to locations, was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Americas$98,780 $88,719 $180,635 $165,316 
Europe, Middle East and Africa (EMEA)35,128 64,490 75,204 116,498 
Asia and Pacific (APAC)18,735 33,015 31,112 59,879 
Total revenue$152,643 $186,224 $286,951 $341,693 
Revenue from the United States, which is included in the Americas geographic region, was $81.6 million and $68.3 million for the three months ended June 30, 2025 and 2024, respectively, and $144.4 million and $124.6 million for the six months ended June 30, 2025 and 2024, respectively. No other individual country exceeded 10% of total revenue for any period presented. The Company does not disclose revenue by product category as it does not track sales incentives and other revenue adjustments by product category to report such data.
As of June 30, 2025 and December 31, 2024, long-lived assets, which represent net property and equipment, located outside the United States, primarily in Hong Kong and mainland China, were $3.8 million and $3.5 million, respectively.
v3.25.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2025
shares
Jun. 30, 2025
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The Company has adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards.
Set forth below is certain information regarding “Rule 10b5-1 trading arrangements” (Rule 10b5-1 trading plans) or a “non-Rule 10b5-1 trading arrangements” (non-Rule 10b5-1 trading plans), each as defined in Regulation S-K Item 408, adopted by our directors and officers (as defined in Rule 16a-1(f)) during the second quarter of fiscal year 2025. The Rule 10b5-1 trading plans listed below are each intended to satisfy the affirmative defense of Rule 10b5-1(c).
NameTitleDate Plan was AdoptedExpiration DateTotal Amount of Class A Common Stock to be Sold Under the PlanTotal Amount of Class B Common Stock to be Sold Under the PlanTotal Amount of Class A & B Common Stock to be Sold Under the Plan
Brian T. McGeeExecutive Vice President, Chief Financial Officer and Chief Operating Officer
5/19/2025(1)
5/19/20271,195,4120
1,195,412(2)
Dean JahnkeSenior Vice President, Global Sales and Channel Marketing
5/20/2025(3)
5/20/2026429,6150
429,615(4)
(1)    On May 19, 2025, Brian T. McGee, the Company’s Executive Vice President, Chief Financial Officer and Chief Operating Officer, entered into a Rule 10b5-1 trading plan (the “McGee 2025 Plan”) which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(2)    The McGee 2025 Plan provides for the sale of up to a maximum of 1,195,412 shares of Class A common stock comprised of shares acquired upon the vesting of restricted stock units and performance-based restricted stock units, previously vested restricted stock units and the exercise of stock options. During the term of the McGee 2025 Plan, all vested shares received pursuant to equity awards granted to Mr. McGee will exclude any shares withheld by the Company to satisfy its income tax withholding and remittance obligations in connection with the net settlement of the equity awards. Performance-based restricted stock units are subject to the satisfaction of certain performance criteria and have a payout range of 0% - 150%. Due to pricing conditions in the McGee 2025 Plan and the vesting conditions of the awards, the number of shares actually sold under the McGee 2025 Plan may be less than the maximum number of shares that can be sold, as noted in the table above. The McGee 2025 Plan will expire on May 19, 2027, or earlier if all transactions under the McGee 2025 Plan are completed.
(3)    On May 20, 2025, Dean Jahnke, the Company’s Senior Vice President, Global Sales and Channel Marketing, entered into a Rule 10b5-1 trading plan (the “Jahnke 2025 Plan”) which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(4)    The Jahnke 2025 Plan provides for the sale of up to a maximum of 429,615 shares of Class A common stock comprised of shares acquired from previously vested restricted stock units, prior purchases under our Employee Stock Purchase Plan (ESPP), and the exercise of stock options. During the term of the Jahnke 2025 Plan, all vested shares received pursuant to equity awards granted to Mr. Jahnke will exclude any shares withheld by the Company to satisfy its income tax withholding and remittance obligations in connection with the net settlement of the equity awards. Performance-based restricted stock units are subject to the satisfaction of certain performance criteria and have a payout range of 0% - 150%. Due to pricing conditions in the Jahnke 2025 Plan and the vesting conditions of the awards, the number of shares actually sold under the Jahnke Plan may be less than the maximum number of shares that can be sold, as noted in the table above. The Jahnke 2025 Plan will expire on May 20, 2026, or earlier if all transactions under the Jahnke 2025 Plan are completed.

No other officers or directors, as defined in Rule 16a-1(f), adopted, modified, or terminated a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading plan during the second quarter ended June 30, 2025.
Brian McGee [Member]    
Trading Arrangements, by Individual    
Name Brian T. McGee  
Title Executive Vice President, Chief Financial Officer and Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 19, 2025  
Expiration Date 5/19/2027  
Aggregate Available 1,195,412 1,195,412
Dean Jahnke [Member]    
Trading Arrangements, by Individual    
Name Dean Jahnke  
Title Senior Vice President, Global Sales and Channel Marketing  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 20, 2025  
Expiration Date 5/20/2026  
Aggregate Available 429,615 429,615
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 6 Months Ended
Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes Integrated [Text Block]
Our periodic assessment and testing of policies, standards, processes, and practices that are designed to address cybersecurity threats and incidents include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing, simulated attacks and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits, and independent reviews of our information security control environment and operating effectiveness.
We also actively engage with key vendors, industry participants, and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures. We regularly train all employees on cybersecurity risks, such as phishing attacks, and employees are required to acknowledge our cybersecurity policy annually through our Code of Conduct.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Chief Information Security Officer (CISO) oversees our information security program and is responsible for leading and implementing, with a cross functional team, our cybersecurity strategy, policy, architecture, and risk management processes. Our CISO has over 20 years of experience in cybersecurity, serving as a security consultant to Fortune 100 companies, and a subject matter expert in computer forensics to law firms and U.S. Government agencies.
The Audit Committee of our board of directors (Audit Committee) has oversight responsibility for our cybersecurity program and reviews with management the Company’s policies and procedures for identifying, assessing, managing, and monitoring information security and cybersecurity risks.
The CISO provides regular updates to the Audit Committee on cybersecurity and other risks relevant to our information technology environment, including developments in the cybersecurity space and evolving standards, the results of periodic exercises and response readiness assessments and we adjust our cybersecurity policies, standards, processes, and practices as necessary based on the information provided by these assessments, audits, and reviews. Our cybersecurity program is regularly evaluated by internal and external experts with the results of those reviews reported to senior management and the Audit Committee.
v3.25.2
Summary of business and significant accounting policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for financial information set forth in the Accounting Standards Codification (ASC), as published by the Financial Accounting Standards Board (FASB), and with the applicable rules and regulations of the Securities and Exchange Commission (SEC). The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, and September 30.
The condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, that management believes are necessary for the fair statement of the Company's financial statements, but are not necessarily indicative of the results expected in future periods. The Condensed Consolidated Balance Sheet as of December 31, 2024 has been derived from the audited financial statements at that date, but does not include all the disclosures required by GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report). There have been no material changes in the Company’s critical accounting policies and estimates from those disclosed in its 2024 Annual Report, except for estimates used in the Company’s goodwill impairment analysis.
Principles of consolidation
Principles of consolidation. These condensed consolidated financial statements include all the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
Use of estimates. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the Company’s condensed consolidated financial statements and accompanying notes. Significant estimates and assumptions made by management include those related to revenue recognition and the allocation of the transaction price (including sales incentives, sales returns and implied post contract support), inventory valuation, product warranty liabilities, the valuation, impairment and useful lives of long-lived assets (property and equipment, operating lease right-of-use assets, intangible assets and goodwill), fair value of convertible senior notes, and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from management’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Comprehensive income (loss) Comprehensive income (loss). For all periods presented, comprehensive income (loss) approximated net income (loss). Therefore, the Condensed Consolidated Statements of Comprehensive Income (Loss) have been omitted
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy
Impairment of goodwill. The Company performs an annual assessment of its goodwill during the fourth quarter of each calendar year, or more frequently if indicators of potential impairment exist, such as an adverse change in business climate, declines in market capitalization or a decline in the overall industry demand, that would indicate it is more likely than not that the fair value of its single reporting unit is less than its carrying value. If the Company determines that it is more likely than not that the fair value of its single reporting unit is less than the carrying value, the Company measures the amount of impairment as the amount the carrying value of its single reporting unit exceeds the fair value, up to the carrying value of goodwill, by using a discounted cash flow method and market approach method.
In the first quarter of 2025, the Company’s market capitalization declined 38% from December 31, 2024, in part due to recent tariff and geopolitical events, resulting in the Company’s market capitalization no longer exceeding the carrying value of its single reporting unit as of March 31, 2025. As a result, the Company performed a quantitative goodwill impairment analysis and estimated the fair value of its single reporting unit utilizing the income approach using a discounted future cash flow model and a market approach. The analysis required estimates which consist of significant judgment related to the estimation of future cash flow and discount rates. The analysis was dependent on internal forecasts and profitability measures as well as certain unobservable Level 3 inputs such as the estimation of long-term revenue growth rates, terminal growth rates, and determination of the discount rate. As a result of the quantitative impairment test, the Company concluded that the carrying value of its single reporting unit exceeded its fair value, resulting in the recognition of a $18.6 million goodwill impairment charge in the first quarter of 2025. There was no goodwill impairment charge recorded in 2024.
In the second quarter of 2025, the Company’s market capitalization increased 15% from March 31, 2025, and as such, the Company does not believe that it is more likely than not that the fair value of its single reporting unit is less than the carrying value as of June 30, 2025. Using the market capitalization approach, the fair value of its single reporting unit is estimated based on the trading price of its stock at the test date, which is further adjusted by an acquisition control premium representing the synergies a market participant would obtain when obtaining control of the business. As of June 30, 2025, the market capitalization exceeded the carrying value of the Company’s single reporting unit by 18%, which was not adjusted for an acquisition control premium which would further increase the percentage the fair value exceeded the carrying value. The Company has not identified other impairment triggering events.
The estimated fair value of the Company’s single reporting unit is sensitive to the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s June 30, 2025 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 14%, which is not adjusted for an acquisition control premium. If the Company's market capitalization declines or future performance falls below the Company’s current expectations, assumptions, or estimates, including assumptions related to current macroeconomic uncertainties, this may trigger a future material non-cash goodwill impairment charge, which could have a material adverse effect on the Company’s business, financial condition, and results of operations in the reporting period in which a charge would be necessary. The Company will continue to monitor developments, including updates to the Company’s forecasts and market capitalization. An update of the Company’s assessment and related estimates may be required in the future.
Revenue recognition
Revenue recognition. The Company derives substantially all of its revenue from the sale of cameras, mounts, accessories, subscription and service, and implied post contract support to customers. The transaction price recognized as revenue represents the consideration the Company expects to be entitled to and is primarily comprised of product revenue, net of returns and variable consideration, which includes sales incentives provided to customers.
The Company’s camera sales contain multiple performance obligations that can include the following four separate obligations: (i) a camera hardware component (which may be bundled with hardware accessories) and the embedded firmware essential to the functionality of the camera component delivered at the time of sale, (ii) a subscription and service, (iii) the implied right for the customer to receive post contract support after the initial sale (PCS), and (iv) the implicit right to the Company’s downloadable free apps and software solutions. The Company’s PCS includes the right to receive, on a when and if available basis, future unspecified firmware upgrades and features as well as bug fixes, and email, chat, and telephone support.
The Company recognizes revenue from its sales arrangements when control of the promised goods or services are transferred to its customers, in an amount that reflects the amount of consideration expected to be received in exchange for the transferred goods or services. For the sale of hardware products, including related firmware and free software solutions, revenue is recognized when transfer of control occurs at a point in time, which generally is at the time the hardware product is shipped and collection is considered probable. For customers who purchase hardware products directly from GoPro.com, the Company retains a portion of the risk of loss on these sales during transit, which are accounted for as fulfillment costs. For PCS, revenue is recognized ratably over 24 months, which represents the estimated period PCS is expected to be provided based on historical experience.
The Company’s subscription and service revenue is recognized primarily from its Premium+, Premium, and Quik subscription offerings and is recognized ratably over the subscription term, with any payments received in advance of services rendered recorded as deferred revenue. The Company launched its Premium+ subscription in February 2024, which includes cloud storage up to 500 gigabytes (GB) of non-GoPro content, access to GoPro’s HyperSmooth Pro video stabilization software, and the features included in the Premium subscription. The Company’s Premium subscription offers a range of services, including unlimited cloud storage of GoPro content supporting source video and photo quality, damaged camera replacement, cloud storage up to 25 GB of non-GoPro content, highlight videos automatically delivered via the Company’s mobile app when GoPro camera footage is uploaded to a GoPro cloud account using Auto Upload, access to a high-quality live streaming service on GoPro.com as well as discounts on GoPro cameras, gear, mounts, and accessories. The Company also offers the Quik subscription that provides access to a suite of simple single-clip and multi-clip editing tools. Subscription and service revenue was $26.2 million, or 17.2%, of total revenue for the three months ended June 30, 2025 and
$26.3 million, or 14.1%, of total revenue for the three months ended June 30, 2024. Subscription and service revenue was $53.1 million, or 18.5%, of total revenue for the six months ended June 30, 2025, and $52.2 million, or 15.3%, of total revenue for the six months ended June 30, 2024.
For the Company’s camera sale arrangements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells its hardware products, and subscription and service. If a standalone selling price is not directly observable, then the Company estimates the standalone selling prices considering market conditions and entity-specific factors. For example, the standalone selling price for PCS is determined based on a cost-plus approach, which incorporates the level of support provided to customers, estimated costs to provide such support, and the amount of time and costs that are allocated to efforts to develop the undelivered elements.
The Company’s standard terms and conditions of sale for non-web-based sales do not allow for product returns other than under warranty. However, the Company grants limited rights of return, primarily to certain large retailers. The Company reduces revenue and cost of sales for the estimated returns based on analyses of historical return trends by customer class and other factors. An estimated return liability along with a right to recover assets are recorded for future product returns. Return trends are influenced by product life cycles, new product introductions, market acceptance of products, product sell-through, the type of customer, seasonality, and other factors. Return rates may fluctuate over time but are sufficiently predictable to allow the Company to estimate expected future product returns.
The Company provides sales commissions to internal and external sales representatives which are earned in the period in which revenue is recognized. As a result, the Company expenses sales commissions as incurred.
Deferred revenue as of June 30, 2025 and December 31, 2024 includes amounts related to the Company’s subscriptions and PCS. The Company’s short-term and long-term deferred revenue balances totaled $54.4 million and $58.3 million as of June 30, 2025 and December 31, 2024, respectively. Of the deferred revenue balance as of December 31, 2024 and 2023, the Company recognized $16.7 million and $16.7 million of revenue during the three months ended June 30, 2025 and 2024, respectively, and $39.7 million and $39.4 million of revenue during the six months ended June 30, 2025 and 2024, respectively. Of the deferred revenue balance as of March 31, 2025 and 2024, the Company recognized $22.9 million and $23.2 million of revenue during the three months ended June 30, 2025 and 2024, respectively.
Revenue Recognition, Incentives
Sales incentives. The Company offers sales incentives through various programs, including cooperative advertising, price protection, marketing development funds, and other incentives. Sales incentives are considered to be variable consideration, which the Company estimates and records as a reduction to revenue at the date of sale. The Company estimates sales incentives based on historical experience, product sell-through, and other factors.
Income Tax, Policy
Income taxes. The Company utilizes the asset and liability method for computing its income tax provision, under which, deferred tax assets and liabilities are recognized for the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates. The Company makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income in each tax jurisdiction and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. In the first quarter of 2024, the Company provided a valuation allowance of $294.9 million on United States federal and state deferred tax assets. As of June 30, 2025, the Company intends to continue to maintain a full valuation allowance on its United States federal and state deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits are recognized within income tax expense.
Segment information
Segment information. The Company operates as one operating segment as it only reports financial information on an aggregated and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker (CODM). The CODM assesses performance of the Company’s one operating segment and decides how to allocate resources based on net income (loss), which is also reported on the Condensed Consolidated Statements of Operations as net income (loss). The CODM regularly compares net income (loss) against forecast and prior periods when deciding which areas of the business to allocate resources. The significant expense categories within net income (loss) that the CODM regularly reviews are cost of revenue and operating expenses, which consists of three main subcategories: research and development, sales and marketing, and general and administrative. All significant expense categories and subcategories are reported on the Condensed Consolidated Statements of Operations. Other items included in net income (loss) but are excluded from the significant expense categories include interest expense, other income (expense), net, and income tax expense (benefit), all of which are also reported on the Condensed Consolidated Statements of Operations. Interest income, which is included in other income (expense), net was $0.5 million and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 million and $3.0 million for the six months ended June 30, 2025 and 2024, respectively.
Business Combination
Business Acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that once control of a business is obtained, 100% of the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Acquisition-related expenses including transaction and integration costs are expensed as incurred. The Company uses various models to determine the value of assets acquired such as the cost method. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may be considered to have indefinite useful lives.
Liquidity
Liquidity. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. In the six months ended June 30, 2025, the Company’s performance continued to be impacted by consumer related-macroeconomic issues resulting in a softer global consumer market, an increasingly global competitive landscape and the delay of the Company’s next generation 360-camera. During the six months ended June 30, 2025, revenue declined 16.0% from the prior year period, which resulted in operating losses of $59.2 million and operating cash outflows of $48.4 million. As of June 30, 2025, the Company had $58.6 million in cash and cash equivalents and an accumulated deficit of $744.7 million. The 2025 Notes with an outstanding principal of $93.8 million mature on November 15, 2025, unless earlier repurchased or converted at the option of the holder into shares of the Company’s Class A common stock under certain circumstances. In the ordinary course of business, the Company drew $25.0 million from its 2021
Credit Agreement in February 2025 and repaid $20.0 million in June 2025. The Company had $39.8 million available to draw from its 2021 Credit Agreement as of June 30, 2025.
The Company has considered and assessed its ability to continue as a going concern for at least 12 months from the issuance of these condensed consolidated financial statements. The Company’s assessment included the preparation of a cash flow forecast taking into account the restructuring actions already implemented in 2024 and the 2025 Credit Agreement, as discussed in Note 13 Subsequent events, which provided $50.0 million in August 2025. The Company considered additional actions within its control that it would implement, if necessary, to maintain liquidity and operations in the ordinary course of business, including payment of the 2025 Notes upon maturity. The 2025 operational plan is structured to i) realize the savings in wages and benefits from the headcount reductions as part of the 2024 restructuring plans; ii) lower research and development costs from the completion of a next generation system-on-chip and rationalized product roadmap, and the reduction of sales and marketing expenses to a reduced level consistent with the business size; and iii) effectively manage working capital, specifically, the Company’s intention to manage inventory levels to better align with its current run rates and seasonality of the business and the Company’s intention to continue to effectively manage the collection of accounts receivables.
The Company estimates such actions will be sufficient to allow it to maintain liquidity and operations in the ordinary course, including payment of the 2025 Notes upon maturity on November 15, 2025, for at least 12 months from the issuance of these condensed consolidated financial statements. While the Company estimates such actions will be sufficient to allow it to maintain liquidity and operations in the ordinary course for at least 12 months from the issuance of these condensed consolidated financial statements, there can be no assurance the Company will generate sufficient future cash from operations. Factors that can impact the Company’s future cash generation include, but are not limited to, further inflation, rising interest rates, tariffs, ongoing recessionary conditions and continued competition. If the Company is not successful in maintaining demand for its products, or if macroeconomic conditions further constrain consumer demand, the Company may continue to experience adverse impacts to revenue and profitability. Additional actions within the Company’s control to maintain liquidity and operations include further reducing discretionary spending in all areas of the business and further headcount restructuring actions. In addition, the Company may need additional financing to execute on its current or future business strategy, and additional financing may not be available or on terms favorable to the Company.
v3.25.2
Equity (Policies)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity, Policy
6. Stockholders’ equity
Stock Repurchase Program. On January 27, 2022, the Company’s board of directors authorized the repurchase of up to $100.0 million of its Class A common stock, and on February 9, 2023, the Company’s board of directors authorized the repurchase of an additional $40.0 million of its Class A common stock. Stock repurchases under the program may be made periodically using a variety of methods, including without limitation, open market purchases, block trades or otherwise in compliance with all federal and state securities laws and state corporate law and in accordance with the single broker, timing, price, and volume guidelines set forth in Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as such guidelines may be modified by the SEC from time to time. This stock repurchase program has no time limit and may be modified, suspended, or discontinued at any time. The Company currently intends to hold its repurchased shares as treasury stock.
As of June 30, 2025, the remaining amount of share repurchases under the program was $60.4 million. The Company did not repurchase any shares during the three and six months ended June 30, 2025 and 2024.
v3.25.2
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The Company’s assets that are measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows:
June 30, 2025December 31, 2024
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$40,022 $— $40,022 $42,436 $— $42,436 
Total cash equivalents$40,022 $— $40,022 $42,436 $— $42,436 
(1)    Included in cash and cash equivalents in the accompanying Condensed Consolidated Balance Sheets. Cash balances were $18.5 million and $60.4 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Condensed consolidated financial statement details (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory
(in thousands)
June 30, 2025December 31, 2024
Components
$6,518 $19,407 
Finished goods
77,964 101,309 
Total inventory$84,482 $120,716 
Property, Plant and Equipment
Property and equipment, net
(in thousands)
June 30, 2025December 31, 2024
Leasehold improvements$24,014 $23,996 
Production, engineering, and other equipment36,350 38,018 
Tooling6,916 6,810 
Computers and software11,612 12,574 
Furniture and office equipment3,579 3,763 
Tradeshow equipment and other1,424 1,424 
Construction in progress843 156 
Gross property and equipment84,738 86,741 
Less: Accumulated depreciation and amortization(76,947)(78,045)
Property and equipment, net$7,791 $8,696 
Schedule of Other Assets
Other long-term assets
(in thousands)
June 30, 2025December 31, 2024
Point of purchase (POP) displays$12,655 $14,715 
Deposits and other10,374 7,550 
Intangible assets, net5,015 5,953 
Long-term deferred tax assets686 765 
Other long-term assets$28,730 $28,983 
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities
(in thousands)
June 30, 2025December 31, 2024
Accrued sales incentives$34,121 $53,997 
Accrued liabilities25,866 26,060 
Employee related liabilities (1)
8,692 7,401 
Warranty liabilities5,112 5,930 
Return liability3,473 4,913 
Inventory received660 2,010 
Customer deposits2,452 2,694 
Purchase order commitments1,207 1,504 
Other4,331 6,260 
Accrued expenses and other current liabilities$85,914 $110,769 
Schedule of Product Warranty Liability
Product warranty
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Beginning balance$5,915 $7,039 $6,207 $8,759 
Charged to cost of revenue2,048 2,528 4,663 4,339 
Settlement of warranty claims(2,610)(3,047)(5,517)(6,578)
Warranty liability$5,353 $6,520 $5,353 $6,520 
As of June 30, 2025 and December 31, 2024, $5.1 million and $5.9 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.2 million and $0.3 million, respectively, was recorded as a component of other long-term liabilities.
Schedule of Goodwill
Changes to the carrying amount of goodwill during the six months ended June 30, 2025 were as follows:
(in thousands)Carrying Amount
Carrying amount as of December 31, 2024$152,351 
Goodwill impairment(18,600)
Carrying amount as of June 30, 2025$133,751 
v3.25.2
Employee benefit plans (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
schedule of share-based compensation, Performance Stock Units Award Activity [Table Text Block]
A summary of the Company’s PSU activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2024286 

$6.06 
Granted2,132 0.60 
Vested(127)6.39 
Forfeited(18)5.79 
Non-vested shares at June 30, 20252,273 $0.92 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average exercise price
Weighted-average remaining contractual term (in years)
Aggregate intrinsic value (in thousands)
Outstanding at December 31, 20242,327 $7.43 4.59$— 
Granted— — 
Exercised— — 
Forfeited/Cancelled(137)10.74 
Outstanding at June 30, 20252,190 $7.22 3.24$— 
Vested and expected to vest at June 30, 20252,190 $7.22 3.24$— 
Exercisable at June 30, 20252,037 $7.41 2.89$— 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the Company’s RSU activity for the six months ended June 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202411,243 $3.38 
Granted5,875 0.72 
Vested(2,814)4.27 
Forfeited(1,180)2.78 
Non-vested shares at June 30, 202513,124 $2.05 
Allocation of Stock-based Compensation Expense
The following table summarizes stock-based compensation expense included in the Condensed Consolidated Statements of Operations:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Cost of revenue$240 $339 $488 $754 
Research and development2,681 4,016 5,501 8,281 
Sales and marketing935 1,545 1,817 3,289 
General and administrative1,260 1,891 2,680 4,237 
Total stock-based compensation expense$5,116 $7,791 $10,486 $16,561 
Total stock-based compensation expense includes accrued stock bonus expense of $0.6 million and $0.9 million for the three and six months ended June 30, 2025, respectively. Total stock-based compensation expense included no accrued stock bonus expense for the three and six months ended June 30, 2024.
v3.25.2
Net loss per share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income per Share, Basic and Diluted
8. Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Three months ended June 30,Six months ended June 30,
(in thousands, except per share data)2025202420252024
Numerator:
Net loss$(16,422)$(47,821)$(63,131)$(386,909)
Denominator:
Weighted-average common shares - basic and diluted for Class A and Class B common stock157,843 152,502 157,144 151,796 
Basic and diluted net loss per share$(0.10)$(0.31)$(0.40)$(2.55)
Schedule of Antidilutive Securities Excluded from Computation of Net Income per Share
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Stock-based awards14,825 16,692 14,617 16,303 
Shares related to convertible senior notes10,050 10,050 10,050 10,050 
Total anti-dilutive securities24,875 26,742 24,667 26,353 
v3.25.2
Income taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following table provides the income tax expense (benefit) amount:
Three months ended June 30,Six months ended June 30,
(dollars in thousands)2025202420252024
Income tax expense$1,309 $1,333 $2,961 $299,542 
v3.25.2
Commitments, contingencies and guarantees (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Components of Lease Expense [Text Block]
The components of net lease cost, which were primarily recorded in operating expenses, were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Operating lease cost (1)
$2,343 $2,506 $4,419 $5,306 
Sublease income(723)(649)(1,446)(1,372)
Right-of-use asset impairment cost— 3,276 — 3,276 
Net lease cost$1,620 $5,133 $2,973 $7,210 
(1)    Operating lease costs include immaterial variable lease costs and amounts related to restructuring charges, which are discussed in Note 12 Restructuring charges.

Supplemental cash flow information related to leases was as follows:
Six months ended June 30,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$7,082 $6,941 
Right-of-use assets obtained in exchange for operating lease liabilities1,581 4,801 

Supplemental balance sheet information related to leases was as follows:
June 30, 2025December 31, 2024
Weighted-average remaining lease term (in years) - operating leases2.943.10
Weighted-average discount rate - operating leases6.4%6.3%
Schedule of Maturities of Lease Liabilities [Text Block]
As of June 30, 2025, maturities of operating lease liabilities were as follows:
(in thousands)June 30, 2025
2025 (remaining 6 months)$6,365 
202613,758 
20272,711 
20281,301 
2029884 
Thereafter2,918 
Total lease payments27,937 
Less: Imputed interest(2,783)
Present value of lease liabilities$25,154 
v3.25.2
Concentrations of risk and geographic information (Tables)
 6 Months Ended
Jun. 30, 2025
Concentration Risk [Line Items]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Accounts receivable sold$28,575 $19,850 $35,532 $37,492 
Factoring fees544 290 667 526 
Schedule of Revenue by Geographic Region
Revenue by geographic region, based on ship-to locations, was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)
2025202420252024
Americas$98,780 $88,719 $180,635 $165,316 
Europe, Middle East and Africa (EMEA)35,128 64,490 75,204 116,498 
Asia and Pacific (APAC)18,735 33,015 31,112 59,879 
Total revenue$152,643 $186,224 $286,951 $341,693 
Accounts Receivable [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
June 30, 2025December 31, 2024
Customer A30%26%
Customer B12%*
Sales Revenue [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
Customer A19%*15%*
Customer B11%13%14%11%
v3.25.2
Summary of business and significant accounting policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 20, 2023
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Feb. 28, 2025
Dec. 31, 2024
Nov. 24, 2020
Property, Plant and Equipment [Line Items]                  
Operating Lease, Impairment Loss   $ 0   $ 3,276 $ 0 $ 3,276      
Contract with Customer, Liability   54,400     54,400     $ 58,300  
Deferred Revenue, Revenue Recognized   16,700   16,700 39,700 39,400      
Accumulated deficit   (744,738)     (744,738)     (681,607)  
Product Warranty Liability [Line Items]                  
Gain (Loss) on Extinguishment of Debt $ 3,100                
Revenues   152,643   186,224 286,951 341,693      
Cash and cash equivalents   58,571   133,036 58,571 133,036   102,811  
Policy Text Block [Abstract]                  
Interest Income, Other   $ 500   1,000 1,100 3,000      
RevenueIncreaseDecrease   (16.00%)              
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation         (48,434) (97,798)      
Deferred Revenue, Revenue Recognized   $ 22,900   23,200          
Gain (Loss) on Extinguishment of Debt $ 3,100                
Revenues   152,643   186,224 286,951 341,693      
Cash and cash equivalents   $ 58,571   133,036 $ 58,571 133,036   $ 102,811  
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount   18.00%     18.00%        
Cash, Cash Equivalents, and Short-Term Investments   $ 58,571     $ 58,571        
Market Capitalization, Percentage Increase/Decrease   15.00% 38.00%            
Goodwill, Impairment Loss   $ 0   0 18,600 0      
Repayments of Lines of Credit         $ 20,000 0      
Market Capitalization Sensitivity   14.00%     14.00%        
2021 Credit Facility [Member]                  
Policy Text Block [Abstract]                  
Line of Credit, Current             $ 25,000    
Repayments of Lines of Credit         $ 20,000        
Convertible Senior Notes due 2025 [Member]                  
Property, Plant and Equipment [Line Items]                  
Debt Instrument                 $ 143,800
Policy Text Block [Abstract]                  
Debt Instrument, Issued, Principal   $ 93,800              
Subscription and Service Revenue                  
Product Warranty Liability [Line Items]                  
Revenue from Contract with Customer, Excluding Assessed Tax   26,200   26,300 53,100 52,200      
Policy Text Block [Abstract]                  
Revenue from Contract with Customer, Excluding Assessed Tax   $ 26,200   $ 26,300 $ 53,100 $ 52,200      
Subscription and Service Revenue | Revenue from Contract with Customer Benchmark | Product Concentration Risk                  
Product Warranty Liability [Line Items]                  
Concentration risk   17.20%   14.10% 18.50% 15.30%      
Policy Text Block [Abstract]                  
Concentration risk   17.20%   14.10% 18.50% 15.30%      
Convertible Senior Notes due 2025 [Member]                  
Property, Plant and Equipment [Line Items]                  
Interest rate                 1.25%
v3.25.2
Business Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 27, 2024
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Business Combination [Line Items]            
Identifiable intangible assets $ 7,500          
Goodwill 5,900 $ 133,751       $ 152,351
Allocated share-based compensation expense   $ 4,478 $ 5,143 $ 7,791 $ 8,770  
forcite            
Business Combination [Line Items]            
Business Combination, Consideration Transferred $ 14,000          
v3.25.2
Fair value measurements (Details) - USD ($)
$ in Thousands
Nov. 20, 2023
Jun. 30, 2025
Dec. 31, 2024
Nov. 24, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash   $ 18,500 $ 60,400  
Repayments of Convertible Debt $ 50,000      
Convertible Senior Notes due 2025 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt Instrument       $ 143,800
Level 2 [Member] | Convertible Senior Notes due 2025 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of convertible senior notes   82,500 82,500  
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   40,022 42,436  
Fair Value, Recurring [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   40,022 42,436  
Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   40,022 42,436  
Fair Value, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   40,022 42,436  
Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   0 0  
Fair Value, Recurring [Member] | Level 2 [Member] | Money Market Funds [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Cash and Cash Equivalents   $ 0 $ 0  
v3.25.2
Condensed consolidated financial statement details - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Cash and Cash Equivalents [Line Items]      
Cash $ 18,500 $ 60,400  
Cash and cash equivalents $ 58,571 $ 102,811 $ 133,036
v3.25.2
Condensed consolidated financial statement details - Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 6,518 $ 19,407
Finished goods 77,964 101,309
Total inventory $ 84,482 $ 120,716
v3.25.2
Condensed consolidated financial statement details - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]          
Gross property and equipment $ 84,738   $ 84,738   $ 86,741
Less: Accumulated depreciation and amortization (76,947)   (76,947)   (78,045)
Property and equipment, net 7,791   7,791   8,696
Depreciation 1,300 $ 1,100 2,500 $ 2,300  
Leasehold Improvements [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 24,014   24,014   23,996
Production, engineering and other equipment [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 36,350   36,350   38,018
Tooling [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 6,916   6,916   6,810
Computers and software [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 11,612   11,612   12,574
Furniture and office equipment [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 3,579   3,579   3,763
Tradeshow Equipment and other [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 1,424   1,424   1,424
Construction in Progress [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment $ 843   $ 843   $ 156
v3.25.2
Condensed consolidated financial statement details - Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Feb. 27, 2024
Finite-Lived Intangible Assets, Net [Abstract]            
Finite-Lived Intangible Assets, Gross $ 58,566   $ 58,566   $ 58,566  
Finite-Lived Intangible Assets, Accumulated Amortization (53,566)   (53,566)   (52,628)  
Finite-Lived Intangible Assets, Net, Total 5,000   5,000   5,938  
Intangible Assets, Gross (Excluding Goodwill) 58,581   58,581   58,581  
Intangible assets, net 5,015   5,015   5,953  
Indefinite-lived Intangible Assets [Roll Forward]            
Amortization of intangible assets 400 $ 400 900 $ 600    
Goodwill 133,751   133,751   152,351 $ 5,900
Indefinite-Lived Trademarks $ 15   $ 15   $ 15  
v3.25.2
Condensed consolidated financial statement details - Future Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finite-Lived Intangible Assets, Net $ 5,000 $ 5,938
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net 5,000 $ 5,938
Intangibles, Total    
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finite-Lived Intangible Asset, Expected Amortization, Year Two 1,875  
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Expected Amortization, Year Two 1,875  
Finite-Lived Intangible Assets, Amortization Expense, Year Three 1,875  
Finite-Lived Intangible Asset, Expected Amortization, Year Four 313  
Finite-Lived Intangible Asset, Expected Amortization, Year Five 0  
2020 $ 937  
v3.25.2
Condensed consolidated financial statement details - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Feb. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]            
Goodwill $ 133,751   $ 133,751   $ 152,351 $ 5,900
Goodwill, Impairment Loss $ 0 $ 0 $ (18,600) $ 0    
v3.25.2
Condensed consolidated financial statement details - Other Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
POP Displays $ 12,655   $ 12,655   $ 14,715
Deposits and other 10,374   10,374   7,550
Other long-term assets 28,730   28,730   28,983
Amortization of intangible assets 400 $ 400 900 $ 600  
Amortization 1,800 1,200 3,500 2,100  
Intangible Assets, Net (Excluding Goodwill) 5,015   5,015   5,953
Deferred Income Taxes and Other Assets, Noncurrent 686   686   $ 765
Segment, Expenditure, Addition to Long-Lived Assets $ 500 $ 900 $ 1,400 $ 6,800  
v3.25.2
Condensed consolidated financial statement details - Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Beginning balances $ 5,915 $ 7,039 $ 6,207 $ 8,759  
Charged to cost of revenue 2,048 2,528 4,663 4,339  
Settlements of warranty claims (2,610) (3,047) (5,517) (6,578)  
Ending balances 5,353 $ 6,520 5,353 $ 6,520  
Product Warranty Accrual, Noncurrent 200   200   $ 300
Product Warranty Accrual, Current $ 5,112   $ 5,112   $ 5,930
v3.25.2
Condensed consolidated financial statement details - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product Warranty Accrual, Current $ 5,112 $ 5,930
Employee related liabilities 8,692 7,401
Accrued sales incentives 34,121 53,997
Other Accounts Payable and Accrued Liabilities 25,866 26,060
Customer Refund Liability, Current 3,473 4,913
Customer deposits 2,452 2,694
Purchase Commitment, Remaining Minimum Amount Committed 1,207 1,504
Inventory received 660 2,010
Other 4,331 6,260
Accrued expenses and other current liabilities $ 85,914 $ 110,769
v3.25.2
Financing Arrangements (Details)
 3 Months Ended 6 Months Ended
Nov. 20, 2023
USD ($)
Nov. 24, 2020
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]              
Operating Lease, Impairment Loss     $ 0 $ 3,276,000 $ 0 $ 3,276,000  
Debt Instrument, Covenant Compliance, Asset Coverage Ratio     1.50   1.50    
Adjustments to Additional Paid in Capital, Capped Call Option, Issuance Costs   $ 10,200,000          
Option Indexed To Issuers Equity, cap price   12.0925          
Gain (Loss) on Extinguishment of Debt $ 3,100,000            
Debt Instrument, Repurchase Amount 46,300,000            
Debt Instrument, Repurchased Face Amount $ 49,400,000            
Short-term Debt     $ 98,518,000   $ 98,518,000   $ 93,208,000
Letters of Credit Outstanding, Amount     5,200,000   5,200,000    
Repayments of Lines of Credit         20,000,000 0  
Convertible Senior Notes due 2025 [Member]              
Line of Credit Facility [Line Items]              
Debt Instrument   $ 143,800,000          
Convertible Debt Principal Amount Conversion     $ 93,800,000   $ 93,800,000   $ 93,800,000
Effective rate     1.00%   1.00%    
Interest Expense, Debt     $ 300,000 300,000 $ 600,000    
Amortization of Debt Issuance Costs     100,000 $ 100,000 300,000    
Short-term Debt     93,500,000   93,500,000    
2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Repayments of Lines of Credit         20,000,000.0    
2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Credit agreement, current borrowing capacity     50,000,000.0   50,000,000.0    
Minimum Fixed Charge Coverage Ratio, minimum balance         10,000,000.0    
Line of Credit Facility, Unused Capacity, Qualified Cash         40,000,000.0    
Line of Credit Facility, Remaining Borrowing Capacity     39,800,000   39,800,000    
Line of Credit Facility, Remaining Borrowing Capacity     $ 39,800,000   39,800,000    
2021 Credit Facility [Member] | August 4, 2025 - October 30, 2025              
Line of Credit Facility [Line Items]              
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount         40,000,000.0    
2021 Credit Facility [Member] | October 31, 2025 - November 14, 2025              
Line of Credit Facility [Line Items]              
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount         45,000,000.0    
2021 Credit Facility [Member] | November 15, 2025 - November 30, 2025              
Line of Credit Facility [Line Items]              
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount         50,000,000.0    
2021 Credit Facility [Member] | December 1, 2025 - Thereafter              
Line of Credit Facility [Line Items]              
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount         55,000,000.0    
Convertible Senior Notes due 2025 [Member]              
Line of Credit Facility [Line Items]              
Interest rate   1.25%          
Debt Instrument, Convertible, Conversion Ratio   107.1984          
Convertible Debt Principal Amount Conversion   $ 1,000          
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 9.3285          
Effective rate             1.90%
Percentage of conversion price of notes     130.00%        
Percentage of trading price of notes     98.00%        
Interest Expense, Debt           600,000  
Amortization of Debt Issuance Costs           $ 300,000  
Short-term Debt             $ 93,200,000
Convertible Senior Notes due 2025 [Member] | Long-term Debt [Member]              
Line of Credit Facility [Line Items]              
Debt Issuance Costs, Net             $ 600,000
Convertible Senior Notes due 2025 [Member] | Short-term Debt              
Line of Credit Facility [Line Items]              
Debt Issuance Costs, Net     $ 300,000   $ 300,000    
Base Rate [Member] | Minimum [Member] | 2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Basis Spread on Variable Rate         0.50%    
Base Rate [Member] | Maximum [Member] | 2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Basis Spread on Variable Rate         1.00%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | 2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Basis Spread on Variable Rate         1.50%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | 2021 Credit Facility [Member]              
Line of Credit Facility [Line Items]              
Basis Spread on Variable Rate         2.00%    
v3.25.2
Stockholders' equity (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 09, 2023
USD ($)
Jan. 27, 2022
USD ($)
Class of Stock [Line Items]                
Stock options outstanding (shares) 2,190,000   2,327,000          
Stockholders' Equity Attributable to Parent | $ $ 97,915,000 $ 109,980,000 $ 151,689,000 $ 184,679,000 $ 224,912,000 $ 555,846,000    
Stock Repurchase Program, Authorized Amount | $             $ 40,000,000.0 $ 100,000,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 60,400,000              
Treasury Stock, Common                
Class of Stock [Line Items]                
Stockholders' Equity Attributable to Parent | $ $ (193,231,000) $ (193,231,000) $ (193,231,000) $ (193,231,000) $ (193,231,000) $ (193,231,000)    
Common Class A [Member]                
Class of Stock [Line Items]                
Common stock authorized (shares) 500,000,000   500,000,000          
Common stock outstanding (shares) 131,924,000   129,196,000          
Common Stock, Voting Rights, Number 1              
Common Stock, Shares, Issued 131,924,000   129,196,000          
Common Class B [Member]                
Class of Stock [Line Items]                
Common stock authorized (shares) 150,000,000   150,000,000          
Common stock outstanding (shares) 26,259,000   26,259,000          
Common Stock, Voting Rights, Number 10              
Common Stock, Shares, Issued 26,259,000   26,259,000          
Restricted Stock Units (RSUs) [Member]                
Class of Stock [Line Items]                
Restricted stock units outstanding (shares) 13,124,000   11,243,000          
Performance Shares [Member]                
Class of Stock [Line Items]                
Restricted stock units outstanding (shares) 2,273,000   286,000          
v3.25.2
Employee benefit plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Allocated share-based compensation expense   $ 4,478 $ 5,143 $ 7,791 $ 8,770    
ESPP weighted average purchase price of shares purchased (usd per share)           $ 0.68 $ 2.12
Unearned stock-based compensation, expected recognition period 2 years 10 days            
Share-based Payment Arrangement, Expense, Tax Benefit       0   $ 0  
Stock Issued During Period, Shares, Employee Stock Purchase Plans           600,000 700,000
Stock-based compensation   5,116   7,791   $ 10,486 $ 16,561
Deferred Bonus              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock-based compensation   600   $ 0   $ 900 $ 0
RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares granted (shares)           5,875,000  
Weighted average price of shares granted (usd per share)           $ 0.72  
Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares granted (shares)           2,132,000  
Weighted average price of shares granted (usd per share)           $ 0.60  
Employee Stock Purchase Plan Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Purchase Price of Common Stock, Percent           85.00%  
Stock Options, ESPP and Restricted Stock Units (RSUs) [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unearned stock-based compensation costs   $ 22,900       $ 22,900  
2024 Equity Incentive Plans | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Expiration Period           10 years  
2024 Equity Incentive Plans | Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           3 years  
2024 Equity Incentive Plans | Minimum [Member] | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           1 year  
2024 Equity Incentive Plans | Minimum [Member] | RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           2 years  
2024 Equity Incentive Plans | Maximum [Member] | Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           4 years  
2024 Equity Incentive Plans | Maximum [Member] | RSUs [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award Vesting Period           4 years  
v3.25.2
Employee benefit plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Shares (in thousands)    
Outstanding at beginning of period (shares)   2,327
Granted (shares)   0
Exercised (shares)   0
Forfeited/Cancelled (shares)   (137)
Outstanding at end of period (shares) 2,327 2,190
Weighted-average exercise price    
Outstanding at beginning of period (in dollars per share)   $ 7.43
Granted (usd per share)   0
Exercised (usd per share)   0
Outstanding at end of period (in dollars per share) $ 7.43 $ 7.22
Aggregate intrinsic value (in thousands) $ 0 $ 0
Vested and Expected to Vest (shares)   2,190
Vested and Expected to Vest - Weighted Average Exercise Price (in dollars per share)   $ 7.22
Vested and Expected to Vest- Weighted Average Remaining Contractual Term   3 years 2 months 26 days
Vested and Expected to Vest - Aggregate Intrinsic Value   $ 0
Exercisable (shares)   2,037
Exercisable - Weighted average exercise price (in dollars per share)   $ 7.41
Exercisable - Weighted Average Remaining Contractual Term   2 years 10 months 20 days
Exercisable - Aggregate intrinsic value   $ 0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price   $ 10.74
Weighted Average Remaining Contractual Term (in years) 4 years 7 months 2 days 3 years 2 months 26 days
v3.25.2
Employee benefit plans - Restricted Stock Units Activity (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 11,243
Granted (shares) | shares 5,875
Vested (shares) | shares (2,814)
Forfeited (shares) | shares (1,180)
Non-vested shares at end of period (shares) | shares 13,124
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 3.38
Weighted average price of shares granted (usd per share) | $ / shares 0.72
Weighted average price of shares vested (usd per share) | $ / shares 4.27
Weighted average price of shares forfeited (usd per share) | $ / shares 2.78
Non-vested shares at end of period (in dollars per share) | $ / shares $ 2.05
Performance Shares [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 286
Granted (shares) | shares 2,132
Vested (shares) | shares (127)
Forfeited (shares) | shares (18)
Non-vested shares at end of period (shares) | shares 2,273
Weighted-average grant date fair value  
Non-vested shares at beginning of period (in dollars per share) | $ / shares $ 6.06
Weighted average price of shares granted (usd per share) | $ / shares 0.60
Weighted average price of shares vested (usd per share) | $ / shares 6.39
Weighted average price of shares forfeited (usd per share) | $ / shares 5.79
Non-vested shares at end of period (in dollars per share) | $ / shares $ 0.92
v3.25.2
Employee benefit plans - Allocation of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   $ 5,116   $ 7,791   $ 10,486 $ 16,561
Allocated share-based compensation expense   4,478 $ 5,143 7,791 $ 8,770    
Share-based Payment Arrangement, Expense, Tax Benefit       0   0  
Unearned stock-based compensation, expected recognition period 2 years 10 days            
Deferred Bonus              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   600   0   900 0
Cost of Revenue [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   240   339   488 754
Research and Development [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   2,681   4,016   5,501 8,281
Selling and Marketing Expense [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   935   1,545   1,817 3,289
General and Administrative [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Total stock-based compensation expense   $ 1,260   $ 1,891   $ 2,680 $ 4,237
v3.25.2
Employee benefit plans Performance Stock Units activity (Details) - $ / shares
shares in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 2,273 286
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 0.92 $ 6.06
Granted (shares) 2,132  
Weighted average price of shares granted (usd per share) $ 0.60  
Vested (shares) (127)  
Weighted average price of shares vested (usd per share) $ 6.39  
Forfeited (shares) (18)  
Weighted average price of shares forfeited (usd per share) $ 5.79  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 13,124 11,243
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 2.05 $ 3.38
Granted (shares) 5,875  
Weighted average price of shares granted (usd per share) $ 0.72  
Vested (shares) (2,814)  
Weighted average price of shares vested (usd per share) $ 4.27  
Forfeited (shares) (1,180)  
Weighted average price of shares forfeited (usd per share) $ 2.78  
v3.25.2
Net loss per share Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
shares
Nov. 24, 2020
USD ($)
$ / shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Conversion of Stock maxium percent of outstanding shares in class of total outstanding shares 10.00%  
Option Indexed To Issuers Equity, cap price | $   $ 12.0925
Conversion of Stock maxium percent of outstanding shares in class of total outstanding shares 10.00%  
Common Class A [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common Stock, Voting Rights, Number 1  
Conversion of Stock, Shares Issued 1  
Common Class B [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Common Stock, Voting Rights, Number 10  
Convertible Senior Notes due 2025 [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Interest rate   1.25%
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 9.3285
v3.25.2
Net loss per share - Basic and Diluted Net Income per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net loss $ (16,422) $ (46,709) $ (47,821) $ (339,088) $ (63,131) $ (386,909)
Denominator:            
Weighted Average Number of Shares Outstanding, Basic 157,843   152,502      
Earnings Per Share, Diluted $ (0.10)   $ (0.31)   $ (0.40) $ (2.55)
Weighted Average Number of Shares Outstanding, Diluted 157,843   152,502   157,144 151,796
Earnings Per Share, Basic $ (0.10)   $ (0.31)      
v3.25.2
Net loss per share - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 24,875 26,742 24,667 26,353
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 24,875 26,742 24,667 26,353
Convertible Debt Securities        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 10,050 10,050 10,050 10,050
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 10,050 10,050 10,050 10,050
Share-based Payment Arrangement        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 14,825 16,692 14,617 16,303
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 14,825 16,692 14,617 16,303
v3.25.2
Income taxes - Income Tax Expense (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]            
Income tax (benefit) expense     $ 1,309,000 $ 1,333,000 $ 2,961,000 $ 299,542,000
Current Foreign Tax Expense (Benefit)     1,700,000 1,500,000 3,300,000 2,900,000
Other Tax Expense (Benefit)     200,000 300,000 200,000 400,000
Income Tax Effects Allocated Directly to Equity, Other     400,000 500,000 2,600,000 3,000,000.0
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions $ 2,900,000          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   $ 294,900,000 $ (400,000) $ 200,000 $ (2,000,000.0) $ 295,100,000
Minimum Effective Tax     1500.00%   1500.00%  
v3.25.2
Income taxes - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]            
Other Tax Expense (Benefit)   $ 200,000 $ 300,000 $ 200,000 $ 400,000  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 294,900,000 (400,000) 200,000 (2,000,000.0) 295,100,000  
Income tax (benefit) expense   1,309,000 1,333,000 2,961,000 299,542,000  
Loss before income taxes   (15,113,000) (46,488,000) (60,170,000) (87,367,000)  
Current Foreign Tax Expense (Benefit)   1,700,000 1,500,000 3,300,000 2,900,000  
Restructuring adjustments     600,000 500,000 1,100,000  
Income Tax Effects Allocated Directly to Equity, Other   400,000 500,000 2,600,000 3,000,000.0  
Income tax (benefit) expense   1,309,000 1,333,000 2,961,000 299,542,000  
Loss before income taxes   (15,113,000) (46,488,000) (60,170,000) (87,367,000)  
Current Foreign Tax Expense (Benefit)   1,700,000 1,500,000 3,300,000 2,900,000  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 294,900,000 (400,000) 200,000 (2,000,000.0) 295,100,000  
Unrecognized Tax Benefits   30,600,000   30,600,000   $ 27,000,000.0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate   13,500,000   13,500,000    
Income Tax Effects Allocated Directly to Equity, Other   400,000 500,000 2,600,000 3,000,000.0  
Restructuring adjustments     $ 600,000 500,000 $ 1,100,000  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount   $ 300,000   $ 300,000    
v3.25.2
Income taxes - Reconciliation (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 1,309,000 $ 1,333,000 $ 2,961,000 $ 299,542,000
v3.25.2
Commitments, contingencies and guarantees (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Long-term Purchase Commitment [Line Items]          
Operating Lease, Cost $ 2,343 $ 2,506 $ 4,419 $ 5,306  
Operating Lease, Payments     7,082 6,941  
Finance Lease, Liability, to be Paid, Year Two 13,758   13,758    
Finance Lease, Liability, to be Paid, Year Three 2,711   2,711    
Finance Lease, Liability, to be Paid, Year Four 1,301   1,301    
Finance Lease, Liability, to be Paid, Year Five 884   884    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 2,918   2,918    
Lessee, Operating Lease, Liability, Payments, Due (27,937)   (27,937)    
us-gaap_Lessee Operating Lease Liability Undiscounted Excess Amount (2,783)   (2,783)    
Operating Lease, Liability $ 25,154   25,154    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability     $ 1,581 4,801  
Operating Lease, Weighted Average Remaining Lease Term 2 years 11 months 8 days   2 years 11 months 8 days   3 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 6.40%   6.40%   6.30%
Sublease Income $ (723) (649) $ (1,446) (1,372)  
Operating Lease, Impairment Loss 0 3,276 0 3,276  
Lease, Cost 1,620 $ 5,133 2,973 $ 7,210  
Other Commitment 196,900   196,900    
Other Commitments [Line Items]          
Other Commitment 196,900   196,900    
Finance Lease, Liability, to be Paid, Year One $ 6,365   $ 6,365    
Customer A [Member] | Sales Revenue [Member] | Customer Concentration Risk [Member]          
Long-term Purchase Commitment [Line Items]          
Concentration risk 19.00%   15.00%    
Customer B (Retailer) (Member) | Sales Revenue [Member] | Customer Concentration Risk [Member]          
Long-term Purchase Commitment [Line Items]          
Concentration risk 11.00% 13.00% 14.00% 11.00%  
v3.25.2
Concentrations of risk and geographic information - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue, Major Customer [Line Items]          
Revenues $ 152,643 $ 186,224 $ 286,951 $ 341,693  
United States [Member]          
Revenue, Major Customer [Line Items]          
Revenues 81,600 $ 68,300 144,400 $ 124,600  
Outside the United States [Member]          
Revenue, Major Customer [Line Items]          
Assets, Noncurrent 3,800   3,800   $ 3,500
Assets, Noncurrent $ 3,800   $ 3,800   $ 3,500
v3.25.2
Concentrations of risk and geographic information - Schedule of Customer Concentration by Risk Factor (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Concentration Risk [Line Items]        
Accounts receivable sold $ 28,575 $ 19,850 $ 35,532 $ 37,492
Factoring fees $ 544 $ 290 $ 667 $ 526
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member]        
Concentration Risk [Line Items]        
Concentration risk     30.00% 26.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B (Retailer) (Member)        
Concentration Risk [Line Items]        
Concentration risk     12.00%  
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer A [Member]        
Concentration Risk [Line Items]        
Concentration risk 19.00%   15.00%  
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer B (Retailer) (Member)        
Concentration Risk [Line Items]        
Concentration risk 11.00% 13.00% 14.00% 11.00%
v3.25.2
Concentrations of risk and geographic information - Schedule of Revenue by Geographic Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 152,643 $ 186,224 $ 286,951 $ 341,693
United States [Member]        
Segment Reporting Information [Line Items]        
Revenues 81,600 68,300 144,400 124,600
Americas [Member]        
Segment Reporting Information [Line Items]        
Revenues 98,780 88,719 180,635 165,316
Europe, Middle East and Africa [Member]        
Segment Reporting Information [Line Items]        
Revenues 35,128 64,490 75,204 116,498
Asia and Pacific Area Countries [Member]        
Segment Reporting Information [Line Items]        
Revenues $ 18,735 $ 33,015 $ 31,112 $ 59,879
v3.25.2
Restructuring charges - Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Costs      
12. Restructuring charges
Restructuring charges for each period were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Cost of revenue$(1)$152 $1 $165 
Research and development(426)1,565 336 2,595 
Sales and marketing32 920 509 1,470 
General and administrative684 411 1,873 1,030 
Total restructuring charges$289 $3,048 $2,719 $5,260 
Third quarter 2024 restructuring
In August 2024, the Company approved a restructuring plan (the Original Restructuring Plan) and in October 2024, the Company approved an amended restructuring plan (the Updated Restructuring Plan). In connection with the Original Restructuring Plan and Updated Restructuring Plan, the Company reduced its global workforce by 25% compared to its headcount ending Q2 2024, and recorded restructuring charges of $18.7 million including $12.7 million related to severance and $6.0 million of project cancellation costs.
(in thousands)SeveranceOther
Total
Restructuring liability as of December 31, 2024
$2,535 $6,038 $8,573 
Cash paid(2,143)— (2,143)
Non-cash reductions(174)— (174)
Restructuring liability as of June 30, 2025
$218 $6,038 $6,256 
First quarter 2024 restructuring
In March 2024, the Company approved a restructuring plan to reduce operating costs and drive stronger operating leverage by reducing the Company’s global workforce by approximately 4% and closing certain office space. Under the first quarter 2024 restructuring plan, the Company recorded restructuring charges of $2.3 million related to severance, $3.3 million related to a right-of-use asset impairment upon ceasing the use of part of the
Company’s headquarters campus and $0.6 million related to office space charges. The right-of-use asset impairment charge was recorded as a restructuring expense, primarily in the operating expense financial statement line items in the Condensed Consolidated Statements of Operations. The unused portion of the Company’s headquarters campus has its own identifiable expenses and is not dependent on other parts of the Company, and thus was considered its own asset group. As a result, the Company impaired the carrying value of the related right-of-use asset to its estimated fair value using the discounted cash flows method. The discounted future cash flows were based on a discount rate based on the weighted-average cost of capital. As of March 31, 2025, all restructuring charges related to the first quarter 2024 restructuring plan have been paid.
    
Operating Lease, Impairment Loss $ 0   $ 3,276 $ 0 $ 3,276  
Restructuring charges (289)   (3,048) $ (2,719) $ (5,260)  
Cost of Revenue [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (1)   (152)      
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]       Cost of revenue Cost of revenue  
Research and Development [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (426)   (1,565)      
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]       Operating Expenses Operating Expenses  
Selling and Marketing Expense [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (32)   (920)      
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]       Sales and marketing Sales and marketing  
General and Administrative [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges (684)   (411)      
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]       General and administrative General and administrative  
First quarter 2024 restructuring            
Restructuring Cost and Reserve [Line Items]            
Severance Costs     2,300      
Restructuring Costs and Asset Impairment Charges     600      
First quarter 2024 restructuring | Cease of use impairment charge            
Restructuring Cost and Reserve [Line Items]            
Restructuring Costs and Asset Impairment Charges     $ 3,300      
Third quarter 2024 restructuring            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve 6,256     $ 6,256   $ 8,573
Severance Costs   $ 12,700        
Cash paid       (2,143)    
Restructuring Reserve, Settled without Cash       (174)    
Restructuring charges   (18,700)        
Third quarter 2024 restructuring | Employee Severance [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve 218     218   2,535
Cash paid       (2,143)    
Restructuring Reserve, Settled without Cash       (174)    
Third quarter 2024 restructuring | Other Restructuring [Member]            
Restructuring Cost and Reserve [Line Items]            
Cash paid       0    
Restructuring Reserve, Settled without Cash       0    
Third quarter 2024 restructuring | Contract Termination            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve $ 6,038     $ 6,038   $ 6,038
Restructuring charges   $ (6,000)        
v3.25.2
Restructuring charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]            
Restructuring charges $ 289   $ 3,048 $ 2,719 $ 5,260  
Operating Lease, Impairment Loss 0   $ 3,276 0 $ 3,276  
First quarter 2024 restructuring            
Restructuring Cost and Reserve [Line Items]            
Expected percent of positions eliminated     4.00%      
Severance Costs     $ 2,300      
Restructuring Costs and Asset Impairment Charges     $ 600      
Third quarter 2024 restructuring            
Restructuring Cost and Reserve [Line Items]            
Expected percent of positions eliminated   25.00%        
Restructuring charges   $ 18,700        
Severance Costs   12,700        
Restructuring Reserve 6,256     6,256   $ 8,573
Third quarter 2024 restructuring | Employee Severance and Pay Related Costs [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve 218     218   2,535
Third quarter 2024 restructuring | Contract Termination            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges   $ 6,000        
Restructuring Reserve $ 6,038     $ 6,038   $ 6,038
v3.25.2
Subsequent Events (Details)
 6 Months Ended 7 Months Ended
Jun. 30, 2025
Aug. 04, 2025
USD ($)
$ / shares
shares
Subsequent Event [Line Items]    
Subsequent Events [Text Block] Subsequent events
On August 4, 2025, the Company entered into a Credit Agreement (the 2025 Credit Agreement) with Farallon Capital Management, L.L.C., as administrative agent and collateral agent (the Agent), and Mateo Financing LLC (the Lender). The 2025 Credit Agreement provides for a second lien credit facility up to $50.0 million (the 2025 Term Loan). The 2025 Credit Agreement will mature, and any outstanding borrowings become due and payable on January 22, 2028.
Borrowed funds accrue interest, at the Company’s option option, at a rate equal to (i) the applicable one or three-month secured overnight financing rate (SOFR) plus 7.5%, or (ii) the Base Rate plus 6.50%. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the federal funds rate plus 0.50% or (iii) a per annum rate equal to the SOFR plus 1.00%. During an event of default, the applicable interest rates are increased by 2.0% per annum. For Base Rate loans, the Company will pay interest on a quarterly basis and at the maturity date. For SOFR rate loans, the Company will pay interest at least quarterly, or more frequently, as defined in the 2025 Credit Agreement, and at the maturity date. The Company shall make quarterly principal payments on the 2025 Term Loan, with the remaining principal due on the maturity date. Under the 2025 Credit Agreement, the Company may be obligated to pay additional amounts which would allow for a minimum return, as defined by the 2025 Credit Agreement. The 2025 Term Loan is subject to mandatory prepayment in certain cases involving asset dispositions, debt issuances, certain receipts of cash proceeds from insurance and other extraordinary receipts, and change in control. The Company is required to apply 25% of excess cash flow to repay the 2025 Term Loan. Prepayments of the 2025 Term Loan, whether optional, mandatory, before, on or after January 22, 2028, or as a result of any acceleration of the 2025 Term Loan as a result of an event of default, require a prepayment premium in an amount set forth in the 2025 Credit Agreement. Amounts owed under the 2025 Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries, and are secured by a second lien security interest in substantially all of the assets of the Company and certain of the Company’s subsidiaries.
The 2025 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants, including financial covenants. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain investments, dividends, stock repurchases and other matters, all subject to certain exceptions. The financial covenants require (a) the Company to maintain liquidity (defined as unrestricted cash, cash equivalents and availability under the 2021 Credit Agreement) of at least $40.0 million, subject to a step-down to $30.0 million upon achievement of a total leverage ratio below 1.00:1.00; (b) the Company not to have EBITDA (as defined in the 2025 Credit Agreement) of (i) less than $10.0 million for the fiscal quarter ending December 31, 2025, (ii) less than $10.0 million for the period of four consecutive fiscal quarters ending March 31, 2026, (iii) less than $22.0 million for the period of four consecutive fiscal quarters ending June 30, 2026, (iv) less than $30.0 million for the period of four consecutive fiscal quarters ending September 30, 2026 or (v) less than $40.0 million for any period of four consecutive fiscal quarters ending on or after December 31, 2026; and (c) the Company not to permit an asset coverage ratio (defined as the ratio of (x) the sum of unrestricted cash, cash equivalents, and certain accounts and inventory, divided by (y) the sum of accounts payable and total debt) of less than (i) on or prior to December 31, 2025, 1.25:1.00 or (ii) thereafter, 1.15:1.00. Additionally, from August 4, 2025 through the maturity of the 2025 Notes, the 2025 Credit Agreement requires the Company to hold the full amount due upon the maturity of the 2025 Notes in a restricted account.
The 2025 Credit Agreement also includes customary events of default that include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of
control and certain material ERISA events. An event of default would also occur in the event the Company fails to maintain the listing of its common stock on the Nasdaq stock market for a period of 30 consecutive days. The occurrence of an event of default could result in the acceleration of the obligation under the 2025 Credit Agreement and 2021 Credit Agreement.
As of August 4, 2025, there was $50.0 million outstanding under the 2025 Term Loan. As of August 4, 2025, the Company was in compliance with all of the financial covenants contained in the 2025 Credit Agreement.
In connection with the 2025 Credit Agreement, the Company issued an aggregate of 11,076,968 warrants to purchase shares of its common stock at an exercise price of $1.25. The warrants may be exercised at any time prior to 5:00 p.m. Eastern time, on August 1, 2035. Any warrants not exercised prior to such time will expire.
Further, as discussed in Note 5 Financing arrangements, in order to permit entry into the 2025 Credit Agreement, on August 4, 2025, the Company entered into Amendment No. 2 to its 2021 Credit Agreement with Wells Fargo Bank, National Association, as administrative agent (in such capacity, the RCF Agent) and the several lenders from time to time party thereto (the Revolving Lenders). The amendment grants the RCF Agent and Revolving Lenders a first-priority security interest in all of the Company’s intellectual property registrations and applications pursuant to an Amended and Restated Guaranty and Security Agreement and subject to an intercreditor agreement with the Agent and Lender under the 2025 Credit Agreement. 		 
Debt Instrument, Covenant Compliance, Asset Coverage Ratio 1.50  
2025 Term Loan [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
Debt Instrument   $ 50,000,000.0
Debt Instrument, Issued, Principal   $ 50,000,000.0
Class of Warrant or Right, Outstanding | shares   11,076,968
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares   $ 1.25
2025 Term Loan [Member] | Subsequent Event [Member] | Current Liquidity Requirement    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount   $ 40,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Stepdown Liquidity Requirement    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount   30,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Fiscal quarter ending December 31, 2025    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount   $ 10,000,000.0
Debt Instrument, Covenant Compliance, Asset Coverage Ratio   1.25
2025 Term Loan [Member] | Subsequent Event [Member] | Four consecutive fiscal quarters ending March 31, 2026    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount   $ 10,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Four consecutive fiscal quarters ending June 30, 2026    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount   22,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Four consecutive fiscal quarters ending Sept 30, 2026    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount   30,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Four consecutive fiscal quarters ending Dec 31, 2026    
Subsequent Event [Line Items]    
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount   $ 40,000,000.0
2025 Term Loan [Member] | Subsequent Event [Member] | Thereafter    
Subsequent Event [Line Items]    
Debt Instrument, Covenant Compliance, Asset Coverage Ratio   1.15
2025 Term Loan [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) [Member]    
Subsequent Event [Line Items]    
Basis Spread on Variable Rate   7.50%
2025 Term Loan [Member] | Subsequent Event [Member] | Base Rate [Member]    
Subsequent Event [Line Items]    
Basis Spread on Variable Rate   6.50%