Is this because of the cost of memory or because the product is no longer competitive?

From the financials, it's a little of both?

Memory is the acute issue causing their struggles; their most recent quarter saw a gross margin of 4.5% (that's revenue minus the direct cost of producing the cameras, divided by the revenue). That's a hefty fall from their previous margin of ~31%. This contributed to their operating loss of $57M in the last 3 months.

Thag being said, they haven't had a positive quarterly operating income since the last quarter of 2022, even when the margin was higher than 4.5%. So it's not like they were succeeding before the memory crunch, just losing money slower.

This article is not very satisfying to read, because it doesn't explore the reasons why GoPro is on the ropes.

Adventure cams lose a market when people can’t afford to go on adventures?