GoPro is being talked about as a GameStop-style meme trade, but the financials say it is a far riskier bet.

• Sales are down about a third from a year ago and profits fell even harder.
• The company is burning cash daily and its balance sheet looks close to bankruptcy.
• Mark Cuban's $9 million stake would be wiped out by roughly two weeks of those losses, though he called the stock cheap.
• GameStop's squeeze worked because it traded for less than the cash it held — GoPro has no such cushion.

Outlook: Any GoPro rally is likely to be driven by hype rather than the business, leaving buyers exposed if the cash runs out.