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

The cuts, announced in a Form 8-K filing, are expected to amount to 145 jobs, roughly 23 percent of GoPro’s 631 employees, and could cost GoPro as much as $15 million in severance payments and healthcare 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 previously laid off workers in two separate rounds in 2024.

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