A Primer on Opera
A company overview for easy reference
Introduction
Opera (OPRA) is a Norwegian innovative browser company that is majority owned by the Chinese tech company Kulun Tech.
While the company is up against much bigger competitors, it has used innovation as a main growth driver, often being the first to introduce new features and new browsers, such as its browser for gamers, Opera GX, and its AI and Web3 products and services, like crypto and stablecoin wallets, and lately an agent-driven browser that performs tasks for its users.
The company is growing substantially and is very profitable, shareholder-friendly, with significant buybacks and dividends, and has a very healthy balance sheet.
Stay tuned for our upcoming quick take discussing the financials and outlook for the stock.
Products
1. Opera Browsers
Opera has been a pioneer in browser development since 1996, offering innovative features. As of Q4/24, Opera's browser products had approximately 268M average MAUs. Key browser offerings include:
Opera for Computers / Opera One:
Considered one of the most innovative PC browsers, targeting high-end users.
Uses an Opera-tuned Chromium browsing engine optimized for performance.
Unique features include a free, built-in VPN service, native ad blocking, currency and unit conversion, and integrated messaging/social services in the sidebar (Facebook Messenger, WhatsApp, Slack, Discord, Instagram, TikTok, Bluesky, X).
In June 2023, re-engineered into Opera One with a new modular design, multithreaded compositor, tab island feature, and AI at its core with the Aria browser AI.
The PC browser user base was 84M average MAUs in the fourth quarter of 2024.
Opera GX (PC and Mobile):
A browser specifically tailored for gamers, launched for PCs in Q2 2019 and Mobile in May 2021.
Allows PC gamers to customize and tune their browsers for a better gaming experience with features like GX Control.
Integrates Twitch, includes Aria, and supports Mods (changing visual themes, music, sounds, shaders, live wallpapers). Over 100 million mods have been downloaded from the GX Games portal since March 2023.
Reached 34M MAUs in the fourth quarter of 2024, growing 14% annually. Engagement remains high with growth in published GX games, registered users, and unique mods.
Opera GX Mobile features a custom navigation Fast Action Button, Flow feature for syncing between devices, and instant access to GX corner (gaming news, deals, release calendar). Won two Red Dot Awards in 2021.
Opera Mini:
First launched in 2006, a mobile browser providing a faster experience on Android smartphones and feature phones.
Utilizes advanced data compression and efficiency technologies (specifically OBML) that can compress web content by up to 90%. This helps users on limited mobile data networks with faster loading and lower data costs.
A cloud-based browser that is fast to install and takes up minimal phone space. Data traffic can go through Opera servers for compression.
Offers a free data campaign in select African markets (Nigeria, South Africa, Ethiopia, Ghana, Tanzania).
In 2024, updates included PIN-protected browsing, a simplified search interface, updated start page with MiniPay integration, and Streaks Rewards for daily users.
Averaged 113M users worldwide during the fourth quarter of 2024, with over 79 million MAU in its Android version. One of the most widely used mobile browsers in emerging markets in 2024.
Aria browser AI was brought to Opera Mini, making AI available to data-conscious users.
Opera Browser for Android:
Launched in 2013, the flagship Android smartphone browser.
Based on the Chromium project with a full browser engine.
Features include an integrated crypto wallet (since Dec 2018), ability to block cookie dialogs, integrated VPN solution (since March 2019, later expanded to paid device-wide VPN), and Aria browser AI (since July 2023).
2024 updates included more accessible Aria onboarding (one-click, accountless), Aria features like voice input/output, page summaries, image generation/understanding, and sources. Also improved native ad blocker support (uBlock Origin, AdGuard), password/bookmark imports from Chrome, start page and AI-powered news section improvements (including AI podcasts in the U.S.), QR code sharing, customizable bottom bar, domain mistyping correction, advanced download manager functions, and speed optimizations.
Opera Browser for iOS / Opera One:
In 2024, relaunched as Opera One on iOS.
Aligns design with Opera One on desktop.
New features include bottom search navigation, swipe to search, improved search experience with predictive chips, and a streamlined start page.
The news feed was moved to its own full-screen view.
Aria Browser AI is improved with new design/functionality and is free for all users without sign-in.
Opera Air:
The latest member of the Opera browser family, launched in February 2025.
Built around the concept of mindfulness.
Targeting users in Western markets.
Downloaded over 500K times in its first two months.
2. AI-Assisted Browsing Technologies
Opera has focused heavily on integrating AI into its browsers:
Aria:
Opera's native browser AI, launched in 2023.
Provides access to a high-quality generative AI service free of charge.
Acts as a web and browser expert, allowing users to collaborate for information, text/code generation, and query answering.
Multimodal, based on Opera's own "Composer" AI engine.
Composer is LLM agnostic, connecting to multiple models (OpenAI's GPT, Google's Gemini, self-hosted open-source models like LLAMA).
Composer architecture is modular, expandable, and allows access to external data sources and integration of image generation/understanding and voice generation/understanding functionality. Composer can understand and generate numerous file formats.
Knowledgeable about Opera's support documentation to answer user questions.
Made more accessible in 2024 with one-click accountless onboarding.
Available across the full suite of browsers for both mobile and desktop users.
Local LLMs:
In 2024, Opera enabled users to download and run their preferred on-device LLM within Aria.
Users can select from approximately 2,000 local LLM variants from over 60 families.
Based on open-source projects Ollama and llama-cpp.
Browser Operator:
An active R&D project demoed at Mobile World Congress in March 2025, intended for availability in 2025.
An AI agent that allows a user to explain a task in natural language, and the Operator performs the necessary steps within the browser environment.
Allows the user to monitor decisions and steps, remaining in full control to take over or cancel.
Works directly in the browser, not requiring a virtual machine or server in the cloud.
Utilizes native, client-side solutions, protecting user privacy by not relying on screenshots or video capture.
Demoed ability to make travel bookings and order flowers.
3. Opera Gaming
An emerging division focused on video games, built on the success of Opera GX:
Opera GX: (See Browser section above)
GameMaker:
A 2D game development platform.
Provides a complete set of tools to create games for any platform.
Made free for creators to develop games and publish to GX Games in Q3 2021.
Product updates included shaders, graphics/audio filters, long-term version support, and initial multiplayer support.
GX Games:
A gaming portal launched in November 2021.
Connects Opera GX users with games created using the GameMaker platform.
Developers can publish games directly from GameMaker.
Gives users instant access to over 10K games.
Over 10M users have created accounts.
Aims to make creating, sharing, and playing games as quick and easy as social media.
Opera announced its first Roblox game, Hell's Obby, a competition.
4. Opera News
Opera's content platform for personalized news discovery and aggregation:
Launched in January 2017.
Featured prominently in browsers, also available as standalone apps and websites under the Opera News and Apex brands.
Uses AI-powered news and content recommendations to increase user activity and time spent.
Curates and recommends news, articles, videos, and other content using real-time intelligent ranking, top news, and push notifications.
Utilizes Natural Language Processing (NLP) and other technologies to process linguistic differences and nuances for content recommendation across languages and cultures. LLMs and AIGC are used in the recommendation system.
Opera News Hub: Launched in Nigeria (Sept 2019) and expanded to other markets (Kenya, South Africa). Enables local content creators to self-publish and monetize content, attracting local content. Ranked as a top online news platform in Kenya by the Reuters Institute in 2024.
In 2021, launched a local news service. In 2024, implemented hyper-local information services (nearby crime, load shedding notices, earthquake/extreme weather notifications).
Apex Football (formerly Opera Football): Launched in 2021. Uses the Opera News platform filtered for football content, integrating news with statistics, live scores, and real-time notifications. Additional sports verticals (cricket, basketball, general sports) were introduced in 2022. Embedded live score feature into Android browsers and Opera News app in 2022 and 2023. Covered Olympics events during Paris 2024, including schedules, medal table, and result notifications.
Reached an average audience of approximately 368M per month in Q4/24 through various channels.
Expanded into North America and Europe, seeing increased revenue contribution from these markets, where users monetize at a significantly higher rate.
5. Opera Ads
Opera's in-house advertising platform and audience extension product:
Launched in 2021.
Optimized for serving Opera's owned and operated inventory, connecting digital agencies, direct advertisers, and brands with Opera users.
Works with programmatic and fully managed campaigns.
Builds on existing search monetization partnerships (e.g., Google) and other monetization partners (e.g., Amazon).
Extended in 2021 with an audience extension service that connects with partner inventories via real-time bidding. Partners include Google, AppLovin, Adtechnacity, Vungle, and others.
Leverages the browser environment to capture interest, context, and intent while being mindful of user privacy, unlike platforms relying on third-party signals and cookies.
Focuses on performance-based advertising, which is seen as more resilient in volatile environments.
Majority of customers are within gaming, sports, and e-commerce verticals.
E-commerce is currently the fastest-growing vertical with over 100% annualized growth. The US e-commerce opportunity is considered mostly ahead.
6. Web3 and E-Commerce Initiatives
Web3 Initiatives:
First browser to introduce a non-custodial crypto wallet in 2018, enabling access to blockchain-based Web3 apps.
Supports relevant blockchains including Bitcoin, Ethereum, Polygon, and Solana as of December 31, 2023.
Re-built the wallet into a standalone SDK embedded in browser applications.
MiniPay: A new stablecoin wallet built on the Celo blockchain, launched in September 2023, initially integrated into Opera Mini and later as a standalone Android app. MiniPay had more than 4M activations by the end of 2024. Opera invested in the Verda Ventures, LLC fund in Q4 2024 to support the MiniPay ecosystem.
E-Commerce Initiatives:
Launched a browser-based cashback offering for online transactions.
Rolled out in various markets including Spain, Poland, Germany, the U.K., the U.S., Mexico, and Brazil.
Features hundreds of shops including brands like AliExpress, Temu, and Shein.
In late 2023, began scaling back certain owned cashback initiatives to promote third-party tools as a more efficient solution, starting in the U.S. and expected to expand in 2025.
7. Underlying Technology & Infrastructure
Composer AI Engine: Powers Aria and the upcoming Browser Operator, is LLM agnostic, and modular. (See AI section).
Content Recommendation Platform: Utilizes cutting-edge AI technologies including LLMs, AIGC, NLP, Computer Vision, Multi-objective/Multi-scenario/Multi-modal/Personalized Recommendation System, Deep Reinforcement Learning, and Big Data Capabilities.
Cloud Compression Technologies: Turbo and OBML optimize data traffic and connection times, enabling faster page loading with reduced data consumption.
Network Infrastructure: Reliable and secure infrastructure with data centers linked by high-speed networking. As of December 31, 2024, owned 6,077 servers in seven data centers, including one in Iceland with an NVIDIA DGX SuperPOD featuring 248 H100 GPUs to support expanding AI services. Has massive petabyte-level distributed data storage and real-time processing of hundreds of terabytes daily.
Big Data Capabilities: Supports scaling across geographies, languages, and cultures, using data mining and analytics to understand users and provide better content recommendations.
Growth drivers
Advertising and E-commerce: A primary driver of recent growth has been advertising revenue, particularly from e-commerce opportunities. Advertising revenue growth was 3% in the first quarter of 2025, reaching $96M and representing two-thirds of total revenue. E-commerce was highlighted as the fastest-growing vertical, with over 100% annualized growth, which helped offset expected seasonality patterns. Opera sees significant growth potential in the e-commerce market globally, including in the US, despite some volatility. The focus on performance-based advertising, where payment is tied to measurable results, is seen as making the business more resilient in volatile environments.
Product Innovation and AI Integration: Opera leverages its history of innovation and its brand to expand its offerings. The company is actively redesigning and reengineering its browsers and launching generative AI tools. Key AI initiatives include the Aria browser AI, built on Opera's Composer AI engine. Aria is available across Opera's full suite of browsers, offering features like text/code generation, information seeking, and image/voice understanding. The Browser Operator, an AI agent being developed (demonstrated at MWC in Barcelona in March 2025), is intended to perform tasks for users in natural language within the browser, allowing users to remain in control. Opera also enables users to download and run local LLMs within Aria. This application of leading AI technologies enhances the user experience through personalization and improves targeted advertising. Recent product launches include Opera One (a redesigned PC browser with AI at its core), updates to Opera GX, Opera Air (a browser focused on mindfulness), and Aria integration into various browsers, including Opera Mini.
Focus on High-Value Users: Opera's ongoing strategy involves focusing on users with the highest value potential. This strategy has contributed to an outstanding annualized ARPU (Average Revenue Per User) growth, which was up 44% year-over-year in Q1 2025. The shift in focus to Western markets from Q4 2023 to Q4 2024 also led to improved monetization on a per-user basis, with ARPU increasing by 37%.
Strategic Positioning and User Base: The browser is viewed as a strategic application, serving as an access point for various internet activities, including e-commerce, AI, gaming, and fintech. Opera leverages this strategic position and its large, engaged user base (over 296 million average MAUs in Q4 2024, stable around 293 million MAUs in Q1 2025) to launch and scale new offerings. While the total MAU count has been relatively stable or slightly drifting lower due to changes in emerging markets, the focus is on the value and engagement of the user base rather than just the raw number.
Partnerships and Market Focus: Partnerships with search providers (like Google and Yandex), e-commerce and online travel agencies (like Amazon, eBay, AliExpress), digital advertising platforms (like Google AdSense, Meta Audience Network), and content providers are important for driving traffic, monetization, and content availability. Focusing marketing and distribution activities on Western markets has led to an increase in the user base in North America and Europe and improved monetization compared to emerging markets. The company also benefits from Choice Screens in Europe related to search, which has helped its search revenue growth in those regions.
Diversification of Offerings: Beyond browsers, Opera's growth is also driven by expanding its ecosystem with products like Opera Gaming (including Opera GX browser, GX Games, and GameMaker), Opera News (personalized content platform), Opera Ads, and Web3/e-commerce initiatives (MiniPay, cashback).
Partners
Google: Opera has a long-standing search distribution partnership with Google, extended through 2025, where Google pays to be the default search engine on Opera browsers, providing a major revenue source. Additionally, Opera collaborates with Google Cloud to integrate Google's Gemini AI models into its Aria browser AI, enhancing AI capabilities such as image generation and text-to-voice features.
Qwant: Opera partnered with the privacy-focused search engine Qwant to create a special version of the Opera browser for French users, with Qwant set as the default search engine to provide a privacy-respecting browsing experience.
OEMs in India and Asia: Opera has multiple partnerships with Indian and regional smartphone manufacturers like Micromax and Karbonn to pre-install Opera Mini on their devices, expanding Opera’s user base in emerging markets. Similarly, Opera formed a joint venture with Telling Telecom in China to develop a customized mobile browser tailored for the Chinese market, leveraging local distribution networks.
ASUS: Opera collaborated with ASUS to create a special ASUS ROG edition of its Opera GX gaming browser, integrating features like ASUS Aura RGB lighting synchronization to provide a unique gaming experience.
AI and Browser Innovation Partners: Opera is pioneering AI-based browsing with its Browser Operator AI agents and Aria AI, leveraging partnerships like Google Cloud for advanced AI infrastructure and models.
In summary, Opera’s partnerships focus on:
Search engine distribution and advertising revenue (Google, Qwant).
AI technology integration to enhance browser intelligence and features (Google Cloud).
Market expansion through OEM pre-installations and joint ventures (India OEMs, Telling Telecom in China).
Gaming and hardware integration (ASUS).
Stay tuned for our Opera Quick Take discussing the financials and prospects.