Opera makes web browsers and uses that position to sell advertising and share in search revenue. Opera's browser portfolio targets distinct user segments: Opera One is the flagship for general users, Opera GX targets gamers (~34M MAUs, annualized ARPU of ~$3.69), Opera Mini serves data-constrained users in emerging markets, Opera Neon is a new subscription-based agentic AI browser for power users, and Opera Air targets mindfulness-oriented users. Across its ~284M MAUs, Opera earns revenue two ways: advertising (~64% of FY25 revenue) through its Opera Ads platform, which serves performance-based ads across Opera's browsers, content apps, and third-party publisher inventory; and query revenue (~36%), earned as a revenue share when users search or take intent-based actions within Opera's browsers, primarily through a search distribution deal with Google. Opera's core growth driver is ARPU improvement — shifting its user mix toward higher-value Western markets while letting lower-value emerging market users churn. Beyond browsers, Opera operates Opera News, a content aggregation platform; GameMaker, a 2D game development tool; and MiniPay, a stablecoin wallet focused on Africa with ~14M activated wallets. Opera also holds a ~9.5% minority stake in OPay, a separate African and Asian fintech business. Opera's cost structure is relatively lean, and Opera targets a ~23% adjusted EBITDA margin. Opera's most critical commercial relationship is with Google, whose search distribution agreement runs through late 2026/early 2027.