Opera Reports 40% Revenue Growth in the First Quarter 2025, Raises Full-Year Guidance Ranges for Both Revenue and Adjusted EBITDA
Opera (NASDAQ: OPRA) reported exceptional Q1 2025 financial results with revenue reaching $142.7 million, marking a 40% year-over-year growth. The company's advertising revenue grew 63% to $95.6 million, while search revenue increased 8% to $46.6 million.
Key metrics include Adjusted EBITDA of $32.3 million (23% margin) and net income of $18.3 million. The company reported 293 million monthly active users with ARPU of $1.94, up 45% year-over-year. Opera GX gaming browser reached 34 million monthly active users, growing 14% year-over-year.
Notable launches include Opera Air, a mindfulness-oriented browser, and the Browser Operator with local AI capabilities. The company has raised its full-year 2025 guidance, projecting revenue of $567-582 million and Adjusted EBITDA of $135-140 million. For Q2 2025, Opera expects revenue of $134-138 million with a 23% adjusted EBITDA margin.
Opera (NASDAQ: OPRA) ha riportato risultati finanziari eccezionali nel primo trimestre 2025, con ricavi pari a 142,7 milioni di dollari, segnando una crescita del 40% su base annua. I ricavi pubblicitari sono aumentati del 63%, raggiungendo 95,6 milioni di dollari, mentre i ricavi da ricerca sono cresciuti dell’8% a 46,6 milioni di dollari.
Tra i principali indicatori si segnalano un EBITDA rettificato di 32,3 milioni di dollari (margine del 23%) e un utile netto di 18,3 milioni di dollari. L’azienda ha registrato 293 milioni di utenti attivi mensili con un ARPU di 1,94 dollari, in crescita del 45% su base annua. Il browser gaming Opera GX ha raggiunto 34 milioni di utenti attivi mensili, con una crescita del 14% su base annua.
Tra i lanci più rilevanti figurano Opera Air, un browser orientato alla mindfulness, e Browser Operator con funzionalità AI locali. L’azienda ha rivisto al rialzo le previsioni per l’intero 2025, stimando ricavi tra 567 e 582 milioni di dollari e un EBITDA rettificato tra 135 e 140 milioni di dollari. Per il secondo trimestre 2025, Opera prevede ricavi tra 134 e 138 milioni di dollari con un margine EBITDA rettificato del 23%.
Opera (NASDAQ: OPRA) reportó resultados financieros excepcionales en el primer trimestre de 2025, con ingresos que alcanzaron los 142.7 millones de dólares, marcando un crecimiento interanual del 40%. Los ingresos por publicidad crecieron un 63% hasta 95.6 millones de dólares, mientras que los ingresos por búsqueda aumentaron un 8% hasta 46.6 millones de dólares.
Las métricas clave incluyen un EBITDA ajustado de 32.3 millones de dólares (margen del 23%) y un ingreso neto de 18.3 millones de dólares. La compañía reportó 293 millones de usuarios activos mensuales con un ARPU de 1.94 dólares, un aumento del 45% interanual. El navegador de juegos Opera GX alcanzó 34 millones de usuarios activos mensuales, creciendo un 14% interanual.
Los lanzamientos destacados incluyen Opera Air, un navegador orientado a la atención plena, y Browser Operator con capacidades locales de IA. La empresa ha elevado su guía para todo el año 2025, proyectando ingresos entre 567 y 582 millones de dólares y un EBITDA ajustado entre 135 y 140 millones de dólares. Para el segundo trimestre de 2025, Opera espera ingresos entre 134 y 138 millones de dólares con un margen EBITDA ajustado del 23%.
Opera (NASDAQ: OPRA)는 2025년 1분기에 매출 1억 4,270만 달러를 기록하며 전년 동기 대비 40% 성장하는 뛰어난 실적을 발표했습니다. 광고 매출은 6,560만 달러에서 9,560만 달러로 63% 증가했고, 검색 매출은 8% 증가한 4,660만 달러를 기록했습니다.
주요 지표로는 조정 EBITDA 3,230만 달러(마진 23%)와 순이익 1,830만 달러가 있습니다. 월간 활성 사용자 수는 2억 9,300만 명이며, ARPU는 1.94달러로 전년 대비 45% 증가했습니다. 게임 전용 브라우저 Opera GX는 월간 활성 사용자 3,400만 명을 기록하며 14% 성장했습니다.
주목할 만한 출시 제품으로는 마음챙김에 중점을 둔 브라우저 Opera Air와 로컬 AI 기능을 갖춘 Browser Operator가 있습니다. 회사는 2025년 연간 가이던스를 상향 조정하여 매출 5억 6,700만~5억 8,200만 달러, 조정 EBITDA 1억 3,500만~1억 4,000만 달러를 예상합니다. 2025년 2분기에는 매출 1억 3,400만~1억 3,800만 달러, 조정 EBITDA 마진 23%를 기대하고 있습니다.
Opera (NASDAQ : OPRA) a publié des résultats financiers exceptionnels pour le premier trimestre 2025, avec un chiffre d’affaires atteignant 142,7 millions de dollars, soit une croissance de 40 % en glissement annuel. Les revenus publicitaires de la société ont augmenté de 63 % pour atteindre 95,6 millions de dollars, tandis que les revenus issus de la recherche ont progressé de 8 % pour atteindre 46,6 millions de dollars.
Les indicateurs clés incluent un EBITDA ajusté de 32,3 millions de dollars (marge de 23 %) et un bénéfice net de 18,3 millions de dollars. L’entreprise a enregistré 293 millions d’utilisateurs actifs mensuels avec un ARPU de 1,94 dollar, en hausse de 45 % en un an. Le navigateur de jeux Opera GX a atteint 34 millions d’utilisateurs actifs mensuels, soit une croissance de 14 % en un an.
Parmi les lancements remarquables figurent Opera Air, un navigateur axé sur la pleine conscience, et Browser Operator avec des capacités d’IA locales. La société a relevé ses prévisions pour l’ensemble de l’année 2025, prévoyant un chiffre d’affaires entre 567 et 582 millions de dollars et un EBITDA ajusté entre 135 et 140 millions de dollars. Pour le deuxième trimestre 2025, Opera s’attend à un chiffre d’affaires compris entre 134 et 138 millions de dollars avec une marge d’EBITDA ajusté de 23 %.
Opera (NASDAQ: OPRA) meldete herausragende Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 142,7 Millionen US-Dollar, was einem Wachstum von 40 % im Jahresvergleich entspricht. Die Werbeeinnahmen des Unternehmens stiegen um 63 % auf 95,6 Millionen US-Dollar, während die Einnahmen aus der Suche um 8 % auf 46,6 Millionen US-Dollar zunahmen.
Zu den wichtigsten Kennzahlen gehören ein bereinigtes EBITDA von 32,3 Millionen US-Dollar (23 % Marge) und ein Nettogewinn von 18,3 Millionen US-Dollar. Das Unternehmen meldete 293 Millionen monatlich aktive Nutzer mit einem ARPU von 1,94 US-Dollar, was einem Anstieg von 45 % im Jahresvergleich entspricht. Der Gaming-Browser Opera GX erreichte 34 Millionen monatlich aktive Nutzer, ein Wachstum von 14 % im Jahresvergleich.
Bemerkenswerte Produkteinführungen sind Opera Air, ein auf Achtsamkeit ausgerichteter Browser, und der Browser Operator mit lokalen KI-Funktionen. Das Unternehmen hat seine Prognose für das Gesamtjahr 2025 angehoben und erwartet einen Umsatz von 567 bis 582 Millionen US-Dollar sowie ein bereinigtes EBITDA von 135 bis 140 Millionen US-Dollar. Für das zweite Quartal 2025 erwartet Opera einen Umsatz von 134 bis 138 Millionen US-Dollar bei einer bereinigten EBITDA-Marge von 23 %.
- Revenue grew 40% YoY to $142.7M, exceeding guidance
- Advertising revenue surged 63% YoY to $95.6M
- ARPU increased 45% YoY to $1.94
- Adjusted EBITDA grew 29% YoY to $32.3M
- Raised full-year guidance for both revenue and adjusted EBITDA
- Gaming browser Opera GX users grew 14% YoY
- Net income margin decreased from 15% to 13% YoY
- Operating profit margin declined from 19% to 15% YoY
- Operating cash flow decreased 49% YoY to $15.9M
- Share-based compensation expense increased 130% YoY
Insights
Opera delivers exceptional Q1 with 40% revenue growth, beating guidance and raising full-year outlook amid strong advertising performance.
Opera's Q1 2025 results showcase remarkable acceleration with 40% year-over-year revenue growth to
Profitability remains robust despite increased investments. Adjusted EBITDA reached
The company is efficiently monetizing its 293 million monthly active users with annualized ARPU jumping
Product innovation remains strong with the launch of Opera Air and the Browser Operator featuring autonomous AI capabilities. These developments position Opera to enhance user engagement in the evolving browser market.
Most significantly, Opera has raised its full-year guidance for both revenue and adjusted EBITDA. The new outlook projects revenue of
The company maintains a strong balance sheet with
Revenue accelerated further to
Adjusted EBITDA of
Opera raises full-year guidance for both revenue and adjusted EBITDA
Company guides second quarter 2025 revenue of
"Our growth acceleration continued in the first quarter of 2025, leading to both revenue and profitability outperformance well beyond our guidance ranges. The continued scaling of revenue from both our browser products and the Opera Ads platform allows us to raise expectations for the remaining quarters of the year beyond our prior guidance," said co-CEO Lin Song.
"On the product side, highlights include the launch of Opera Air, our mindfulness-oriented browser, and the introduction of our agentic Browser Operator, which enables our browser to act autonomously and perform tasks for users using local AI capabilities," continued Mr. Song.
First Quarter 2025 Financial Highlights
Three Months Ended March 31, | ||||||||||||
In thousands, except percentages and per share amounts | 2024 | 2025 | % Change | |||||||||
Revenue | $ | 101,871 | $ | 142,717 | 40 | % | ||||||
Net income | $ | 14,839 | $ | 18,283 | 23 | % | ||||||
Net income margin | 15 | % | 13 | % | ||||||||
Adjusted net income (1) | $ | 17,677 | $ | 24,154 | 37 | % | ||||||
Adjusted net income margin | 17 | % | 17 | % | ||||||||
Adjusted EBITDA (1) | $ | 24,913 | $ | 32,259 | 29 | % | ||||||
Adjusted EBITDA margin | 24 | % | 23 | % | ||||||||
Diluted earnings per share | $ | 0.17 | $ | 0.20 | 19 | % | ||||||
Adjusted diluted earnings per share (1) | $ | 0.20 | $ | 0.27 | 35 | % | ||||||
Net cash flow from operating activities | $ | 31,022 | $ | 15,945 | (49) | % | ||||||
As percentage of adjusted EBITDA | 125 | % | 49 | % | ||||||||
Free cash flow from operations (1) | $ | 8,290 | $ | 12,026 | 45 | % | ||||||
As percentage of adjusted EBITDA | 33 | % | 37 | % | ||||||||
_______________
(1) | See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures. |
First Quarter 2025 and Recent Business Highlights
- Further accelerated advertising revenue growth, with Opera Ads being established as a platform of global relevance in the broader mobile advertising ecosystem, resulting in advertising revenue growing
63% year-over-year to$95.6 million 67% of total revenue. - Search revenue grew
8% year-over-year to$46.6 million 33% of total revenue, while search related functionality also represents an entry point for direct advertising monetization of high user intent. - Opera had 293 million average monthly active users ("MAUs") in the quarter, with annualized average revenue per user ("ARPU") of
$1.94 45% versus the first quarter of 2024. - The Opera GX gaming browser had 34 million average MAUs in the quarter across PC and mobile, up
14% year-over-year. - A dividend of
$0.40 - Net cash flow from operating activities was
$15.9 million $103.5 million - Opera previewed the Browser Operator, an AI agent in the Opera browser capable of performing tasks on behalf of users based on natural language instructions, marking the first step towards broadening the role of the browser to become agentic.
First Quarter 2025 Financial Results
All comparisons in this section are relative to the first quarter of 2024 unless otherwise stated.
Revenue increased
- Advertising revenue increased
63% to$95.6 million - Search revenue increased
8% to$46.6 million - Technology licensing and other revenue was
$0.5 million
Operating expenses increased
- The total amount of technology and platform fees, content cost and cost of inventory sold, all being costs of revenue, was
$50.7 million 36% of revenue, as Opera Ads achieved additional scale in the quarter. - Personnel expenses excluding share-based compensation increased
8% to$17.6 million - Share based compensation expense was
$6.0 million 130% increase year-over-year. In early 2025, Opera granted 1.9 million share-equivalent RSUs with vesting over the 2025-2028 period, predominantly extending grants that had reached their final vesting period. With front-loaded cost recognition of multi-year grants, we will continue to see an elevated cost level throughout 2025. - Marketing and distribution expenses increased
16% to$34.2 million - Depreciation and amortization increased
44% to$4.4 million - All other operating expenses increased
22% to$8.7 million
Operating profit was
Net finance loss was
Income tax expense was
Net income was
Adjusted net income, which excludes accounting impacts from share-based compensation, investments in unconsolidated entities and other items that may not be indicative of the underlying and recurring profitability of our core operations, was
Adjusted EBITDA was
Diluted earnings per share was
Net cash flow from operating activities was
Business Outlook
Second Quarter 2025 Guidance | Full-Year 2025 Guidance | |||||
Revenue | ||||||
Year-over-year revenue growth (1) | 24 | % | 20 | % | ||
Adjusted EBITDA (2) | ||||||
Adjusted EBITDA margin (1) | 23 | % | 24 | % |
_______________
(1) | The percentages shown for revenue growth and adjusted EBITDA margin have been calculated based on the midpoints of the revenue and adjusted EBITDA guidance. |
(2) | See the section below titled "Non-IFRS Financial Measures" for explanations of non-IFRS financial measures. |
"With
"As a result, we are in a position to significantly raise our full-year guidance, which reflects our Q1 overperformance as well as incremental uplifts in what we had previously assumed for the remaining quarters of the year," continued Mr. Jacobsen.
Conference Call and Webcast Information
Opera's management will host a conference call to discuss the first quarter 2025 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.
We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.
Non-IFRS Financial Measures
In addition to revenue, net income, net cash flow from operating activities and other financial measures presented in accordance with IFRS Accounting Standards, we use adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations to manage our business, make planning decisions, evaluate our performance, and allocate resources. We believe adjusted net income, adjusted EBITDA and adjusted diluted earnings per share provide meaningful supplemental information regarding our financial performance by excluding certain items that may not be indicative of recurring core business operating results. We believe free cash flow from operations provides useful information regarding our ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders, even though free cash flow from operations does not represent the residual cash flow available for discretionary expenditures.
We define adjusted net income as net income excluding (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expenses, and (vii) the income tax effect of these adjustments. Adjusted net income margin is calculated as adjusted net income divided by revenue, whereas adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.
We define adjusted EBITDA as net income excluding (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expenses, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.
We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.
We believe the non-IFRS financial measures defined above are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and because they are used by our institutional investors and the analyst community to help them analyze the health of our business. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information presented in accordance with IFRS Accounting Standards. Our calculations of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our reported non-IFRS financial measures in conjunction with net income and net cash flow from operating activities.
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements, including statements relating to the Company's future financial and operating results, are made under the "safe harbor" provisions of the
About Opera
Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across all devices. Hundreds of millions use the Opera web browsers for their unique and secure features on their mobile phones and desktop computers. Founded in 1995, and headquartered in
Opera Limited | ||||||||||||||||
Consolidated Statement of Operations | ||||||||||||||||
(In thousands, except per share amounts, unaudited) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2024 | 2025 | |||||||||||||||
Revenue | $ | 101,871 | $ | 142,717 | ||||||||||||
Other operating income | 343 | (17) | ||||||||||||||
Operating expenses: | ||||||||||||||||
Technology and platform fees | (3,763) | (2,237) | ||||||||||||||
Content cost | (970) | (922) | ||||||||||||||
Cost of inventory sold | (19,285) | (47,534) | ||||||||||||||
Personnel expenses excluding share-based compensation | (16,314) | (17,568) | ||||||||||||||
Share-based compensation expenses | (2,610) | (6,000) | ||||||||||||||
Marketing and distribution expenses | (29,466) | (34,204) | ||||||||||||||
Credit loss expense | 63 | (160) | ||||||||||||||
Depreciation and amortization | (3,072) | (4,434) | ||||||||||||||
Impairment of non-financial assets | — | (733) | ||||||||||||||
Other operating expenses | (7,224) | (7,833) | ||||||||||||||
Total operating expenses | (82,640) | (121,626) | ||||||||||||||
Operating profit | 19,575 | 21,075 | ||||||||||||||
Share of net loss of equity-accounted investees | — | (7) | ||||||||||||||
Net finance income (expense): | ||||||||||||||||
Finance income | 863 | 678 | ||||||||||||||
Finance expense | (142) | (120) | ||||||||||||||
Net foreign exchange gain (loss) | (827) | (835) | ||||||||||||||
Net finance income (expense) | (106) | (277) | ||||||||||||||
Income before income taxes | 19,468 | 20,791 | ||||||||||||||
Income tax expense | (4,629) | (2,508) | ||||||||||||||
Net income attributable to Opera shareholders | $ | 14,839 | $ | 18,283 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.17 | $ | 0.20 | ||||||||||||
Diluted | $ | 0.17 | $ | 0.20 | ||||||||||||
Weighted-average number of shares outstanding: | ||||||||||||||||
Basic | 88,453 | 89,486 | ||||||||||||||
Diluted | 89,243 | 90,188 | ||||||||||||||
Opera Limited | ||||||||||||||||
Consolidated Statement of Comprehensive Income | ||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2024 | 2025 | |||||||||||||||
Net income | $ | 14,839 | $ | 18,283 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Items that may be reclassified to the Statement of Operations: | ||||||||||||||||
Exchange differences on translation of foreign operations | (246) | 1,153 | ||||||||||||||
Other comprehensive income (loss) | (246) | 1,153 | ||||||||||||||
Total comprehensive income attributable to Opera shareholders | $ | 14,593 | $ | 19,436 | ||||||||||||
Opera Limited | ||||||||||||||||
Consolidated Statement of Financial Position | ||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||
As of December 31, | As of March 31, | |||||||||||||||
2024 | 2025 | |||||||||||||||
Assets: | ||||||||||||||||
Property and equipment | $ | 34,058 | $ | 32,897 | ||||||||||||
Goodwill | 429,742 | 429,977 | ||||||||||||||
Intangible assets | 97,509 | 97,877 | ||||||||||||||
Investment in OPay | 258,300 | 258,300 | ||||||||||||||
Equity-accounted investments | 1,248 | 2,491 | ||||||||||||||
Other non-current investments and financial assets | 1,760 | 1,839 | ||||||||||||||
Deferred tax assets | 1,063 | 1,140 | ||||||||||||||
Total non-current assets | 823,681 | 824,521 | ||||||||||||||
Trade receivables | 92,823 | 103,068 | ||||||||||||||
Other current receivables | 4,560 | 5,411 | ||||||||||||||
Cash and cash equivalents | 126,797 | 103,546 | ||||||||||||||
Other current assets | 7,724 | 6,554 | ||||||||||||||
Total current assets | 231,904 | 218,578 | ||||||||||||||
Total assets | $ | 1,055,585 | $ | 1,043,099 | ||||||||||||
Equity: | ||||||||||||||||
Share capital | $ | 18 | $ | 18 | ||||||||||||
Additional paid-in capital | 647,212 | 611,818 | ||||||||||||||
Treasury shares | (238,815) | (238,815) | ||||||||||||||
Retained earnings | 536,623 | 560,340 | ||||||||||||||
Foreign currency translation reserve | (4,938) | (3,786) | ||||||||||||||
Total equity attributable to Opera shareholders | 940,100 | 929,576 | ||||||||||||||
Liabilities: | ||||||||||||||||
Non-current lease liabilities | 5,631 | 5,455 | ||||||||||||||
Deferred tax liabilities | 8,689 | 7,059 | ||||||||||||||
Other non-current liabilities | 71 | 74 | ||||||||||||||
Total non-current liabilities | 14,391 | 12,587 | ||||||||||||||
Trade and other payables | 75,285 | 68,592 | ||||||||||||||
Current lease liabilities | 3,955 | 4,095 | ||||||||||||||
Income tax payable | 3,190 | 7,499 | ||||||||||||||
Deferred revenue | 5,441 | 4,391 | ||||||||||||||
Other current liabilities | 13,222 | 16,359 | ||||||||||||||
Total current liabilities | 101,093 | 100,936 | ||||||||||||||
Total liabilities | 115,484 | 113,524 | ||||||||||||||
Total equity and liabilities | $ | 1,055,585 | $ | 1,043,099 | ||||||||||||
Opera Limited | ||||||||||||||||||||||||||||
Consolidated Statement of Changes in Equity | ||||||||||||||||||||||||||||
(In thousands, except number of shares, unaudited) | ||||||||||||||||||||||||||||
For the three months ended March 31, 2024: | ||||||||||||||||||||||||||||
Number | Share | Additional | Treasury | Retained | Foreign | Total equity | ||||||||||||||||||||||
As of January 1, 2024 | 87,518,284 | $ | 18 | $ | 717,610 | $ | (238,815) | $ | 445,164 | $ | (4,127) | $ | 919,850 | |||||||||||||||
Net income | — | — | — | — | 14,839 | — | 14,839 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (246) | (246) | |||||||||||||||||||||
Cost of equity awards, net of tax | — | — | — | — | 2,722 | — | 2,722 | |||||||||||||||||||||
Issuance of shares upon exercise of equity awards | 935,664 | — | — | — | — | — | — | |||||||||||||||||||||
Dividends | — | — | (35,007) | — | — | — | (35,007) | |||||||||||||||||||||
As of March 31, 2024 | 88,453,948 | $ | 18 | $ | 682,603 | $ | (238,815) | $ | 462,724 | $ | (4,373) | $ | 902,157 | |||||||||||||||
For the three months ended March 31, 2025: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Share | Additional | Treasury | Retained | Foreign | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of January 1, 2025 | 88,480,154 | $ | 18 | $ | 647,212 | $ | (238,815) | $ | 536,623 | $ | (4,938) | $ | 940,100 | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 18,283 | — | 18,283 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,153 | 1,153 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost of equity awards, net of tax | — | — | — | — | 5,434 | — | 5,434 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of equity awards | 1,020,700 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | (35,395) | — | — | — | (35,395) | |||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2025 | 89,500,854 | $ | 18 | $ | 611,818 | $ | (238,815) | $ | 560,340 | $ | (3,786) | $ | 929,576 | |||||||||||||||||||||||||||||||||||||||||||
Opera Limited | ||||||||||||||||
Consolidated Statement of Cash Flows | ||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2024 | 2025 | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Income before income taxes | $ | 19,468 | $ | 20,791 | ||||||||||||
Adjustments to reconcile income before income taxes to net cash flow from operating activities: | ||||||||||||||||
Net finance (income) expense | 106 | 277 | ||||||||||||||
Share of net loss of equity-accounted investees | — | 7 | ||||||||||||||
Impairment of non-financial assets | — | 733 | ||||||||||||||
Depreciation and amortization | 3,072 | 4,434 | ||||||||||||||
Cost of equity awards | 2,158 | 5,761 | ||||||||||||||
Other adjustments | (577) | (572) | ||||||||||||||
Changes in working capital: | ||||||||||||||||
Trade and other receivables | 8,291 | (11,034) | ||||||||||||||
Other current assets | 97 | 437 | ||||||||||||||
Trade and other payables | 470 | (6,693) | ||||||||||||||
Deferred revenue | (2,569) | (1,050) | ||||||||||||||
Other liabilities | 669 | 3,140 | ||||||||||||||
Income taxes paid | (162) | (286) | ||||||||||||||
Net cash flow from operating activities | 31,022 | 15,945 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchase of equipment | (20,234) | (596) | ||||||||||||||
Development expenditure | (1,390) | (2,231) | ||||||||||||||
Investment in an associate | — | (1,250) | ||||||||||||||
Interest received | 775 | 678 | ||||||||||||||
Net cash flow used in investing activities | (20,849) | (3,399) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Dividends paid | (9,874) | (35,395) | ||||||||||||||
Repayment of borrowings | (111) | — | ||||||||||||||
Payment of lease liabilities | (1,108) | (1,091) | ||||||||||||||
Interest paid | (142) | (120) | ||||||||||||||
Net cash flow used in financing activities | (11,235) | (36,606) | ||||||||||||||
Net change in cash and cash equivalents | (1,062) | (24,060) | ||||||||||||||
Cash and cash equivalents at beginning of period | 93,863 | 126,797 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,462) | 809 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 91,338 | $ | 103,546 | ||||||||||||
Opera Limited | ||||||||
Supplemental Financial Information | ||||||||
(In thousands, unaudited) | ||||||||
Revenue | ||||||||
The following table presents revenue disaggregated by type: | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2025 | |||||||
Advertising | $ | 58,648 | $ | 95,605 | ||||
Search | 43,139 | 46,587 | ||||||
Technology licensing and other revenue | 84 | 524 | ||||||
Total revenue | $ | 101,871 | $ | 142,717 | ||||
Share-based Compensation Expenses | ||||||||
The table below presents the amounts of share-based compensation expenses: | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2025 | |||||||
Cost of Opera-granted awards | $ | (779) | $ | (7,299) | ||||
Cost of parent-granted awards (1) | (1,379) | 1,538 | ||||||
Total cost of equity awards | (2,158) | (5,761) | ||||||
Social security contributions for Opera-granted awards | (452) | (240) | ||||||
Total share-based compensation expenses | $ | (2,610) | $ | (6,000) | ||||
_______________
(1) | Kunlun, the majority shareholder of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders. |
Other Operating Expenses | ||||||||
The table below presents the items of other operating expenses: | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2025 | |||||||
Hosting | $ | (3,008) | $ | (2,930) | ||||
Audit, legal and other advisory services | (1,600) | (2,202) | ||||||
Software license fees | (1,241) | (838) | ||||||
Rent and other office expenses | (596) | (631) | ||||||
Travel | (430) | (498) | ||||||
Other | (348) | (733) | ||||||
Total other operating expenses | $ | (7,224) | $ | (7,833) | ||||
Opera Limited | ||||||||
Reconciliations of Non-IFRS Financial Measures | ||||||||
(In thousands, except per share amounts, unaudited) | ||||||||
The following table presents a reconciliation of adjusted net income to net income: | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2025 | |||||||
Net income | $ | 14,839 | $ | 18,283 | ||||
Add (deduct): | ||||||||
Share of net loss of equity-accounted investees | — | 7 | ||||||
Impairment of non-financial assets | — | 733 | ||||||
Amortization of acquired intangible assets | 645 | 645 | ||||||
Share-based compensation expenses | 2,610 | 6,000 | ||||||
Income tax effect on adjustments | (417) | (1,514) | ||||||
Adjusted net income | $ | 17,677 | $ | 24,154 | ||||
Diluted weighted-average number of shares outstanding | 89,243 | 90,188 | ||||||
Adjusted diluted earnings per share | $ | 0.20 | $ | 0.27 | ||||
The following table is a reconciliation of adjusted EBITDA to net income: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2024 | 2025 | |||||||||||||||
Net income | $ | 14,839 | $ | 18,283 | ||||||||||||
Add (deduct): | ||||||||||||||||
Income tax expense | 4,629 | 2,508 | ||||||||||||||
Net finance (income) expense | 106 | 277 | ||||||||||||||
Share of net loss of equity-accounted investees | — | 7 | ||||||||||||||
Impairment of non-financial assets | — | 733 | ||||||||||||||
Depreciation and amortization | 3,072 | 4,434 | ||||||||||||||
Share-based compensation expenses | 2,610 | 6,000 | ||||||||||||||
Other operating income | (343) | 17 | ||||||||||||||
Adjusted EBITDA | $ | 24,913 | $ | 32,259 | ||||||||||||
The table below reconciles free cash flow from operations to net cash flow from operating activities: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2024 | 2025 | |||||||||||||||
Net cash flow from operating activities | $ | 31,022 | $ | 15,945 | ||||||||||||
Deduct: | ||||||||||||||||
Purchase of equipment | (20,234) | (596) | ||||||||||||||
Development expenditure | (1,390) | (2,231) | ||||||||||||||
Payment of lease liabilities | (1,108) | (1,091) | ||||||||||||||
Free cash flow from operations | $ | 8,290 | $ | 12,026 | ||||||||||||
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SOURCE Opera Limited
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