Good day, everyone, and welcome to the Opera Limited Third Quarter 2025 Earnings Call. Please be advised that today's call is being recorded. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. You may begin.

Thank you for joining us. This morning, I am joined by our CEO, Song Lin; and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to the safe harbor statement in our earnings press release, as well as our annual report Form 20-F, including the risk factors. We undertake no obligation to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at investor.opera.com. Our comments will be on a year-over-year comparison unless otherwise stated. With that, let me turn the call over to our CEO, Song Lin, who will cover our third quarter operational highlights and strategy, and then Frode Jacobsen, who will discuss our financials and expectations for the remainder of the year. Song?

Sure. Thank you, Matt, and everyone else for joining us today. These are certainly exciting times for Opera and for our industry. And while it's only been two months since our last release, it already feels like ages ago. The product opportunities around AI that we have been advocating and preparing for over the past years are coming to fruition, and I could not be more pleased about our strategic position in this rapidly evolving landscape. And while this is playing out, we combine our strategic positioning for the future with a healthy business that continues to scale faster than we have expected. I will start with some of the big industry things that have happened since we last spoke. First, the remedies phase between the U.S. DOJ and Google came to a conclusion in which it became clear that Google can continue to compete for U.S. traffic in the same way as other players in the broader and rapidly evolving content discovery landscape. While anything else would have been quite surprising, it was good to get clarity on that. Second, the broader recognition of the web browser's strategic importance continues to increase, even if the opportunities for Opera might not be fully appreciated yet. Household AI names are investing heavily to expand their reach and knowledge about the fuller context of end users with the browser being the focal point of attention. Opera's advantage in this situation is our agnostic approach to the underlying large language models that power our browsers. We believe in an increasingly broad landscape of AI services that assist users across a multitude of areas from information gathering to making purchasing decisions to producing content and performing tasks. We believe that these services all come together in the browsing experience, in particular, on computers where most of us are spending an increasing amount of time as more products and tools are becoming web-based. And crucially, we don't believe people will install one browser for each use case or each AI service. The browser needs to work across all platforms and its approach to assist the user has to be powered by the right tool for each job. That is where Opera Neon comes in as an early stage window into how we see the future of browsers. Office browsers are not AI professional windows nor are they tools to lock users into a specific large language model. Rather, we offer the most sophisticated alternatives targeted to a growing segment of users that care about the functionality of their browser. This includes how we integrate services, manage tabs and workspaces, optimize memory and battery utilization, not to mention the design and visual customizations. We differ from others in that our specialization is the browser itself, and we use that skill set to create the best possible AI experiences. We know that people are different and the one-size-fits-all system does not work for everyone. Our flagship browser, Opera One, is carefully tailored for people who want to have the richest possible browsing experience, while Opera GX and Opera AL both rethink what browsers should be for their core audiences. All the Opera browsers ship with a free and advanced LLM agnostic AI solution. Opera One was the first of our free browsers to receive the new chat functionality. Opera Neon complements this with being tailored for the most advanced and demanding users out there, those who want to participate in shaping the future of web browsing and believe AI agents will be a core part of their experience when doing so. Those of you who have experienced the early release of the Opera Neon browser have seen how we believe AI can integrate into the existing workflow in a way that people are already used to working as opposed to existing within a terminal-like process remotely operated in a server form. As we evaluate our strategic position, we take pride in the exceptional quality of our products and the rapid expansion of partnership opportunities. Such partnerships, along with the efforts of multiple niche players in terms of promoting browser choice, significantly increased public awareness that alternatives exist. In an environment where more users are actively considering switching browsers, we are well positioned and eager to compete for the most discerning and demanding users, offering them innovation, reliability, and a truly differentiated browsing experience. And while running at full speed to seize these opportunities, we are proud to have an already healthy financial profile of growth, profitability and ability to return capital to our shareholders. The third quarter experienced year-over-year revenue growth of 23%, as always, all organic and compared to guidance of 18% to 21% growth. Our $152 million of revenue in the third quarter was a new record. And for the first time, our annualized ARPU crossed $2 per user, growing 28% year-over-year to an annualized level of $2.13. Our revenue outperformance leads to adjusted EBITDA of $36.3 million, also above the high end of our previously issued guidance and also setting a new quarterly record. This translates to an adjusted EBITDA margin of 24%, expanding versus the first half of the year as expected and marking our 18th straight quarter as a Rule of 40 company. As Frode will detail shortly, the Q3 results and trajectory with which we enter Q4 allow us to raise our revenue guidance well beyond the Q3 overperformance. Our updated midpoint estimate now exceeds $600 million and represents 25% growth for the year as a whole. Taking a step back, our 2025 guidance has reached nearly four times the revenue we had in 2018, the year we went public, and our CAGR over these seven years is 21%, another feat to be proud of. Our company was recognized by Fortune Magazine this month, which named Opera in its 2025 list of the 100 fastest-growing companies based on growth in revenue, profits and scope returns. I wanted to spend the next few minutes on the launch of Opera Neon and what it tells you about how we see the future of AI-powered browsing. Currently, Neon is a premium subscription-based browser that showcases our ambition to transform web browsing. Opera Neon implements native AI assistant functionality that can step in at any point in time as we browse. As you are logged into your services in the browser, Neon acts locally on your behalf and supports you with everything from deep research to new tasks such as filling out forms, comparing products across sites, and acting as your personal assistant with the efficiency befitting a browser veteran. The key innovation is architectural. Instead of adding chatbots to existing browsers like some of our competitors, Opera built a task-based system where AI agents operate directly in your authenticated browser session. This overcomes the limitations of cloud-based AI tools and standalone apps. They cannot access your logged-in account or interact with real websites. Neon can because it runs locally in your browser where you have already been authenticated. Benefiting from our task architecture, Neon is also able to define the right context for a given task without the need to access or upload the entire set of OpenTabs or your browsing history to a platform in the cloud. This is putting privacy first and represents another competitive benefit of Opera's architecture. We are also tackling the complexity that hinders broader AI adoption. With so many AI services and models, users struggle to choose the right tools. As an independent player, we are introducing a new interface where Opera Neon guides users to the right group of agents for any task. And while we are on the topic of agents, one of our own agents, Opera Deep Research, is already scoring better than the deep research capabilities of those AI-first platforms, as we showed in our press release last week. It shows the benefit of combining the strengths of different large language models as we do not invest in the already crowded LLM landscape. Opera Neon is a product tailored for the most advanced and AI-forward users, but our mission is to expand these innovations in our mainstream products such as Opera One and Opera GX. As we evolve our monetization of AI opportunities and our industry partnerships, we will be able to facilitate an increasingly advanced experience for our total user base, that's the future that we are really excited about, and you'll see us acting rapidly on those fronts as well. While I wanted to mostly focus today on how we see the AI opportunity, there are also other highlights worth mentioning. Last time we updated you on how far along we've come with MiniPay. Since we last spoke two months ago, MiniPay has grown the number of noncustodial wallets to over 10.5 million, up from 9 million during our last report, while the number of transactions has increased to almost 310 million from 250 million as of this morning. We are building MiniPay with multiple use cases in mind. Building upon the power of stablecoins, it can allow immigrants working abroad to quickly and cheaply send money home. It allows the traveler who does not have access to local payment rails to pay like a local and can even facilitate payments to global freelancers in USD. We are a deep believer in how new technology can be used to facilitate transformation and have an exciting pipeline of partnerships and product features that we plan to launch in this space. Finally, I'm going to briefly touch on Opera GX, the browser for gamers. We ended the quarter with 33 million users, up 3% year-over-year and with a new ARPU record of $3.69 on an annualized basis. Opera GX has recently expanded its offering with exclusive in-browser gaming deals and introduced advanced features like smart home integration designed for tech enthusiasts seeking seamless device control. The browser also continues to enhance its AI capabilities by deploying faster, more powerful models, further improving performance and the user experience for the gaming community. Lastly, GX modes allow users to personalize their browser even further, including animated courses for a highly customized and immersive experience. We are also excited about our continued sponsorship of the League of Legends World Championships currently underway. To conclude, I'm incredibly excited about our ability to innovate and take our browser offering to the next level. And at the same time, while it always feels like the future can't come fast enough, we also take pride in running a healthy business with solid revenue growth and profitability that directly benefits our shareholders through our recurring dividend program. Opera shows that it's possible to combine growth and strategic potential with healthy financials and a meaningful return of capital to shareholders along the way. With that, I will now turn the call over to Frode to go into the financials in more detail.

Thank you, Song. We are very pleased to report that the momentum in our business continues to outperform even our most recent expectations. Our third quarter hit a new milestone by exceeding $150 million of quarterly revenue coming in at $151.9 million, and we also reached our highest ever adjusted EBITDA at $36.3 million. Both came in above the high end of our guidance ranges and both come as a result of scaling new revenue partnerships, while also expanding browser classic revenue such as search. This quarter, we introduced a slight change in our revenue categories by reporting on total query-based revenue, which largely consists of the old revenue category search but also includes revenue generated by other user prompts where we see increasing opportunities to monetize as we scale our business. For example, if the user has a dialogue with our AI assistant Aria and follows a paid recommended link or starts typing a search query in the URL bar and elects to follow an offer recommended partner listing from the drop-down menu. As a result, the new query revenue category includes the total of our potential ways to monetize a user's intent for online discovery. Advertising revenue in comparison is more lean-back on the part of the user where we serve ads and promote partners that we think the user will be interested in, but without the user explicitly querying it. Our quarterly query revenue was $55.6 million, which represented a year-over-year increase of 17%. The old search category was the predominant component at $52.4 million, which represented 13% year-over-year growth and accelerated further versus the prior quarters, as well as the other query monetization that amounted to $3.2 million and tripled versus the year-ago period, which has now been carved out of the advertising revenue category. Advertising revenue, net of the query monetization, as previously described, grew 27% year-over-year to $95.9 million. By the former definition, advertising revenue would have grown 29% year-over-year to $99.1 million. Once again, e-commerce was the primary driver of our advertising revenue growth, now representing about half of our advertising revenue and setting us up well for new records in the holiday season. Q3 costs came in according to our previous directional commentary. Cost of revenue items combined reduced slightly as a percentage of revenue versus the first half of the year and amounted to 34.6% of revenue, which was within the indicated 34% to 35% range. With the strong underlying performance, we allowed marketing to expand from $34 million in Q2 to $36 million in Q3, with a continued focus on the highest ARPU potential users, though remaining in the mid-$30 million range as indicated. Similarly, we recorded cash compensation cost at the higher end of the indication, predominantly as a result of increased provisions for annual bonuses in light of our trajectory, but also reflecting the weakening of the U.S. dollar versus our main salary currencies. Taken together with the sum of all other OpEx items pre-adjusted EBITDA showing a slight sequential decline and the revenue overperformance, we were still able to exceed our range for adjusted EBITDA. Our operating cash flow was $28 million in the quarter, representing 78% of adjusted EBITDA. Free cash flow from operations came in at $21 million or 59% of adjusted EBITDA. As always, we expect continued fluctuations in cash conversion on a quarterly basis due to impacts of seasonality and operational variations. Overall, we maintain a solid financial position with cash at $119 million, no financial debt and underlying cash generation well in excess of our dividend payments. Adjusted diluted EPS was $0.30 in the quarter, representing a relatively stable margin at increased scale. Now turning to guidance. For 2025 as a whole, our trajectory and the resilience that it has shown allow us to significantly raise our expectations for the year, continuing the trend from prior quarters. We now guide revenue of $600 million to $603 million or 25% growth over 2024. This updated range starts above the prior high end of guidance as we add an additional 2 percentage points of expected full year growth. Our guidance implied a further acceleration of annual revenue growth from 20% in 2023, 21% in 2024, and now 25% at the midpoint for 2025. Similar to before, given the hockey stick growth of the second half of 2024 and Q4 in particular, we have based our guidance on sequential modeling. The raised estimates capture the Q3 overperformance and add a further incremental expectation to our Q4 guidance, resulting in a continued increase in our sequential growth rate. As before, this results in a relatively stable trend of quarterly revenue growth measured on a two-year CAGR, which captures the scale we have built in recent quarters while also evening out the growth profile. In terms of adjusted EBITDA, we lift the range to become $138 million to $141 million for the year as a whole, or a margin of 23% at the midpoint. This reflects a continued expectation that the percentage margin in the second half of the year will stay about 1.5 percentage points above the margin in the first half, even as the weakened U.S. dollar relative to other currencies continues to represent a headwind. Apart from such fluctuations, we see cost of revenue items stabilizing as a percentage of revenue and economies of scale continue to benefit us as an underlying trend. Cost-wise, we then implicitly guide to a full-year OpEx base pre-adjusted EBITDA of $461 million at the midpoint. For the year, we expect the cost of revenue items combined to come in at about 35% of revenue following the continued growth of Opera Ads. Other cost items grow at a lower pace than our revenue and thereby reduce as a percentage of revenue relative to 2024. This includes marketing costs, which we expect to grow at high single digits from 2024 to 2025, compensation costs, which will increase just over 10% and the sum of all other OpEx items pre-adjusted EBITDA will likely remain quite stable at the 2024 level. In line with this, we guide Q4 revenue of $162 million to $165 million, representing 11% to 13% growth or a two-year CAGR of 20% at the midpoint, and Q4 adjusted EBITDA of $37.5 million to $40.5 million or a 24% margin at the midpoint. Within the implied quarterly OpEx base of $125 million at the midpoint, we expect that cost of revenue items as a percentage of revenue will be similar to the third quarter at about 35%. We expect marketing costs to increase by $2 million to $3 million relative to the third quarter, and we expect cash compensation costs to remain quite stable. The sum of all other OpEx items pre-adjusted EBITDA are expected to tick up such that the second half of the year as a whole becomes comparable to the first half as a whole. All in all, we find ourselves in a great position as we enter the seasonally strongest fourth quarter, and we are excited both about our commercial opportunities as well as the broader strategic picture.

We'll take our first question from Naved Khan with B. Riley Securities.

Great. I have a couple of questions. First, regarding Neon, it has been about a month since you launched it outside of the closed beta. I'm curious about the traction you've seen in terms of sign-ups and the status of the waitlist for the product, as well as how quickly you are progressing through it. Additionally, could you discuss your go-to-market strategy for Neon, including both paid and unpaid media, and your plans for increasing awareness of the product? My other question relates to e-commerce. I'm interested in how you anticipate the growth in this area will develop moving forward, particularly not just in Q4 but also into 2026. How should we approach this?

Yes, it's Song here. I'll start by addressing the question about Neon, and then Frode can add his thoughts on the e-commerce aspect. We are very excited about the launch, which is currently invitation-only. Our approach is to collaborate closely with a select group of founders to gather their insights on features and product direction. This close-knit group will be essential for the future development of Neon. We plan to eventually open it up to a wider audience within the next month or two to gain additional feedback and ideas for product improvements. Regarding our marketing strategy, it's slightly different from some competitors. We have an established brand and a large audience, so our focus is less about a specific go-to-market plan and more on engaging our existing users to see how Neon fits their needs alongside our other free offerings. Overall, Neon has been very well received with extensive media coverage, including over 1,000 articles, and even in its invitation-only stage, there has been positive feedback about its efficiency and architecture from media outlets. We are excited about this launch but recognize that it is still in the early stages, and we look forward to further developments.

I can now address the e-commerce aspect of your question. We are in a strong position as our e-commerce revenue streams have grown rapidly over the last 18 months, nearly doubling year over year during this growth phase. It's encouraging to note that we still have room for growth in e-commerce within the overall online advertising markets, particularly for the browser, which is ideally suited for promoting e-commerce partners.

We'll take our next question from Ron Josey with Citi.

Maybe a quick follow-up to Naved as it relates to Neon browser and adoption trends. I think Song, you mentioned on the call, it's tailored for the most advanced users. Just in this first wave, just talk to us a little bit more about the behaviors that you've seen from these users. Anything stood out, what you've learned here as you go to general market or call it, open it up to beyond just the invite list. And then on commerce specifically and not as much on the e-commerce side, but just I wanted to get your thoughts on Agentic commerce just as checkout mechanisms change as MiniPay becomes a bigger part of the business. But help us understand how you're thinking about Agentic commerce going forward.

Yes, I think I will talk a bit about Neon and share some interesting discussions happening in the market. Firstly, it’s been great to gather feedback from our users. As I mentioned earlier, our strategy right now is not to focus on acquiring a large number of users since we already have a substantial user base. Instead, our priority is to foster a close community and listen to their thoughts on Neon, especially regarding Agentic browsing. We have received positive feedback, particularly about Agentic e-commerce, which many believe represents the future. Imagine a scenario where you don’t have to spend much time browsing; instead, you can simply ask the agent to do it for you, whether it's purchasing books on Amazon or shoes. This is indeed working well, and we see users engaging with Neon to buy a variety of interesting content through e-commerce. What sets us apart, and what we take pride in, is our efficiency. There are other Agentic solutions available that are slow and cumbersome. Additionally, many of these rely on costly visual models, making them significantly more expensive to operate. Our unique approach utilizes the capabilities of a browser, which has access to all layout and technical elements, and allows us to leverage text to analyze these efficiently. So far, we’re receiving praise for our ability to perform these tasks quickly and effectively. Our architecture allows us to execute multiple tasks, making us more advanced than many of our competitors. Users have shown appreciation, although we realize that some might occasionally wish for a more aggressive approach. We want advanced users to have a significant influence on what the agent can do. Regarding your earlier question, we believe that Agentic technology is certainly the future; however, it's still not as efficient as a real human being because transactions take longer. We anticipate that within a few months, possibly less than a year, progress will enable agents to perform specific tasks more efficiently than humans, which will drive the growth of Agentic e-commerce. On the cost front, our current architecture allows us to operate in a cost-efficient manner. The expenses associated with Agentic browsing for e-commerce are reasonable when compared to potential expenditures by consumers. Even when factoring in commissions and earnings as advertisers, there remains a significant margin for us to leverage Agentic e-commerce effectively. We dedicate considerable time to this initiative and believe we can be ten times more efficient than our competitors, which is a point of pride for us. This efficiency forms the foundation for the potential growth of Agentic e-commerce in the future. However, there are other considerations we are observing closely. As an agentic browser company as well as an advertisement company, we recognize that e-commerce players may have concerns about becoming just a conduit for sales. They want better visibility for their products, even within Agentic browsing. We aim to differentiate ourselves by ensuring our partners are not just seen as pipes, but as appealing destinations where agents and audiences alike can explore a wide range of products and options. This topic could lead to lengthy discussions, but it’s certainly fascinating to see how this evolves.

We'll hear next from Eric Sheridan with Goldman Sachs.

Maybe if I could squeeze in two, we continue to hear a fair bit around the overall macro environment and how it might be impacting digital advertising. Would love to get your sense across your array of advertisers, how you would characterize the current demand environment and how you're thinking about that environment sort of evolving in the forward forecast. That would be one. And then two, coming back to MiniPay, can you talk a little bit about how you see that building in terms of scale as we look out to 2026 and beyond? And how you think that will tie into the broader services layer of your offering in terms of driving overall ecosystem strength?

Sure. I think I can address that, and Frode will also provide insights on advertising. Broadly speaking, the advertising landscape is changing in various ways. However, when it comes to e-commerce, particularly performance-based e-commerce, it's closely tied to actual purchases. From our perspective, we are still seeing growth. Users are increasingly buying through partners like us and receiving good recommendations, which is a performance-based approach that alleviates some concerns advertisers may have about brand richness. This has led to our growth of over 100% year-over-year, and we expect that trend to continue, which is very encouraging. This aligns well with the agentic browsing scenario, where it doesn't matter if a purchase is made by a person or an agent—both parties are satisfied. On the other hand, there is a general concern about how agents might impact traditional display advertising and branding. There are ongoing discussions about the best strategies to engage consumers if agents are largely involved. This could create challenges for some e-commerce companies that fear being relegated to merely serving as warehouses for deliveries if AI directs purchases instead. That said, we believe our browser is well-positioned because it ensures that all web pages and products are visible to users and agents alike, providing ample exposure. This might benefit browser-based players, while chat-based e-commerce solutions could face challenges in this regard. Regarding MiniPay, we feel confident that stablecoins are here to stay and will continue to grow, as they facilitate significant payments, including in agentic scenarios. We are considering how to enhance partnerships with industry players in the stablecoin sector to boost adoption and create broader use cases, such as better integration with local payments and e-commerce. We expect to make several announcements in the upcoming weeks and months.

We'll hear next from Mark Argento with Lake Street.

I have a couple of quick questions. Regarding advertising and the e-commerce opportunity, could you clarify the factors that are affecting growth? It seems like the business is expanding very quickly, but is it about working with more e-commerce partners? What are the necessary steps to achieve additional growth and better understand the long-term potential?

Yes. Frode here, I can start. I think we try to focus on the leading players by region and develop deep partnerships with them, and that allows us to really do a good job on targeting. All our revenue is performance-based. So there, we certainly share the interest in doing well. And then I think just to tie it a little bit to Eric's question before, of course, the year started out quite volatile in the macro-wise picture and also around e-commerce. And then I think the nice thing that we are reporting on today as well is that we are seeing the resilience in what we are building. We are sort of seeing a stabilization around this and we're able to grow well in our key regions, Western markets driving our growth.

That's helpful. So, when you say working with partners, are those in particular, e-commerce, the bigger e-commerce players? Or is it brand specifically or both?

It's the big players by region, so within the U.S., within Europe, and Asia.

When you say players, I'm assuming you're talking about e-commerce vendors, the Amazons of the world or the Walmarts or those types of guys?

Exactly.

Got it. That's helpful. And then in terms of more just kind of a couple of housekeeping things. Any update on OPay? I was digging around OPay, it's been a little while, I hadn't realized that the company hasn't really done any capital raising or really not a whole lot of activity, at least in the capital markets, the private capital markets since 2021. Still plans there in terms of an IPO? Is 2026 going to be the year? Any thoughts on that?

Yes. I think updates on OPay, the company is doing really well. It's scaling rapidly. And as you say, it's been multiple years since their last real financing round, and they are essentially then operating also a profitable business. So I think that's a very good basis. We're very pleased with the company's performance. But for details, I think I'll have to leave it to them to control what they share about their business and when. Our strategy as a founding investor and no longer being operationally involved is that over time, we will monetize our stake in OPay, and it's very natural for us to consider that in the context of the company becoming public. In terms of the timeline for that, again, it's not our decision, but we always think that or we think that the company is doing well, and it's definitely moving in the right direction.

Yes. I'll comment that based on public information, OPay is performing exceptionally well in Nigeria and is the clear market leader. It's exciting to see that it has become the second most used platform in terms of daily active users, which is quite uncommon for a fintech app. We are proud to have incubated and supported the company in its early stages. As Frode mentioned, OPay is thriving and dominating the market. As a shareholder, I am pleased with this progress and will be supportive of any plans to pursue further capital market activities. I'm very excited about this.

We'll go next to Jim Callahan with Piper Sandler.

And I appreciate you breaking out the sort of other query revenue. Can you just talk about contractually how this revenue works and maybe just explain a little bit more about it at a high level?

It shares the characteristics of search and that it's a revenue share models where we drive traffic to partners, whether it's a search engine or another partner and collect revenue share based on what the partner is then generating off that traffic. So, I think the reason we wanted to group this and create one category is it's a much better view of our revenue mix in terms of what we monetize as a direct result of the user looking for something as opposed to the more classic lean-back, as I said, advertising monetization.

That's helpful. The growth has been quite impressive. How early would you estimate you are in monetizing that opportunity?

I think a lot of our strategy evolves around creating opportunities for users to essentially have a dialogue with the browser, whether it's the agent or integrating with Aria, as well as broader opportunities. So, we certainly think that both our key revenue streams, query and advertising have a great potential in terms of ability to scale as we keep executing on this.

We'll hear next from Lance Vitanza with TD Cowen.

I have three, if I can get them in. The first is back on Neon. And specifically, how should we think about competitive positioning there? I mean ChatGPT has Atlas, Perplexity has Comet. How does Neon stack up? And how do you expect the market to evolve in terms of how many AI browsers can the market ultimately support in your opinion?

Yes, I will address this. It's an interesting discussion. Our belief is that our fundamental strength lies in the fact that we are not a managed model company. We don't see ourselves as competition in that way. Our main advantage is being horizontal rather than vertical. We aim to collaborate with various partners, both on the free browsers and Neon, to deliver the best user experience. For example, using different models for different situations is our preferred strategy. We believe many users prefer not to be restricted to a single large language model when browsing, which gives us a competitive edge due to our neutrality. Historically, even when integrating search, we haven't committed to a single provider, and we recognize that agents are increasingly concerned about being locked in. Moreover, we focus on efficiency in agentic browsing because we believe it's crucial for users to get results quickly and for agents to perform tasks more efficiently than humans, all while keeping costs manageable. The ability to use various large language models for different cases greatly supports this. Additionally, privacy is a significant factor; our architecture ensures we are not tied to a single large language model, which is vital since some users may not want their browsing history logged by one provider. We’ve designed our system meticulously so that we only use specific tasks in specific contexts. Importantly, we don't upload everything to a single model or personal account. We believe we offer superior solutions in many scenarios. Also, I want to note that not only does Neon stand out, but our offerings in Opera One and Opera GX are also comparable and likely more efficient than others, except for agentic browsers. All these attributes represent significant value propositions for Opera in enhancing AI browsing.

Super helpful. So, then the next one is on MiniPay. Obviously, tremendous growth there in the past couple of months. Remind me, is there a plan to monetize that activity? Or is this just about capturing engagement and driving sort of user growth in the browser?

MiniPay is already generating revenue, largely due to our partnerships, which are contributing to significant revenue growth. At this point, we plan to reinvest all of that revenue into marketing, focusing on both promoting MiniPay itself and collaborating with our partners. Some of these partnerships are crucial for advancing the adoption of stablecoin and Wave 3 technology in various regions we aim to reach. Our past experiences have been highly successful, and we believe there are opportunities we can replicate or even expand upon. That's our perspective on it.

And then last one for me on GX. The user base has kind of plateaued there at 33 million. Is that a pause? Or has the product kind of matured? And we think out a year from now, should we think that the GX user base could it be notably higher at the end of next year? Or is this just 33 million is kind of where we stay? And then in that case, can we expect revenue will continue to grow in the face of a potentially flat user base?

I believe I can address this point, and then Frode can add some insights. Our company places a strong emphasis on revenue and growth potential, as being a browser company provides us with a substantial user base compared to others. This leads us to be more strategic, focusing on regions and sectors where we can generate more revenue. Additionally, we are experiencing promising growth with Opera One, largely driven by AI. Some users may prefer Opera One simply because of the success of AI. Ultimately, we encourage users to select the browser that best suits their needs, whether it is Opera One, GX, or even Opera or Neon. GX is appealing to an audience that is quite engaged with AI, making it natural for some users to transition to Neon, which is something we fully support. That said, we still see growth potential for GX. There are numerous interesting markets we plan to explore, along with various initiatives and product launches related to Neon. The upcoming AI upgrade is expected to enhance GX's capabilities, making it just as sophisticated as Neon and others. We are excited about the prospects ahead and remain optimistic about GX's future. Yes. So okay. So like guys, thank you, everyone, for joining us today. I think as you guys see that we're very excited. We have been looking forward to sharing those updates with you on the product launches we have been seeing, but it's also good to share all those financials. And as mentioned, we will keep you posted with both even more product updates and also hopefully, even better financial releases as we continue our journey. Have a good day to you all.

Ladies and gentlemen, that will conclude today's event. Thank you for your participation. You may disconnect at this time, and have a wonderful rest of your day.