Opera (OPRA) Q2 2025: E-Commerce Advertising Jumps 100%, AI and Fintech Scale New Growth Engines

2025-08-19 | By EarningsIQ Research

Opera’s Q2 marked a decisive acceleration in both advertising and fintech, with e-commerce now nearly half of ad revenue and MiniPay stablecoin wallets scaling rapidly. The company’s browser-centric AI push and deepening fintech integrations are positioning Opera as a multi-pronged platform with monetization levers beyond legacy search. Raised guidance signals management’s confidence in sustaining double-digit growth despite macro and currency volatility.

Summary

  • E-Commerce Now Dominates Ad Mix: Advertising growth is increasingly driven by e-commerce, which continues to outpace other verticals and now represents nearly half of ad revenue.
  • AI and Fintech Integration Accelerate: Opera’s investment in browser-native AI and MiniPay stablecoin wallet is producing tangible user and revenue growth, broadening the company’s monetization model.
  • Guidance Lift Reflects Durable Momentum: Management’s second consecutive guidance raise underscores confidence in scaling new initiatives and offsetting macro headwinds.

Performance Analysis

Opera delivered 30% revenue growth year-over-year, outpacing guidance and continuing its 17-quarter streak of Rule of 40 performance—combining robust top-line expansion with healthy margins. Advertising revenue surged 44% year-over-year, propelled by e-commerce vertical growth exceeding 100%, even as tariff-related headwinds persisted in the US. E-commerce now comprises nearly half of total ad revenue, illustrating a material shift in the business mix toward higher-growth, performance-driven segments.

Search revenue rebounded to double-digit growth, up 11% year-over-year, supported by a user mix shift toward higher-value geographies and increased monetization of high-intent traffic. Adjusted EBITDA landed above the high end of guidance, with operating cash flow conversion exceeding 100% of EBITDA, highlighting strong underlying profitability and cash generation. MiniPay, Opera’s stablecoin wallet, surpassed 9 million activated wallets and 250 million transactions, validating its fintech strategy and opening new monetization streams.

  • E-Commerce Ad Outperformance: Vertical now drives nearly half of ad revenue, reinforcing Opera’s pivot toward scalable, high-velocity growth areas.
  • Search Monetization Rebounds: Double-digit growth returned as user base shifts to higher ARPU regions and AI-driven intent targeting expands.
  • Fintech Scale Achieved: MiniPay’s rapid wallet and transaction growth demonstrates early product-market fit and revenue contribution potential.

Opera’s ability to offset US tariff headwinds with global expansion and to convert new product launches into measurable growth sets a high bar for execution as it enters a critical product launch window in the second half.

Executive Commentary

"We are at the dawn of a new era in compute and surrounded by AI companies competing for users to their models. Beyond being a huge source of traffic, we believe that the browser will emerge as the operating system for these AI services... Opera Neon is built to be the gateway to AI where web applications and automation converge."

Song Lin, Co-CEO

"Revenue growth was 30% year over year, well ahead of our already strong guidance... We have been positively assured by the resilience of our newly scaled advertising revenue streams in an otherwise volatile macro picture."

Frodo Jacobson, CFO

Strategic Positioning

1. E-Commerce Advertising as a Core Growth Engine

Opera’s advertising business is increasingly anchored by e-commerce, which grew over 100% year-over-year and now constitutes nearly half of ad revenue. This vertical shift is not just a cyclical boost but a structural reweighting, as management believes Opera is still under-indexed in e-commerce with significant headroom as the retail-heavy second half approaches. The company’s performance-based ad model, which ties monetization to actual transactions or conversions, has proven resilient even amid tariff volatility.

2. Browser-Native AI and Opera Neon

Opera is betting on the browser as the next “operating system” for AI services, with its upcoming Opera Neon product integrating AI agents directly into the browser environment. Neon aims to address productivity pain points for over a billion knowledge workers by embedding automation and AI into daily workflows, leveraging Opera’s scale of nearly 300 million users. The product’s hybrid monetization model—ads, subscriptions, and partner integrations—reflects a strategic pivot to platform economics rather than pure traffic aggregation.

3. Fintech Expansion via MiniPay Stablecoin Wallet

MiniPay, Opera’s stablecoin wallet, now reaches 9 million activated wallets and supports over 250 million transactions across 53 countries. The product’s non-custodial model allows users to hold and transact in stablecoins with minimal friction, and its integration with ecosystem partners already generates revenue for Opera. Management sees MiniPay as a natural monetization lever, akin to search, where user engagement directly translates to revenue without relying on intrusive ads.

4. GX Browser and International Expansion

Opera GX, the browser for gamers, grew its user base 11% year-over-year to 33 million MAUs and is now expanding into South Korea and Japan. Early traction in East Asia, combined with partnerships like League of Legends, underscores Opera’s ability to localize and scale niche browser experiences in high-value markets. Management highlighted the importance of localization and e-commerce monetization potential in these new regions.

5. User Quality and ARPU Uplift

Opera’s strategy of focusing on high-value user segments continues to drive a 35% increase in annualized ARPU to $1.97, with total MAUs at 289 million. The company’s marketing and product investments are calibrated to acquire users in geographies and verticals with superior monetization potential, reinforcing the shift from pure volume to value-based growth.

Key Considerations

Opera’s Q2 underscores a multi-vertical growth model, with strategic bets in AI and fintech beginning to deliver measurable impact. The company is leveraging its browser platform to capture value in both legacy and emerging digital ecosystems.

Key Considerations:

  • Ad Mix Shift Drives Resilience: E-commerce’s rise within ad revenue diversifies Opera’s monetization, reducing reliance on traditional search or display ads.
  • Fintech Monetization Emerges: MiniPay’s revenue contribution, though early, demonstrates Opera’s ability to layer fintech economics onto its user base without cannibalizing core ad business.
  • AI Platform Ambitions: Opera Neon’s integration of AI agents could redefine browser stickiness and open new subscription and partner revenue streams.
  • Global Expansion Offsets Macro Volatility: Broader international growth, especially in e-commerce and GX, is mitigating US-centric headwinds such as tariffs.
  • Currency Headwinds Impact Cost Structure: A weaker US dollar is inflating international compensation costs, partially offsetting margin gains from scale.

Risks

Opera faces several risks, including continued macro volatility, especially from tariff-related disruptions in US e-commerce, and foreign exchange headwinds impacting cost structure. The company’s aggressive push into AI and fintech, while promising, requires sustained investment and successful execution to scale revenue and defend margins. Competitive intensity in both browser and fintech spaces remains high, and regulatory shifts in stablecoins could alter the opportunity landscape.

Forward Outlook

For Q3 2025, Opera guided to:

  • Revenue of $146 to $149 million, reflecting 20% growth at the midpoint
  • Adjusted EBITDA of $34 to $36 million, with margin guidance at 24% midpoint

For full-year 2025, management raised guidance:

  • Revenue of $585 to $597 million, up 22% to 24% year-over-year
  • Adjusted EBITDA of $136 to $140 million, with margin expansion expected in H2

Management cited strong global ad performance, MiniPay monetization, and the upcoming Opera Neon launch as key drivers, while cautioning that currency fluctuations and challenging comps in e-commerce could temper second-half upside.

  • Raised guidance for the second time this year, reflecting sustained momentum
  • Cost discipline to remain, with marketing and compensation scaling below revenue growth

Takeaways

Opera’s Q2 2025 results highlight a business in transition from a legacy browser and search model to a multi-vertical platform spanning advertising, AI, and fintech. The company’s execution in scaling e-commerce ads and MiniPay, combined with bold bets in browser-native AI, set up a high-stakes second half as new products come to market.

  • Ad Revenue Mix Transformation: E-commerce and performance-driven verticals now anchor Opera’s ad growth, providing resilience and upside as global retail cycles intensify.
  • AI and Fintech Scale: Early traction in MiniPay and the upcoming Neon launch signal Opera’s intent to capture new economics beyond traditional browser monetization.
  • Execution Watchpoints: Investors should monitor the durability of search and e-commerce growth, MiniPay’s monetization ramp, and Neon’s user adoption through the second half.

Conclusion

Opera’s Q2 2025 showcased both strong operational execution and bold strategic pivots, with e-commerce and fintech now driving material growth. The company’s raised outlook and upcoming product launches position it for continued outperformance, though macro and execution risks remain in focus.

Industry Read-Through

Opera’s results highlight the accelerating convergence of browser platforms, AI services, and embedded fintech as new sources of value in the consumer internet landscape. The rapid scaling of e-commerce ad revenue and MiniPay’s global wallet growth suggest that browsers can become gateways for both digital commerce and financial services. For the broader industry, Opera’s browser-native AI strategy and hybrid ad-fintech monetization model offer a roadmap for traditional platforms seeking to diversify revenue and deepen user engagement. Competitors in both browser and fintech verticals will need to respond to Opera’s pace of innovation and its ability to capture new user cohorts and monetization streams.

OPRA Technology Internet E-commerce Advertising Fintech AI Stablecoin