실적분석 2026년 8월 25일

Opera ($OPRA) Q2 2026 Earnings Analysis — Revenue and Adjusted EBITDA Beat Guidance, Full-Year Outlook Raised

Earnings Scorecard

Revenue: $178.07 million (+25% YoY; beat estimate of $177.25 million) ✅ Beat

EPS: Adjusted diluted $0.33 (+25% vs. $0.26 YoY; in line with $0.33 estimate) · GAAP diluted $0.30

Guidance: Raised — Full-year 2026 revenue $734 million–$742 million and adjusted EBITDA $172 million–$175 million (up from prior full-year revenue outlook of $727 million–$740 million). Q3 revenue $181 million–$183 million

Stock reaction: After-hours -0.05% ($18.85) — as of 08-25 20:06 KST

What Went Well

Beat revenue guidance: Q2 revenue of $178.07 million, +25% YoY

Advertising and search grew together: Advertising $115.36 million (+27%), Search $62.09 million (+21%)

Full-year outlook raised: 2026 revenue guidance lifted to $734 million–$742 million from prior range

Browser advertising and search/query revenue moved in tandem, accelerating growth. Annualized average revenue per user (ARPU) on a base of 288 million monthly active users reached $2.46, up 25% YoY, and the profitability metric of adjusted EBITDA margin came in at 24%, exceeding guidance.

What Fell Short

Quarterly cash flow softened: Operating free cash flow of $16.91 million, down 42% YoY

Second-half growth pace tempered: Q3 revenue guidance implies growth of roughly 20% at the midpoint

Cost of revenue mix rose: Cost-of-revenue expenses of $67.50 million, or 38% of revenue

The Q2 print itself was strong, but cash conversion weakened temporarily on working capital and tax payment timing. Even with a higher full-year outlook, the second-half growth rate is set below Q2, leaving room for debate over growth durability.

What Management Said

Management emphasized that advertising and search/query revenue grew together, allowing growth to compound without heavy capital deployment. The full-year outlook was raised again but framed conservatively in light of year-end seasonality, suggesting the market placed more weight on second-half pace calibration than on the strong beat.

Market Reaction and What to Watch Next

Despite the revenue surprise and full-year raise, the stock barely moved in extended trading. Much of the growth optimism was already priced in, and the lower second-half revenue growth rate versus Q2 appears to have offset the positive signals.

Confirm whether Q3 revenue lands within the $181 million–$183 million range

Watch how much cost-of-revenue inflation from expanding advertising pressures the adjusted EBITDA margin

Track whether the incremental full-year revenue raise translates into second-half execution