GoPro has announced plans to cut about a quarter of its workforce in an effort to return to profitability after struggling with increased competition and declining revenue.

The cuts were announced in a Filing Form 8-K145 jobs are expected, about 23 percent of GoPro’s 631 employees, and could cost GoPro up to $15 million in severance payments and health care benefits. The company says the cuts will be implemented during the second quarter of 2026, and most of the layoffs will be completed by the end of the year. The company had earlier laid off workers in two separate rounds in 2024.

GoPro had expected to return to profitability by the end of fiscal 2025, but instead posted a year-end loss. In recent years its action cameras and 360 cameras have faced increasing competition from rivals including DJI and Insta360. To meet this challenge, the company has promised Those new cameras, set to debut at this month’s NAB Trade Show and powered by a new GP3 processor, will “focus more professionally than ever before.”