GoPro shares have fallen nearly 40 percent over the course of the past year, as the company has struggled to achieve profitability amid delays and recalls of its flagship drone and mounting competition from more rugged phone cameras.
But GoPro is poising itself to take advantage of the burgeoning virtual reality market with its Fusion camera and has embraced new forms of video editing for social media. While some analysts say that GoPro's high-end drone is among the most popular in the U.S., the drone business is still less than 10 percent of the business, Woodman said.
"We're investing in more areas now," Woodman said. "We're making investments in the drone market, and we're having success there, and we're making significantly more investments in software. .... While we are spending more than in our pre-IPO years, we're also getting a lot more done for the customer."
Still, Woodman has led the company through a campaign to slash costs, cutting hundreds of jobs.
"The momentum you're seeing in our business is really coming from our intense focus on efficiency and execution," Woodman said. "We are reducing costs wherever possible, and that's going to continue, ongoing, in the company. We are very disciplined as it relates to schedule and that's allowing us to launch products on time this year."
Woodman said he thinks of the GoPro as an "untethered lens" of the smartphone camera.
"I think the smartphone actually creates an incredible opportunity for GoPro," Woodman said. "Our opportunity is to make GoPro aligned with how people use their smartphone. ... As smartphone adoption grows, so grows the opportunity for GoPro."
— With reporting by CNBC's Abigail Summerville.