Q3 2025 Opera Ltd Earnings Call

Operator: Thank you for calling.

Speaker #3: Please stand by . We're about to begin . Good day . Everyone , and welcome to the opera Limited . Third quarter 2025 Earnings Call .

Speaker #3: At this time , all participants are in a listen only mode . After the speaker's presentation , there will be question and answer session .

Matt Wolfson: Good day, everyone, and welcome to the Opera Limited Third Quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this period, you will need to press star one on your telephone keypad. If you want to remove yourself from the queue, please press star two. Please be advised that today's call is being recorded. Lastly, if you should need operator assistance, please press star zero. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. You may begin.

Speaker #3: To ask a question during this period, you will need to press star one on your telephone keypad. If you want to remove yourself from the queue, please press star two.

Speaker #3: Please be advised that today's call is being recorded . Lastly , if you should need operator assistance , please press Star zero . I would now like to turn the call over to your speaker today , Matthew Wolfson , head of Investor Relations .

Speaker #3: You may begin .

Speaker #4: Thank you for joining us this morning . I am joined by our CEO , Song Lin , and our CFO , Frode Jacobsen .

Frode Jacobsen: Thank you for joining us. This morning, I am joined by our CEO, Song Lin, and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to the Safe Harbor statement in our earnings press release, as well as our annual report, Form 20-F, including the risk factors. We undertake no obligation to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures.

Speaker #4: Before I hand over the call to Song Lin , I would like to remind you that some of the statements that we make today regarding our business operations and financial performance may be considered forward looking .

Speaker #4: Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties . Actual results could differ materially .

Speaker #4: Please refer to the Safe Harbor statement in our earnings press release , as well as our annual report on form 20 F , including the risk factors we undertake no obligation to update any forward looking statement during this call , we will present both IFRS and non-IFRS financial measures .

Speaker #4: A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website, located at investor.com.

Frode Jacobsen: A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at investor.opera.com. Our comments will be on a year-over-year comparison unless otherwise stated. With that, let me turn the call over to our CEO, Song Lin, who will cover our third quarter operational highlights and strategy, and then Frode Jacobsen, who will discuss our financials and expectations for the remainder of the year. Song?

Speaker #4: Our comments will be on a year over year comparison unless otherwise stated . With that , let me turn the call over to our CEO , Lynn , who will cover our third quarter operational highlights and strategy , and then Frode Jacobsen will discuss our financials and expectations for the remainder of the year .

Speaker #4: Song .

Speaker #5: Thank you . Matt and everyone else for joining us today . These are extremely exciting times for opera and for our industry . And while it's only been two months since our last release , it already feels like ages ago .

Song Lin: Sure. Thank you, Matt, and everyone else for joining us today. These are certainly exciting times for Opera and for our industry. While it's only been two months since our last release, it already feels like ages ago. The product opportunities around AI that we have been advocating and preparing for over the past years are coming to fruition. I could not be more pleased about our strategic position in this rapidly evolving landscape. While this is playing out, we combine our strategic positioning for the future with a healthy business that continues to scale faster than we have expected. I will start with some of the big industry things that have happened since we last spoke. First, the remedies case between the U.S. DOJ and Google came to a conclusion in which it became clear that Google can continue to compete for U.S.

Speaker #5: The . Product opportunities around AI that we have been advocating and preparing for over the past years are coming to fruition . And I could not be more pleased about our strategic position in this rapidly evolving landscape .

Speaker #5: And while this is playing out, we combine our strategic positioning for the future with a healthy business that continues to scale faster than we had expected.

Speaker #5: I will start with some of the big industry things that have happened since we last spoke . First , the remedies case between the US , DOJ and Google came to a conclusion in which it became clear that Google can continue to compete for US traffic in the same way as other players in the broader and rapidly evolving content discovery landscape .

Song Lin: traffic in the same way as other players in the broader and rapidly evolving content discovery landscape. While anything else would have been quite surprising, it was good to get clarity on that. Second, the broader recognition of the web browser's strategic importance continues to increase, even if the opportunities for Opera might not be fully appreciated yet. Household AI names are investing heavily to expand their reach and knowledge about the fuller context of end users, with the browser being the focal point of attention. Opera's advantage in this situation is our agnostic approach to the underlying large language models that power our browsers. We believe in an increasingly broad landscape of AI services that assist users across a multitude of areas, from information gathering to making purchasing decisions to producing content and performing tasks.

Speaker #5: While anything else would have been quite surprising , it was good to get clarity on that . Second , the broader recognition of the web browsers strategic importance continues to increase , even if the opportunities for opera might not be fully appreciated .

Speaker #5: Yet household names are investing heavily to expand their reach and knowledge about the full of context of end users . With the browser being the focal point of attention .

Speaker #5: Opera's advantage in this situation is our agnostic approach to the underlying large language models that powers our browsers . We believe in an increasingly broad landscape of AI services that assist users across a multitude of areas , from information gathering to making purchasing decisions to producing content and performing tasks .

Speaker #5: We believe that these services all come together in the browsing experience . In particular on computers . Where most of us are spending an increasing amount of time as more products and tools are becoming web based and crucially , we don't believe people will install one browser for each use case or each AI services .

Song Lin: We believe that these services all come together in the browsing experience, in particular on computers where most of us are spending an increasing amount of time as more products and tools are becoming web-based. Crucially, we don't believe people will install one browser for each use case or each AI service. The browser needs to work across all platforms, and its approach to assist the user has to be powered by the right tool for each job. That is where Opera Neon comes in as an early-stage window into how we see the future of browsers. Opera's browsers are not AI professional windows, nor are they tools to lock users into a specific large language model. Rather, we offer the most sophisticated alternatives targeted to a growing segment of users that care about the functionality of their browser.

Speaker #5: The browser needs to work across all platforms , and its approach to assist the user has to be powered by the right tool for each job .

Speaker #5: That is where Opera Neon comes in. As an early-stage window into how we see the future of browsers, Opera's browsers are not AI professional.

Speaker #5: Windows , nor are they tools to lock users into a specific large language model . Rather , we offer the most sophisticated alternatives targeted to a growing segment of users that care about the functionality of their browser .

Speaker #5: This includes how we integrate services , manage tabs and workspaces , optimize memory and battery utilization , not to mention the design and visual customizations we differ from others in that our specialization is the browser itself , and we use that skill set to create the best possible AI experiences .

Song Lin: This includes how we integrate services, manage tabs and workspaces, optimize memory and battery utilization, not to mention the design and visual customizations. We differ from others in that our specialization is the browser itself, and we use that skill set to create the best possible AI experiences. We know that people are different, and the one-size-fits-all system does not work for everyone. Our flagship browser, Opera One, is carefully tailored for people who want to have the richest possible browsing experience, while Opera GX and Opera Neon both rethink what browsers should be for their core audiences. All the Opera browsers ship with a free and advanced LLM-agnostic AI solution. Opera One was the first of our free browsers to receive the new chat functionality.

Speaker #5: We know that people are different , and the one size fits all system does not work for everyone . Our flagship browser , opera one , is carefully tailored for people who want to have the richest possible browsing experience while opera and opera L both rethink what browsers should be for their core audiences .

Speaker #5: All the opera browsers ship with a free and advanced LLM agnostic AI solution . Opera one was the first of all free browsers to receive the new chat functionality .

Speaker #5: Opera neon complements this with being tailored for the most advanced and demanding users out there . Those who want to participate in shaping the future of web browsing and believe AI agents will be a core part of their experience .

Song Lin: Opera Neon complements this, with being tailored for the most advanced and demanding users out there, those who want to participate in shaping the future of web browsing and believe AI agents will be a core part of their experience when doing so. Those of you who have experienced the early release of the Opera Neon browser have seen how we believe AI can integrate into the existing workflow in a way that people are already used to working, as opposed to existing within a terminal-like process remotely operated in a server farm. As we evaluate our strategic position, we take pride in the exceptional quality of our products and the rapid expansion of partnership opportunities. Such partnerships, along with the efforts of multiple niche players in terms of promoting browser choice, significantly increase public awareness that alternatives exist.

Speaker #5: While when doing so , those of you who have experienced the early release of Opera Browser have seen how we believe AI can integrate into the existing workflow in a way that people are already used to working , as opposed to existing within a terminal like process .

Speaker #5: Remotely operated in a server farm. As we evaluate our strategic position, we take pride in the exceptional quality of our products and the rapid expansion of partnership opportunities.

Speaker #5: Such partnerships , along with the efforts of multiple niche players in terms of promoting browser choice significantly increase public awareness that alternatives exist in an environment where more users are actively considering switching browsers .

Song Lin: In an environment where more users are actively considering switching browsers, we are well-positioned and eager to compete for the most discerning and demanding users, offering them innovation, reliability, and a truly differentiated browsing experience. While running at full speed to seize these opportunities, we are proud to have an already healthy financial profile of growth, profitability, and the ability to turn capital to our shareholders. The third quarter experienced year-over-year revenue growth of 23%, as always, all organic, and compared to guidance of 18% to 21% growth. Our $152 million of revenue in the third quarter was a new record. For the first time, our annualized ARPU crossed $2 per user, growing 28% year-over-year to an annualized level of $2.13. Our revenue outperformance leads to an adjusted EBITDA of $36.3 million, also above the high end of our previously issued guidance, and also setting a new quarterly record.

Speaker #5: We are well positioned and eager to compete for the most discerning and demanding users , offering them innovation , reliability and truly differentiated browsing experience .

Speaker #5: And while running at full speed to seize this opportunities , we are proud to have an already healthy financial profile of growth , profitability and ability to turn capital to our shareholders .

Speaker #5: The third quarter experienced year over year revenue growth of 23% . As always , all organic and compared to guidance of 18 to 21% growth , our 152 million of revenue in the third quarter was a new record .

Speaker #5: And for the first time , our annualized output crossed $2 per user , growing 28% year over year to an annualized level of $2.13 .

Speaker #5: Our revenue outperformance led to adjusted EBITDA of $36.3 million, also above the high end of our previously issued guidance, and also setting a new quarterly record.

Speaker #5: This translates to an adjusted EBITDA margin of 24% , expanding visits . The first half of the year as expected and marking our 18th straight quarter .

Song Lin: This translates to an adjusted EBITDA margin of 24%, expanding versus the first half of the year as expected and marking our 18th straight quarter as a rule of 40 company. As Frode will detail shortly, the Q3 results and trajectory with which we enter Q4 allow us to raise our revenue guidance well beyond the Q3 overperformance. Our updated midpoint estimate now exceeds $600 million and represents 25% growth for the year as a whole. Taking a step back, our 2025 guidance has reached nearly four times the revenue we had in 2018, the year we went public. Our CAGR over these seven years is 21%, another feat to be proud of. Our company was recognized by Fortune magazine this month, which named Opera in its 2025 list of the 100 fastest growing companies based on growth in revenue, profits, and stock returns.

Speaker #5: As a rule of Forte company, through the Well Digital shortlist, the Q3 results and trajectory with which we enter Q4 allow us to raise our revenue guidance.

Speaker #5: Well beyond the Q3 . Overperformance our updated midpoint estimate now exceeds 600 million and represents 25% growth for the year as a whole .

Speaker #5: Taking step back , our 2025 guidance has reached nearly four times the revenue we had in 2018 , the year we went public and our kegger over these seven years is 21% .

Speaker #5: Another feat to be proud of our company was recognized by fortune magazine this month , which named opera in its 2025 list of the 100 fastest growing companies based on growth in revenue , profits and stock returns .

Speaker #5: I wanted to spend the next few minutes on the launch of Opera and what it tells you about how we see the future of AI powered browsing .

Song Lin: I wanted to spend the next few minutes on the launch of Opera Neon and what it tells you about how we see the future of AI-powered browsing. Currently, Neon is a premium subscription-based browser that showcases our ambition to transform web browsing. Opera Neon implements native AI assistant functionality that can step in at any point in time as you browse. As you are logged into your services in the browser, Neon acts locally on your behalf and supports you with everything from deep research to mundane tasks such as filling out forms, comparing products across sites, and acting as your personal assistant with the efficiency befitting a browser veteran. The key innovation is architectural. Instead of adding chatbots to existing browsers like some of our competitors, Opera built a task-based system where AI agents operate directly in your authenticated browser session.

Speaker #5: Currently , neon is a premium subscription based browser that showcases our ambition to transform web browsing . Opera neon implements native AI assistant functionality that can step in , and any point in time as you browse , as you are logged in to your services in the browser , neon acts locally on your behalf and supports you with everything from deep research to mundane tasks such as filling out forms , comparing products across sites , and acting as your personal assistant within efficiency befitting a browser veteran .

Speaker #5: The key innovation is architectural . Instead of adding chatbots to existing browsers like some of our competitors , opera built a task based system where AI agents operate directly in your authenticated browser session .

Speaker #5: This overcomes the limitation of cloud based AI tools and the standalone apps . They cannot access your logged in accounts or interacts with real websites .

Song Lin: This overcomes the limitation of cloud-based AI tools and the standalone apps. They cannot access your logged-in accounts or interact with real websites. Neon can because it runs locally in your browser where you have already been authenticated. Benefiting from our task architecture, Neon is also able to define the right context for a given task without the need to access or upload the entire set of open tabs or your browsing history to a platform in the cloud. This is putting privacy first and represents another competitive benefit of Opera's architecture. We are also tackling the complexity that hinders broader AI adoption. With so many AI services and models, users struggle to choose the right tools. As an independent player, we are introducing a new interface where Opera Neon guides users to the right group of agents for any task.

Speaker #5: Neon can because it runs locally . Neon browser where you have already been authenticated benefiting from our task architecture . Neon is also able to define the right context for a given task without the need to access or upload the entire set of open tabs or your browsing history to a platform in the cloud .

Speaker #5: This is putting privacy first and represents another competitive benefit of opera's architecture . We are also tackling the complexity that hinders broader AI adoption .

Speaker #5: With so many AI services and models , users struggle to choose the right tools as their independent player . We are introducing a new interface where Oprah guides users to the right group of agents task , and while where the topical agents one of our own agents operate , deep research is already scoring better than the deep research capabilities of those AI platforms .

Song Lin: While we are at the topic of agents, one of our own agents, Opera Deep Research, is already scoring better than the deep research capabilities of those AI-first platforms, as we showed in a press release last week. It shows the benefit of combining the strengths of different large language models as we do not invest in the already crowded LLM landscape. Opera Neon is a product tailored for the most advanced and AI-forward users. Our mission is to expand these innovations in our mainstream products such as Opera One and Opera GX. As we evolve our monetization of AI opportunities and our industry partnerships, we will be able to facilitate an increasingly advanced experience for our total user base. That's a future that we are really excited about, and you will see us acting rapidly on those fronts as well.

Speaker #5: As we showed in a press release last week, it shows the benefit of combining the strengths of different large language models, as we do not invest in the already crowded landscape.

Speaker #5: Alternaria is a product tailored for the most advanced and AI-forward users, but our mission is to expand these innovations into our mainstream products, such as Opera One and Opera GX.

Speaker #5: As we evolve our monetization of AI opportunities and our industrial partnerships , we will be able to facilitate an increasingly advanced experience for total user base .

Speaker #5: That's a future that we are really excited about , and you will see us acting rapidly on those fronts as well . While I wanted to mostly focus today on how we see the AI opportunity , there are also other highlights worth mentioning .

Song Lin: While I wanted to mostly focus today on how we see the AI opportunity, there are also other highlights worth mentioning. Last time, we updated you on how far along we've come with MiniPay. Since we last spoke two months ago, MiniPay has grown the number of non-custodial wallets to over 10.5 million, up from 9 million during our last report, while the number of transactions has increased to almost 310 million from 250 million as of this morning. We are building MiniPay with multiple use cases in mind. Building upon the power of stablecoins, it can allow immigrants working abroad to quickly and cheaply send money home. It allows the traveler who does not have access to local payment rails to pay like local and can even facilitate payments to global freelancers in USD.

Speaker #5: Last time we updated you on how far along with come with mini pay since we last spoke two months ago , Mini Pay has grown the number of non-custodial wallets to over 10.5 million , up from 9 million during our last report .

Speaker #5: While the number of transactions has increased to almost 310 million from 250 million as of this morning, we are building Mini Pay with multiple use cases in mind. Building upon the power of stablecoins, it can allow immigrants working abroad to quickly and cheaply send money home.

Speaker #5: It allows the traveler who does not have access to local payment rails pay like local and can even facilitate payments to global freelancers in USD .

Speaker #5: We are a deep believer in how new technology can be used to facilitate transformation and have an exciting pipeline of partnerships and product features that we plan to launch in this space .

Song Lin: We are a deep believer in how new technology can be used to facilitate transformation and have an exciting pipeline of partnerships and product features that we plan to launch in this space. Finally, I'm going to briefly touch on Opera GX, the browser for gamers. We ended the quarter with 33 million users, up 3% year-over-year, and with a new ARPU record of $3.69 on an annualized basis. Opera GX has recently expanded its offering with exclusive in-browser gaming deals and introduced advanced features like smart home integration designed for tech enthusiasts seeking seamless device control. The browser also continues to enhance its AI capabilities by deploying faster, more powerful models, further improving performance and user experience for the gaming community. Lastly, GX modes allow users to personalize their browser even further, including animated cursors for a highly customized and immersive experience.

Speaker #5: Finally , I'm going to briefly touch on opera , the browser for gamers . We ended the quarter with 33 million users , up 3% year over year , and with a new output record of $3.69 on an annualized basis , opera has recently expanded its offering with exclusive in-browser gaming deals and introduced advanced features like smart home integration , designed for tech enthusiasts seeking seamlessly device control .

Speaker #5: The browser also continues to enhance its AI capabilities by deploying faster , more powerful models , further improving performance . And user experience for the gaming community .

Speaker #5: Lastly, modes allow users to personalize their browser even further, including animated cursors for a highly customized and immersive experience. We are also excited about our continued sponsorship of the League of Legends World Championships.

Song Lin: We are also excited about our continued sponsorship of the League of Legends World Championships currently underway. To conclude, I am incredibly excited about our ability to innovate and take our browser offering to the next level. At the same time, while it always feels like the future can't come fast enough, we also take pride in running a healthy business with solid revenue growth and profitability that directly benefits our shareholders through our recurring dividend program. Opera shows that it's possible to combine growth and strategic potential with healthy financials and meaningful return of capital to shareholders along the way. With that, I will now turn the call over to Frode to go into the financials in more detail.

Speaker #5: Currently underway . To conclude , I am incredibly excited about our ability to innovate and take our browser offering to the next level and at the same time , while it always feels like the future can't come fast enough , we also take pride in running a healthy business with solid revenue growth and profitability that directly benefits our shareholders through our recurring dividend program operations that it's possible to combine growth and strategic potential with healthy financials and meaningful return of capital to shareholders along the way .

Speaker #5: With that , I will now turn the call over to further to go into the financials in more detail . Thanks , John .

Song Lin: Thanks, John. We are very pleased to report that the momentum in our business continues to outperform even our most recent expectations. Our third quarter hit a new milestone by exceeding $150 million of quarterly revenue, coming in at $151.9 million. We also reached our highest ever adjusted EBITDA at $36.3 million. Both came in above the high end of our guidance ranges, and both come as a result of scaling new revenue partnerships while also expanding browser classic revenue, such as search. This quarter, we introduced a slight change in our revenue categories by reporting on total query-based revenue, which largely consists of the old revenue category search, but also includes revenue generated by other user prompts, where we see increasing opportunities to monetize as we scale our business.

Speaker #6: We are very pleased to report that the momentum in our business continues to outperform even our most recent expectations. Our third quarter hit a new milestone by exceeding $150 million in quarterly revenue, coming in at $151.9 million.

Speaker #6: And we also reached our highest ever adjusted EBITDA at 36.3 million . Both came in above the high end of our guidance ranges , and both come as a result of scaling new revenue partnerships .

Speaker #6: While also expanding Browser classic revenue such as search . This quarter , we introduced a slight change in our revenue categories by reporting on Total Query based revenue , which largely consists of the old revenue category search , but also includes revenue generated by other user prompts .

Speaker #6: Where we see increasing opportunities monetize as we scale our business . For example , if the user has a dialog with our AI assistant Aria and follows a paid recommended link or starts typing a search query in the URL bar and elects to follow an opera recommended partner listing from the dropdown menu .

Song Lin: For example, if the user has a dialogue with our AI assistant, Aria, and follows a paid recommended link, or starts typing a search query in the URL bar and elects to follow an Opera recommended partner listing from the drop-down menu. As a result, the new query revenue category includes the total of our potential ways to monetize a user's intent for online discovery. Advertising revenue in comparison is more lean back on the part of the user, where we serve ads and promote partners that we think the user will be interested in, but without the user explicitly querying it. Our quarterly revenue, query revenue, was $55.6 million, which represented a year-over-year increase of 17%.

Speaker #6: As a result, the new query revenue category includes the total of our potential ways to monetize a user's intent for online discovery and advertising revenue.

Speaker #6: In comparison , is more lean back on the part of the user where we serve ads and promote partners that we think the user will be interested in .

Speaker #6: But without the user explicitly querying it , our quarterly revenue query revenue was 55.6 million , which represented a year over year increase of 17% .

Speaker #6: The old search category was the predominant component at 52.4 million , which represented 13% year over year growth and accelerated further versus the prior quarters .

Song Lin: The old search category was the predominant component at $52.4 million, which represented 13% year-over-year growth and accelerated further versus the prior quarters, as well as the other query monetization that amounted to $3.2 million and tripled versus the year-ago period, which has now been carved out of the advertising revenue category. Advertising revenue net of the query monetization, as previously described, grew 27% year-over-year to $95.9 million. By the former definition, advertising revenue would have grown 29% year-over-year to $99.1 million. E-commerce was the primary driver of our advertising revenue growth, now representing about half of our advertising revenue and setting us up well for new records in the holiday season. Q3 costs came in according to our previous directional commentary.

Speaker #6: As well as the other query monetization that amounted to 3.2 million and tripled versus the year ago period , which has now been carved out of the advertising revenue category .

Speaker #6: Advertising revenue , net of the query monetization . As previously described , grew 27% year over year to 95.9 million by the former definition , advertising revenue would have grown 29% year over year to 99.1 million .

Speaker #6: Once again , e-commerce was the primary driver of our advertising revenue growth . Now representing about half of our advertising revenue and setting us up well for new records in the holiday season .

Speaker #6: Q3 costs came in according to our previous directional commentary. Cost of revenue items combined reduced slightly as a percentage of revenue versus the first half of the year and amount to 34.6% of revenue, which was within the indicated 34% to 35% range.

Song Lin: Cost of revenue items combined reduced slightly as a percentage of revenue versus the first half of the year and amounted to 34.6% of revenue, which was within the indicated 34% to 35% range. With the strong underlying performance, we allowed marketing to expand from $34 million in Q2 to $36 million in Q3, with a continued focus on the highest ARPU potential users, though remaining in the mid-$30 million range as indicated. Similarly, we recorded cash compensation cost at the higher end of the indication, predominantly as a result of increased provisions for annual bonuses in light of our trajectory, but also reflecting the weakening of the U.S. dollar versus our main salary currencies. Taken together with the sum of all other OPEX items pre-adjusted EBITDA, showing a slight sequential decline and the revenue overperformance, we were still able to exceed our range for adjusted EBITDA.

Speaker #6: With the strong underlying performance, we allowed marketing to expand from $34 million in Q2 to $36 million in Q3, with a continued focus on the highest RPU potential users.

Speaker #6: Though remaining in the mid $30 million range . As indicated . Similarly , we recorded cash compensation costs at the higher end of the indication , predominantly as a result of increased provisions for annual bonuses .

Speaker #6: In light of our trajectory , but also reflecting the weakening of the US dollar versus our main salary currencies . Taken together with the sum of all other opex items , pre adjusted EBITDA showing a slight sequential decline and the revenue over we were still able to exceed our range for adjusted EBITDA .

Speaker #6: Our operating cash flow was 28 million in the quarter , representing 78% of adjusted EBITDA . Free cash flow from operations came in at 21 million , or 59% of adjusted EBITDA .

Song Lin: Our operating cash flow was $28 million in the quarter, representing 78% of adjusted EBITDA. Free cash flow from operations came in at $21 million, or 59% of adjusted EBITDA. As always, we expect continued fluctuations in cash conversion on a quarterly basis due to impacts of seasonality and operational variations. Overall, we maintain a solid financial position with cash at $119 million, no financial debt, and underlying cash generation well in excess of our dividend payments. Adjusted diluted EPS was $0.30 in the quarter, representing a relatively stable margin at increased scale. Now, turning to guidance. For 2025 as a whole, our trajectory and the resilience that it has shown allow us to significantly raise our expectations for the year, continuing the trend from prior quarters. We now guide revenue of $600 to $603 million, or 25% growth over 2024.

Speaker #6: As always , we expect continued fluctuations in cash conversion on a quarterly basis due to impacts of seasonality and operational variations . Overall , we maintain a solid financial position with cash at 119 million , no financial debt and underlying cash generation well in excess of our dividend payments .

Speaker #6: Adjusted diluted EPs was $0.30 in the quarter , representing a relatively stable margin that increased scale . Now , turning to guidance for 2025 as a whole , our trajectory and the resilience has shown allows us to significantly raise our expectations year , continuing the trend from prior quarters , we now guide revenue of 600 to 603 million , or 25% growth over 2024 .

Speaker #6: This updated range starts above the prior high end of guidance , as we add an additional two percentage points of expected full year growth .

Song Lin: This updated range starts above the prior high end of guidance as we add an additional two percentage points of expected full-year growth. Our guidance implied a further acceleration of annual revenue growth from 20% in 2023, 21% in 2024, and now 25% at the midpoint for 2025. Similar to before, given the hockey stick growth of the second half of 2024 and Q4 in particular, we have based our guidance on sequential modeling. The raised estimates capture the Q3 overperformance and add a further incremental expectation to our Q4 guidance, resulting in a continued increase in our sequential growth rate. As before, this results in a relatively stable trend of quarterly revenue growth measured on a two-year CAGR, which captures the scale we have built in recent quarters while also evening out the growth profile.

Speaker #6: Our guidance implied a further acceleration of annual revenue growth from 20% in 2023 , 21% in 2024 , and now for the 25% at the midpoint .

Speaker #6: For 2025 . Similar to before , given the hockey stick growth of the second half of 2024 and Q4 in particular , we have based our guidance on sequential modeling .

Speaker #6: The raised estimates capture the Q3 Q3 over and adds a further incremental expectation to our Q4 guidance , resulting in a continued increase in our sequential growth rate .

Speaker #6: As before, this results in a relatively stable trend of quarterly revenue growth measured on a two-year CAGR, which captures the scale we have built in recent quarters.

Speaker #6: While also evening out the growth profile in terms of adjusted EBITDA , we lift the range to become 138 to 141 million for the year as a whole , or a margin of 23% at the midpoint .

Song Lin: In terms of adjusted EBITDA, we lift the range to become $138 to $141 million for the year as a whole, or a margin of 23% at the midpoints. This reflects a continued expectation that the percentage margin in the second half of the year will stay about 1.5 percentage points above the margin in the first half, even as a weakened U.S. dollar relative to other currencies continues to represent a headwind. Apart from such fluctuations, we see the cost of revenue items stabilizing as a percentage of revenue, and economies of scale continue to benefit us as an underlying trend. Cost-wise, we then implicitly guide to a full-year OPEX base pre-adjusted EBITDA of $461 million at the midpoints. For the year, we expect the cost of revenue items combined to come in at about 35% of revenue following the continued growth of Opera Ads.

Speaker #6: This reflects a continued expectation that the percentage margin in the second half of the year will stay about 1.5 percentage points above the margin in the first half.

Speaker #6: Even as a weakened US dollar relative to other currencies continues to represent a headwind . Apart from such fluctuations , we see cost of revenue items stabilizing as a percentage of revenue .

Speaker #6: And economies of scale continued to benefit us as an underlying trend cost wise . We then implicitly guide to a full year opex base , pre adjusted EBITDA of 461 million at the midpoint for the year .

Speaker #6: We expect the cost of revenue items combined to come in at about 35% of revenue . Following the continued growth of opera ads .

Speaker #6: Other cost items grow at a lower pace than our revenue , and thereby reduce as a percentage of revenue relative to 2024 . This includes marketing costs , which we expect to grow at high single digits from 2024 to 2025 .

Song Lin: Other cost items grow at a lower pace than our revenue and thereby reduce as a percentage of revenue relative to 2024. This includes marketing costs, which we expect to grow at high single digits from 2024 to 2025, compensation costs, which will increase just over 10%, and the sum of all other OPEX items pre-adjusted EBITDA will likely remain quite stable at the 2024 level. In line with this, we guide Q4 revenue of $162 to $165 million, representing 11% to 13% growth, or a two-year CAGR of 20% at the midpoints, and Q4 adjusted EBITDA of $37.5 to $40.5 million, or a 24% margin at the midpoints. Within the implied quarterly OPEX base of $125 million at the midpoints, we expect that the cost of revenue items as a percentage of revenue will be similar to the third quarter at about 35%.

Speaker #6: Compensation costs , which will increase just over 10% , and the sum of all other objects , items , adjusted EBITDA will likely remain quite stable at the 2024 level , in line with this , we guide Q4 revenue of 162 to 165 million , representing 11 to 13% growth or a two year Keger of 20% at the midpoint .

Speaker #6: And Q4 adjusted EBITDA of 37.5 to 40.5 million , or a 24% margin at the midpoint within the implied quarterly opex space of 125 million .

Speaker #6: At the midpoint, we expect that cost of revenue items as a percentage of revenue will be similar to the third quarter, at about 35%.

Speaker #6: We expect marketing costs to increase by 2 to 3 million relative to the third quarter , and we expect cash compensation costs to remain quite stable .

Song Lin: We expect marketing costs to increase by $2 to $3 million relative to the third quarter, and we expect cash compensation costs to remain quite stable. The sum of all other OPEX items pre-adjusted EBITDA is expected to tick up such that the second half of the year as a whole becomes comparable to the first half as a whole. All in all, we find ourselves in a great position as we enter the seasonally strongest fourth quarter, and we are excited both about our commercial opportunities as well as the broader strategic picture. With that, I'll turn the call back to the operator for questions.

Speaker #6: The sum of all other OpEx items , pre adjusted EBITDA are expected to tick up such that the second half of the year as a whole becomes comparable to the first half as a whole .

Speaker #6: All in all, we find ourselves in a great position as we enter the seasonally strongest fourth quarter. We are excited both about our commercial opportunities as well as the broader strategic picture.

Speaker #6: With that, I'll turn the call back to the operator for questions.

Speaker #3: Thank you . As a reminder to ask a question , please press star one on your telephone keypad . To withdraw your question , press star two .

Operator: Thank you. As a reminder, to ask a question, please press star one on your telephone keypad. To withdraw your question, press star two. When posing your question, we ask that you please pick up your handset for optimal sound quality. We'll take our first question from Navid Khan with B. Riley Securities. Please go ahead.

Speaker #3: When posing your question, we ask that you please pick up your handset for optimal sound quality. We'll take our first question from Naved Khan with B. Riley Securities.

Speaker #3: Please go ahead .

Speaker #7: Great . Thank you . Thank you very much . A couple of questions from me , maybe just on starting with neon . Been around a month since you took it out of the closed beta .

[Analyst 1]: Great. Thank you. Thank you very much. A couple of questions from me. Maybe just on starting with Neon, it's been around a month since you took it out of the closed beta and opened it. Just curious about the traction you might have seen with it in terms of people who have signed on, and how is the waitlist for the product and how quickly you're moving through it. Also, maybe just talk about the go-to-market strategy for Neon, both in terms of paid media and unpaid media, and how you plan to sort of drive the awareness for the product. The other question I had is around e-commerce. Curious about how you see the growth in this line of business kind of sort of evolve going forward, not just necessarily in Q4, but actually more in 2026. How should we think about that? Thank you.

Speaker #7: And opened it up . Just curious about the traction you might have seen with it in terms of people who have signed on , and how is the waitlist for for the product and how quickly you're moving through it ?

Speaker #7: And also , maybe just talk also about the go to market strategy for neon , both in terms of paid media and unpaid media .

Speaker #7: And how do you plan to sort of drive awareness for the product ? The other question I had is around e-commerce . Curious about how do you see the growth in this line of business kind of sort of evolve going forward , not just necessarily in Q4 , but actually more in 2026 ?

Speaker #7: How should we think about that ? Thank you .

Speaker #5: Yeah . So yeah , it's on here . I think I'll just first answer the the neon question . And then for the can can also comment about on the e-commerce one .

Song Lin: Yeah, it's only hell. I think I'll just first answer the Neon question, and then for the Khan Council comment, it will be done on the e-commerce one. For Neon, as also mentioned, it will be done on the scripts. Very excited about the launch. At this point, of course, it's still invitation-based because I think our philosophy in the beginning is very important to have a group of founders that we want to close their work with us on potential features, on also the direction of the products, and what they need among others. We are very excited to form this very close group that we can work with for the next months to come. I think they will be also a key base for the future Neon programs. That's also why, by intention, we make this a premium invitation-based product at this point.

Speaker #5: So so yeah so so for now as also mentioned a bit on the scripts . Very excited about the launch . Yeah more like at this point .

Speaker #5: Of course it's still imitation based because I think our philosophy is that in the beginning is very important to have a group of founders that we want them to be , you know , closely working with us on potential features .

Speaker #5: And also , you know , the direction of the products , what they need , among others . So we're very excited to form this very close group that , that , that we can work with for the next months to come .

Speaker #5: And I think there will be also a key base for , for the future Neon programs . So I think that's also why by intention , that we make this premium invitation based product at this point .

Speaker #5: But you also write that I think within the next 1 or 2 months , we will also open up to the broader public and also receive even more interesting advices , and also product developments .

Song Lin: You're also right that I think within the next one or two months, we will also open up to the broader public and also receive even more interesting advices and also product developments. That's in general how we see Neon. Maybe also super quickly that I saw you also asking questions about go-to-market and then a few others. For us, it's a bit slightly different, I guess, from some of your competitions, that of course we are, I think, more like at least in the browser field, Opera is also the brand name. We have a relatively big already audience, and then we have a very mature way of marketing.

Speaker #5: So so I think that's in general how we neon and then maybe also super quickly that I saw you also asking questions about go to market and then a few others .

Speaker #5: So , so I guess for us it's a bit slightly different I guess from some of the competitions that of course we , we are , I think more like at least in the browser field , opera is a household brand name .

Speaker #5: We have relatively big already audience . And then we have a , you know , a very mature way of marketing . So , so I think for us , probably we think slightly less about a particular way of go to marketing , but instead of thinking of how we can engage all our existing user base and how we can find out some of the audience which will feed them more with neo and how we can also position them together with other other free offerings .

Song Lin: For us, probably we think slightly less about a particular way of go-to-marketing, but instead of thinking of how we can engage all our existing user base and then how we can find out some of the audience which will fit them more with Neon and how we can also position Neon together with other free offerings. That's for now how we think about it. Overall, I think Neon has been extremely well received. We saw many media coverage. We saw more than 1,000 articles, and it keeps coming. Even under the surprise that even though we are still under invitation, we saw very good coverage. I think just today I also saw some other medias publishing very favorable announcements of when they try Neon. The operator is by far the most efficient, and the task architecture they also appreciate.

Speaker #5: So . So I think that's for now how we think about it . But but overall , I think neo has been extremely well received .

Speaker #5: We saw many media coverage . We saw more than a thousand articles and it keeps coming . And even on the the surprise that even though we are still on the invitation , we saw a very good coverage .

Speaker #5: I think just today , I also saw some other media publishing very favorable announcement of what they try . In the operator is by far the most efficient , and the task architecture is also appreciate .

Speaker #5: So so overall , quite excited about the launch . But I think this is still very early stage . We will excited even more .

Song Lin: Overall, quite excited about the launch, but I think this is still very early stage. We were excited even more. How can we take it further?

Speaker #5: How can we take it further .

Speaker #6: And now I can chime in on on the e-commerce part of the question . I think we of course find ourselves in a , in a very good , nice situation where the e-commerce revenue streams have scaled extremely rapidly .

Frode Jacobsen: Navid, I can chime in on the e-commerce part of the question. I think we, of course, find ourselves in a very good, nice situation where the e-commerce revenue streams have scaled extremely rapidly now over the past 18 months, still approximately doubling at a year-over-year basis this far into the growth spur. The nice thing I would say is that I believe we are still under-indexing in terms of e-commerce as part of the online advertising markets overall and perhaps for the browser in particular, which is so well suited to promote e-commerce partners.

Speaker #6: Now over the past 18 months . Still approximately doubling at a year over year basis . This far , into far into growth spurt .

Speaker #6: The nice thing I would say is that I believe we are still under indexing in terms of e-commerce , as part of the advertising , online advertising market .

Speaker #6: Overall , and perhaps for the browser in particular , which is so well suited to promote e-commerce partners .

Speaker #7: Thank you guys .

Song Lin: Thank you, guys.

Speaker #3: We'll take our next question from Ron Josey with Citi. Please go ahead.

Operator: We'll take our next question from Ron Josey with Citi. Please go ahead.

Speaker #8: Great . Thanks for taking the question . Maybe a quick follow up to the and as it relates to neon browser and adoption trends , I think you mentioned on the call it's tailored for the most advanced users .

Frode Jacobsen: Great. Thanks for taking the question. Maybe a quick follow-up to Navid as it relates to the Neon browser and adoption trends. I think, Song, you mentioned on the call it's tailored for the most advanced users. Just in this first wave, talk to us a little bit more about the behaviors that you've seen from these users. Anything stood out, what you've learned here as you go to general market or open it up to beyond just the invite list? On commerce specifically, and not as much on the e-commerce side, I wanted to get your thoughts on agentic commerce, just as checkout mechanisms change, as MiniPay becomes a bigger part of the business. Help us understand how you're thinking about agentic commerce going forward. Thank you.

Speaker #8: Just in this first wave . Just talk to us a little more , a little bit more about the behaviors that you've seen from these users .

Speaker #8: Anything stood out , what you've learned here as you go to general market or call it open it up to beyond just the invite list .

Speaker #8: And then on commerce specifically , and not as much on the e-commerce side , but just I wanted to get your thoughts on Agentic commerce .

Speaker #8: Just as you know , check out mechanisms change as many pay becomes bigger , a bigger part of the business . But help us understand how you're thinking about agentic commerce going forward .

Speaker #8: Thank you .

Speaker #5: Yeah , it's actually it's only so I think I'll cover a bit . It's also somewhat very interesting discussions in the market . So so first of all , just talk about neo .

Song Lin: Awesome. Yeah. It's actually, it's only hell. I think I'll cover a bit. It's also some very interesting discussions in the market there. First of all, just talk about Neon. I think, you know, for now, actually, it's really well to get all those user feedbacks. I think, as also mentioned about earlier, that I think for now our strategy is really, we are not really super eager to get so many users because we do have a massive amount of users using us anyway, but more important to us to form a close community and hear their feedback on Neon and in particular agentic browsers. Yes, we have received very good feedback. You know, for instance, one thing I would say that stood out is that it's also in relation to what you also called out later about agentic e-commerce, right?

Speaker #5: I think , you know , for now actually it's it's really well to , you know , to get all those user feedbacks .

Speaker #5: So I think as I also mentioned about earlier that I think for now our strategy is really we are not really , you know , super eager to get so many users because we do have massive amount of users using us anyway .

Speaker #5: But more important to us to form a close community . And hear their feedback on , you know , neon and in particular genetic browsers .

Speaker #5: So , so yes , we have received very good feedback . You know , for instance , one thing I would say stood out is that it's also in relation to what we also call out later about e-commerce , right ?

Speaker #5: That , you know , I think if for now , everybody feels that it is definitely the future that , you know , imagine the future that you don't really have to spend too much time on browsing , but simply ask agent to browse for you to buy books on Amazon , to buy , you know , shoes , among others .

Song Lin: I think for now, everybody feels that it is definitely the future that, you know, imagine the future that you don't really have to spend too much time on browsing, but simply ask an agent to browse for you, to buy books on Amazon, to buy shoes, among others. It is definitely working as of now. That's actually one of the major use cases that we saw happening on Neon, that people actually use it to buy a lot of interesting content e-commerce-wise. For us, I would say what I think we stand out and what we also be a part of is the efficiency because there are some other agentic solutions out there you can try yourself, right, which is rather slow and sluggish.

Speaker #5: So . So it is definitely working as of now . That's actually one of the major use case that we saw happening on neon that people actually use it to buy a lot of interesting contents e-commerce wise , and for us , I would say what I think we stand out and what will also be proud of is the efficiency , because there are some other solutions out there you can try yourself , right ?

Speaker #5: Which is rather slow and sluggish and but even more important , on the backend is that I think many of them are using , you know , have to rely on visual models which are very costly , that they almost cost ten times more tokens or whatever , and also been slower .

Song Lin: Even more important on the back end is that I think many of them using, you know, have to rely on visual models, which are very costly, that they almost cost 10 times more tokens or whatever, and also being slower, right? I think what we have been extremely happy about and also what our focus is, is that, you know, how can we use a capability of a browser, you know, because in the end of the day, browsers have access to all the, you know, layout geometries in a technical sense and how we can even use text to be extremely efficient to, you know, to analyze all those elements and to move forward. I think that's so far what we have been probably received the most praise is that we are able to execute those tasks very efficiently, faster than others.

Speaker #5: Right ? So I think what we have been extremely happy about , and also what our focus is , is that , you know , how can we use capability over browser , you know , because in the end of the day , browsers have access to all the , you know , layout , numerous in a technical sense , and how we can even use text to be extremely efficient to , you know , to analyze all those elements and to move forward .

Speaker #5: So , so I think that's so far what we have been probably received the most praise is that we are able to execute those tasks very efficient , faster than others , and also people may not realize also that because of the task architecture , we are able to do this like we're able to execute multiple tasks as well , right ?

Song Lin: Also, people may not realize also that because of the task architecture, we are able to do this, like we're able to execute multiple tasks as well, right, which is a better architecture than many others. This is what we're really feeling proud of and users are appreciative, even though sometimes maybe some users feel that sometimes we can, of course, by design, be slightly more aggressive, partly just because we want those advanced users to experience what the agent can be doing, right? This is actually in connection with your other question that, I think our view is just that for now, agentic is definitely the future. Everybody sees it, but it's still not as efficient as a real human being, right, because it takes too long to do any transactions.

Speaker #5: Which , which is which is a better architecture than many others . So , so this is what really feeling proud of . And appreciative .

Speaker #5: Even though sometimes maybe some users feel that sometimes we can . Of course , by design , be slightly more aggressive . You know , partly just because we want those advanced users to experience what what the agent can can be doing .

Speaker #5: Right . But this is actually in connection with your other question that , you know , our I think our view is just that for now is definitely the future .

Speaker #5: Everybody see it , but it's still not as efficient as a real human being . Right . Because it takes too long to do any , you transactions .

Speaker #5: However , we believe that within a shorter time frame , maybe a few months time , hopefully less than one year , that , the , you know , ways the work like us and others , there is possibility to make sure that in certain tasks that you know agent will perform better in the browser other than the human , be more efficient , and that will be the point where we will see more and more of those .

Song Lin: However, we believe that within a shorter time frame, maybe a few months' time, hopefully less than one year, there is a way to work like us and others. There is a possibility to make sure that in certain tasks, agents will perform better in the browser other than the human, be more efficient. That will be the point where we will see more and more of those, I would say, agentic e-commerce coming along. I think we also touched base on the cost part of it, that, at least for the architecture that we are using, it's actually very cost-efficient, without the need to quote in the exact numbers. I think for now, what we see is that the cost of the agentic browsing to do e-commerce is actually very reasonable compared to the amount of the money that people will spend.

Speaker #5: I would say e-commerce coming along and and like , I think also touch based on the cost . Part of it that , you know , at least for the architecture that we are using , it's actually very cost efficient , you know , without needle to code in the exact numbers .

Speaker #5: I think for now, what we see is that the cost of the agent, you know, browsing to do e-commerce, is actually very reasonable compared to the amount of money that people will spend.

Speaker #5: And even if you compare to the commission's compared to what we can earn as an advertiser , it's still leaves a big margin for us to be able to use the agent e-commerce to help move this forward .

Song Lin: Even if you compare to the commissions, compared to whatever we can earn as an advertiser, it still leaves a big margin for us to be able to use agentic e-commerce to help move this forward. This is actually something which we also spend a lot of time on and is very important for us. I think in some cases, we are maybe 10 times more efficient than our competitions, which we are quite proud. I think this is also a major base of potential agentic e-commerce in the future. That being said, there are some other considerations that we're also closely following up. I think the reason just because we are not only an agentic browser company, we are also an advertisement company, as you see, that will grow very nicely off e-commerce.

Speaker #5: So so this is actually something which we also spend all the time on . And it's very important for us . And I think in some cases we are maybe ten times more efficient than our competitions , which which are quite proud .

Speaker #5: And I think this is also a major base of of , you know , potential agentic e-commerce in the future . You know , that being said , there are some other considerations that will also closely following up .

Speaker #5: I think reason just because we are not only a genetic browser company , we are also advertising company . As you see , that will grow very nicely of e-commerce .

Speaker #5: So there are certain concerns . I would say , from e-commerce players that maybe some of them do not want to just be a pipe , right ?

Song Lin: There are certain concerns, I would say, from e-commerce players that maybe some of them do not only want to just be a pipe, right, that they do want to also have a better exposure of the goods and e-commerce, even in the agentic browsing scenario. I think that's also something maybe we are a bit differentiating from others, that we also take this into consideration, that we also make sure that our partners do not end up as a pipe, but rather that they also end up as an interesting destination that not only agents, but all the audience can also have a chance to see and browse through all the different groups and perhaps have more selections. I think this can be a too long discussion along the way, but it's definitely very interesting to see how this evolves.

Speaker #5: That they do want to also , you know , have have a better exposure of the , you know , goods and e-commerce even in the genetic browsing scenario .

Speaker #5: So I think that's also something maybe we are be differentiated from others that will also take this into consideration . That that will also make sure that that our partners do not end up as a pipe , but rather that they also end up as interesting destination that that not only agent but other audience can also have a chance to see and browse through all the different groups and perhaps have more selections .

Speaker #5: So yeah . So I think this can be A22 long discussions along the way , but it's definitely a very interesting to see how this evolves .

Speaker #8: Thank you . So fascinating .

Frode Jacobsen: Thank you, Song. Fascinating.

Speaker #3: We'll hear next from Eric Sheridan with Goldman Sachs . Please go ahead .

Operator: We'll hear next from Eric Sheridan with Goldman Sachs. Please go ahead.

Speaker #9: Thanks so much for taking the question . Maybe if I could squeeze in to we continue to hear a fair bit around the overall macro environment and how it might be impacting digital advertising .

Frode Jacobsen: Thanks so much for taking the question. Maybe if I could squeeze in two, you know, we continue to hear a fair bit around the overall macro environment and how it might be impacting digital advertising. We'd love to get your sense across your array of advertisers, how you would characterize the current demand environment and how you're thinking about that environment sort of evolving in the forward forecast. That'd be one. Then two, coming back to MiniPay, can you talk a little bit about how you see that building in terms of scale as we look out to 2026 and beyond, and how you think that will tie into the broader services layer of your offering in terms of driving overall ecosystem strength? Thanks so much.

Speaker #9: We'd love to get your sense across your array of advertisers . How you would characterize the current demand environment and how you're thinking about that environment sort of evolving in the forward forecast ?

Speaker #9: That'd be one . And then two , coming back to . Mini pay . Can you talk a little bit about how you see that building in terms of scale ?

Speaker #9: As we look out to 2026 and beyond , and how you think that will tie into the broader services layer of your offering in terms of driving overall ecosystem strength .

Speaker #9: Thanks so much .

Speaker #5: Sure . So yeah . Sure . It's on Hill . So I think I also try to answer that and then further we'll we'll also chime in for for many insights on the advertisement .

Song Lin: Sure. I think I'll also try to answer that, and then Frode will also chime in for many insights on the advertisement end as well, right? I would almost say that I think in the broader advertisement scale, there are different changes and shapes and forms, right? I would almost say that at least in the angle where we see e-commerce, especially performance-based e-commerce, the fact that it is actually tightly related to whatever use, more like the actual purchasing. For now, we definitely see from our end that it's still on the growing path. The simple fact has been that at least from what we can see, users are more and more buying with partners like us. They get very good recommendations. Since it's also performance-based, there's less concern, I guess, from advertisers of, you know, is there enough brand richness or whatever.

Speaker #5: And as well . Right . So okay so I would almost say that I think in the broader advertisement . There are different changes and shapes and forms .

Speaker #5: Right . But I would almost say that at least in the angle where we see e-commerce , especially performance based e-commerce , you know , the fact that it actually tightly , related to whatever you use , more like the actual purchasing for now , we definitely see from our end that it's still under growing path .

Speaker #5: You know , simple fact has been that at least from what we can see , user are more and more buying ways partners like us and they recommendations .

Speaker #5: It's also performance based . There's less concern I guess , from advertisers of , you know , is there enough brand richness or whatever .

Speaker #5: So so I guess that's why for us , at least , we are growing 100% year over year . And we see that trend .

Song Lin: I guess that's why for us, at least, we are growing more than 100% year-over-year, and we see that trend definitely not slowing down, but rather continuous and very excited about it. That also fits in well with the agentic browsing scenario just because, again, it's performance-based, right? At the moment, it doesn't matter if you are a people or if you are an agent that bought something. I guess some people are equally happy. I think that is definitely positive. On the other end, though, I do see that this is more like just a general feeling, right, that there are, of course, also discussions around, okay, now if the agents are doing a lot of stuff, does traditional display advertisement or brand or whatever still make sense, and how is the best way to mail that?

Speaker #5: Definitely not slowing down . But rather continuous and very excited about it . That also feeds into well with the browsing scenario , just because again , it's performance based , right ?

Speaker #5: The moment . It doesn't matter if you are a people or if you are an agent . Bought something . I guess some you know , people are equally happy .

Speaker #5: So so I think that's that . That is definitely positive . But I more like on the other hand , other other end though I do see that this is more like just general feeling .

Speaker #5: Right . That , you know , there are of course , lots of discussions around , okay , now , if the agents are doing a lot of stuff , well , let's say traditional display advertisement or , well , brand or whatever still makes sense .

Speaker #5: And how is the best way to measure that ? Because potentially it's not real people , but actually agents who are doing that .

Song Lin: Because potentially it's not real people, but actually agents who are doing that. I think that also posed some of the threats to some of the e-commerce players, as we commented earlier, that for them, of course, it's very scary if they end up as the end of the pipe, right? If they end up only as a goods delivery storage house or whatever, while all the others are taken by the other AI players, if someone just directly uses AI to direct a purchase or whatever, right? We’ll see those things.

Speaker #5: I think that also posed some of the threats to some of the e-commerce players . As we commented earlier , that , you know , for them , of course , it's very scary if they end up as the end of the pipe , right ?

Speaker #5: If they end up , as , you know , only , only as good delivery , storage house or whatever . Well , while all the others are taken by the other AI players , if someone just directly use AI to direct the , you know , a purchase or whatever , right ?

Speaker #5: So so we'll see those things . So but that being said , I would say that actually put browser into a very good position because unlike at least some particular AI chat clients , we are browser at least make sure that all the webpages and all the goods are showed up in front of people and even in front of agent for that sake .

Song Lin: That being said, I would say that actually puts browsers into a very good position because unlike at least some particular AI chat clients, we as browsers at least make sure that all the web pages and all the goods are showed up in front of people, and even in front of agents for that sake so that there are enough exposures of those things, which can be immersive as well. I would almost say that at least we saw potentially at least the benefiting factor for the browser players, while I would imagine that for some of the pure, you know, chat-based, you know, e-commerce solutions, that might actually cause an issue for some of the ads players. That's how we see it. Again, we can have longer discussions along the way. Super quick for MiniPay.

Speaker #5: So that there are enough exposures of of those things which , which can can be immersive as well . So , so I would almost say that at least we saw potentially at benefiting factor for the browser players .

Speaker #5: While I would imagine that for some of the pure , you know , chat based , you know , e-commerce solutions that might actually cause a issue for some of the players .

Speaker #5: So , so , so that's , that's that's how I , how I see it . But again , we can have longer discussions along the way .

Speaker #5: And then super quick for me . Yeah . Like I think indeed our feeling been that of course you know stablecoin is is definitely going .

Song Lin: Yeah, like I think indeed our feeling being that, of course, you know, stablecoin is definitely going, it's definitely staying, and it's growing strong. Also, it actually helps facilitate large pile-up payments, even fitting into agentic scenarios, just because it's very naturally fit into, you know, into agentic scenarios where we're all, like everything can be combined. We do have that as part of consideration. For us, I think maybe the only comment would just say that I think we will hopefully land some bigger partnership discussions and bigger cooperation with industrial players in stablecoin fields in certain areas and markets to drive both adoption, but also hopefully to have even wider use cases, like we commented about the local, you know, payments, you know, better integration with local payments, but also potential integration with e-commerce and a few others. That is definitely coming.

Speaker #5: It's it's definitely staying and it's going strong . And also it actually helps facilitate large pile of payments even fit into a scenarios just because it's very naturally fit into , you know , into agentic scenarios where we're all like , everything can be combined .

Speaker #5: So we do have that as part of . You know , for us , I think maybe the only comment would just say that I think we will hopefully lend some bigger partnership discussions and bigger cooperation with industrial players in stablecoin fields in certain areas and markets to drive both adoption , but also hopefully to to have an even wider use cases like like we commented about the local payments , you know , integration with local payments , but also potential integration with e-commerce and few others .

Speaker #5: So , so yeah , so that's that is definitely coming . And and we will . Yeah . Hopefully there will be quite consideration a lot announcement in the next few weeks and months to come .

Song Lin: We will, yeah, hopefully there will be quite a lot of announcements in the next few weeks and months to come.

Speaker #3: We'll hear next from Mark Argento with Lake Street . Please go ahead .

Operator: will hear next from Mark Argento with Lake Street. Please go ahead.

Speaker #10: Hi . Good morning guys . A couple of quick ones just turning back to advertising the e-commerce opportunity . Could you just it's not still 100% clear to me what kind of the gating factors are there in terms of the growth ?

Frode Jacobsen: Good morning, guys. Just a couple of quick ones. Just

Operator: Turning back to advertising, the e-commerce opportunity, can you just, it's not still 100% clear to me what kind of the gating factors are there in terms of the growth. Obviously, it looks like the business is growing extremely rapidly. Is it working with more e-commerce partners? What are the mechanics there to better, or to see additional growth or ultimately better understand that long-term opportunity?

Speaker #10: Obviously , it looks like the business is growing . You know , extremely rapidly , but is it , you know , is it working with more , you know , e-commerce , you know , partners .

Speaker #10: Like what what are the mechanics there to better , you know , or to see additional growth or ultimately better understand that long term opportunity .

Speaker #6: Yeah , I can start I think we tried to focus on the leading , leading players by by region and develop deep partnerships with them .

Frode Jacobsen: Yeah, Frode here. I can start. I think we tried to focus on the leading players by region and develop deep partnerships with them. That allows us to really do a good job on targeting. All our revenue is performance-based, so they already certainly share the interest in doing well. I think just to tie it a little bit to Eric's question before, of course, the year started out quite volatile in the macro-wise picture and also around the e-commerce. I think that we reflected by being quite cautious in our guidance as we progressed. The nice thing that we are reporting on today as well is that we are seeing the resilience in what we are building. We are seeing a stabilization around us and we're able to grow well in our key regions, Western markets driving our growth.

Speaker #6: That allows us to really do a good job on targeting all all our revenue is performance based . So , so there we certainly share the interest on on doing well .

Speaker #6: And then I think just to tie it a little bit to the to Eric's question before , of course , the the year started out quite volatile in the macro wise picture .

Speaker #6: And also around the and then I think that we reflected by being quite cautious in our guidance as we progressed . And then I think the nice thing that we are reporting on today as well is that we are seeing the resilience and what we are building .

Speaker #6: We are sort of seeing a stabilization around us and we're able to to grow well in our key regions . Western markets , driving , driving our growth .

Speaker #10: So when you say , you know , working with with partners , are those in particular e-commerce , you know , the bigger e-commerce players or is it brands specifically or both ?

Operator: That's helpful. When you say, you know, working with partners, are those in particular e-commerce, you know, the bigger e-commerce players, or is it brands specifically or both?

Speaker #6: It's the the big players by region . So within the US , within Europe and Asia .

Frode Jacobsen: It's the big players, by region. Within the U.S., within Europe and Asia.

Speaker #10: When you say players are , I'm assuming you're talking about e-commerce vendors . The Amazons of the world or the Walmarts or those types of guys .

Operator: When you say players, though, I'm assuming you're talking about e-commerce vendors, the Amazons of the world or the Walmarts or those types of guys?

Speaker #6: Exactly .

Frode Jacobsen: Exactly.

Speaker #10: Got it . That's helpful . And then in terms of more just a couple of housekeeping things . Any update on Opay ? So I was digging around Opay .

Operator: Got it. That's helpful. In terms of more just kind of a couple of housekeeping things, any update on OPAY? I was digging around OPAY. It's been a little while. I hadn't realized that the company hasn't really done any capital raising or really not a whole lot of activity, at least in the capital markets or the private capital markets since 2021. Still plans there in terms of an IPO. Is 2026 going to be the year? Any thoughts on that?

Speaker #10: It's been a little while , hadn't realized that company hasn't really done any capital raising or really not a whole lot of activity , at least in the capital markets or the private capital markets .

Speaker #10: Since 2021, you know, are there still plans in terms of an IPO? Is 2026 going to be the year? Any thoughts on that?

Speaker #6: Yeah , I think updates on our company is doing really well . It's scaling rapidly . And as you say , it's been multiple years since their last , last financing round .

Frode Jacobsen: Yeah, I think updates on OPAY, the company is doing really well. It's scaling rapidly. As you say, it's been multiple years since their last real financing round, and they're essentially then operating also a profitable business. I think that's a very good basis. We're very pleased with the company's performance. For details, I think I'll have to leave it to them to control what they share about their business and when. Our strategy, as a founding investor and no longer being operationally involved, is that, over time, we will monetize our stake in OPAY. It's very natural for us to consider that in the context of the company becoming public. In terms of timeline for that, again, it's not our decision, but we always think that the company is doing well and it's definitely moving in the right direction.

Speaker #6: And and they're essentially then operating also a profitable business . So I think that's that's a very good basis . We're very pleased with the company's performance .

Speaker #6: But for details I think I'll have to leave it to them to to control what they what they share about their business . And , and when our strategy as a founding investor and no longer being operationally involved is that , that over time we we will we will monetize our , our stake in Opay .

Speaker #6: And it's very natural for us to consider that. And the context of the company becoming public, in terms of timeline for that.

Speaker #6: Again , it's it's it's not not our decision . But but we always think that or we , we think that it's the company is doing well and it's definitely moving in the right direction .

Speaker #5: Yeah , maybe I'll also just go with that . Yeah . Maybe I'll just call them a bit that at least based on public information , right .

Song Lin: Yeah, maybe I'll just call them a bit that, at least based on public information, right, you probably see that OPAY is doing extremely well in Nigeria. It's by far the dominant player. By public information, you can also see that it is very exciting to see that it is now the second most used-year user. You know, this is very unusual for a fintech app. Of course, very proud that we are able to incubate and support the company in all the stage. Like Frode is saying, the company is doing extremely well. It's very dominating in the area. Of course, as a shareholder, very happy to see it if it's and we'll be supportive if it plans to also go on into further capital market-related activities. Very excited.

Speaker #5: You probably see that Opay is doing extremely well in Nigeria . It's by far the dominant player by public information . You can also see that it is the , you know , very exciting to see that it is now the second most used Da user .

Speaker #5: You know , this is very unusual for fintech app . So of course very proud that that , you know , we are able to , you know , incubate and support the company in the early stage .

Speaker #5: But like yeah . As for the saying the company is doing extremely well . It's very dominating in the area . So , so so of course as a shareholder , very happy to see if it's and will be supportive if it's plans to also go on into into further capital market related activities .

Speaker #5: Very excited .

Speaker #10: Great . I appreciate the additional color and hopefully , hopefully you hear more on Opay here soon . Thanks guys .

Operator: Great. I appreciate the additional color. Hopefully, yeah, hopefully we hear more on OPAY here soon. Thanks, guys.

Speaker #3: As a reminder , ladies and gentlemen , if you would like to signal for a question , simply press star one . We'll go next to Jim Callaghan with Piper Sandler .

Operator: As a reminder, ladies and gentlemen, if you would like to signal for a question, simply press star one. We'll go next to Jim Callahan with Piper Sandler. Please go ahead.

Speaker #3: Please go ahead .

Speaker #11: Hi . Thanks for taking the question and appreciate you breaking out this this sort of other query revenue . Can you just talk about contractually how this revenue works and maybe just explain a little bit more about about it at a at a high level ?

Matt Wolfson: Hi. Thanks for taking the question and appreciate you breaking out this sort of other query-based revenue. Can you just talk about contractually how this revenue works and maybe just explain a little bit more about it at a high level?

Speaker #6: I shares the characteristics of , of search in that it's , it's a revenue share models where we drive traffic to partners , whether it's a search engine or another partner .

Frode Jacobsen: It shares the characteristics of search in that it's a revenue share model where we drive traffic to partners, whether it's a search engine or another partner, and collect a revenue share based on what the partner is then generating off that traffic. The reason we wanted to group this and create the one category is it's a much better view of our revenue mix in terms of what we monetize as a direct result of the user looking for something as opposed to the more classic lean back, as I said, advertising monetization.

Speaker #6: And collect revenue share based on on the on the what the partner is and generating of that traffic . So I think the reason we wanted to group this and create a one category , is it it's a much better view of our revenue mix in terms of what we monetize as a direct result of the user looking for something as opposed to the more classic lean back .

Speaker #6: As I said , advertising monetization .

Speaker #11: That's helpful . Thank you . I mean , it seems the the growth has been pretty impressive . I guess where like how early would you say you are and kind of monetizing that , that opportunity ?

Matt Wolfson: That's helpful. Thank you. It seems the growth has been pretty impressive. I guess, how early would you say you are in kind of monetizing that opportunity?

Speaker #6: I think a lot of our strategy evolves around creating opportunities for user to essentially have a dialogue with the browser , whether it's the agent or integrating with Aria , as well as broader opportunities .

Frode Jacobsen: I think a lot of our strategy evolves around creating opportunities for users to essentially have a dialogue with a browser, whether it's the agent or integrating with ARIA, as well as broader opportunities. We certainly think that both our key revenue streams, query and advertising, have great potential in terms of ability to scale as we keep executing on this.

Speaker #6: So I , we certainly think that both are key revenue streams , query and advertising have had great potential in terms of ability to scale as we as we keep executing on this .

Speaker #11: Got it . Thank you .

Matt Wolfson: Got it. Thank you.

Speaker #3: We'll hear next from Lance Vitanza with TD Cowen . Please go ahead .

Operator: We'll hear next from Lance Vitanza with TD Cowen. Please go ahead.

Speaker #12: Thanks , guys . I have three if I can get them in . The first is back on neon . And specifically how should we think about competitive positioning there ?

Frode Jacobsen: Thanks, guys. I have three if I can get them in. The first is back on Neon. Specifically, how should we think about competitive positioning there? I mean, ChatGPT has Atlas, Perplexity has Comet. How does Neon stack up and how do you expect the market to evolve in terms of how many AI browsers can the market ultimately support, in your opinion?

Speaker #12: I mean ChatGPT has Atlas . Perplexity . Has comet . How does neon stack up and how do you expect the market to evolve in terms of how many AI browsers can the market ultimately support in your opinion ?

Speaker #5: Yeah , okay . So I will I will take this one . So yeah . So like like again very interesting discussions . So okay .

Song Lin: Yeah. Okay. I will take this one. Yeah, like again, very interesting discussions. I think our belief is a bit like this, right, that I think we also commented a bit on the scripts that, you know, I think our strengths fundamentally is that we are not a large network model company. We are not really, we don't really see us. I don't think actually all these guys see us also as competition. I think for us, the biggest strength will be that we are horizontal instead of vertical, right? To us, it's about, you know, how we can work with all of those guys, both on the free browsers, but also Neon to, you know, provide the end user the best experience. For instance, you know, use different models to, you know, for different scenarios. I think that is always our, you know, best approach.

Speaker #5: So I think I'll believe is be like this right . That I think we also commented a bit on the scripts that , you know , I think our strengths fundamentally is that we are not a large language model company .

Speaker #5: We are not really we don't really see us . I don't think actually all that see us also as competition . I think for us , the , you know , biggest strength would be that we are horizontal instead of vertical , right ?

Speaker #5: So to us it's about , you know , how we can work with all of those guys , both on the free browsers , but also neon to provide the end user the best experience .

Speaker #5: You know , for instance . Yeah . So , so like like , you know , use different models to , you know , for different scenarios .

Speaker #5: So I think that is always our, you know, best approach. And we believe that there will be so many cases that you just simply would not want to be locked into one single large language model without doing browsing.

Song Lin: We believe that there will be so many cases that users simply would not want to be locked into one single large language model when they're doing browsing. I think that's definitely our competitive advantage on this, that we are rather neutral. It'd be the same way that, you know, even in the early days when we are, you know, integrating the search, right, we're not really buying into one player. I think agenting are even much, much more actually, afraid of locked in, I would say. I think we're in a pretty good spot on that.

Speaker #5: So I think that's definitely our competitive advantage on this , that we are rather neutral . It's same way that , you know , even the early when we are , you know , integrating the search , right ?

Speaker #5: We're not really buying into one players . And I think agents are even much , much more actually afraid of locked in . I would say .

Speaker #5: And so I think we're in a pretty good spot on that . And then , but then , you know , in particular .

Song Lin: In particular, right, I think there's also many difference, you know, for instance, for us, it's, we talk about, you know, for Neon, for instance, if we focus on agentic browsing part, the way we focus a lot more on efficiency because we feel that it's very, very important that the user can get results fast. It's very important that an agent can achieve whatever we need to, need to be done, you know, more efficient than a human being, right, and cost, you know, with affordable cost. The ability that we are able to utilize different large language models in different cases to facilitate that is a big help.

Speaker #5: Right . I think that also many different , you know , for instance , for us , it's we talk about , you know , for neon , for instance , if we focus on a generic browsing part , the way we focus a lot more on efficiency because we feel that it's very , very important that the user can get results fast .

Speaker #5: It's very important that agent can can achieve whatever we need to need it to be done . You know , more efficient than a human being rather than , of course , the , you know , where's the affordable cost ?

Speaker #5: And the ability that we are able to utilize different large language model in different cases to facilitate that is a big help . And then I guess the other thing , maybe I'll quickly comment is also again about privacy , right ?

Song Lin: I guess the other thing, maybe I'll quickly comment is also again about privacy, right, that, you know, the fact that we have a task-based architecture and the fact that we are not locked into any single large language model helps because, you know, there will be users which don't want everything on their browsing to be locked by a particular large language model. Because this is very, like, it's a very different way to chat something on it. Everything on the browsing was on it. That's why we actually designed in a very careful way that, you know, it's only a particular task, a particular context we will, you know, use a context to give you best advice. Even that, we don't really upload all of those to a particular large language model locked to your personal account, right? I think there are plenty of use cases.

Speaker #5: That , you know , factor that we have a architecture in fact , that we are not looking to any single large language model helps because , you know , there will be users which don't want everything their browser to be logged by a particular large language model , because this is very like it's a very different when you chat something on it and everything will be browsing on it .

Speaker #5: And so that's why we actually designing a very careful way that , you know , it's only a particular task . Particular context .

Speaker #5: We will , you know , use the user context to give you the best advice and even that we don't really upload all of those to , to a particular large language model .

Speaker #5: Look to your personal account . Right . So I think there are plenty of use cases . We believe that we are a better solution in those scenarios .

Song Lin: We believe that we are a better solution in those scenarios. You know, those are a few simple examples, right? Also to say that, not only Neon, but also what we have on Opera One and Opera GX, the free version will be comparable to also those guys, maybe excepting agentic browsing. Everything else, I think, will be comparable, even more efficient. All of those are actually important value propositions, I think, for Opera as a whole to facilitate the AI browsing.

Speaker #5: And , you know , those are few simple examples . Right . And then just also to say that not only neon but also what we have on Oprah one and Oprah GH the free version are actually will be comparable to also those guys may be accepting a generic browsers .

Speaker #5: Everything else I think will be comparable , even more efficient . And so all of those are actually important value propositions . I think for opera as a whole to to facilitate the the AI browsing .

Speaker #5: .

Speaker #12: Super helpful . Thanks . And so then the next one is on mini pay . Obviously tremendous growth there in the past couple of months .

Frode Jacobsen: Super helpful. Thanks. The next one is on MiniPay. Obviously, tremendous growth there in the past couple of months. Remind me, is there a plan to monetize that activity, or is this just about capturing engagement and driving sort of user growth in the browser?

Speaker #12: Remind me , is there a plan to monetize that activity or is this just about capturing engagement and driving user growth in the browser ?

Speaker #5: Yeah . So so just to say that of course are already revenue generating , it is actually due to some of our partnerships .

Song Lin: Yeah. Just to say that MiniPay, of course, is already revenue generating. It is actually due to some of our partnerships. It is actually having sizable revenue being generated. I think the only thing just that at this stage, we probably would like to invest all those revenue back into marketing, both for promoting MiniPay itself, but also for, you know, work with our partners, which we really think it's, you know, some of them are very industrial important to further facilitate penetration, I would say, of stablecoin and Web3 technology into many regions that we would like to penetrate. You know, we talk about OPAY. We had that experience in the past, which is super successful. We think maybe there's something similar we can replicate or even bigger opportunities. Yeah. I think that's how we see it.

Speaker #5: It is actually have sizable sizable revenues being generated . I think the only thing just that at this stage , we probably would like to invest all those revenue back into marketing , and both for promoting itself , but also for , you know , work with our partners , which we really think it's , you know , it's some of them are very industrial , important to further facilitate penetration , I would say of stablecoin and Web3 technology into many regions that we would like to penetrate .

Speaker #5: So like , you know , we talk about Opay . We have that experience in the past , which is super successful , and we we think maybe there's something similar we can replicate or even bigger opportunities .

Speaker #5: So , so yeah , so I think that's how we see it .

Speaker #12: And the last one for me on GH: the user base is kind of plateaued there at 33 million. Is that a pause, or has the product kind of matured?

Frode Jacobsen: The last one for me on GX, the user base has kind of plateaued there at 33 million. Is that a pause or has the product kind of matured? If we think out a year from now, should we think that the GX user base could be notably higher at the end of next year, or is this just, you know, 33 million is kind of where we stay? In that case, can we expect revenue will continue to grow in the face of a potentially flat user base?

Speaker #12: And you know , we think out a year from now , should we think that the user base , could it be notably higher at the end of next year or , or is this just , you know , 33 million is kind of where we stay and and then in that case , can we expect revenue will continue to grow in the face of , you know , potentially flat user base ?

Speaker #5: Yeah . So okay , I think I also took this first and then further can also follow up . Right . So so okay , so first of all , I think you know for us .

Song Lin: Yeah. Okay, I think I'll also take this first and then Frode can also follow up, right? First of all, I think, you know, for us, of course, as a company, we focus a bit more on revenues and a bit more on, you know, potentials because I think the fact has been that as a browser company, you have such a big user base compared to many others that sometimes we have to be more disciplined. We focus a bit more on the regions and, you know, the areas where we can earn more money. That's one. Also, just to say that, of course, we actually also see a very nice growth on Opera One because of AI. I guess, you know, some of the, you know, users, they might actually choose Opera One instead just because AI is so successful.

Speaker #5: Of course as a company we focus a bit more on revenues and a bit more , you know , potentials because I think factor has been added as a company .

Speaker #5: You have such a big user base compared to many others that sometimes will be more disciplined . We focus a bit more on the regions and , you know , the areas where we can earn more money .

Speaker #5: So that's that's one . And then also also just to that , of course , we actually also see a very nice growth over one because of AI .

Speaker #5: So that so that I guess , you know , some of the , you know , users , they might actually choose ultra one instead .

Speaker #5: It's just because AI is so successful . And of course to us it doesn't really make a huge , you know , you know , we just want you to choose whatever they fit into , you know , whether they choose one or we have no , no strong feelings .

Song Lin: Of course, to us, it doesn't really make a huge, you know, we just want users to choose whatever they fit into. You know, whether they choose Opera One or Opera GX, we have no strong feelings, right? We also have some choosing even Opera AI or Opera Neon. Opera GX is actually, I would say, one of the audiences which are very AI, you know, saturated. It's natural that some of them might also go to Opera Neon, which I think we'll also be extremely happy about. We have no issue on that, right? That being said, I think there's definitely still growth potentials for Opera GX. There are many, you know, interesting regions that we are, you know, wanting to go into. There are many, you know, activities that we are also planning around Opera Neon and the product launches.

Speaker #5: Right then . And we also saw some choose even upper air or neon . So , so like is actually I would say one of the audience which have very AI .

Speaker #5: You know , saturated . So , so it's natural that some of them might also go to neon , which I think will also be extremely happy about .

Speaker #5: And we have no issue on that . Right . So , so that being said , I think I think there's definitely still growth potentials for GH doesn't mean , you know , interesting regions that we are , you know , wanting to go into .

Speaker #5: There are many , you know , activities that we are also planning around near and product launches also with AI upgrade , I think it will bring GH to be also as a , you know , sophisticated that maybe as you know , neo and others will be so so there's a , you know , many things , many interesting aspects ahead .

Song Lin: Also with the AI upgrade, I think it will bring Opera GX to be also as, you know, sophisticated and maybe as, you know, Opera Neon and others will be. There are many things, many interesting aspects ahead that we are very excited about. I think we still remain very positive about the Opera GX.

Speaker #5: I'm very excited . So , so I think we still remain very positive about about the GH .

Speaker #12: Thank you very much . Oh , and congrats on the becoming the CEO . I mean , a long overdue , but it's great to see that recognition .

Frode Jacobsen: Thank you very much. Oh, and congrats on becoming the CEO. I mean, long overdue, but it's great to see that recognition.

Speaker #5: Oh thanks Anna . Appreciate .

Song Lin: Oh, thanks. I appreciate it.

Speaker #3: And with no further questions in queue at this time , I'd like to turn the floor back over to song Lin for any additional or closing comments .

Operator: With no further questions in queue at this time, I'd like to turn the floor back over to Song Lin for any additional or closing comments.

Speaker #5: Yep . So okay , so like like guys , thank you everyone for joining us today . I think as you guys see that we're very excited .

Song Lin: Okay, thank you, everyone, for joining us today. I think as you guys see, we're very excited. We have been looking forward to sharing those updates with you on the product launch that you have been seeing, but it's also good to share all those financials. As mentioned, we will keep you posted with both some even more product updates and also hopefully even better financial releases as we continue our journey. Have a good day to all.

Speaker #5: We have been looking forward to sharing those updates with you on the product launches that have been seen , but it's also good to share all those financials .

Speaker #5: And as mentioned , we will keep you posted with both even more product updates . And also hopefully even better financial releases as we continue our journey .

Speaker #5: Have a have a good day to all .

Speaker #3: Ladies and gentlemen , that will conclude today's event . Thank you for your participation . You may disconnect at this time and have a wonderful rest of your day .

Operator: Ladies and gentlemen, that will conclude today's event. Thank you for your participation. You may disconnect at this time and have a wonderful rest of your day.