Aug 19, 2026 earnings call — AI integrations and advertising growth
Revenue was $178.1 million and adjusted EBITDA was $42.4 million (24% margin), both above guidance.
Revenue $0.2B (est $0.2B) · EPS $0.30 (est $0.26)
Key quotes
"Browser Connector enables users to securely connect these AI services to the Opera browser, elevating those services to become agentic by understanding the live browsing context and interacting with the browser on the user's behalf."
"As a combined platform for first and third-party inventory, we are able to inform and allocate campaigns with a solid understanding of the relevant audiences."
"MiniPay's growth continued in the second quarter with 3 million new wallet activations and 88 million transactions since our last update, bringing the total to 18 million wallets and 518 million transactions."
Analyst Q&A 6
partner reach, product listings, and OPay timing
Q (Naved Khan · B. Riley): Analyst asked whether the jump in reach (from 500 million+ to more than 700 million) came from new partners. He also asked how the ~100 advertisers with ~100 million item listings compares to prior periods. Finally, he asked timing for OPay going public.
A: Management said they added many new partners, especially AI-related partners, which helped grow reach. The 100 merchants / 100 million items is a new AI-driven initiative and not directly comparable to past quarters. They expect OPay will go public but said they cannot comment on timing.
"In terms of OPay and question around an IPO, we continue to expect that OPay will ultimately go public." — Frode Jacobsen (CFO)
why mobile users grew in US and Europe
Q (Goldman Sachs): Analyst asked what drove the recent strength in mobile MAUs in the U.S. and Europe, whether regulation/opening helped, and if Opera is investing in those regions. He also asked about differences in AI adoption and behavior across the two regions.
A: Management said it was a mix of factors. In Europe growth was helped by regulatory opening and rising awareness of alternative browsers, and AI visibility has also driven people to try alternatives on iOS and elsewhere. They said AI creates a positive feedback loop: users come for AI and then engage more in the browser.
"So this actually overall create almost a positive feedback loop that they come to Opera for the AI and the more they use it, the more they actually engage with it, which actually makes it very encouraging." — Lin Song (CEO)
who uses AI and Opera's role
Q (Ronald Josey · Citi): Analyst wanted details on which AI tools users use in the browser, who the adopters are (Western users?), and plans to increase adoption. He also asked how Opera positions for agentic commerce and the 100+ merchants / 100 million products.
A: Management said AI use is growing fast and users access big models (Google Gemini, Anthropic, ChatGPT) via the web. They also see increased use of open-source models and local models for different tasks, and users now mix multiple models for different needs. Opera said it is positioned as an independent browser to support big frontier models, open-source and local models alike.
"We also clearly see a pattern that on top of us using those big online service players, we also see an interesting trend that we saw an increased use of many open source services, right, that is out there." — Lin Song (CEO)
GX user growth and search revenue drivers
Q (James Callahan · Piper Sandler): Analyst asked what drove the strong GX user addition this quarter and whether that growth is sustainable. He also asked whether search revenue growth is coming from pricing or impressions and asked about the "other query" business size.
A: Management said GX growth came from AI-conscious users plus deeper gaming integrations and partnerships (for example, Roblox integration, game boosts and rewards). They said the GX growth model is sustainable but cautioned about seasonal summer weakness. On search, management said revenue is driven mainly by value per search and by increased searches per user, and non-search query revenue grew over 200% year-over-year though it remains in the single millions.
"So we think the model is definitely very sustainable." — Lin Song (CEO)
durability of growth and MiniPay timing
Q (Lance Vitanza · TD Cowen): Analyst asked why management is confident current growth can persist and what metrics investors should watch. He also asked when MiniPay will reach scale to prioritize monetization versus user growth.
A: Management said the current environment is exciting and that Opera has a strong track record of converting engagement into monetization, giving them confidence. They noted many product opportunities (e-commerce, travel) and that Opera is still a relatively small player with room to grow. On MiniPay, management said it's still early stage but that MiniPay has been profitable from day 1 and could monetize faster once volumes and network effects scale.
"We see that our ability to turn that engagement into monetization and revenue has been very strong over the many years and continues to be." — Frode Jacobsen (CFO)
monetizing external AI connectors and ad margins
Q (Jacob Stephan · Lake Street): Analyst asked if Opera monetizes sessions when users resolve queries through external LLMs via the browser connector and whether monetization differs by LLM. He also asked if Opera Ads expanding to third-party inventory will lower gross margins and how to think about incremental EBITDA margins.
A: Management said supporting external AI connectors is important for users and that those activities occur inside the browser, so there are opportunities to monetize while the cloud compute cost is borne by the AI service or subscription. On advertising margins, management said third-party inventory has shown an improving gross margin trend; cost of revenue was 38% in Q2 and they expect it to tick up roughly another percentage point for the year, but adjusted EBITDA margins can still improve due to scale and limited Opera Ads OpEx.
"Even within Opera Ads, what we see also on third-party inventory is that our trend is an improving gross margin." — Frode Jacobsen (CFO)