Action camera manufacturer GoPro announced on Monday that it is evaluating a range of strategic options, including a potential sale or merger. Following the news, its stock price surged more than 27% in after-hours trading.

This development comes nearly a month after the company stated it had hired consulting firm Oliver Wyman to explore new market opportunities for its technology in the defense and aerospace sectors.

The California-based company noted that it has since received several unsolicited strategic acquisition proposals. Its board of directors has authorized the hiring of financial advisors to assist in the evaluation process.

Additionally, GoPro reported on Monday that its adjusted loss for the first quarter widened compared to the same period last year, with total revenue also declining. This was attributed to decreases in hardware, subscription, and service revenues during the quarter.

For the first quarter ended March 31, GoPro reported a loss per share of 35 cents, compared to a loss per share of 12 cents in the prior-year period.

As of Monday's market close, GoPro's market capitalization was approximately $216 million.