GoPro shares plunged on Wednesday, 11 November 2026, after the action-camera maker said it could not file its third-quarter results on time, disclosed a breach of its lender covenants and repeated a warning that it may not be able to continue as a going concern. The stock closed at $0.69, down 18.3 percent on the previous close of $0.84, having fallen 11.6 percent in pre-market trading to $0.75.

The company told investors late on Tuesday that it was unable to submit its quarterly report on Form 10-Q for the period ended 30 September 2026 by the required deadline. It said it needed more time to complete financial close procedures linked to financing arrangements entered into during the third quarter. Its third-quarter earnings release on Form 8-K will also be delayed.

Covenant breach threatens Starman deal

In the same filing, GoPro acknowledged that it had breached covenants with its lenders. A potential default under its debt agreements would count as a failure of a key condition of its pending acquisition by Starman Optical, giving the buyer the right to walk away from the deal. GoPro said it was in discussions with its lenders about waivers, but no waiver had been secured.

The filing also contained preliminary figures for the September quarter that deepened investor concern. GoPro expects net revenue of about $96 million, down sharply from $163 million in the same quarter a year earlier. Gross margin is expected at about 12.7 percent, against 35.1 percent a year ago, while operating expenses are expected at about $60 million, down from $73 million. The company stressed that the preliminary results remain under review and are subject to change.

Going-concern warning remains

GoPro said its financial statements for the quarter will continue to carry language expressing substantial doubt about its ability to continue as a going concern over the next twelve months. It also said a previously identified material weakness in its internal controls, relating to the accounting and valuation of embedded financing features, has not yet been fixed.

The sell-off stood in sharp contrast to the wider market, with the S&P 500 up about 1.0 percent and the Nasdaq up about 1.5 percent on the day, underlining that the pressure on GoPro was driven by company-specific problems rather than a broad market fall.

GoPro already carried a delisting overhang. Nasdaq sent the company a minimum bid price deficiency notice on 21 July 2026, starting a 180-day period for the shares to climb back above $1. The stock has now fallen by about 51 percent since the start of the year and has traded in a 52-week range of $0.57 to $2.05. For now, the shares are trading on a narrow set of outcomes: whether lenders grant waivers, whether the Starman deal closes, and whether the company can complete its delayed financial reporting.