GoPro files S-1; revenue fell in Q1, grew rapidly in 2013


GoPro is looking to raise up to $100M (for now) under the symbol GPRO. IPO underwriters include JPMorgan, Citi, Barclays, Stifel, Baird, Raymond James, and Piper.

The sports/action camera leader had Q1 revenue of $235.7M (-8% Y/Y), and net income of $11M (down from $23M a year earlier). Product launch timings made for tough comps, as video processor supplier Ambarella (AMBA) can vouch. In 2013, the company had revenue of $985.7M (+88% Y/Y), and net income of $60.6M.

GoPro had a gross margin of 40.9% in Q1, and of 36.7% in 2013 - fairly high numbers for a consumer electronics vendor. Opex rose 46% Y/Y in Q1 to $80M; sales/marketing spend total $41.3M, R&D $28.8M, and G&A $9.9M.

Founder Nick Woodman and his wife, Jill, control 46.8% of voting rights going into the IPO. RW Camera controls another 16.3%.

Ambarella rallied today with the help of a coverage launch that cited the GoPro IPO as a positive catalyst. GoPro confidentially filed for an IPO in February.

Prospectus

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