Opera's AI Pivot Takes Center Stage: Query and Ads Lift Guidance Past Expectations
Q2 beats as revenue accelerates to 25% YoY, raising FY guide with the browser positioning as the connective layer for an open AI ecosystem.
OPRA · Earnings Call · 2026-08-19
Opera Limited delivered a quarter that underscores its strategic bet on the browser as the natural interface for an open AI ecosystem. Revenue grew 25% year-over-year to $178.1 million, accelerating from 23% in Q1, while adjusted EBITDA jumped 32% to $42.4 million, both exceeding the top end of guidance. Management used the beat to lift full-year revenue guidance to $734–742 million (20% growth at the midpoint) and adjusted EBITDA to $172–175 million, signaling confidence that the AI-driven engagement story is only beginning.
## The Browser as the AI Connective Layer
The central theme was the evolution of the browser from a passive destination to an active execution layer for AI. CEO Song Lin framed it clearly: That philosophy is embodied in the new Browser Connector for Anthropic’s Claude and OpenAI’s ChatGPT, which lets users connect their preferred AI services directly into Opera, turning the browser into an agentic control plane. It is also reflected in the open-source open source CLI for Opera Browser AI. The company is monetizing AI-driven intent today, with query revenue growing 21% in Q2 — and the non-search portion of that bucket expanding over 200%. As Frode Jacobsen noted, “We have continued returning capital to our shareholders while investing in the product and commercial opportunities that can fuel Opera's growth well into the future.” — Frode Jacobsen, Chief Financial Officer (CFO) · 2026-08-19 ## Scale and User Mix Shift Opera’s ad platform now reaches a total addressable audience of more than 700 million, up from 500 million just six months ago, thanks to new OEM and SDK partners. Meanwhile, the user base itself is shifting decisively toward higher-ARPU Western markets, with Western MAUs up 4% and mobile up 8%. In the U.S. and UK, combined Android+iOS MAUs grew 40% and 66% respectively year-over-year. Song Lin emphasized the engagement flywheel: “The users who engage with AI within our browsers spend significantly more time in the browser and even conduct many more searches versus comparable users who are not yet engaged in AI.” — Lin Song, Chief Executive Officer (CEO) · 2026-08-19 The shift is also visible in Opera GX, which added ~2 million users in Q2, helped by gaming partnerships and AI features. MiniPay, the stablecoin wallet, reached 18 million activated wallets and 518 million transactions, with a Visa card now launching across the EU and other regions. While still early, Song noted, “From day 1, MiniPay is profitable and reasonably profitable,” — Lin Song, Chief Executive Officer (CEO) · 2026-08-19 a testament to disciplined expansion. ## Why It Matters This quarter confirms that Opera has found a durable growth vector by monetizing AI-driven intent without building its own LLM. The raise in guidance and continued shareholder returns — $577 million returned since 2020 — make the case that the market’s 6.5x forward EV/EBITDA valuation may be leaving room for upside. As Frode pointed out in April, “We don't have like a massive investment need to drive our business. It's a software layer, a service,” — Frode Jacobsen, Chief Financial Officer (CFO) · 2026-04-28 which is precisely why the operating leverage is so attractive. The key risk is whether the non-search query bucket, still small in absolute dollars, can become a meaningful revenue stream. But with AI services proliferating and Opera positioning itself as the neutral intermediary, the next 12 months will test whether this platform can convert engagement into sustained double-digit growth. For now, the company is executing on all cylinders.Instead of placing bets on which AI services or infrastructure plays will be leading in the future, we cultivate our position as a tech enabler and platform that facilitates choice for the end user and access to our vast user base for our partners.