Opera (OPRA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $176 million, exceeding guidance by $4 million, with adjusted EBITDA at $42 million, $2 million above guidance, reflecting 23% year-over-year revenue growth and a 24% EBITDA margin.

• Net income increased 36% to $24.8 million, with a 14% margin, and adjusted net income rose 29% to $31.2 million.

• User base expanded by 4 million to 288 million MAUs, with Western markets and Opera GX contributing significantly.

• MiniPay, the stablecoin wallet, surpassed 15 million wallets and 430 million transactions, generating $20 million in revenue from its ecosystem.

• Major product milestones included the launch of Browser Connector and rapid MiniPay growth.

Financial highlights

• Advertising revenue up 24% year-over-year to $117 million, 67% of total revenue; query revenue up 23% to $58.3 million, 33% of total revenue.

• Gross margin improved by 60 basis points sequentially; cost of revenue was 36.8% of revenue, down from 37.4% in Q4.

• Operating profit increased 41% to $29.8 million, margin improved to 17%.

• Free cash flow from operations was $35.5 million, 85% of adjusted EBITDA.

• Annualized ARPU increased 25% year-over-year to $2.43.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $727–$740 million (18–20% growth), with adjusted EBITDA guidance increased to $170–$174 million (23–24% margin).

• Q2 2026 revenue guided at $176–$178 million (23–25% growth), with adjusted EBITDA of $40–$42 million and 23% margin.

• Full-year OpEx (pre-adjusted EBITDA) expected at $562 million, with cost of revenue at ~38% of revenue.

• Cash-based compensation and marketing to decline as a percentage of revenue in 2026.