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- **Revenue Surges 23% YoY**: Q3 revenue of $151.9 million, ARPU up 28% to $2.13, with full-year 2025 guidance raised to $600-603 million.
- **Opera Neon Breakthrough**: Invitation-based browser with local AI agents, 1,000+ media mentions, and 10x cost efficiency in agentic tasks.
- **E-commerce Dominance**: 50% of ad revenue, 100%+ YoY growth, with partnerships driving performance-based monetization.
- **MiniPay Scaling**: 10.5M wallets, 310M transactions, targeting cross-border payments and freelancers.
- **GX Stability**: 33M users, ARPU up 3%, with AI upgrades and regional focus for future growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue reached $151.9 million, up 23% YoY, exceeding guidance of 18-21%. Annualized ARPU rose 28% YoY to $2.13, with a new record adjusted EBITDA of $36.3 million (24% margin). Full-year 2025 revenue guidance raised to $600-603 million (25% growth).
- **Opera Neon Launch**: Launched as a premium, invitation-based browser with native AI assistant functionality, enabling task-based local AI operations. Over 1,000 media articles covered the launch, with strong user feedback on efficiency and privacy.
- **MiniPay Expansion**: Noncustodial wallets grew to 10.5 million (from 9 million), transactions reached 310 million, targeting cross-border payments and freelancers.
- **Opera GX Performance**: 33 million users (3% YoY growth), ARPU up to $3.69 annualized, with AI upgrades and exclusive gaming deals.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Query-based revenue ($55.6 million, 17% YoY) and advertising ($95.9 million, 27% YoY) drove growth. E-commerce now 50% of ad revenue, with Q4 guidance of $162-165 million (11-13% QoQ growth).
- **Profitability**: Adjusted EBITDA margin expanded to 24%, with full-year 2025 EBITDA guidance of $138-141 million (23% margin). Free cash flow of $21 million in Q3, cash reserves at $119 million.
- **Cost Management**: OpEx growth controlled, with marketing ($36 million) and compensation costs aligned with revenue trajectory.

**【Q&A Highlights】**
- **Neon Adoption**: Early users praise efficiency and privacy; plans to open to broader public in 1-2 months. Agentic browsing tasks (e.g., e-commerce) 10x more cost-efficient than competitors.
- **E-commerce Growth**: 100%+ YoY growth, driven by performance-based models. Partnerships with top regional e-commerce players (e.g., Amazon, Walmart) to enhance targeting.
- **MiniPay Monetization**: Already generating revenue, with reinvestment in marketing and partnerships to expand stablecoin adoption.
- **GX Strategy**: User base stable at 33 million, focusing on AI upgrades and regional expansion. Revenue growth expected via ARPU increases and AI-driven engagement.

Opera Limited (OPRA) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: 30% YoY growth driven by 44% Advertising and 11% Search revenue, with e-commerce vertical nearing half of Advertising mix.
- **AI Innovation**: Opera Neon AI browser set for Q4 launch, targeting 1B+ knowledge workers with native AI integration.
- **Stablecoin Growth**: MiniPay reaches 9M wallets, 250M transactions, with 40+ currency support and ecosystem revenue.
- **Updated Guidance**: 2025 revenue $585-597M (22-24% YoY), EBITDA $136-140M, reflecting accelerated growth and margin expansion.
- **Strategic Moves**: GX expansion in South Korea/Japan, Neon monetization via ads/subscriptions, and tariff headwind mitigation through global diversification.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue grew 30% YoY, exceeding guidance of 22-26%, driven by Advertising (44% YoY to $93M) and Search (11% YoY to $50M). E-commerce vertical now accounts for nearly half of Advertising revenue.
- **AI Browser Launch**: Opera Neon, an AI-powered browser, will be released in Q4 2025, integrating major AI use cases with native browser functionality. The browser aims to serve as the gateway for AI, web apps, and automation, targeting 1B+ knowledge workers globally.
- **Opera GX Expansion**: MAUs reached 33M (11% YoY), with ARPU of $3.47. South Korea and Japan launches are underway, leveraging partnerships with League of Legends.
- **Stablecoin Growth**: MiniPay reached 9M activated wallets and 250M transactions, with 40+ currency support. Revenue is generated through ecosystem integrations and partnerships.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q2 GAAP revenue growth 30% YoY to $146M, adjusted EBITDA $32M (22% margin). Operating cash flow $33M (103% of EBITDA), free cash flow $29M.
- **Guidance Update**: Full-year 2025 revenue guidance raised to $585-597M (22-24% YoY growth), EBITDA $136-140M (23.4% margin). Q3 revenue expected $146-149M (20% YoY growth).
- **Cost Management**: OpEx growth constrained, with cost of revenue scaling with revenue. Currency fluctuations impact compensation costs (~$1M/Q increase).

**【Q&A Key Highlights】**
- **Neon Pricing & Costs**: Neon will be free with ad-supported monetization, but premium subscriptions may be introduced for advanced features. Compute costs will be shared with AI partners.
- **Search Rebound**: Sequential growth doubled QoQ, driven by higher ARPU regions and AI-integrated pre/post-search monetization.
- **Tariff Impact**: U.S. e-commerce headwinds offset by global growth, with stabilization expected in H2 2025.
- **GX Market Potential**: South Korea and Japan represent high-growth gaming markets, with localization efforts underway.
- **MiniPay Monetization**: Revenue from ecosystem integrations, with potential for transaction fees as adoption scales.


Opera Limited (OPRA) Q2 2025 Earnings Call Transcript

- **Revenue Supercharge**: Q1 2025 revenue up 40% YoY to $143M, driven by 63% ad growth and 100%+ e-commerce expansion. 
- **AI Innovation Payoff**: Browser Operator AI feature hits 500K downloads in 2 months, Opera Air browser targets high-value users. 
- **Profitability Strength**: 23% EBITDA margin, 16th consecutive quarter as Rule of 40 company. 
- **Guidance Uptick**: Full year 2025 revenue raised to $567-582M (+20% YoY), reflecting Q1 overperformance and Q2+ momentum. 
- **E-commerce Goldmine**: U.S. e-commerce opportunity still 99% untapped, performance-based ad model resilient to macro volatility.

**【CEO Operational Highlights】**
- Q1 2025 revenue reached $143 million, up 40% YoY, driven by 63% growth in advertising revenue ($96 million). E-commerce vertical grew over 100% YoY, offsetting seasonal decline in search revenue ($47 million, +8% YoY). 
- Annualized ARPU increased 44% YoY to $1.70, with 293M MAUs stable. 
- Browser Operator AI feature achieved 500K downloads in first 2 months, demonstrating early success in agentic browsing. 
- GX browser user base stable at 33M, with ARPU $3.41 vs. Q4 peak of $3.55 due to seasonal trends. 
- Opera Air browser launched with mindfulness focus, downloaded 500K times in first 2 months. 

**【CFO Financial Details】**
- Adjusted EBITDA $32M (23% margin), above high end of guidance range. 
- Cost of revenue scaled with advertising growth, while OpEx declined 5% YoY to $105M. 
- Free cash flow $12M (37% of EBITDA), with accounts receivable up due to strong Q1 collections. 
- Full year 2025 guidance raised to $567-582M revenue (+20% YoY), $135-140M EBITDA (24% margin). 
- Q2 2025 outlook: $134-138M revenue (+24% YoY), $30-32M EBITDA (23% margin). 

**【Key Q&A Takeaways】**
- Search growth moderation reflects shift to high-intent ad monetization, but core search remains stable. 
- GX ARPU decline driven by seasonal trends, not macro factors. 
- U.S. dollar strength caused 5-6% YoY revenue headwind. 
- E-commerce growth potential remains vast, with U.S. opportunity still early-stage. 
- Choice screens in Europe continue to drive search revenue outperformance. 
- Marketing spend focused on high-ARPU users, with Q2 campaigns similar to Q1 levels.

Opera Limited (OPRA)-28 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 29% YoY growth ($132M) vs. 15% initial 2024 guidance, driven by e-commerce and high-ARPU users.
- **Ad Dominance**: Advertising revenue up 38% YoY ($93M), search +17% ($52M), EBITDA margin 23%.
- **User Expansion**: Western markets now 19% of user base (vs. 16% YoY), ARPU +33% to $1.98.
- **AI & Product Innovation**: Agentic browsing, AI tab comments, mindfulness browser Opera Air launched in Q4.
- **2025 Outlook**: $555M-$570M revenue (17% growth), EBITDA $132M-$138M, 24% margin.

**【CEO Operational Highlights】**
- **Revenue Growth**: Q4 2024 revenue grew 29% YoY, exceeding guidance by 800bps, driven by e-commerce opportunities and high-ARPU user growth. Full-year revenue growth accelerated to 21% vs. initial 15% guidance.
- **Ad & Search Performance**: Advertising revenue rose 38% YoY ($93M), search revenue grew 17% YoY ($52M). Adjusted EBITDA was $33M (23% margin), above high end of guidance.
- **User Metrics**: Western markets (North America/Europe) users grew to 19% of base (vs. 16% YoY), annualized ARPU increased 33% to $1.98. GX browser MAUs reached 33.9M (+22% YoY).
- **Product Launches**: Opera R2, GX redesign, iOS/Android AI features, and mindfulness-focused Opera Air browser launched in Q4.

**【CFO Financial Overview】**
- **Q4 Financials**: Revenue $132M (29% YoY), adjusted EBITDA $33M (23% margin). Operating cash flow $21.7M (66% of EBITDA), full-year cash conversion 91%.
- **2025 Guidance**: Revenue $555M-$570M (17% YoY), EBITDA $132M-$138M (24% margin). Cost of revenue expected to rise to 30% of revenue, offset by scale efficiencies.
- **Cash Generation**: 2024 free cash flow 61% of EBITDA (77% ex-Iceland AI cluster investment).

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