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]

Summary of Opera's Conference Call Company Overview - **Company**: Opera - **Industry**: Internet Browsers - **Headquarters**: Norway - **User Base**: Approximately 300 million monthly users - **Public Since**: 2018 - **CAGR Growth**: Over 20% since going public - **Profitability**: The company is profitable and pays a dividend with a recurring yield exceeding 5% [3][30][29] Core Business and Monetization - **Primary Product**: Opera browser, with a focus on driving traffic to partners such as search engines and advertisers [3][4] - **New Product**: Neon browser, which offers advanced agentic capabilities for a monthly subscription, targeting enthusiasts who want more control and automation in their browsing experience [11][12] Competitive Landscape - **Emerging Competitors**: AI-native companies like Perplexity and OpenAI are entering the browser space, which Opera views as an opportunity rather than a threat [4][5] - **Differentiation Strategy**: Opera aims to remain agnostic and independent, allowing users to utilize multiple AI platforms without being locked into one [6][30] Technological Advancements - **AI Integration**: Opera uses a combination of models, including Gemini and ChatGPT, to enhance user experience and browser capabilities [7][10] - **Agentic Capabilities**: The browser is designed to assist users in tasks such as research and e-commerce, with the goal of improving efficiency and user satisfaction [13][24] Revenue Streams - **Query Revenue**: Approximately one-third of revenue comes from query revenue, which has seen a tripling in growth over the past year [16][18] - **Advertising Revenue**: Roughly two-thirds of revenue, with e-commerce advertising growing rapidly, expected to represent half of advertising revenue by Q4 [19][21] - **Performance-Based Advertising**: Opera focuses on performance-based advertising, which is seen as more beneficial for partners compared to traditional display advertising [20][21] E-commerce Strategy - **Key Partners**: Major e-commerce partners include Amazon, Booking, Temu, and Shein, with a focus on driving traffic to these platforms [22][21] - **User Engagement**: The browser aims to present users with options while allowing agents to facilitate transactions, ensuring that advertising opportunities remain intact [23][25] Financial Discipline and Future Outlook - **Profitability**: Opera maintains a strong EBITDA margin of 24% and has returned approximately $500 million to shareholders since 2020 through buybacks and dividends [33][47] - **Opay Stake**: Opera holds a 9.4% stake in Opay, a successful mobile wallet in Nigeria, which is expected to go public, potentially generating significant gains for Opera [40][42] New Initiatives - **MiniPay**: A non-custodial wallet focused on stablecoins, aimed at emerging markets, which has quickly grown to 10 million wallets [34][35] - **Market Positioning**: Opera positions MiniPay as a trusted solution in regions where it has established a long-standing presence [36][38] Misunderstandings in the Market - **Market Perception**: Opera is not a direct competitor to large language models (LLMs) but rather aims to integrate and enhance user experiences through its browser [28][30] - **Partnerships**: The company emphasizes the importance of long-term partnerships, particularly with Google, which have been beneficial for its business model [31][32] This summary encapsulates the key points discussed during the conference call, highlighting Opera's strategic positioning, technological advancements, revenue generation, and future outlook in the competitive landscape of internet browsers.

Core Insights - Neon-Money Talks is a voice chat app that gained rapid popularity in 2025, claiming users can earn money by making calls, with potential earnings of up to $30 per day [1][3] - The app's business model involves selling users' voice data to AI companies for training purposes, raising significant privacy concerns [1][8] - Following a TechCrunch report highlighting security vulnerabilities, the app was taken down for a "comprehensive security audit" shortly after its launch [1][17] Group 1: Business Model and Growth - Neon offers users $0.45 per minute for calls with other Neon users, and $0.15 per minute for calls to regular phone numbers, incentivizing usage [3][6] - The app achieved a peak download rate of 81,000 in a single day, climbing to the 5th position in the App Store overall rankings [1][6] - Users can earn significant amounts, with potential monthly earnings exceeding 6,000 RMB if they consistently use the app [6][9] Group 2: Privacy and Security Concerns - Users unknowingly consent to the permanent sale of their voice data, which can be modified and resold by Neon [8][9] - The app has received a low rating of 2.6/5 on the App Store, with many users reporting difficulties in withdrawing their earnings [11][12] - TechCrunch's investigation revealed that the app does not adequately protect user data, allowing access to personal information and recordings [17][18] Group 3: Market Trends and Implications - The trend of monetizing personal data in the AI economy raises ethical questions about privacy and individual rights [21][29] - The market for AI training data is projected to grow significantly, with the digital human market expected to reach $519.4 billion by 2025 [27][29] - Companies like Synthesia and HeyGen are already generating substantial revenue by acquiring and utilizing human data for AI applications [28][29]

Core Insights - Neon is gaining popularity as an application that allows consumers to sell their personal data, contrasting with the growing public concern over data privacy [1][5] - The app has reached the top of the social networking category in the US App Store and ranks third among free apps overall, following Google Gemini and ChatGPT [1] Business Model - Neon positions itself as a tool for monetizing personal data through AI, claiming users can earn "hundreds or thousands of dollars" annually by recording and selling their phone calls to "trusted AI companies" [5][7] - The app charges users 30 cents per minute for calls between two Neon users and 15 cents per minute if only one user is on Neon, with a maximum earning potential of $30 per day per user [5] Privacy and Legal Concerns - The app's terms of service indicate that it may capture both incoming and outgoing call records, raising concerns about compliance with wiretapping laws [6][7] - Legal experts suggest that the marketing language used by Neon may be designed to circumvent legal requirements for consent from both parties in a conversation [6][7] - Users grant Neon extensive rights over their recordings, including the ability to sell, use, and distribute the data without clear disclosure on how AI companies will utilize it [7] Data Security Risks - There are significant risks associated with the potential misuse of voice data, including the possibility of creating AI-generated voice scams [9] - Neon has not disclosed which AI companies it sells data to, and like many data-driven companies, it faces risks related to data breaches [9] Industry Context - The rise of applications like Neon reflects a shift in consumer attitudes towards privacy, as some individuals are willing to trade their personal data for monetary compensation [6][10] - The increasing prevalence of AI tools collecting user data raises broader concerns about privacy in the digital age, as users may unknowingly compromise their personal information [10]

Security Breach - Neon, a top-ranked iPhone call recording app, was taken offline due to a security bug [1] - The bug allowed any logged-in user to access call recordings and transcripts of other users [1]

Financial Data and Key Metrics Changes - Revenue is at the lower end of guidance, reflecting a tough economic climate and delays in planned initiatives due to satellite migration [21] - EBITDA is in the middle of guidance, partly offset by strong cost management [21] - Net profit after tax is down due to higher depreciation from elevated CapEx and new products [21] - Free cash flow increased by 4.6% year on year to $24.8 million [22] - Total dividends distributed increased by 21% year on year to $30 million [30] Business Line Data and Key Metrics Changes - Sky4Now, broadband, and advertising contributed over $22 million in revenue, but Skybox revenue declined due to customer churn and service interruptions [6][7] - Skybox now accounts for 62% of revenue, down from 78% five years ago, indicating increased revenue diversity [7] - Sky Sports Now saw a 20% increase in monthly subscribers and a 16% revenue growth for the year [15] - Neon performance remained steady, with advertising revenue growing by 7% [16][17] Market Data and Key Metrics Changes - The linear TV market has been declining at a 5.8% CAGR since 2019, while digital video growth is at 17% CAGR [18] - Sky has secured a significant share in the linear market and a strong stake in the fast-growing digital ad space through the Sky Free acquisition [18] Company Strategy and Development Direction - The company aims to enhance its multi-platform approach and strengthen its content bundle through strategic partnerships [8][10] - Focus on reducing reliance on output deals and moving towards a more responsive content strategy [11] - Integration of Sky Free is a key priority, with expectations of positive free cash flow impact in FY 2026 [34][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing economic challenges but remains optimistic about customer engagement and revenue growth opportunities [37][40] - The company plans to reinvest in marketing and customer experience to lay the groundwork for future growth [38][40] - Management is focused on achieving margin growth while navigating the current economic landscape [76] Other Important Information - The company has completed the satellite migration and secured the renewal of New Zealand Rugby rights from 2026 to 2030 [3][4] - The acquisition of Discovery New Zealand, now called Sky Free, is expected to enhance the company's market position [3][34] Q&A Session Summary Question: What is the expected payout ratio for FY 2026? - Management acknowledges the payout ratio will be at the top of the range for FY 2026 and will consider future guidance as they approach FY 2027 [43][44] Question: What is driving the reduction in programming costs for FY 2026? - The reduction is attributed to fewer one-off events compared to previous years, such as the Olympics, and a focus on entertainment spend [45][46][47] Question: How is trading going in the first months of FY 2026? - The first month has gone well, with improved churn levels as customers transition to the new Sky experience [49][50] Question: What are the main reasons for customer churn? - Price sensitivity is the primary reason for churn, as customers are facing economic pressures [82] Question: What is the impression of the Sky Free acquisition so far? - Management expresses excitement about the opportunities presented by the acquisition, reporting all positive insights [86][87]

Core Viewpoint - Databricks is in negotiations to acquire Neon, an open-source database startup, for approximately $1 billion, which may exceed this amount when including employee retention incentives. The deal is seen as a strategic move to enhance Databricks' AI capabilities and infrastructure [1][16]. Group 1: Company Overview - Neon is a four-year-old open-source database company founded by Nikita Shamgunov, Heikki Linnakangas, and Stas Kelvich, focusing on PostgreSQL [2][3]. - The current CEO, Shamgunov, has a strong background in computer science and has previously contributed to SQL Server at Microsoft and co-founded MemSQL (now SingleStore) [5][6]. - The company aims to create a PostgreSQL variant suitable for AI applications, allowing customers to pay for database usage on demand, with a focus on efficiency for AI agents [11][12]. Group 2: Technology and Features - Neon employs a serverless architecture that separates storage and compute, allowing for automatic scaling based on workload demands [7][8]. - The technology includes features like copy-on-write for checkpointing and time-point recovery, as well as connection pooling to enhance performance [8][9]. - Neon supports vector data storage and utilizes HNSW indexing for efficient high-dimensional vector searches, making it valuable for natural language processing tasks [11][12]. Group 3: Investment and Financials - Neon has raised over $130 million in funding, including a recent $46 million round led by Menlo VC, bringing its total funding to approximately $104 million [14]. - The company previously received a $25 million strategic investment from Microsoft's M12, enhancing its collaboration with Azure [13][14]. Group 4: Databricks' Strategic Moves - Databricks, founded in 2013, has shifted its focus towards AI, acquiring companies like MosaicML for $1.3 billion to bolster its AI capabilities [16][17]. - The company has been actively enhancing its platform through various product developments and acquisitions, including the launch of Databricks Apps for building customized AI applications [17][18]. - Databricks is reportedly facing challenges in its transition to AI, with some industry insiders expressing concerns about its current direction and operational efficiency [20].