SAN MATEO, Calif. (BRAIN) — GoPro Inc. on Thursday reported a widened fourth-quarter net loss of $115.7 million — its fifth consecutive quarter in the red — and a full-year loss of $419 million, capping a tumultuous year that included production issues and delayed holiday delivery for the company's Hero5 Black premium action camera and the recall of its Karma drone, which went back on sale Wednesday after three months off the market.

Although GoPro posted its second-highest quarterly revenue in company history for Q4, the $540.6 million — up 23.8 percent from a year earlier — fell short of analyst expectations. For the full year, GoPro reported revenue of $1.19 billion, down 26.8 percent from $1.62 billion in 2015.

GoPro founder and CEO Nicholas Woodman acknowledged "missteps that led to a shortfall of our revenue guidance" for the quarter, including production issues that compromised product launch volumes and impacted revenue. Slim inventory of Hero5 Blacks spurred many retailers to cancel marketing support for the camera's launch, he noted.

"We believe we missed an important opportunity to capture perishable demand during the holiday," Woodman said.

Still, he characterized 2016 as a successful year for GoPro, rolling out the Hero5 line, the Karma Grip hand-held and wearable stabilizer, the Quik mobile and desktop applications, and the GoPro Plus cloud service.

"We entered 2017 with the most advanced yet simplest-to-use products and services in GoPro's history, and created an experience that delivers the best storytelling solution for the GoPro community. Big investments in hardware, cloud and mobile have yielded a solid foundational experience for our customers — one that we will continue to build upon in 2017," Woodman said.

For the current first quarter, GoPro is projecting revenue of $190 million-$210 million, up from sales of $183.5 million a year earlier but well below analyst expectations for the period.

GoPro has previously stated that it believes it can return to profitability in 2017, and during Thursday's earnings call Woodman outlined five key priorities for the year:

Drive profitability through improved efficiency, lower cost and better execution — reducing costs wherever possible.

Make the smartphone central to the GoPro experience. This will include new cameras and accessories for 2017 where smartphones will have a central role.

Market the improved GoPro experience to the user community, converting them into brand ambassadors.

Grow business internationally, focusing investments on the Europe/Middle East/Africa (EMEA) and Asia Pacific (APAC) regions.

Expand the GoPro experience for advanced users. "Drones, stabilization and virtual reality products represent significant opportunities for GoPro now, and in the future," Woodman said.

GoPro's stock is traded on the Nasdaq exchange under the GPRO symbol. Its stock performance is tracked on BRAIN's stock page.