GOPRO, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 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, $0.0001 par value  
Trading Symbol GPRO  
Entity Registrant Name GOPRO, INC.  
City Area Code (650)  
Local Phone Number 332-7600  
Entity Central Index Key 0001500435  
Entity Filer Category Accelerated Filer  
Document Type 10-Q  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-36514  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Security Exchange Name NASDAQ  
Entity Small Business false  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Quarterly Report true  
Common Class A [Member]    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   133,469,729
Common Class B [Member]    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   26,258,546
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash, Cash Equivalents, and Short-Term Investments $ 58,431,000  
Restricted Cash 94,340,000 $ 0
Accounts receivable, net 87,388,000 85,944,000
Inventory 84,064,000 120,716,000
Prepaid expenses and other current assets 34,547,000 29,774,000
Total current assets 358,770,000 339,245,000
Property and equipment, net 7,118,000 8,696,000
Operating Lease, Right-of-Use Asset 12,448,000 14,403,000
Goodwill 133,751,000 152,351,000
Other long-term assets 26,521,000 28,983,000
Total assets 538,608,000 543,678,000
Current liabilities:    
Accounts payable 77,836,000 85,936,000
Accrued expenses and other current liabilities 98,902,000 110,769,000
Short-term operating lease liabilities 11,884,000 10,936,000
Deferred revenue 52,006,000 55,418,000
Short-term Debt 138,463,000 93,208,000
Total current liabilities 379,091,000 356,267,000
Long-term taxes payable 16,057,000 11,621,000
Long-term debt 43,916,000 0
Long-term operating lease liabilities 10,661,000 18,067,000
Other long-term liabilities 8,389,000 6,034,000
Total liabilities 458,114,000 391,989,000
Commitments, contingencies and guarantees
Stockholders’ equity:    
Preferred Stock, Value, Outstanding 0 0
Common Stocks, Including Additional Paid in Capital 1,039,715,000 1,026,527,000
Treasury Stock, Value 193,231,000 193,231,000
Accumulated deficit (765,990,000) (681,607,000)
Total stockholders’ equity 80,494,000 151,689,000
Total liabilities and stockholders’ equity $ 538,608,000 $ 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 133,470,000 129,196,000
Common stock outstanding (shares) 133,470,000 129,196,000
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
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 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 133,470,000 129,196,000
Common stock outstanding (shares) 133,470,000 129,196,000
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
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues $ 162,918,000 $ 258,898,000 $ 449,869,000 $ 600,591,000
Cost of revenue 105,751,000 167,052,000 294,890,000 398,997,000
Gross profit 57,167,000 91,846,000 154,979,000 201,594,000
Operating expenses:        
Research and development 34,603,000 44,328,000 94,663,000 135,872,000
Sales and marketing 24,956,000 40,686,000 73,489,000 117,185,000
General and administrative 13,493,000 14,843,000 43,327,000 44,470,000
Goodwill, Impairment Loss 0 0 18,600,000 0
Total operating expenses 73,052,000 99,857,000 230,079,000 297,527,000
Operating loss (15,885,000) (8,011,000) (75,100,000) (95,933,000)
Interest Income (Expense), Operating and Nonoperating (2,715,000) (808,000) (4,948,000) (2,272,000)
Total other income (expense), net (1,881,000) 2,691,000 (603,000) 4,710,000
Nonoperating Income (Expense) (4,596,000) 1,883,000 (5,551,000) 2,438,000
Loss before income taxes (20,481,000) (6,128,000) (80,651,000) (93,495,000)
Income tax expense 771,000 2,083,000 3,732,000 301,625,000
Net loss $ (21,252,000) $ (8,211,000) $ (84,383,000) $ (395,120,000)
Earnings Per Share, Basic $ (0.13) $ (0.05)    
Earnings Per Share, Diluted $ (0.13) $ (0.05) $ (0.53) $ (2.59)
Weighted Average Number of Shares Outstanding, Basic 158,933 153,741    
Weighted Average Number of Shares Outstanding, Diluted 158,933 153,741 157,747 152,449
v3.25.3
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Noncash Investing and Financing Items [Abstract]      
Proceeds from Issuance or Sale of Equity $ 0 $ 999  
Operating activities:      
Net loss (84,383) (395,120)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,216 4,711  
operating lease, right-of-use asset, periodic reduction, net 1,955 (285)  
Stock-based compensation 15,149 23,933  
Goodwill, Impairment Loss 18,600 0  
Deferred income taxes, net (152) 296,759  
Operating Lease, Impairment Loss 0 3,276  
Other 882 (627)  
Changes in operating assets and liabilities:      
Accounts receivable, net (1,188) (41,746)  
Inventory 36,652 (48,993)  
Prepaid expenses and other assets (2,100) (4,650)  
Accounts payable and other liabilities (22,265) 64,807  
Deferred revenue (4,638) (2,107)  
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation (36,272) (100,042)  
Investing activities:      
Purchases of property and equipment, net (2,717) (3,623)  
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 (2,717) 8,069  
Financing activities:      
Proceeds from issuance of common stock 706 2,150  
Payment, Tax Withholding, Share-based Payment Arrangement (1,162) (2,847)  
Proceeds from Lines of Credit 113,174 0  
Repayments of Lines of Credit (22,601) 0  
Payments of Debt Issuance Costs (2,282) 0  
Net cash provided by (used in) financing activities 87,835 (697)  
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 1,114 157  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 49,960 (92,513)  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents     $ 222,708
Cash and cash equivalents $ 152,771 $ 130,195  
v3.25.3
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 (395,120)      
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
Allocated share-based compensation expense 7,372      
Net loss (8,211) (8,211)    
Common stock issued under employee benefit plans, net of shares withheld for tax 770     $ 770
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       2,031
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (667)     $ 667
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       7,372
Stockholders' Equity Attributable to Parent 183,943 (644,416) (193,231) $ 1,021,590
Shares, Outstanding       154,761
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 (84,383)      
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
Allocated share-based compensation expense 4,037      
Net loss (21,252) (21,252)    
Common stock issued under employee benefit plans, net of shares withheld for tax 332     $ 332
Common stock issued under employee benefit plans, net of shares withheld for tax (shares)       1,546
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (538)     $ 538
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition       4,037
Stockholders' Equity Attributable to Parent $ 80,494 $ (765,990) $ (193,231) $ 1,039,715
Shares, Outstanding       159,729
v3.25.3
Summary of business and significant accounting policies
 9 Months Ended
Sep. 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 nine months ended September 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, MAX2, which was introduced in September 2025. During the nine months ended September 30, 2025 and 2024, revenue was $449.9 million and $600.6 million, respectively, representing a 25.1% decline year-over-year. As a result, the Company incurred operating losses of $75.1 million and operating cash outflows of $36.3 million during the nine months ended September 30, 2025. As of September 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $152.8 million and $102.8 million, respectively, and an accumulated deficit of $766.0 million and $681.6 million, respectively. As of September 30, 2025, the Company also had restricted cash of $94.3 million, which will be used to pay the 2025 Notes and
related interest upon maturity in November 2025. The Company had fully drawn on its 2021 Credit Agreement as of September 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 5 Financing arrangements, 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 impacting consumer demand and cost of components, 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.
Restricted cash. As of September 30, 2025 and December 31, 2024, the Company had restricted cash of $94.3 million and zero, respectively, which was pursuant to the requirements in the 2021 Credit Facility and requires the Company to hold cash in a specified deposit account in an amount equal to or greater than the amount required to repay the 2025 Notes due November 2025, 91 days prior to maturity.
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 tariffs 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 an $18.6 million goodwill impairment charge in the first quarter of 2025. There was no goodwill impairment charge recorded in 2024.
In the third quarter of 2025, the Company’s market capitalization increased 183% from June 30, 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 September 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 September 30, 2025, the market capitalization exceeded the carrying value of the Company’s single reporting unit by 76%, 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 affected by the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s September 30, 2025 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 75%, 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 $26.6 million, or 16.3%, of total revenue for the three months ended September 30, 2025 and $27.5 million, or 10.6%, of total revenue for the three months ended September 30, 2024. Subscription and service revenue was $79.7 million, or 17.7%, of total revenue for the nine months ended September 30, 2025, and $79.7 million, or 13.3%, of total revenue for the nine months ended September 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 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 September 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 $53.7 million and $58.3 million as of September 30, 2025 and December 31, 2024, respectively. Of the deferred revenue balance as of December 31, 2024 and 2023, the Company recognized $10.8 million and $11.2 million of revenue during the three months ended September 30, 2025 and 2024, respectively, and $50.5 million and $50.6 million of revenue during the nine months ended September 30, 2025 and 2024, respectively. Of the deferred revenue balance as of June 30, 2025 and 2024, the Company recognized $22.7 million and $23.0 million of revenue during the three months ended September 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 September 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 $0.8 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $1.9 million and $3.9 million for the nine months ended September 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 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 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.
v3.25.3
Business Acquisitions
 9 Months Ended
Sep. 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.
v3.25.3
Fair value measurements
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$40,121 $— $40,121 $42,436 $— $42,436 
Total cash equivalents$40,121 $— $40,121 $42,436 $— $42,436 
Restricted cash
Money market funds$94,340 $— $94,340 $— $— $— 
Total restricted cash$94,340 $— $94,340 $— $— $— 
(1)    Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. Cash balances were $18.3 million and $60.4 million as of September 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 September 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 September 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), as discussed in Note 5 Financing arrangements. The Company plans to repay the 2025 Notes in cash on or prior to the maturity date of November 15, 2025 with restricted cash on hand as of September 30, 2025. 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 $92.6 million and $82.5 million as of September 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.
v3.25.3
Condensed consolidated financial statement details
 9 Months Ended
Sep. 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)
September 30, 2025December 31, 2024
Components
$4,509 $19,407 
Finished goods
79,555 101,309 
Total inventory$84,064 $120,716 
Property and equipment, net
(in thousands)
September 30, 2025December 31, 2024
Leasehold improvements$24,014 $23,996 
Production, engineering, and other equipment37,357 38,018 
Tooling6,930 6,810 
Computers and software11,514 12,574 
Furniture and office equipment3,579 3,763 
Tradeshow equipment and other1,424 1,424 
Construction in progress411 156 
Gross property and equipment85,229 86,741 
Less: Accumulated depreciation and amortization(78,111)(78,045)
Property and equipment, net$7,118 $8,696 
Depreciation expense was $1.3 million and $1.3 million in the three months ended September 30, 2025 and 2024, respectively, and $3.8 million and $3.6 million in the nine months ended September 30, 2025 and 2024, respectively.
Other long-term assets
(in thousands)
September 30, 2025December 31, 2024
Point of purchase (POP) displays$11,082 $14,715 
Deposits and other10,206 7,550 
Intangible assets, net4,546 5,953 
Long-term deferred tax assets687 765 
Other long-term assets$26,521 $28,983 
Amortization expense for POP displays was $1.8 million and $1.4 million in the three months ended September 30, 2025 and 2024, respectively, and $5.2 million and $3.5 million in the nine months ended September 30, 2025 and 2024, respectively. Expenditures for POP displays were $0.2 million and $5.3 million in the three months ended September 30, 2025 and 2024, respectively, and $1.6 million and $12.1 million in the nine months ended September 30, 2025 and 2024, respectively.
Intangible assets
Useful life
(in months)		September 30, 2025
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(54,035)$4,531 
Domain name15 —15 
Total intangible assets$58,581$(54,035)$4,546

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 $0.5 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.4 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.
As of September 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 3 months)$468 
20261,875 
20271,875 
2028313 
2029— 
$4,531 
Goodwill
Changes to the carrying amount of goodwill during the nine months ended September 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 September 30, 2025$133,751 
Accrued expenses and other current liabilities
(in thousands)
September 30, 2025December 31, 2024
Accrued sales incentives$33,160 $53,997 
Accrued liabilities29,839 26,060 
Employee related liabilities (1)
7,451 7,401 
Warranty liabilities4,803 5,930 
Return liability2,956 4,913 
Inventory received14,257 2,010 
Customer deposits1,339 2,694 
Purchase order commitments1,130 1,504 
Other3,967 6,260 
Accrued expenses and other current liabilities$98,902 $110,769 
(1)    See Note 12 Restructuring charges for amounts associated with restructuring liabilities.
Product warranty
Three months ended September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Beginning balance$5,353 $6,520 $6,207 $8,759 
Charged to cost of revenue2,813 4,234 7,476 8,573 
Settlement of warranty claims(3,075)(3,385)(8,592)(9,963)
Warranty liability$5,091 $7,369 $5,091 $7,369 
As of September 30, 2025 and December 31, 2024, $4.8 million and $5.9 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.3 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)		September 30, 2025
(in thousands)Gross carrying valueAccumulated amortizationNet carrying value
Purchased technology 20-72$58,566 $(54,035)$4,531 
Domain name15 —15 
Total intangible assets$58,581$(54,035)$4,546

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 $0.5 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.4 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.
As of September 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 3 months)$468 
20261,875 
20271,875 
2028313 
2029— 
$4,531 
v3.25.3
Financing Arrangements
 9 Months Ended
Sep. 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 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 September 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. The Company had fully drawn on its 2021 Credit Agreement as of September 30, 2025.
2025 Credit Agreement
On August 4, 2025, the Company entered into a Credit Agreement with Farallon Capital Management, L.L.C., as administrative agent and collateral agent (the Agent), and Mateo Financing LLC (the Lender). On November 5, 2025, the Company amended the Credit Agreement (collectively, the 2025 Credit Agreement). 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, 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; (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 negative $12.5 million, subject to adjustment, for the period of four consecutive fiscal quarters ending March 31, 2026, (iii) less than zero, subject to adjustment, for the period of four consecutive fiscal quarters ending June 30, 2026, (iv) less than $25.0 million, subject to adjustment, 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. The EBITDA thresholds for the period of four consecutive fiscal quarters ending in 2026 are subject to potential adjustments in the event of a reduction in tariff amounts in Malaysia or Thailand (or both) to a level that is 10% or lower, as described in further detail in the 2025 Credit Agreement. To the extent there are adjustments to the tariff rates of only one of the countries, the corresponding adjustments will be apportioned accordingly. 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 obligations under the 2025 Credit Agreement and 2021 Credit Agreement.
As of September 30, 2025, the outstanding principal under the 2025 Term Loan was $50.0 million, the unamortized debt issuance cost was $2.1 million, the unamortized debt discount was $3.9 million, and the net carrying amount of the liability was $43.9 million, which was recorded as long-term debt within the condensed consolidated balance sheets. For the three and nine months ended September 30, 2025, the Company recorded $0.9 million of interest expense, $0.1 million for amortization of debt issuance costs, and $0.3 million for amortization of the debt discount.
As of September 30, 2025, the Company was in compliance with all of the financial covenants contained in the 2025 Credit Agreement.
On August 4, 2025, as amended on November 5, 2025, and 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 $0.75. The warrants were initially valued at $3.2 million using a Black-Scholes option pricing model and are marked-to-market with any gain or loss recorded through earnings. 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.
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 September 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 $0.1 million and $0.6 million, respectively,
and the net carrying amount of the liability was $93.7 million and $93.2 million, respectively, which was recorded as short-term debt within the condensed consolidated balance sheets. For the three months ended September 30, 2025 and 2024, the Company recorded interest expense of $0.3 million and $0.3 million, respectively, for contractual coupon interest, and $0.2 million and $0.2 million, respectively, for amortization of debt issuance costs. For the nine months ended September 30, 2025 and 2024, the Company recorded interest expense of $0.9 million and $0.9 million, respectively, for contractual coupon interest, and $0.5 million and $0.5 million, respectively, for amortization of debt issuance costs. As of September 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 1.4% 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 were 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. Since the Company did 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 has been 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 plans to repay the 2025 Notes in cash on or prior to the November 15, 2025 maturity with restricted cash on hand as of September 30, 2025.
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.
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 September 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.
v3.25.3
Employee benefit plans
 9 Months Ended
Sep. 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 nine months ended September 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(758)7.78 
Outstanding at September 30, 20251,569 $7.26 4.21$— 
Vested and expected to vest at September 30, 20251,569 $7.26 4.21$— 
Exercisable at September 30, 20251,441 $7.51 3.88$— 
The aggregate intrinsic value of the stock options outstanding as of September 30, 2025 represents the value of the Company’s closing stock price on September 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 nine months ended September 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202411,243 $3.38 
Granted6,472 0.77 
Vested(4,272)3.95 
Forfeited(1,404)2.85 
Non-vested shares at September 30, 202512,039 $1.84 
Performance stock units
A summary of the Company’s PSU activity for the nine months ended September 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2024286 

$6.06 
Granted2,208 0.63 
Vested(175)6.23 
Forfeited(18)2.37 
Non-vested shares at September 30, 20252,301 $0.87 
Employee stock purchase plan. For the nine months ended September 30, 2025 and 2024, the Company issued 1.0 million and 1.4 million shares under its employee stock purchase plans, respectively, at weighted-average prices of $0.71 and $1.56 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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Cost of revenue$238 $349 $726 $1,103 
Research and development2,573 3,669 8,074 11,950 
Sales and marketing885 1,603 2,702 4,892 
General and administrative967 1,751 3,647 5,988 
Total stock-based compensation expense$4,663 $7,372 $15,149 $23,933 
Total stock-based compensation expense includes accrued stock bonus expense of $0.6 million and $1.5 million for the three and nine months ended September 30, 2025, respectively. Total stock-based compensation expense included no accrued stock bonus expense for the three and nine months ended September 30, 2024.
There was no income tax benefit related to stock-based compensation expense for the three and nine months ended September 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 September 30, 2025, total unearned stock-based compensation of $17.7 million related to stock options, RSUs, PSUs, SBAs and ESPP shares is expected to be recognized over a weighted-average period of 1.99 years
v3.25.3
Net loss per share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2025202420252024
Numerator:
Net loss$(21,252)$(8,211)$(84,383)$(395,120)
Denominator:
Weighted-average common shares - basic and diluted for Class A and Class B common stock158,933 153,741 157,747 152,449 
Basic and diluted net loss per share$(0.13)$(0.05)$(0.53)$(2.59)
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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Stock-based awards15,150 16,956 14,754 16,604 
Shares related to convertible senior notes10,050 10,050 10,050 10,050 
Warrants1,982 — 661 — 
Total anti-dilutive securities27,182 27,006 25,465 26,654 
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 awards, stock awards, and warrants 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. Conversion will be settled in a combination of cash and shares of the Company’s Class A common stock.
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.
v3.25.3
Income taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income taxes
9. Income taxes
The following table provides the income tax expense (benefit) amount:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2025202420252024
Income tax expense$771 $2,083 $3,732 $301,625 
The Company recorded an income tax expense of $0.8 million for the three months ended September 30, 2025 on pre-tax net loss of $20.5 million. The Company’s income tax expense for the three months ended September 30, 2025 primarily resulted from a tax expense of $0.7 million on pre-tax book income in certain tax jurisdictions, discrete items that included $1.1 million of nondeductible equity tax expense for employee stock-based compensation, and tax expense of $0.1 million related to restructuring charges, partially offset by a net decrease in the valuation allowance of $1.3 million.
The Company recorded an income tax expense of $3.7 million for the nine months ended September 30, 2025 on pre-tax net loss of $80.7 million. The Company’s income tax expense for the nine months ended September 30, 2025 primarily resulted from a tax expense of $4.0 million on pre-tax book income in certain tax jurisdictions and discrete items that included $3.7 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by a net decrease in the valuation allowance of $3.3 million, an income tax benefit of $0.4 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 September 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 $2.1 million for the three months ended September 30, 2024 on pre-tax net loss of $6.1 million. The Company’s income tax expense for the three months ended September 30, 2024 primarily resulted from a tax expense of $2.1 million on pre-tax book income in certain tax jurisdictions, and discrete items that included $1.9 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by a net decrease in the valuation allowance of $1.6 million, an income tax benefit of $0.3 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.1 million.
The Company recorded an income tax expense of $301.6 million for the nine months ended September 30, 2024 on pre-tax net loss of $93.5 million. The Company’s income tax expense for the nine months ended September 30, 2024 primarily resulted from a tax expense of $5.0 million on pre-tax book income in certain tax jurisdictions, and discrete items that included $293.4 million of net tax expense from the valuation allowance on the Company’s United States federal and state net deferred tax assets, and $4.9 million of nondeductible equity tax expense for employee stock-based compensation, partially offset by an income tax benefit of $1.3 million related to restructuring charges, and an income tax benefit related to the foreign provision to income tax return adjustments of $0.5 million.
As of September 30, 2025 and December 31, 2024, the Company’s gross unrecognized tax benefits were $31.2 million and $27.0 million, respectively. If recognized, $14.4 million of these unrecognized tax benefits (net of United States federal benefit) as of September 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 nine months ended September 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, the One Big Beautiful Bill Act (OBBBA) was signed into law which makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, U.S. research and experimental 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. The Company has evaluated the OBBBA enacted during the third quarter of 2025 and estimated its impact on the condensed consolidated financial statements to be immaterial.
v3.25.3
Commitments, contingencies and guarantees
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Operating lease cost (1)
$2,306 $2,486 $6,725 $7,792 
Sublease income(723)(722)(2,169)(2,094)
Right-of-use asset impairment cost— — — 3,276 
Net lease cost$1,583 $1,764 $4,556 $8,974 
(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:
Nine months ended September 30,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,669 $10,371 
Right-of-use assets obtained in exchange for operating lease liabilities2,140 4,801 

Supplemental balance sheet information related to leases was as follows:
September 30, 2025December 31, 2024
Weighted-average remaining lease term (in years) - operating leases2.833.10
Weighted-average discount rate - operating leases6.4%6.3%
As of September 30, 2025, maturities of operating lease liabilities were as follows:
(in thousands)September 30, 2025
2025 (remaining 3 months)$2,824 
202614,057 
20272,990 
20281,301 
2029884 
Thereafter2,918 
Total lease payments24,974 
Less: Imputed interest(2,429)
Present value of lease liabilities$22,545 
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, which may contain minimum returns; and various other contractual commitments. As of September 30, 2025, the Company’s total undiscounted future expected obligations under multi-year agreements described above with terms longer than one year was $254.1 million.
Legal proceedings and investigations. Since 2015, non-practicing entity Contour IP Holding LLC (CIPH) and its affiliates have filed lawsuits against the Company in various federal district courts alleging patent infringement of the Company’s camera products. Following litigation before federal district courts, the Federal Circuit, 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, a trial for Contour IP Holding, LLC v. GoPro, Inc. (Case No. 3:17-cv-04738-WHO) commenced on September 29, 2025 before the United States District Court for the Northern District of California (the Court). On October 10, 2025, a jury returned a verdict. The jury concluded that none of the Company’s products commercially launched from 2020 – 2024, including HERO9 Black to HERO13 Black, infringe the two asserted patents. Additionally, the jury invalidated the only asserted claim of one of the two patents. With respect to the other asserted patent, the jury found one independent claim valid, but also determined that the related dependent claim is invalid. The Company has been advised by legal counsel that as a matter of patent law, if a dependent claim is invalid as obvious or anticipated by prior art, then the claim from which it depends is also invalid. The verdict is subject to post-trial motions by both parties. We are unable to predict the outcome of the matter and therefore cannot estimate the range of possible loss. With respect to certain legacy cameras that the Court previously found to infringe, the jury awarded CIPH $8.2 million in past damages. Based on the jury’s findings of non-infringement and invalidity, none of the Company’s products introduced in or after 2020 are subject to the damages award. In addition to post-trial motions, the verdict is subject to appeal. No judgment has been entered.
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 with final written decisions expected in the first quarter of 2026. 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 scheduled to issue its Final Determination on all the Company’s infringement claims against Insta360 by November 10, 2025; however, the current government shutdown is expected to delay the ITC’s Final Determination.
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 September 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.
v3.25.3
Concentrations of risk and geographic information
 9 Months Ended
Sep. 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, cash equivalents, restricted cash, marketable securities, accounts receivable, and derivative instruments, including the Capped Calls associated with the 2025 Notes. The Company places cash, cash equivalents, and restricted cash 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:
September 30, 2025December 31, 2024
Customer A36%26%
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Accounts receivable sold$18,990 $21,997 $54,522 $59,489 
Factoring fees334 308 1,001 834 
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Customer A16%*14%*
Customer B**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 September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Americas$91,901 $109,332 $272,536 $274,648 
Europe, Middle East and Africa (EMEA)49,073 84,416 124,277 200,907 
Asia and Pacific (APAC)21,944 65,150 53,056 125,036 
Total revenue$162,918 $258,898 $449,869 $600,591 
Revenue from the United States, which is included in the Americas geographic region, was $74.5 million and $79.6 million for the three months ended September 30, 2025 and 2024, respectively, and $218.9 million and $204.2 million for the nine months ended September 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 September 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 $3.7 million and $3.5 million, respectively.
v3.25.3
Restructuring charges
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure
12. Restructuring charges
Restructuring charges for each period were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2025202420252024
Cost of revenue$3 $13 $4 $178 
Research and development16 825 352 3,420 
Sales and marketing(46)397 463 1,867 
General and administrative101 147 1,974 1,177 
Total restructuring charges$74 $1,382 $2,793 $6,642 
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. As of September 30, 2025, the Company expects to pay the remaining restructuring liability related to the Updated Restructuring Plan in cash.
(in thousands)SeveranceOther
Total
Restructuring liability as of December 31, 2024
$2,535 $6,038 $8,573 
Cash paid(2,202)(2,038)(4,240)
Non-cash reductions(174)— (174)
Restructuring liability as of September 30, 2025
$159 $4,000 $4,159 
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.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events [Text Block] Subsequent events
On November 5, 2025, a trust affiliated with Nicholas Woodman, the Company’s Chief Executive Officer and Chairman of the Board of Directors, entered into an agreement (the Subscription Agreement) to purchase an aggregate of $2.0 million of the Company’s Class A Common Stock shares, par value $0.0001. The actual amount of Class A Common Stock shares purchased will be determined upon the calculation of the purchase price of the shares, which will be as the greater of (a) the consolidated closing bid price (as determined pursuant to the rules of the Nasdaq Stock Market) immediately prior to entry into the Subscription Agreement and (b) the average closing price of the Class A Common Stock over the five (5) trading days prior to the date of issuance, as reported on the Nasdaq Global Select Market.
v3.25.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2025
shares
Sep. 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 third 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
Jason StephenVice President, General Counsel & Corporate Secretary
8/19/2025(1)
8/19/2026123,756—
123,756(2)
(1)    On August 19, 2025, Jason Stephen, our Vice President, General Counsel & Corporate Secretary, entered into a Rule 10b5-1 trading plan (the "Stephen 2025 Plan") which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(2)    The Stephen 2025 Plan provides for the sale of up to a maximum of 123,756 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 previous purchases under the Company's Employee Stock Purchase Plan. During the term of the Stephen 2025 Plan, all vested shares received pursuant to equity awards granted to Mr. Stephen 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 Stephen 2025 Plan and the vesting conditions of the awards, the number of shares actually sold under the Stephen 2025 Plan may be less than the maximum number of shares that can be sold, as noted in the table above. The Stephen 2025 Plan will expire on August 19, 2026, or earlier if all transactions under the Stephen 2025 Plan are completed.

On July 29, 2025, Nicholas Woodman, our Chief Executive Officer and Chairman, terminated a Rule 10b5-1 trading plan which was adopted on August 30, 2024 on behalf of The Woodman Family Trust U/A/D 03-11-2011 (WFT 2024 Plan) and intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. As of the date of termination of this Rule 10b5-1 trading plan, the WFT Plan had sold no shares of Class A common stock under its terms.
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 third quarter ended September 30, 2025.
Jason Stephen [Member]    
Trading Arrangements, by Individual    
Name Jason Stephen  
Title Vice President, General Counsel & Corporate Secretary  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 19, 2025  
Expiration Date 8/19/2026  
Aggregate Available 123,756 123,756
Nicholas Woodman [Member]    
Trading Arrangements, by Individual    
Name Nicholas Woodman  
Title Chief Executive Officer and Chairman  
Rule 10b5-1 Arrangement Terminated true  
Termination Date July 29, 2025  
v3.25.3
Cybersecurity Risk Management and Strategy Disclosure
 9 Months Ended
Sep. 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.
v3.25.3
Summary of business and significant accounting policies (Policies)
 9 Months Ended
Sep. 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 tariffs 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 an $18.6 million goodwill impairment charge in the first quarter of 2025. There was no goodwill impairment charge recorded in 2024.
In the third quarter of 2025, the Company’s market capitalization increased 183% from June 30, 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 September 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 September 30, 2025, the market capitalization exceeded the carrying value of the Company’s single reporting unit by 76%, 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 affected by the volatility in the Company’s stock price. For example, a 5% decrease in the Company’s September 30, 2025 stock price would result in its market capitalization exceeding the carrying value of its single reporting unit by 75%, 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 $26.6 million, or 16.3%, of total revenue for the three months ended September 30, 2025 and $27.5 million, or 10.6%, of total revenue for the three months ended September 30, 2024. Subscription and service revenue was $79.7 million, or 17.7%, of total revenue for the nine months ended September 30, 2025, and $79.7 million, or 13.3%, of total revenue for the nine months ended September 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 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 September 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 $53.7 million and $58.3 million as of September 30, 2025 and December 31, 2024, respectively. Of the deferred revenue balance as of December 31, 2024 and 2023, the Company recognized $10.8 million and $11.2 million of revenue during the three months ended September 30, 2025 and 2024, respectively, and $50.5 million and $50.6 million of revenue during the nine months ended September 30, 2025 and 2024, respectively. Of the deferred revenue balance as of June 30, 2025 and 2024, the Company recognized $22.7 million and $23.0 million of revenue during the three months ended September 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 September 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 $0.8 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $1.9 million and $3.9 million for the nine months ended September 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 nine months ended September 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, MAX2, which was introduced in September 2025. During the nine months ended September 30, 2025 and 2024, revenue was $449.9 million and $600.6 million, respectively, representing a 25.1% decline year-over-year. As a result, the Company incurred operating losses of $75.1 million and operating cash outflows of $36.3 million during the nine months ended September 30, 2025. As of September 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $152.8 million and $102.8 million, respectively, and an accumulated deficit of $766.0 million and $681.6 million, respectively. As of September 30, 2025, the Company also had restricted cash of $94.3 million, which will be used to pay the 2025 Notes and
related interest upon maturity in November 2025. The Company had fully drawn on its 2021 Credit Agreement as of September 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 5 Financing arrangements, 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 impacting consumer demand and cost of components, 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.
v3.25.3
Equity (Policies)
 9 Months Ended
Sep. 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 September 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 nine months ended September 30, 2025 and 2024.
v3.25.3
Fair value measurements (Tables)
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
(in thousands)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents (1):
Money market funds$40,121 $— $40,121 $42,436 $— $42,436 
Total cash equivalents$40,121 $— $40,121 $42,436 $— $42,436 
Restricted cash
Money market funds$94,340 $— $94,340 $— $— $— 
Total restricted cash$94,340 $— $94,340 $— $— $— 
(1)    Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets. Cash balances were $18.3 million and $60.4 million as of September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Condensed consolidated financial statement details (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
Inventory
(in thousands)
September 30, 2025December 31, 2024
Components
$4,509 $19,407 
Finished goods
79,555 101,309 
Total inventory$84,064 $120,716 
Property, Plant and Equipment
Property and equipment, net
(in thousands)
September 30, 2025December 31, 2024
Leasehold improvements$24,014 $23,996 
Production, engineering, and other equipment37,357 38,018 
Tooling6,930 6,810 
Computers and software11,514 12,574 
Furniture and office equipment3,579 3,763 
Tradeshow equipment and other1,424 1,424 
Construction in progress411 156 
Gross property and equipment85,229 86,741 
Less: Accumulated depreciation and amortization(78,111)(78,045)
Property and equipment, net$7,118 $8,696 
Schedule of Other Assets
Other long-term assets
(in thousands)
September 30, 2025December 31, 2024
Point of purchase (POP) displays$11,082 $14,715 
Deposits and other10,206 7,550 
Intangible assets, net4,546 5,953 
Long-term deferred tax assets687 765 
Other long-term assets$26,521 $28,983 
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities
(in thousands)
September 30, 2025December 31, 2024
Accrued sales incentives$33,160 $53,997 
Accrued liabilities29,839 26,060 
Employee related liabilities (1)
7,451 7,401 
Warranty liabilities4,803 5,930 
Return liability2,956 4,913 
Inventory received14,257 2,010 
Customer deposits1,339 2,694 
Purchase order commitments1,130 1,504 
Other3,967 6,260 
Accrued expenses and other current liabilities$98,902 $110,769 
Schedule of Product Warranty Liability
Product warranty
Three months ended September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Beginning balance$5,353 $6,520 $6,207 $8,759 
Charged to cost of revenue2,813 4,234 7,476 8,573 
Settlement of warranty claims(3,075)(3,385)(8,592)(9,963)
Warranty liability$5,091 $7,369 $5,091 $7,369 
As of September 30, 2025 and December 31, 2024, $4.8 million and $5.9 million, respectively, of the warranty liability was recorded as a component of accrued expenses and other current liabilities, and $0.3 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 nine months ended September 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 September 30, 2025$133,751 
v3.25.3
Employee benefit plans (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 2024286 

$6.06 
Granted2,208 0.63 
Vested(175)6.23 
Forfeited(18)2.37 
Non-vested shares at September 30, 20252,301 $0.87 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s stock option activity for the nine months ended September 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(758)7.78 
Outstanding at September 30, 20251,569 $7.26 4.21$— 
Vested and expected to vest at September 30, 20251,569 $7.26 4.21$— 
Exercisable at September 30, 20251,441 $7.51 3.88$— 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
A summary of the Company’s RSU activity for the nine months ended September 30, 2025 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202411,243 $3.38 
Granted6,472 0.77 
Vested(4,272)3.95 
Forfeited(1,404)2.85 
Non-vested shares at September 30, 202512,039 $1.84 
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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Cost of revenue$238 $349 $726 $1,103 
Research and development2,573 3,669 8,074 11,950 
Sales and marketing885 1,603 2,702 4,892 
General and administrative967 1,751 3,647 5,988 
Total stock-based compensation expense$4,663 $7,372 $15,149 $23,933 
Total stock-based compensation expense includes accrued stock bonus expense of $0.6 million and $1.5 million for the three and nine months ended September 30, 2025, respectively. Total stock-based compensation expense included no accrued stock bonus expense for the three and nine months ended September 30, 2024.
v3.25.3
Net loss per share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income per Share, Basic and Diluted
8. Net loss per share
The following table presents the calculations of basic and diluted net loss per share:
Three months ended September 30,Nine months ended September 30,
(in thousands, except per share data)2025202420252024
Numerator:
Net loss$(21,252)$(8,211)$(84,383)$(395,120)
Denominator:
Weighted-average common shares - basic and diluted for Class A and Class B common stock158,933 153,741 157,747 152,449 
Basic and diluted net loss per share$(0.13)$(0.05)$(0.53)$(2.59)
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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Stock-based awards15,150 16,956 14,754 16,604 
Shares related to convertible senior notes10,050 10,050 10,050 10,050 
Warrants1,982 — 661 — 
Total anti-dilutive securities27,182 27,006 25,465 26,654 
v3.25.3
Income taxes (Tables)
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
(dollars in thousands)2025202420252024
Income tax expense$771 $2,083 $3,732 $301,625 
v3.25.3
Commitments, contingencies and guarantees (Tables)
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
(in thousands)2025202420252024
Operating lease cost (1)
$2,306 $2,486 $6,725 $7,792 
Sublease income(723)(722)(2,169)(2,094)
Right-of-use asset impairment cost— — — 3,276 
Net lease cost$1,583 $1,764 $4,556 $8,974 
(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:
Nine months ended September 30,
(in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,669 $10,371 
Right-of-use assets obtained in exchange for operating lease liabilities2,140 4,801 

Supplemental balance sheet information related to leases was as follows:
September 30, 2025December 31, 2024
Weighted-average remaining lease term (in years) - operating leases2.833.10
Weighted-average discount rate - operating leases6.4%6.3%
Schedule of Maturities of Lease Liabilities [Text Block]
As of September 30, 2025, maturities of operating lease liabilities were as follows:
(in thousands)September 30, 2025
2025 (remaining 3 months)$2,824 
202614,057 
20272,990 
20281,301 
2029884 
Thereafter2,918 
Total lease payments24,974 
Less: Imputed interest(2,429)
Present value of lease liabilities$22,545 
v3.25.3
Concentrations of risk and geographic information (Tables)
 9 Months Ended
Sep. 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 September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Accounts receivable sold$18,990 $21,997 $54,522 $59,489 
Factoring fees334 308 1,001 834 
Schedule of Revenue by Geographic Region
Revenue by geographic region, based on ship-to locations, was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2025202420252024
Americas$91,901 $109,332 $272,536 $274,648 
Europe, Middle East and Africa (EMEA)49,073 84,416 124,277 200,907 
Asia and Pacific (APAC)21,944 65,150 53,056 125,036 
Total revenue$162,918 $258,898 $449,869 $600,591 
Accounts Receivable [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
September 30, 2025December 31, 2024
Customer A36%26%
Sales Revenue [Member]  
Concentration Risk [Line Items]  
Schedules of Customer Concentration by Risk Factor
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Customer A16%*14%*
Customer B**11%*
v3.25.3
Summary of business and significant accounting policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Nov. 20, 2023
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Nov. 24, 2020
Property, Plant and Equipment [Line Items]                  
Operating Lease, Impairment Loss     $ 0   $ 0 $ 0 $ 3,276    
Contract with Customer, Liability     53,700     53,700   $ 58,300  
Deferred Revenue, Revenue Recognized     10,800   11,200 50,500 50,600    
Accumulated deficit     (765,990)     (765,990)   (681,607)  
Product Warranty Liability [Line Items]                  
Gain (Loss) on Extinguishment of Debt   $ 3,100              
Revenues     162,918   258,898 449,869 600,591    
Cash and cash equivalents     152,771   130,195 152,771 130,195 102,811  
Policy Text Block [Abstract]                  
Interest Income, Other     $ 800   1,000 1,900 3,900    
RevenueIncreaseDecrease     (25.10%)            
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation           (36,272) (100,042)    
Deferred Revenue, Revenue Recognized     $ 22,700   23,000        
Gain (Loss) on Extinguishment of Debt   $ 3,100              
Revenues     162,918   258,898 449,869 600,591    
Cash and cash equivalents     $ 152,771   130,195 $ 152,771 130,195 102,811  
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount     76.00%     76.00%      
Cash, Cash Equivalents, and Short-Term Investments     $ 58,431     $ 58,431      
Market Capitalization, Percentage Increase/Decrease     183.00% 38.00%          
Goodwill, Impairment Loss     $ 0   0 18,600 0    
Repayments of Lines of Credit           $ 22,601 0    
Market Capitalization Sensitivity     75.00%     75.00%      
Restricted Cash     $ 94,340     $ 94,340   $ 0  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 294,900   (1,300)   (1,600) (3,300) 293,400    
Convertible Senior Notes due 2025 [Member]                  
Property, Plant and Equipment [Line Items]                  
Debt Instrument                 $ 143,800
Subscription and Service Revenue                  
Product Warranty Liability [Line Items]                  
Revenue from Contract with Customer, Excluding Assessed Tax     26,600   27,500 79,700 79,700    
Policy Text Block [Abstract]                  
Revenue from Contract with Customer, Excluding Assessed Tax     $ 26,600   $ 27,500 $ 79,700 $ 79,700    
Subscription and Service Revenue | Revenue from Contract with Customer Benchmark | Product Concentration Risk                  
Product Warranty Liability [Line Items]                  
Concentration risk     16.30%   10.60% 17.70% 13.30%    
Policy Text Block [Abstract]                  
Concentration risk     16.30%   10.60% 17.70% 13.30%    
Convertible Senior Notes due 2025 [Member]                  
Property, Plant and Equipment [Line Items]                  
Interest rate                 1.25%
v3.25.3
Business Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 27, 2024
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
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   $ 4,037 $ 4,478 $ 5,143 $ 7,372 $ 7,791 $ 8,770  
forcite                
Business Combination [Line Items]                
Business Combination, Consideration Transferred $ 14,000              
v3.25.3
Fair value measurements (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Nov. 24, 2020
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 $ 92,600 $ 82,500  
Fair Value, Recurring [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and Cash Equivalents 40,121 42,436  
Restricted Investments, at Fair Value 94,340 0  
Fair Value, Recurring [Member] | Money Market Funds [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Restricted Investments, at Fair Value 94,340 0  
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 40,121 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 40,121 42,436  
Restricted Investments, at Fair Value 94,340 0  
Fair Value, Recurring [Member] | Level 1 [Member] | Money Market Funds [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Restricted Investments, at Fair Value 94,340 0  
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 40,121 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  
Restricted Investments, at Fair Value 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]      
Restricted Investments, at Fair Value 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  
v3.25.3
Condensed consolidated financial statement details - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Cash and Cash Equivalents [Line Items]      
Cash $ 18,300 $ 60,400  
Cash and cash equivalents $ 152,771 $ 102,811 $ 130,195
v3.25.3
Condensed consolidated financial statement details - Inventory (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 4,509 $ 19,407
Finished goods 79,555 101,309
Total inventory $ 84,064 $ 120,716
v3.25.3
Condensed consolidated financial statement details - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]          
Gross property and equipment $ 85,229   $ 85,229   $ 86,741
Less: Accumulated depreciation and amortization (78,111)   (78,111)   (78,045)
Property and equipment, net 7,118   7,118   8,696
Depreciation 1,300 $ 1,300 3,800 $ 3,600  
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 37,357   37,357   38,018
Tooling [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 6,930   6,930   6,810
Computers and software [Member]          
Property, Plant and Equipment [Line Items]          
Gross property and equipment 11,514   11,514   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 $ 411   $ 411   $ 156
v3.25.3
Condensed consolidated financial statement details - Intangible Assets and Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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 (54,035)   (54,035)   (52,628)  
Finite-Lived Intangible Assets, Net, Total 4,531   4,531   5,938  
Intangible Assets, Gross (Excluding Goodwill) 58,581   58,581   58,581  
Intangible assets, net 4,546   4,546   5,953  
Indefinite-lived Intangible Assets [Roll Forward]            
Amortization of intangible assets 500 $ 500 1,400 $ 1,100    
Goodwill 133,751   133,751   152,351 $ 5,900
Indefinite-Lived Trademarks $ 15   $ 15   $ 15  
v3.25.3
Condensed consolidated financial statement details - Future Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finite-Lived Intangible Assets, Net $ 4,531 $ 5,938
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets, Net 4,531 $ 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]    
Next Rolling 12 Months 468  
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  
v3.25.3
Condensed consolidated financial statement details - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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    
v3.25.3
Condensed consolidated financial statement details - Other Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
POP Displays $ 11,082   $ 11,082   $ 14,715
Deposits and other 10,206   10,206   7,550
Other long-term assets 26,521   26,521   28,983
Amortization of intangible assets 500 $ 500 1,400 $ 1,100  
Amortization 1,800 1,400 5,200 3,500  
Intangible Assets, Net (Excluding Goodwill) 4,546   4,546   5,953
Deferred Income Taxes and Other Assets, Noncurrent 687   687   $ 765
Segment, Expenditure, Addition to Long-Lived Assets $ 200 $ 5,300 $ 1,600 $ 12,100  
v3.25.3
Condensed consolidated financial statement details - Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Beginning balances $ 5,353 $ 6,520 $ 6,207 $ 8,759  
Charged to cost of revenue 2,813 4,234 7,476 8,573  
Settlements of warranty claims (3,075) (3,385) (8,592) (9,963)  
Ending balances 5,091 $ 7,369 5,091 $ 7,369  
Product Warranty Accrual, Noncurrent 300   300   $ 300
Product Warranty Accrual, Current $ 4,803   $ 4,803   $ 5,930
v3.25.3
Condensed consolidated financial statement details - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product Warranty Accrual, Current $ 4,803 $ 5,930
Employee related liabilities 7,451 7,401
Accrued sales incentives 33,160 53,997
Other Accounts Payable and Accrued Liabilities 29,839 26,060
Customer Refund Liability, Current 2,956 4,913
Customer deposits 1,339 2,694
Purchase Commitment, Remaining Minimum Amount Committed 1,130 1,504
Inventory received 14,257 2,010
Other 3,967 6,260
Accrued expenses and other current liabilities $ 98,902 $ 110,769
v3.25.3
Financing Arrangements (Details)
 3 Months Ended 9 Months Ended
Nov. 20, 2023
USD ($)
Nov. 24, 2020
USD ($)
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
Aug. 04, 2025
USD ($)
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]                
Operating Lease, Impairment Loss     $ 0 $ 0 $ 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     $ 138,463,000   $ 138,463,000     $ 93,208,000
Letters of Credit Outstanding, Amount     5,200,000   5,200,000      
Repayments of Lines of Credit         22,601,000 0    
Warrants and Rights Outstanding             $ 3,200,000  
Repayments of Convertible Debt $ 50,000,000.0              
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     1.40%   1.40%      
Interest Expense, Debt     $ 300,000 300,000 $ 900,000      
Amortization of Debt Issuance Costs     200,000 $ 200,000 500,000      
Short-term Debt     93,700,000   93,700,000      
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      
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      
2025 Term Loan [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument     50,000,000.0   50,000,000.0      
Debt Issuance Costs, Net     2,100,000   $ 2,100,000      
Interest Expense, Debt     900,000          
Amortization of Debt Issuance Costs     $ 100,000          
Class of Warrant or Right, Outstanding | shares     11,076,968   11,076,968      
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares     $ 0.75   $ 0.75      
Debt Instrument, Unamortized Discount     $ 3,900,000   $ 3,900,000      
Amortization of Debt Discount (Premium)     300,000          
Line of Credit Facility, Fair Value of Amount Outstanding     $ 43,900,000   43,900,000      
2025 Term Loan [Member] | Current Liquidity Requirement                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Unused Capacity, Minimum Liquidity Requirement, Amount         $ 40,000,000.0      
2025 Term Loan [Member] | Fiscal quarter ending December 31, 2025                
Line of Credit Facility [Line Items]                
Debt Instrument, Covenant Compliance, Asset Coverage Ratio     1.25   1.25      
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount         $ 10,000,000.0      
2025 Term Loan [Member] | Four consecutive fiscal quarters ending March 31, 2026                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount         (12,500,000)      
2025 Term Loan [Member] | Four consecutive fiscal quarters ending June 30, 2026                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount         0      
2025 Term Loan [Member] | Four consecutive fiscal quarters ending Sept 30, 2026                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount         25,000,000.0      
2025 Term Loan [Member] | Four consecutive fiscal quarters ending Dec 31, 2026                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Unused Capacity, Minimum AEBITDA Requirement, Amount         $ 40,000,000.0      
2025 Term Loan [Member] | Thereafter                
Line of Credit Facility [Line Items]                
Debt Instrument, Covenant Compliance, Asset Coverage Ratio     1.15   1.15      
Convertible Senior Notes due 2025 [Member]                
Line of Credit Facility [Line Items]                
Interest rate   1.25%            
Convertible Debt Principal Amount Conversion   $ 1,000            
Debt Instrument, Convertible, Conversion Price | $ / shares   $ 9.3285            
Effective rate               1.90%
Interest Expense, Debt           900,000    
Amortization of Debt Issuance Costs           $ 500,000    
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     $ 100,000   $ 100,000      
Base Rate [Member] | 2025 Term Loan [Member]                
Line of Credit Facility [Line Items]                
Basis Spread on Variable Rate         6.50%      
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%      
Secured Overnight Financing Rate (SOFR) [Member] | 2025 Term Loan [Member]                
Line of Credit Facility [Line Items]                
Basis Spread on Variable Rate         7.50%      
v3.25.3
Stockholders' equity (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
shares
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
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) 1,569,000     2,327,000            
Stockholders' Equity Attributable to Parent | $ $ 80,494,000 $ 97,915,000 $ 109,980,000 $ 151,689,000 $ 183,943,000 $ 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) $ (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) 133,470,000     129,196,000            
Common Stock, Voting Rights, Number 1                  
Common Stock, Shares, Issued 133,470,000     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) 12,039,000     11,243,000            
Performance Shares [Member]                    
Class of Stock [Line Items]                    
Restricted stock units outstanding (shares) 2,301,000     286,000            
v3.25.3
Employee benefit plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Allocated share-based compensation expense   $ 4,037 $ 4,478 $ 5,143 $ 7,372 $ 7,791 $ 8,770    
ESPP weighted average purchase price of shares purchased (usd per share)               $ 0.71 $ 1.56
Unearned stock-based compensation, expected recognition period 1 year 11 months 26 days                
Share-based Payment Arrangement, Expense, Tax Benefit         0     $ 0  
Stock Issued During Period, Shares, Employee Stock Purchase Plans               1,000,000.0 1,400,000
Stock-based compensation   4,663     7,372     $ 15,149 $ 23,933
Deferred Bonus                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Stock-based compensation   600     $ 0     $ 1,500 $ 0
RSUs [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Shares granted (shares)               6,472,000  
Weighted average price of shares granted (usd per share)               $ 0.77  
Performance Shares [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Shares granted (shares)               2,208,000  
Weighted average price of shares granted (usd per share)               $ 0.63  
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   $ 17,700           $ 17,700  
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  
v3.25.3
Employee benefit plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands
 9 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Shares (in thousands)    
Outstanding at beginning of period (shares)   2,327
Granted (shares)   0
Exercised (shares)   0
Forfeited/Cancelled (shares)   (758)
Outstanding at end of period (shares) 2,327 1,569
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 $ 7.26
Aggregate intrinsic value (in thousands) $ 0 $ 0
Vested and Expected to Vest (shares)   1,569
Vested and Expected to Vest - Weighted Average Exercise Price (in dollars per share)   $ 7.26
Vested and Expected to Vest- Weighted Average Remaining Contractual Term   4 years 2 months 15 days
Vested and Expected to Vest - Aggregate Intrinsic Value   $ 0
Exercisable (shares)   1,441
Exercisable - Weighted average exercise price (in dollars per share)   $ 7.51
Exercisable - Weighted Average Remaining Contractual Term   3 years 10 months 17 days
Exercisable - Aggregate intrinsic value   $ 0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price   $ 7.78
Weighted Average Remaining Contractual Term (in years) 4 years 7 months 2 days 4 years 2 months 15 days
v3.25.3
Employee benefit plans - Restricted Stock Units Activity (Details)
shares in Thousands
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
RSUs [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 11,243
Granted (shares) | shares 6,472
Vested (shares) | shares (4,272)
Forfeited (shares) | shares (1,404)
Non-vested shares at end of period (shares) | shares 12,039
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 0.77
Weighted average price of shares vested (usd per share) | $ / shares 3.95
Weighted average price of shares forfeited (usd per share) | $ / shares 2.85
Non-vested shares at end of period (in dollars per share) | $ / shares $ 1.84
Performance Shares [Member]  
Shares (in thousands)  
Non-vested shares at beginning of period (shares) | shares 286
Granted (shares) | shares 2,208
Vested (shares) | shares (175)
Forfeited (shares) | shares (18)
Non-vested shares at end of period (shares) | shares 2,301
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 0.63
Weighted average price of shares vested (usd per share) | $ / shares 6.23
Weighted average price of shares forfeited (usd per share) | $ / shares 2.37
Non-vested shares at end of period (in dollars per share) | $ / shares $ 0.87
v3.25.3
Employee benefit plans - Allocation of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   $ 4,663     $ 7,372     $ 15,149 $ 23,933
Allocated share-based compensation expense   4,037 $ 4,478 $ 5,143 7,372 $ 7,791 $ 8,770    
Share-based Payment Arrangement, Expense, Tax Benefit         0     0  
Unearned stock-based compensation, expected recognition period 1 year 11 months 26 days                
Deferred Bonus                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   600     0     1,500 0
Cost of Revenue [Member]                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   238     349     726 1,103
Research and Development [Member]                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   2,573     3,669     8,074 11,950
Selling and Marketing Expense [Member]                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   885     1,603     2,702 4,892
General and Administrative [Member]                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Total stock-based compensation expense   $ 967     $ 1,751     $ 3,647 $ 5,988
v3.25.3
Employee benefit plans Performance Stock Units activity (Details) - $ / shares
shares in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 2,301 286
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 0.87 $ 6.06
Granted (shares) 2,208  
Weighted average price of shares granted (usd per share) $ 0.63  
Vested (shares) (175)  
Weighted average price of shares vested (usd per share) $ 6.23  
Forfeited (shares) (18)  
Weighted average price of shares forfeited (usd per share) $ 2.37  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted stock units outstanding (shares) 12,039 11,243
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 1.84 $ 3.38
Granted (shares) 6,472  
Weighted average price of shares granted (usd per share) $ 0.77  
Vested (shares) (4,272)  
Weighted average price of shares vested (usd per share) $ 3.95  
Forfeited (shares) (1,404)  
Weighted average price of shares forfeited (usd per share) $ 2.85  
v3.25.3
Net loss per share Additional Information (Details)
 9 Months Ended
Sep. 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
v3.25.3
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 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:                
Net loss $ (21,252) $ (16,422) $ (46,709) $ (8,211) $ (47,821) $ (339,088) $ (84,383) $ (395,120)
Denominator:                
Weighted Average Number of Shares Outstanding, Basic 158,933     153,741        
Earnings Per Share, Diluted $ (0.13)     $ (0.05)     $ (0.53) $ (2.59)
Weighted Average Number of Shares Outstanding, Diluted 158,933     153,741     157,747 152,449
Earnings Per Share, Basic $ (0.13)     $ (0.05)        
v3.25.3
Net loss per share - Antidilutive Securities Excluded from Computation of Net Income per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 27,182 27,006 25,465 26,654
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 27,182 27,006 25,465 26,654
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) 15,150 16,956 14,754 16,604
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 15,150 16,956 14,754 16,604
Warrant        
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (shares) 1,982 0 661 0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (shares) 1,982 0 661 0
v3.25.3
Income taxes - Income Tax Expense (Details) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]            
Income tax (benefit) expense     $ 771,000 $ 2,083,000 $ 3,732,000 $ 301,625,000
Current Foreign Tax Expense (Benefit)     700,000 2,100,000 4,000,000.0 5,000,000.0
Other Tax Expense (Benefit)       (100,000) (200,000) (500,000)
Income Tax Effects Allocated Directly to Equity, Other     1,100,000 1,900,000 3,700,000 4,900,000
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions $ 2,900,000          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount   $ 294,900,000 $ (1,300,000) $ (1,600,000) $ (3,300,000) $ 293,400,000
Minimum Effective Tax     1500.00%   1500.00%  
v3.25.3
Income taxes - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]            
Other Tax Expense (Benefit)     $ (100,000) $ (200,000) $ (500,000)  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 294,900,000 $ (1,300,000) (1,600,000) (3,300,000) 293,400,000  
Income tax (benefit) expense   771,000 2,083,000 3,732,000 301,625,000  
Loss before income taxes   (20,481,000) (6,128,000) (80,651,000) (93,495,000)  
Current Foreign Tax Expense (Benefit)   700,000 2,100,000 4,000,000.0 5,000,000.0  
Restructuring adjustments     300,000 400,000 1,300,000  
Income Tax Effects Allocated Directly to Equity, Other   1,100,000 1,900,000 3,700,000 4,900,000  
Income tax (benefit) expense   771,000 2,083,000 3,732,000 301,625,000  
Loss before income taxes   (20,481,000) (6,128,000) (80,651,000) (93,495,000)  
Current Foreign Tax Expense (Benefit)   700,000 2,100,000 4,000,000.0 5,000,000.0  
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ 294,900,000 (1,300,000) (1,600,000) (3,300,000) 293,400,000  
Unrecognized Tax Benefits   31,200,000   31,200,000   $ 27,000,000.0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate   14,400,000   14,400,000    
Income Tax Effects Allocated Directly to Equity, Other   $ 1,100,000 1,900,000 3,700,000 4,900,000  
Restructuring adjustments     $ 300,000 400,000 $ 1,300,000  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount       $ (300,000)    
v3.25.3
Income taxes - Reconciliation (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 771,000 $ 2,083,000 $ 3,732,000 $ 301,625,000
v3.25.3
Commitments, contingencies and guarantees (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Long-term Purchase Commitment [Line Items]          
Operating Lease, Cost $ 2,306 $ 2,486 $ 6,725 $ 7,792  
Operating Lease, Payments     10,669 10,371  
Finance Lease, Liability, to be Paid, Year Two 14,057   14,057    
Finance Lease, Liability, to be Paid, Year Three 2,990   2,990    
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 (24,974)   (24,974)    
us-gaap_Lessee Operating Lease Liability Undiscounted Excess Amount (2,429)   (2,429)    
Operating Lease, Liability $ 22,545   22,545    
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability     $ 2,140 4,801  
Operating Lease, Weighted Average Remaining Lease Term 2 years 9 months 29 days   2 years 9 months 29 days   3 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 6.40%   6.40%   6.30%
Sublease Income $ (723) (722) $ (2,169) (2,094)  
Operating Lease, Impairment Loss 0 0 0 3,276  
Lease, Cost 1,583 $ 1,764 4,556 $ 8,974  
Other Commitment 254,100   254,100    
Other Commitments [Line Items]          
Other Commitment 254,100   254,100    
Finance Lease, Liability, to be Paid, Year One $ 2,824   2,824    
Loss Contingency, Damages Awarded, Value     $ 8,200    
Customer A [Member] | Sales Revenue [Member] | Customer Concentration Risk [Member]          
Long-term Purchase Commitment [Line Items]          
Concentration risk 16.00%   14.00%    
Customer B (Retailer) (Member) | Sales Revenue [Member] | Customer Concentration Risk [Member]          
Long-term Purchase Commitment [Line Items]          
Concentration risk     11.00%    
v3.25.3
Concentrations of risk and geographic information - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue, Major Customer [Line Items]          
Revenues $ 162,918 $ 258,898 $ 449,869 $ 600,591  
United States [Member]          
Revenue, Major Customer [Line Items]          
Revenues 74,500 $ 79,600 218,900 $ 204,200  
Outside the United States [Member]          
Revenue, Major Customer [Line Items]          
Assets, Noncurrent $ 3,700   $ 3,700   $ 3,500
v3.25.3
Concentrations of risk and geographic information - Schedule of Customer Concentration by Risk Factor (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Concentration Risk [Line Items]        
Accounts receivable sold $ 18,990 $ 21,997 $ 54,522 $ 59,489
Factoring fees $ 334 $ 308 $ 1,001 $ 834
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member]        
Concentration Risk [Line Items]        
Concentration risk     36.00% 26.00%
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer A [Member]        
Concentration Risk [Line Items]        
Concentration risk 16.00%   14.00%  
Customer Concentration Risk [Member] | Sales Revenue [Member] | Customer B (Retailer) (Member)        
Concentration Risk [Line Items]        
Concentration risk     11.00%  
v3.25.3
Concentrations of risk and geographic information - Schedule of Revenue by Geographic Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 162,918 $ 258,898 $ 449,869 $ 600,591
United States [Member]        
Segment Reporting Information [Line Items]        
Revenues 74,500 79,600 218,900 204,200
Americas [Member]        
Segment Reporting Information [Line Items]        
Revenues 91,901 109,332 272,536 274,648
Europe, Middle East and Africa [Member]        
Segment Reporting Information [Line Items]        
Revenues 49,073 84,416 124,277 200,907
Asia and Pacific Area Countries [Member]        
Segment Reporting Information [Line Items]        
Revenues $ 21,944 $ 65,150 $ 53,056 $ 125,036
v3.25.3
Restructuring charges - Restructuring Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]            
Operating Lease, Impairment Loss $ 0   $ 0 $ 0 $ 3,276  
Restructuring charges 74   1,382 2,793 6,642  
Cost of Revenue [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 3   13 4 178  
Research and Development [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 16   825 352 3,420  
Selling and Marketing Expense [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 46   397 463 1,867  
General and Administrative [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges 101   147 1,974 $ 1,177  
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 4,159     4,159   $ 8,573
Severance Costs   $ 12,700        
Cash paid       (4,240)    
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 159     159   2,535
Cash paid       (2,202)    
Restructuring Reserve, Settled without Cash       (174)    
Third quarter 2024 restructuring | Other Restructuring [Member]            
Restructuring Cost and Reserve [Line Items]            
Cash paid       (2,038)    
Restructuring Reserve, Settled without Cash       0    
Third quarter 2024 restructuring | Contract Termination            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve $ 4,000     $ 4,000   $ 6,038
Restructuring charges   $ 6,000        
v3.25.3
Restructuring charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]            
Restructuring charges $ 74   $ 1,382 $ 2,793 $ 6,642  
Operating Lease, Impairment Loss 0   $ 0 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 4,159     4,159   $ 8,573
Third quarter 2024 restructuring | Employee Severance and Pay Related Costs [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring Reserve 159     159   2,535
Third quarter 2024 restructuring | Contract Termination            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges   $ 6,000        
Restructuring Reserve $ 4,000     $ 4,000   $ 6,038
v3.25.3
Subsequent Events (Details) - Subsequent Event [Member]
$ / shares in Units, $ in Millions
 1 Months Ended
Nov. 05, 2025
USD ($)
$ / shares
Subsequent Event [Line Items]  
Related Party Transaction, Purchases from Related Party | $ $ 2
Common stock, par value (in dollars per share) | $ / shares $ 0.0001