Though GoPro has not made an official announcement regarding the upcoming Hero 5, the company recently held a 2015 earnings conference call that made hints to the action camera's specs and release date.

GoPro CEO Nicholas Woodman revealed the company's plans to streamline its lineup. The company will stop selling the Hero, Hero and Hero LCD cameras by April. Instead, they will focus on selling the Hero 4 Session, Silver and Black cameras.

Then, GoPro is scheduled to release the much-anticipated Karma drone during the first half of 2016, which would then be followed by the Hero 5 camera during the second half of 2016.

"Later this year, we will introduce the most connected and convenient GoPro we have ever made, Hero 5," said Woodman.

Woodman revealed that the Hero 5, along with other future products, will be developed with more connectivity features. Users will find it easier to connect the GoPro action cameras to their smartphones. It would also be easier to save photos onto the cloud.

Aside from improved connectivity features, GoPro has not revealed any features of the upcoming action camera. Instead, more details will be released closer to its official launch.

"I think as we get closer to the release of those products, we will be happy to give more color on it. But at this point, we are really focused on the strategy for the next couple of quarters, and then of course delivering the products that we're going to have out later in the year," said Jack Lazar, GoPro CFO.

Though an official release date has not yet been announced, news outlets have speculated that the Hero 5 may arrive sometime in October.

In light of the recent financial troubles of the company, GoPro is committed to make a change for 2016. Aside from providing improved and advanced hardware and software, it also hopes to simplify its product lineup.

Stay tuned for all the latest GoPro news and updates.