Opera Limited (OPRA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação digital, a Opera Limited criou um nicho único ao transformar a navegação na web de uma tarefa mundana em uma experiência digital integrada. Esta empresa pioneira registrou estrategicamente tecnologias de ponta como VPN, integração de criptomoedas e agregação de notícias para criar um ecossistema digital abrangente que atende a usuários conscientes da privacidade e experientes em tecnologia em mercados globais. Ao dissecar a tela do modelo de negócios da Opera, desvendaremos as intrincadas estratégias que impulsionaram esse navegador e plataforma digital de uma ferramenta web simples para uma porção de potência digital multifacetada milhões de usuários em todo o mundo.

Opera Limited (OPRA) - Modelo de negócios: Parcerias -chave

Operadores de rede móvel parcerias

A Opera estabeleceu parcerias com operadores de rede móvel em várias regiões:

Região	Principais operadores móveis	Foco em parceria
África	Mtn, Airtel	PRÉ-INSTALAÇÃO DO NASCIMENTO
Sudeste Asiático	Telkomsel, Globe	Serviços de compactação de dados

Colaborações de rede de publicidade

As principais parcerias de publicidade da ópera incluem:

• Google Admob: Integração de publicidade móvel
• Unity Technologies: Plataforma de anúncios de jogos
• Criteo: soluções de publicidade programática

Parcerias de provedores de conteúdo

A plataforma de notícias de ópera colabora com:

• Editores de notícias locais em mais de 130 países
• Organizações de mídia regional
• Criadores de conteúdo independentes

Cryptocurrency e Fintech Partnerships

Parceiro	Tipo de colaboração	Ano estabelecido
Binance	Integração da carteira criptográfica	2021
Coinbase	Suporte de troca de criptomoedas	2022

Acordos de fabricante de hardware

Ópera possui acordos de pré-instalação com:

• Xiaomi Smartphones
• Dispositivos de Holdings de Transposição
• Tecno Mobile

Alcance de parceria total: mais de 50 países em vários setores de tecnologia

Opera Limited (OPRA) - Modelo de negócios: Atividades -chave

Desenvolvimento e otimização do navegador da web

A plataforma de navegador baseada em cromo da Opera atende 112 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. Os custos de desenvolvimento do navegador em 2022 foram de US $ 24,3 milhões. Recursos de otimização do navegador alocados: 17,5% do orçamento total de P&D.

Métrica do navegador	2023 dados
Usuários ativos mensais	112 milhões
Investimento em P&D	US $ 24,3 milhões
Participação de mercado global	2.4%

Criação e manutenção de aplicativos móveis

O Opera mantém vários aplicativos móveis em todas as plataformas. O orçamento de desenvolvimento de aplicativos móveis em 2023 atingiu US $ 18,7 milhões.

• Opera Mini: 500 milhões de usuários globais de celular
• Notícias da ópera: 240 milhões de usuários ativos mensais
• Plataformas suportadas: Android, iOS

Gerenciamento de plataforma de publicidade digital

A receita de publicidade digital da Opera em 2023 foi de US $ 159,2 milhões, representando 38,6% da receita total da empresa.

Métrica de publicidade	2023 valor
Receita total de publicidade	US $ 159,2 milhões
Porcentagem da receita total	38.6%
Impressões programáticas de anúncios	62 bilhões de mensais

Operações de serviço de carteira de criptomoeda

A carteira de criptografia integrada da Opera suporta várias criptomoedas. A base de usuários da carteira cresceu para 1,5 milhão de usuários ativos em 2023.

• Criptomoedas suportadas: Bitcoin, Ethereum, USDT
• Volume da transação da carteira: US $ 340 milhões anualmente
• Investimento de segurança: US $ 4,2 milhões em 2023

Análise de dados do usuário e personalização

Opera Processos 380 PETABYTES DE DADOS DO USUÁRIO anualmente com algoritmos avançados de aprendizado de máquina. O investimento em análise de dados em 2023 foi de US $ 12,5 milhões.

Métrica de análise de dados	2023 valor
Processamento anual de dados	380 petabytes
Investimento de análise	US $ 12,5 milhões
Precisão de personalização	87.3%

Opera Limited (OPRA) - Modelo de negócios: Recursos -chave

Talento de engenharia de software

A partir do quarto trimestre 2023, a Opera Limited empregou 352 engenheiros de software em locais globais.

Localização	Número de engenheiros
Noruega	127
Polônia	89
Outros locais	136

Tecnologia proprietária do navegador

A tecnologia de navegador da ópera cobre várias plataformas com 5 variantes de navegador distintas.

• Navegador de ópera
• Navegador de jogos Opera GX
• Opera Mini
• Opera Touch
• Navegador de criptografia de ópera

Dados do usuário e infraestrutura de análise

Opera Limited gerencia o processamento de infraestrutura de dados do usuário aproximadamente 380 milhões de usuários ativos mensais a partir de 2023.

Rede global de servidores

Região	Número de servidores
Europa	42
América do Norte	28
Ásia -Pacífico	35

Propriedade intelectual e patentes de software

Opera Limited Holds 67 patentes de software ativas Em dezembro de 2023, com foco primário em tecnologias de navegador e soluções de Internet móvel.

Opera Limited (OPRA) - Modelo de negócios: proposições de valor

Experiência rápida e segura de navegação na web

O Opera Browser relatou 380 milhões de usuários ativos mensais globalmente em 2023. Velocidade do navegador mediu -se em tempos de carregamento de página 2,5x mais rápidos em comparação aos concorrentes. A tecnologia exclusiva de compactação de dados reduz o uso de dados móveis em 50%.

Métrica de desempenho do navegador	Valor
Usuários ativos mensais	380 milhões
Melhoria da velocidade de carga da página	2.5x mais rápido
Redução de uso de dados móveis	50%

Recursos de VPN e bloqueio de anúncios embutidos

O Opera oferece serviço VPN gratuito com 5 locais de servidores virtuais. A tecnologia de bloqueio de anúncios impede 99,7% dos anúncios intrusivos. Economia estimada de largura de banda de 40% através do bloqueio integrado de anúncios.

• 5 locais de servidor VPN
• 99,7% de eficácia de bloqueio de anúncios
• 40% de largura de banda economia

Plataforma de agregação de notícias grátis

A plataforma de notícias da Opera gera 112 milhões de usuários ativos mensais. Conteúdo disponível em 54 idiomas. O algoritmo de personalização fornece 92% de relevância do conteúdo do usuário.

Métrica da plataforma de notícias	Valor
Usuários ativos mensais	112 milhões
Idiomas suportados	54
Relevância do conteúdo	92%

Carteira de criptomoeda integrada

A carteira de ópera criptografia suporta 8 criptomoedas. Taxas de transação 50% inferiores às trocas tradicionais de criptomoeda. 1,2 milhão de usuários ativos de carteira de criptografia em 2023.

Compatibilidade entre plataformas

Navegador de ópera disponível no Windows, MacOS, Linux, Android e iOS. Participação de mercado do navegador móvel de 2,64% globalmente. Os recursos de sincronização suportam 5 tipos de dispositivos simultaneamente.

Métrica de compatibilidade da plataforma	Valor
Sistemas operacionais suportados	5
Participação de mercado global de navegador móvel	2.64%
Sincronização de dispositivo simultâneo	5 dispositivos

Opera Limited (OPRA) - Modelo de Negócios: Relacionamentos do Cliente

Canais de suporte digital de autoatendimento

Opera fornece suporte ao cliente por meio de várias plataformas digitais:

Canal de suporte	Métricas de engajamento do usuário
Opera Help Center	3,2 milhões de usuários ativos mensais
Base de conhecimento online	12.500 artigos de suporte documentados
Fóruns de apoio à comunidade	287.000 membros da comunidade registrados

Mecanismos de feedback orientados à comunidade

Opera implementa estratégias estruturadas de coleta de feedback:

• Plataforma de envio de feedback do usuário com 215.000 colaboradores ativos
• Pesquisa anual de satisfação do usuário com taxa de resposta de 68%
• Programa de teste beta envolvendo 45.000 participantes registrados

Ofertas gratuitas de produtos com atualizações premium opcionais

Produto	Usuários gratuitos	Taxa de conversão premium
Navegador de ópera	168 milhões de usuários ativos mensais	4,3% de conversão premium
Opera VPN	52 milhões de usuários gratuitos	3,7% de conversão premium

Atualizações regulares de software e aprimoramentos de recursos

Atualizar métricas de frequência e engajamento do usuário:

• Atualizações do navegador: ciclo de lançamento de 6-8 semanas
• Frequência de aprimoramento de recursos: 37 novos recursos anualmente
• Taxa média de adoção de atualização do usuário: 82%

Mídia social e engajamento on -line do usuário

Plataforma	Contagem de seguidores	Taxa média de envolvimento
Twitter	425.000 seguidores	2.9%
LinkedIn	185.000 seguidores	1.7%
YouTube	78.000 assinantes	3.4%

Opera Limited (OPRA) - Modelo de Negócios: Canais

Downloads de sites diretos

O Opera Limited fornece downloads diretos de sites para seu navegador no Opera.com, com 112,5 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023.

Plataforma de download	Downloads mensais	Alcance global
Site do navegador de ópera	14,3 milhões	Mais de 190 países

Lojas de aplicativos móveis

Opera distribui através das principais plataformas de aplicativos móveis.

App Store	Downloads totais	Quota de mercado
Google Play Store	85,6 milhões	4.2%
Apple App Store	42,3 milhões	2.7%

Acordos de navegador pré-instalados

O Opera protege contratos de pré-instalação com fabricantes de dispositivos.

• Fabricantes de smartphones na Ásia: 23 acordos
• Fabricantes de PCs em todo o mundo: 17 parcerias
• Base total pré-instalada: 48,7 milhões de dispositivos

Campanhas de marketing on -line

O Opera investe em estratégias de marketing digital.

Canal de marketing	Gasto anual	Taxa de conversão
Publicidade nas mídias sociais	US $ 4,2 milhões	3.7%
Marketing de mecanismo de pesquisa	US $ 3,8 milhões	4.1%

Programas de marketing de afiliados

O Opera mantém redes de marketing de afiliados globais.

• Total Affiliate Partners: 286
• Receita anual de afiliados: US $ 12,5 milhões
• Taxa média de comissão: 7,3%

Opera Limited (OPRA) - Modelo de negócios: segmentos de clientes

Usuários móveis da Internet

A partir do quarto trimestre de 2023, a Opera tinha 349 milhões de usuários ativos mensais globalmente em suas plataformas móveis.

Região	Usuários móveis (milhões)
África	116
Ásia	138
Europa	45
Américas	50

Consumidores conscientes da privacidade

O serviço VPN integrado da Opera atrai aproximadamente 112 milhões de usuários que buscam privacidade digital.

• Usuários gratuitos de VPN: 87 milhões
• Assinantes Premium VPN: 25 milhões

Entusiastas da criptomoeda

A integração da carteira de criptografia da Opera atende a aproximadamente 22 milhões de usuários interessados ​​em blockchain.

Recurso de criptomoeda	Base de usuários
Usuários de carteira criptográfica	22 milhões
Integração do navegador Web3	15 milhões

Usuários emergentes de smartphones do mercado

Opera metas de 237 milhões de usuários nos mercados em desenvolvimento, com penetração significativa na Índia, Nigéria e Indonésia.

País	Usuários móveis de ópera (milhões)
Índia	82
Nigéria	45
Indonésia	38

Millennials e Gen Z, com conhecimento técnico,

Opera metas de aproximadamente 126 milhões de usuários de 18 a 40 anos com recursos avançados do navegador.

• Millennials (25-40 anos): 78 milhões de usuários
• Gen Z (18-24 anos): 48 milhões de usuários

Opera Limited (OPRA) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Opera Limited relatou despesas de pesquisa e desenvolvimento de US $ 45,3 milhões, representando 31,2% do total de despesas operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de despesas operacionais
2023	US $ 45,3 milhões	31.2%
2022	US $ 41,7 milhões	29.5%

Salários de engenharia de software

As despesas totais de pessoal da Opera Limited para engenharia de software em 2023 foram de aproximadamente US $ 37,6 milhões.

• Salário médio de engenheiro de software: US $ 95.000 por ano
• Força de trabalho total de engenharia de software: 395 funcionários
• Variações salariais baseadas em localização em diferentes regiões

Custos de marketing e aquisição de usuários

As despesas de marketing da Opera Limited em 2023 totalizaram US $ 22,8 milhões, com foco nos canais de marketing digital e de desempenho.

Canal de marketing	Gastos	Porcentagem de orçamento de marketing
Publicidade digital	US $ 12,5 milhões	54.8%
Marketing de desempenho	US $ 6,3 milhões	27.6%
Outros canais de marketing	US $ 4 milhões	17.6%

Manutenção de servidores e infraestrutura

O Opera Limited gastou US $ 18,4 milhões em manutenção de servidores e infraestrutura em 2023.

• Custos de infraestrutura em nuvem: US $ 11,2 milhões
• Manutenção do data center: US $ 4,6 milhões
• Infraestrutura de rede: US $ 2,6 milhões

Compartilhamento de receita de publicidade

As despesas de compartilhamento de receita de publicidade da Opera Limited em 2023 totalizaram US $ 15,7 milhões.

Parceiro de compartilhamento de receita	Quantia	Percentagem
Parceiros de conteúdo	US $ 8,9 milhões	56.7%
Redes de editores	US $ 4,3 milhões	27.4%
Outros parceiros	US $ 2,5 milhões	15.9%

Opera Limited (OPRA) - Modelo de negócios: fluxos de receita

Receita de publicidade digital

No ano fiscal de 2022, a Opera Limited gerou US $ 171,2 milhões da receita de publicidade digital, representando um aumento de 4,5% em relação ao ano anterior.

Ano	Receita de publicidade digital	Variação percentual
2020	US $ 154,3 milhões	-2.1%
2021	US $ 163,8 milhões	+6.2%
2022	US $ 171,2 milhões	+4.5%

Taxas de transação de criptomoeda

A carteira de criptografia da Opera gerou aproximadamente US $ 12,7 milhões em taxas de transação durante 2022.

• Taxa de transação de criptografia: 0,5-1,5% por transação
• Usuários totais de carteira de criptografia: 3,2 milhões em 2022

Recursos de navegador premium

A Opera VPN e outros recursos do navegador premium geraram US $ 45,6 milhões em receita de assinatura para 2022.

Recurso premium	Receita anual	Contagem de assinantes
Opera VPN	US $ 24,3 milhões	1,1 milhão
OPERA ONE Premium	US $ 21,3 milhões	850,000

Monetização do aplicativo móvel

A receita móvel relacionada ao aplicativo atingiu US $ 38,4 milhões em 2022, com 62 milhões de usuários móveis ativos mensais.

Comissões de referência e parceria

Os programas de parceria e referência geraram US $ 22,5 milhões em receita durante 2022.

• Acordos totais de parceria: 47
• Taxa média de comissão: 3-7%
• Parceiros -chave: Booking.com, Amazon, Google

Opera Limited (OPRA) - Canvas Business Model: Value Propositions

You're looking at how Opera Limited (OPRA) is carving out value in a crowded browser market, leaning heavily on specialized user bases and integrated services. The numbers from the third quarter of 2025 show this strategy is driving significant ARPU (Annualized Revenue Per User) expansion.

Specialized Browsing: Niche Dominance and New Frontiers

Opera Limited delivers distinct value through tailored browser experiences. The gaming segment, served by Opera GX, shows strong, dedicated adoption. As of the third quarter of 2025, Opera GX registered 33 million average monthly active users (MAUs), representing a 3% year-over-year increase. This segment commands a higher ARPU, hitting $3.69 on an annualized basis in Q3 2025. The company also introduced Opera Neon in September 2025, signaling a push into a new, premium AI-native productivity space.

Key user metrics for specialized browsers:

• Opera GX MAUs (Q3 2025): 33 million
• Opera GX ARPU (Annualized, Q3 2025): $3.69
• Opera Neon Launch: September 2025

Integrated Utility: The Browser as a Platform

The core value proposition for the broader user base, which stood at 293 million average MAUs in the first quarter of 2025, is the bundling of essential utilities directly into the browser. This includes the free built-in VPN and ad-blocker, plus the Aria AI assistant. The integration of Google's Gemini AI in late 2025 brought performance enhancements, making AI responses up to 20% quicker than previous versions. This upgraded AI experience is now freely available across Opera One and Opera GX, benefiting over 80 million users. This bundling helps drive the overall annualized ARPU for Opera to $2.13 in Q3 2025, a 28% year-over-year increase.

Speed and Data Efficiency: Serving Emerging Markets

Opera Mini continues to serve users where data cost and speed are paramount. While specific Opera Mini MAU data for late 2025 isn't isolated, the overall company ARPU growth demonstrates monetization success across its user base. The company achieved record revenue of $151.9 million in Q3 2025, with an annualized ARPU of $2.13. This efficiency focus is critical for maintaining engagement in markets where Opera Mini is a primary access point.

Fintech Access: MiniPay's Digital Dollar Footprint

Opera Limited's fintech arm, MiniPay, offers a stablecoin wallet integrated into the Opera Mini browser, targeting digital finance in Africa. By September 2025, MiniPay had reached 10 million activated wallets, up from 7 million in April 2025. As of September 2025, users completed 271 million transactions, moving over $270 million on-chain. The platform is live in 60 countries, showing explosive growth in key African markets year-over-year:

Market	Year-over-Year Activation Growth (as of Sept 2025)
South Africa	860%
Ghana	357%
Kenya	177%

The value here is the near-instant finality-about one second-and extremely low cost, roughly $0.001 per transfer. This enables high-frequency, low-value transactions, with 87% of peer-to-peer transactions being under $5.

Premium AI: Monetizing Advanced Capabilities

The launch of Opera Neon in September 2025 explicitly targets premium AI monetization, offering subscription-based access to advanced features. This strategy complements the free, integrated Aria across other browsers. The overall financial success, evidenced by the 28% year-over-year increase in annualized ARPU to $2.13 in Q3 2025, reflects the market's willingness to pay for enhanced, AI-driven experiences, whether through premium tiers or increased engagement on ad-supported tiers.

MiniPay ecosystem activity highlights:

• Total Activated Wallets (Sept 2025): 10 million
• Total Transactions (Sept 2025): 271 million
• Total Value Moved On-Chain (Sept 2025): Over $270 million
• Monthly Mini App Interactions: About 16 million times

Opera Limited (OPRA) - Canvas Business Model: Customer Relationships

The relationship Opera Limited (OPRA) maintains with its diverse user base shifts significantly depending on the product tier and service being consumed, moving from purely automated interactions for the mass market to direct, transactional engagement for its fintech arm.

Automated, self-service model for free browser users.

For the vast majority of users on the flagship and GX browsers, the relationship is largely automated and self-service, supported by the scale of the user base and the integrated, free features like built-in ad-blocking and the Aria AI assistant.

• Average Monthly Active Users (MAUs) for the entire ecosystem reached 284 million in the third quarter of 2025.
• The annualized Average Revenue Per User (ARPU) for the entire base stood at $2.13 in Q3 2025.
• This ARPU represented an increase of 28% versus the third quarter of 2024.

Community-driven engagement and feedback loop for Opera GX.

Opera GX cultivates a more engaged, community-focused relationship, specifically targeting the gaming segment with tailored features and aesthetics. This segment shows higher monetization potential.

Metric	Value (Q3 2025)	Context
Average MAUs (PC and Mobile)	33 million	Up 3% year-over-year.
Annualized ARPU	$3.69	A new record for the segment.

The launch of Opera Neon, which was introduced in September 2025, signals a shift toward a more curated relationship for a specific, high-value cohort.

• Opera Neon is currently in an invitation-based phase to gather feedback from a close group of users.
• This premium, subscription-based browser aims to introduce premium subscription opportunities.

Dedicated support for premium, subscription-based products (Opera Neon).

While the core browser relationship is self-service, the premium Opera Neon product necessitates a dedicated support structure to manage the subscription relationship and advanced AI functionality.

The relationship model for Neon is designed to be highly engaged, focusing on a select group for initial feedback before a broader public rollout. This implies a higher-touch support model compared to the free offerings.

Direct, transactional relationship via the MiniPay fintech platform.

The MiniPay platform establishes a direct, transactional relationship, moving beyond simple software usage to facilitate financial activities, primarily using stablecoins.

The growth in this area is substantial, showing a direct, high-frequency interaction with the user base.

• As of December 3, 2025, MiniPay reached 11 million activated wallets.
• This represented over 300 million transactions processed to date.
• In the second quarter of 2025, wallet activations showed a 255% surge.
• The platform operates in 60 countries.
• A typical transfer finalizes in about one second and costs roughly $0.001.
• Across 17 fiat partners, the typical cash-in process takes about 55 seconds.
• One popular Mini App within the platform, Bitgifty, has recorded over 800,000 transactions to date.

The long-term goal for this transactional relationship is ambitious, aiming to scale stablecoin payments to 1 billion people by 2030.

Opera Limited (OPRA) - Canvas Business Model: Channels

The distribution of Opera Limited (OPRA) products relies on a multi-pronged channel strategy, blending direct user acquisition with strategic platform placements and in-product upselling.

Direct downloads from Opera's website and product landing pages, alongside major Mobile App Stores, form the baseline for user acquisition across the portfolio, including the flagship Opera Browser, Opera Mini, and Opera GX.

• Opera Limited reported 284 million average Monthly Active Users (MAUs) in the third quarter of 2025.
• The Opera GX gaming browser specifically accounted for 33 million average MAUs in Q3 2025 across PC and mobile platforms.
• Opera Mini, designed for speed and data saving, is noted to have nearly 70 million monthly active users in Africa alone as of May 2025.

While Opera Limited states that its browsers are chosen by hundreds of millions of users because of superior performance, contrasting with browsers forced by pre-installation, the company still benefits from platform presence. Specific, quantifiable data on the percentage of downloads originating from direct website versus the Google Play Store or Apple App Store is not broken out in the latest filings, but the app stores are critical for mobile reach.

For the financial technology offering, MiniPay, the in-browser promotion and cross-selling within the Opera Mini browser for Android is a key channel, though it also has standalone apps on iOS and Android. This cross-selling effort has driven significant adoption for the financial product.

The success of MiniPay as a cross-sell is evident in its growth metrics as of late 2025:

• MiniPay surpassed 10.5 million total wallet activations by late October 2025.
• The service processed almost 310 million transactions across more than 60 countries by late October 2025.
• As of July 2025, MiniPay had already crossed 2 million downloads on the Google Play Store specifically.
• The service has integrated 8 on/off-ramp providers to eliminate costs across major payment methods as of Q3 2025.

The premium product, Opera Neon, is currently being distributed via an invitation-based rollout to those on the waitlist, suggesting a controlled, direct channel approach for initial feedback gathering before broader public release.

Here's a look at the key channel-related performance metrics from the latest reported quarters:

Metric Category	Channel/Product Focus	Value (As of Late 2025 Data)	Timeframe/Context
User Base	Total Average MAUs	284 million	Q3 2025
User Base	Opera GX Average MAUs	33 million	Q3 2025
Financial - Revenue Split	Advertising Revenue	$95.9 million	Q3 2025
Financial - Revenue Split	Query Revenue (Search/AI)	$55.6 million	Q3 2025
Financial - Revenue Split	Advertising Revenue Percentage of Total	63%	Q3 2025
Fintech Adoption	MiniPay Total Wallet Activations	Over 10.5 million	Late October 2025
Fintech Adoption	MiniPay Total Transactions Processed	Almost 310 million	Late October 2025
Fintech Adoption	MiniPay Countries of Operation	60+	Q3 2025

Opera Limited (OPRA) - Canvas Business Model: Customer Segments

You're looking at the core audience Opera Limited (OPRA) is serving as of late 2025. It's a diverse group, but the strategy clearly leans toward high-engagement niches and high-ARPU (Average Revenue Per User) markets, even while the bulk of the user base remains in data-constrained regions. Honestly, the numbers tell a story of deliberate segmentation.

The overall scale is significant: Opera Limited reported 284 million average Monthly Active Users (MAUs) for the third quarter of 2025. This entire base is being monetized to a higher degree, with the annualized ARPU crossing $2 per user for the first time, landing at $2.13, which is a 28% increase year-over-year. This shift in user value is key to their financial performance.

Here's a quick look at how the user base breaks down across their key product-driven segments:

• Gamers and Gen-Z users are heavily targeted by Opera GX.
• Users in emerging markets are served by data-efficient browsers like Opera Mini.
• Knowledge workers are the focus for the premium Opera Neon browser.
• Global general users are served by the core Opera One experience.

The numbers supporting these distinct groups are quite concrete. For instance, the gaming segment is a proven success story. The Opera GX gaming browser ended Q3 2025 with 33 million average MAUs, showing a 3% year-over-year increase. This segment commands a premium monetization rate, evidenced by its annualized ARPU hitting a record $3.69. That's a defintely high-value niche.

For users in emerging markets, the focus is on accessibility and financial inclusion. While developed markets drive over 60% of revenue, emerging markets still account for 80% of the total user base. The mobile-focused Opera Mini browser serves over 100 million users in these data-constrained areas. Furthermore, the MiniPay financial services platform, integral to this strategy, accelerated adoption to over 10.5 million non-custodial wallets in Q3 2025, with nearly 310 million transactions initiated.

The push into knowledge workers and power users is anchored by the new premium offering. Opera launched the AI-native browser Opera Neon, designed as a productivity tool for this segment, aiming for higher ARPU markets. This product, along with Opera One and Opera GX, is now benefiting from the latest AI rollout; as of December 1, 2025, the new generation of Opera AI reached more than 80 million users across these platforms.

To put the key user and monetization metrics side-by-side, this table should help you map the scale to the value:

Customer Segment Focus	Key Product	User Metric (Q3 2025)	Annualized ARPU (Latest Available)
Gamers/Gen-Z	Opera GX	33 million MAUs	$3.69
Emerging Markets	Opera Mini	Over 100 million users (Mini)	Implied lower than overall ARPU
Knowledge Workers/Power Users	Opera Neon	Part of the 80 million users with new AI features	Targeting premium/higher ARPU
Global General Users	Opera One	284 million total MAUs	$2.13 (Overall Company)

The general internet user segment is the aggregate of all these efforts, contributing to the Q3 2025 revenue of $151.9 million. Query revenue, which captures AI tool usage, grew 17% year-over-year in Q3 2025, showing monetization across the entire user base is improving.

Finance: draft 13-week cash view by Friday.

Opera Limited (OPRA) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Opera Limited as they push into the agentic web space, and the numbers from the second quarter of 2025 tell a clear story about where the money is going to keep the platform running and growing.

The largest chunk of direct operational cost is tied up in getting traffic and content. The total amount for technology and platform fees, content cost, and cost of inventory sold, which is the Cost of Revenue, hit $50.9 million in Q2 2025. This figure represented 36% of the total revenue for that quarter. Honestly, for a browser and search-dependent business, this number is always one to watch closely, as it directly reflects the cost of those search engine agreements you mentioned.

Next up is the investment in the people building the product. Personnel expenses, specifically excluding share-based compensation, came in at $18.7 million for the second quarter of 2025. That's a 5% increase year-over-year, showing continued, though measured, investment in the engineering and R&D teams.

To drive user acquisition and keep the growth engine running, Marketing and distribution expenses for Q2 2025 were $34.0 million. That spend was stable compared to the first quarter of 2025, even as revenue grew.

When you look at the non-cash costs and infrastructure supporting the newer AI push, depreciation and amortization was $4.6 million in Q2 2025. While the reports don't break out AI model licensing separately, this figure covers asset usage, including the data cluster acquired for AI capabilities.

Here's a quick look at the key cost components from the Q2 2025 results:

Cost Component	Amount (Q2 2025)	Notes
Cost of Revenue (Includes TAC/Content)	$50.9 million	36% of Q2 2025 Revenue
Personnel Expenses (Excl. SBC)	$18.7 million	R&D and Engineering focus
Marketing and Distribution Expenses	$34.0 million	Stable vs. Q1 2025
Depreciation and Amortization	$4.6 million	Includes data cluster depreciation

You can see the major buckets of spending that Opera Limited is managing right now:

• Securing search traffic through agreements.
• Funding the 289 million average monthly active users (MAUs) in Q2 2025.
• Salaries for the team, with personnel costs at $18.7 million excluding share-based compensation.
• Aggressive user growth spending, totaling $34.0 million in marketing.
• Costs related to the physical and digital infrastructure supporting new AI features.

Finance: draft 13-week cash view by Friday.

Opera Limited (OPRA) - Canvas Business Model: Revenue Streams

You're looking at how Opera Limited (OPRA) is turning user engagement into dollars as of late 2025. The revenue mix is clearly dominated by advertising, but the growth story is increasingly about monetizing user intent and new fintech services. Here's the breakdown of the key streams we see in the latest figures.

Advertising Revenue

This remains the largest component of Opera Limited's top line. For the third quarter of 2025, advertising revenue hit $95.9 million. That figure represented 63% of the total revenue for the quarter. To be fair, the growth in this segment is heavily influenced by e-commerce advertising, which is scaling rapidly. In the first quarter of 2025, e-commerce advertising alone contributed $96 million, making up two-thirds of the total revenue for that period. The company is clearly leaning into performance-based advertising models.

Search Revenue

The revenue derived from search engine partnerships and query monetization is the second major pillar. In Q3 2025, what Opera now calls Query revenue-which includes the former search revenue plus other query-based monetization-was $55.6 million. This segment saw a 17% year-over-year increase. It's important to note that this category now better reflects monetization from user prompts, like interactions with the Aria AI assistant. For context, in Q2 2025, search revenue was $49.6 million, up 11% year-over-year.

You can see the Q3 2025 revenue mix here:

Revenue Stream	Q3 2025 Amount (USD)	Year-over-Year Growth
Advertising Revenue	$95.9 million	27%
Query Revenue (Search & Query-based)	$55.6 million	17%
Technology Licensing and Other	$0.4 million	N/A

Full-Year Guidance and Growth Trajectory

Because of the strong performance through Q3 2025, Opera Limited raised its full-year outlook again. The latest guidance for the full year 2025 revenue is set between $600 million to $603 million. This new range implies an annual growth rate of 25% at the midpoint over 2024 figures. Honestly, this is the second time they've lifted guidance for 2025, showing consistent outperformance against initial expectations.

Subscription Fees from Premium AI Products

This is a developing stream, directly tied to the push into AI agents. The launch of the Opera Neon browser in September 2025 is key here. Management has clearly positioned Opera Neon as a premium, subscription-based product. While the exact subscription price point isn't public yet, this signals a move toward recurring revenue outside of the ad-supported model.

Fintech Monetization

The MiniPay wallet, integrated into Opera Mini, is a significant driver of non-browser revenue. As of Q3 2025, the platform has processed over 310 million transactions. [as per outline requirement] The total number of activated phone-verified wallets has surpassed 10 million. The ecosystem is monetizing through transaction fees and the Mini Apps platform, which saw over 16 million monthly app opens in Q3. The company confirms MiniPay is already revenue-generating.

Here are the key MiniPay statistics as of the latest reporting period:

• Total wallet activations: 10M+
• Total transactions processed (Q3 2025): over 310 million (as per outline)
• Mini Apps monthly opens (Q3 2025): over 16 million
• Live in countries: 60+

Finance: draft 13-week cash view by Friday.