Summary of Opera Limited's Q3 Conference Call Company Overview - **Company**: Opera Limited - **Industry**: Internet and Technology - **Core Business**: Transitioned from a browser company to a diversified consumer internet platform, including search, advertising, and fintech services - **Monthly Active Users**: Approximately 300 million, representing about 6% of the global internet user base [3][6] Financial Highlights - **Revenue Guidance for 2025**: Expected to be around $600 million with an Adjusted EBITDA of $140 million [4] - **Dividend Policy**: Opera pays a recurring dividend every six months, yielding approximately 5%-6% [4] - **Share Buybacks**: Totaling about $500 million since 2020 [4] - **Revenue Composition**: 37% from query-based revenue and two-thirds from advertising [16] Product Innovation and Development - **Browser Variants**: Multiple versions of the Opera browser tailored for different user segments, including Opera One for general users, GX for gamers, and Opera Neon for a unique browsing experience [5][11] - **AI Integration**: Early adopter of integrating large language models (LLMs) into its products, enhancing user experience through features like Opera AI, which assists users in tasks across websites [7][9] - **Gaming Browser**: The GX browser is specifically designed for gamers, featuring optimizations for performance and user experience [11][12] Market Position and Growth Potential - **User Base Growth**: Significant potential for growth in the gaming segment, with a 10x potential in Western markets [12] - **Emerging Markets**: Launched MiniPay, a non-custodial wallet for stablecoins, which has rapidly grown to over 12 million wallets and 360 million transactions [13] - **Brand Awareness**: 44% awareness in the U.S., 60% in the U.K., and 70% in Germany, indicating room for growth in brand recognition [15] Revenue Streams and Advertising Model - **Advertising Model**: Primarily performance-based, with revenue generated through partnerships and user engagement [31][32] - **Long-standing Partnerships**: Maintains a 20-year partnership with Google for search-related revenue [17] Challenges and Market Dynamics - **Concerns about Fraud**: Addressed concerns regarding fraudulent activities in the advertising space, emphasizing the importance of genuine user traffic [24][25] - **Impact of AI on Browsing**: Discussed potential risks of generative AI affecting traditional search and advertising models, but emphasized the unique value of the Opera browser in enhancing user experience [33][34] Financial Health and Strategy - **Profitability**: Stable profit margins with a guided EBITDA margin of 23% for the year [19] - **Cash Flow Management**: High conversion from EBITDA to cash flow, with no financial debt and a solid cash position [21][22] - **Investment vs. Profitability**: Balancing growth investments with profitability, receiving mixed feedback from stakeholders on the approach [20][21] Conclusion - Opera Limited is positioned as a significant player in the internet and technology sector, leveraging innovation and a diversified product portfolio to drive growth. The company maintains a strong financial profile with a focus on user engagement and market expansion, particularly in gaming and fintech services.

Core Insights - Opera has launched Opera One R3, the latest version of its flagship browser, featuring enhanced tab management and AI capabilities [3][4][14] Product Features - The new Tab Islands feature allows users to automatically group tabs by context, with options for color-coding and naming, improving organization [3][5] - The rebuilt Opera browser AI offers 20% faster responses and can provide context-specific answers based on the current tab or Tab Island [6] - Users can now view up to four tabs simultaneously in various layouts, enhancing multitasking capabilities [9] Integration and Design - The sidebar now includes Google services such as Gmail and Google Calendar, contributing to a modular design that enhances user productivity [10][11] - Opera One R3 introduces three new dynamic themes, including a special theme that reacts to music played through the browser [12][13] User Experience - The update aims to provide a visually and audibly engaging browsing experience, aligning with users' new year resolutions for better organization and productivity [4][14]

Company Overview - Opera is a Norway-based tech firm with an enterprise value of approximately $1.28 billion, primarily owned by Kunlun Tech since 2016 [3] - The company has been operational for three decades and focuses on providing faster, smarter, and safer web browsing experiences [2] Financial Performance - In Q3 2025, Opera reported a revenue of $151.9 million, reflecting a 23% year-over-year growth, exceeding analyst expectations by $3.8 million [7] - The company's non-GAAP EPS was 30 cents per share, which missed forecasts by one cent [7] - Year-to-date, Opera's shares have declined by 20% due to increased operating expenses and decreased operating cash flows [6] Market Position and Analyst Insights - Goldman analyst Eric Sheridan highlights Opera's strong fundamentals and operating momentum, despite pressures from competition and investor preferences for larger companies [8] - Sheridan maintains a positive outlook, indicating that Opera is well-positioned to benefit from long-term trends in digital advertising and geographic product mix shifts, projecting sustained double-digit growth [8] - The stock has a Buy rating with a price target of $24.50, suggesting a potential upside of 69% in the coming year [8] Industry Context - The small-cap sector, including Opera, is expected to outperform in early 2026 due to favorable macroeconomic conditions, including accelerating US economic growth and continued Federal Reserve easing [5] - The Russell 2000 index, a benchmark for small-cap stocks, has gained in the mid-teens this year, indicating a positive trend for small-cap investments [5]

I previously covered Opera Limited (NASDAQ: OPRA ) in August 2025, discussing how its correction had turned out as expected, as the bulls continued to defend its floor at the $16s and its uptrend momentum since October 2022.I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on ...

Core Viewpoint - The analysis of Opera Limited (NASDAQ: OPRA) indicates that the stock has shown resilience, maintaining a support level around $16 and demonstrating an upward trend since October 2022 [1] Group 1: Company Analysis - Opera Limited's stock correction was anticipated, with bullish investors defending the $16 support level [1] - The stock has exhibited an uptrend momentum since October 2022, suggesting positive market sentiment [1]

Core Insights - Opera has launched Opera Neon, an experimental AI-powered browser aimed at AI power users, now available to the public after a closed "Founders" phase [1][2][4] - The subscription for Opera Neon is priced at $19.90 per month, providing access to advanced AI models and features [3][8] Product Overview - Opera Neon is designed to utilize AI agents for performing tasks and coding web applications, distinguishing it from standard web browsers [2] - The browser integrates top-tier AI models, including Gemini 3 Pro and GPT 5.1, into a single workspace, allowing users to avoid multiple subscriptions [5][10] Community Engagement - Subscribers gain access to an exclusive Discord community for testing features, discussing product development, and influencing the browser's roadmap [7] Availability and Features - Opera Neon is available for download at $19.90 per month, while Opera's main browsers continue to offer free AI features [8] - Current features include tools for booking trips, building websites, generating videos, and conducting deep research with the ODRA agent [10]

Company Overview - Opera (OPRA) is an AI-powered technology company primarily recognized for its web browser solutions and related services [1] - The stock has experienced a decline of 27% year-to-date, despite the management delivering steady and stable performance [1] Performance Analysis - The company has shown consistent operational performance, which contrasts with the significant drop in stock price [1]

Core Insights - Opera and the Celo Foundation are extending their partnership to enhance financial inclusion for a billion people by 2030 through low-cost stablecoin payments [1] - The partnership includes the introduction of stablecoin-backed payment cards, expanded real-world asset offerings, and a Mini App Roadshow across Asia and South America [1][2] Company Developments - MiniPay, a non-custodial stablecoin wallet provider on Celo, has achieved 11 million activated wallets and processed over 300 million transactions since its launch in September 2023 [3] - Celo has become a leading Ethereum layer-2 platform with 700,000 daily active users and over 3 million weekly USDT users [3] Market Trends - The joint MiniApp roadshow is set to take place in early 2026, focusing on regions with strong developer activity and increasing crypto adoption [5] - Latin America has seen nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2023, with Brazil accounting for $318.8 billion, reflecting a 109.9% period-over-period growth [5] Stablecoin Insights - Over 90% of Brazilian crypto flows are now related to stablecoins, with stablecoin purchases constituting more than half of all exchange activity in Brazil, Argentina, and Colombia [6] - The stablecoin market is valued at over $310 billion, with predictions suggesting it may not exceed $360 billion before February [6]

Core Insights - Opera (OPRA) is launching new AI capabilities across its web browsers, including Opera One, Opera GX, and Neon, in response to increasing competition in the tech industry to enhance user browsing experiences [1] Group 1 - The new AI features aim to make browsing more agentic, indicating a shift towards more interactive and personalized user experiences [1]

Core Insights - Opera is enhancing its browser capabilities by integrating advanced AI features, providing over 80 million users with free access to the latest Opera browser AI through its Opera One, Opera GX, and Opera Neon browsers [1][2][3] AI Integration and Features - The new Opera AI functions as a side panel, allowing users to interact with it in relation to any webpage, enabling tasks such as research, content summaries, and comparisons across tabs [2] - The AI engine has been redesigned for improved speed, delivering responses 20% faster, and includes features for voice input/output and file analysis across various formats [2] - Privacy features are emphasized, giving users control over the context shared with Opera AI [2] Partnership with Google - The partnership with Google is crucial for Opera, allowing the integration of the latest Gemini models into its browser AI, enhancing user experience with native search and AI features [3][4] - This collaboration is seen as a step towards setting new standards for AI-powered user experiences in browsing [4] Market Performance and User Engagement - Opera reported a 17% annual increase in query revenue, indicating successful monetization of user-initiated actions beyond traditional search, reflecting the growing use of AI tools [3] - The browser is positioned as a key interface for AI, leveraging real-time context from users' browsing activities to provide more relevant assistance [5] Future Outlook - The shift towards AI-powered search is expected to drive deeper user engagement, aligning with Opera's long-term strategy to enhance user experience through innovative products [6]