Opera (NASDAQ: OPRA) hits 100 million desktop users and tops EBITDA guidance

What happened

Opera Limited (NASDAQ: OPRA) said its desktop user base hit 100 million monthly active users in October, an all-time high.

The company also previewed third-quarter results. Revenue was $182.8 million, up 20% from a year earlier and at the top of its $181 million to $183 million guidance. Adjusted EBITDA was $43.2 million, a 24% margin, above the high end of its $41 million to $43 million range.

CFO Frode Jacobsen said the full report comes later than usual, so the company wanted to share the highlights now.

Key numbers

Metric	Latest	Change	Source
Q3 2026 revenue	$182.8 million	+20%	SEC 6-K, Exhibit 99.1
Q3 2026 adjusted EBITDA (24% margin)	$43.2 million		SEC 6-K, Exhibit 99.1
Desktop MAUs, October 2026	100 million	+16%	SEC 6-K, Exhibit 99.1
Desktop MAU gain since Q2 2026	+6 million		Calculated from SEC 6-K
Advertising revenue growth, year over year	22%		SEC 6-K, Exhibit 99.1
IFRS net income, Q3 2026	$27.6 million		SEC 6-K, Exhibit 99.1

Read more: Opera (OPRA) company research

Where the growth came from

Jacobsen said both query and advertising revenue fueled the quarter. They grew 17% and 22% year over year. Advertising grew five percentage points faster than query.

The user count points the same way. The 100 million figure is up 6 million from 94 million MAUs in the second quarter of 2026, and 16% higher than October 2025.

The release calls desktop Opera's highest-ARPU platform, meaning each desktop user earns the company more on average than users on other platforms. It says the growth follows a series of product releases. These fit Opera's goal to be the premier browser for users who want an alternative to the pre-installed default browsers.

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Why it matters

OptimistFi has argued that Opera creates value if its browser products keep generating search and advertising traffic that can be monetized, and if the asset-light model turns that traffic into cash. The preview supports the first half. Desktop users are up, and both query and advertising revenue grew.

Against guidance, revenue finished $0.2 million short of the top of its range. Adjusted EBITDA finished $0.2 million above the top of its range.

The cash half of the argument rests on the full report. Adjusted EBITDA is a non-IFRS profit measure, not cash flow. One quarter also leaves durability as the open question.

How adjusted EBITDA compares with net income

Opera's IFRS net income for the quarter was $27.6 million. The release reconciles that to adjusted EBITDA. It adds back income tax expense of $5.5 million, depreciation and amortization of $5.7 million and share-based compensation of $6.9 million. Smaller add-backs are a $0.5 million share of net loss at equity-accounted investees and $0.4 million of net finance expense.

It then deducts an impairment reversal on non-financial assets of $3.3 million and other operating income of $0.1 million. Net income included the impairment reversal, and adjusted EBITDA removes it, so it did not help the adjusted figure. Share-based compensation is the largest add-back.

What's next

Opera will release full third-quarter 2026 results before the market opens on Tuesday, Nov. 17, with a conference call at 8:00 a.m. Eastern Time the same day. CEO Song Lin said the company will share more details on that call. Jacobsen said Opera will approach its final fourth-quarter guidance with its typical prudence.

Revenue or adjusted EBITDA that differs from the preview, or query and advertising growth below 17% and 22%, would weaken the case. Any cash flow figures Opera reports would be the first test of whether this traffic is being converted into cash rather than spent.

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