Opera Ltd (OPRA) 2025 Q3 法說會逐字稿

Good day everyone, and Welcome to the Opera Limited third quarter 2025 earnings call.

大家好，歡迎參加 Opera Limited 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to your speaker today, Matt Wolfson, Head of investor relations. You may begin.

現在我謹將電話轉交給今天的發言人，投資者關係主管馬特·沃爾夫森。你可以開始了。

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.

感謝您今天早上收看我們的節目。與我一同出席的還有我們的執行長宋林和財務長弗羅德·雅各布森。在將電話交給宋琳之前，我想提醒各位，我們今天就業務運營和財務業績所做的一些陳述可能被認為是前瞻性的。此類聲明基於當前的預期和假設，但存在許多風險和不確定性。

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, 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.

實際結果可能與此有重大差異。請參閱我們獲利新聞稿中的「安全港聲明」以及我們的年度報告表格 20，其中包括風險因素。我們不承擔更新任何前瞻性聲明的義務。在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。今天的獲利新聞稿中包含了非 IFRS 指標與 IFRS 指標的調節表，該新聞稿已透過我們的投資者關係網站 investor.opera.com 分發並向公眾開放。

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.

除非另有說明，我們的評論將基於同比數據。接下來，我將把電話交給我們的執行長宋林，他將介紹我們第三季度的營運亮點和策略；然後交給弗羅德·雅各布森，他將討論我們的財務狀況以及對今年剩餘時間的預期。歌曲。

Sure. Thank you, Matt and everyone else for joining us today. These are certainly exciting times for Opera and for industry. And while it's only been two months since our last release, it already feels like ages ago. The product opportunities around the 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.

當然。謝謝馬特以及今天到場的各位。對於歌劇和整個行業來說，這無疑是一個令人興奮的時代。雖然距離我們上次發布產品才過去兩個月，但感覺好像已經過了很久。我們過去幾年一直倡導和準備的人工智慧相關產品機會正在逐步實現。我對我們在快速變化的環境中所佔據的戰略地位感到無比欣慰。

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.

同時，我們將面向未來的策略定位與健康的業務結合，業務成長速度超出了我們的預期。

I will start with some of the big industries things that have happened since we last spoke. First, the remedy case between the US DOJ and Google came to a conclusion in which it became clear that Google can continue to compete for US traffic in the same way as other players in the broader and rapidly evolving content discovery landscape.

我先從上次我們談話以來一些重要的行業事件說起。首先，美國司法部與Google之間的補救案件已經結束，結果明確表明，Google可以繼續以與其他參與者相同的方式，在更廣泛、快速發展的內容髮現領域中爭奪美國流量。

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.

雖然其他任何結果都會令人相當驚訝，但能弄清楚這一點總是一件好事。其次，人們對網頁瀏覽器策略重要性的認識不斷加深，即使 Opera 的機會可能尚未得到充分重視。

Household AIMs are investing heavily to expand their reach and knowledge about the full 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 powers our browsers.

家庭應用資訊管理機構正在大力投資，以擴大其對最終用戶完整情況的了解和覆蓋範圍，而瀏覽器是關注的焦點。Opera 在這種情況下的優勢在於我們對驅動瀏覽器的底層大型語言模型採取了無關緊要的態度。

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, our computers, well, most of us are spending an increasing amount of time as more products and tools are becoming web based.

我們相信，人工智慧服務將持續拓展應用範圍，在資訊收集、購買決策、內容製作和任務執行等眾多領域為使用者提供協助。我們認為，所有這些服務共同構成了瀏覽體驗。尤其是我們的電腦，隨著越來越多的產品和工具基於網絡，我們大多數人花在電腦上的時間也越來越多。

And crucially, we don't believe people will install one browser for each use case or each AI services. 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.

至關重要的是，我們不認為人們會為每個使用場景或每個 AI 服務安裝一個瀏覽器。瀏覽器需要能夠在所有平台上運行，並且其幫助使用者的方式必須由適合每項任務的工具提供支援。

That is where Opera Neon comes in and then all its stage window into how we see the future of browsers. Opera’s browsers are not AI professional windows, nor are the 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 Opera’s browser.

這就是 Opera Neon 的用武之地，它為我們展現了瀏覽器的未來發展方向。Opera 的瀏覽器不是人工智慧專業窗口，也不是將使用者鎖定在特定大型語言模型中的工具。相反，我們提供最先進的替代方案，目標用戶是日益增長的、關心 Opera 瀏覽器功能的用戶群。

This includes how we integrated services, manage tabs and workspaces, optimized 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.

這包括我們如何整合服務、管理標籤頁和工作區、優化記憶體和電池利用率，更不用說設計和視覺客製化了。我們與其他公司不同之處在於，我們的專長是瀏覽器本身，我們利用這項技能來創造最好的AI體驗。

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 Air both rethink what browsers should be for their core audiences.

我們知道人與人之間存在差異，一刀切的製度並不適用於所有人。我們的旗艦瀏覽器 Opera One 專為希望獲得最豐富瀏覽體驗的用戶精心打造，而 Opera GX 和 Opera Air 則重新思考了瀏覽器應該如何滿足其核心用戶的需求。

All the Opera browsers ship with a free and advanced ALM agnostic AI solution. Opera One was the first of our free browser to receive the new chat functionality. Opera Neon complements this ways 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 while when doing so.

所有 Opera 瀏覽器都附帶免費且先進的與 ALM 無關的 AI 解決方案。Opera One 是我們第一個獲得全新聊天功能的免費瀏覽器。Opera Neon 正是對這種模式的補充，它專為最先進、要求最高的用戶量身定制，這些用戶希望參與塑造網頁瀏覽的未來，並相信人工智慧代理將成為他們瀏覽體驗的核心部分。

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 walking, as opposed to existing within a terminal life process remotely operated in a [sofa farm].

體驗過 Opera Neon 瀏覽器早期版本的使用者應該已經看到，我們相信人工智慧可以融入人們現有的工作流程，就像人們已經習慣的那樣自然而然地進行，而不是像過去那樣，被置於一個遠端操控的、封閉的生命週期中。[沙發農場]。

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 increase public awareness that alternatives exist.

在評估我們的策略地位時，我們為我們產品的卓越品質和合作夥伴機會的快速成長感到自豪。此類合作關係，以及眾多小眾參與者在推廣瀏覽器選擇方面所做的努力，顯著提高了公眾對其他選擇存在的認識。

In an environment where more users are actively considering switching browsers, we are well positioned and eagle to compete for the most discerning and demanding users, offering them innovation, reliability, and a truly differentiated browsing experience.

在越來越多的用戶積極考慮更換瀏覽器的環境下，我們已做好充分準備，全力以赴地爭取最挑剔、要求最高的用戶，為他們提供創新、可靠和真正差異化的瀏覽體驗。

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 turn capital to our shareholders. The stockholder experienced year over year revenue growth of 23%, as always, all organic and compared to guidance of 18 % to 21% growth.

在全力以赴抓住這些機會的同時，我們自豪地擁有健康的財務狀況，包括成長、獲利能力以及為股東創造資本的能力。股東們體驗了23%的年成長率，與往年一樣，全部為內生成長，而先前的預期成長率為18%至21%。

Our $152 million of revenue in the short hollow was a new record, and for the first time, our analyzed Apple 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.

本季營收達1.52億美元，創歷史新高。此外，我們分析的蘋果用戶每用戶營收首度突破2美元，年增28%，年化收入達2.13美元。營收的優異表現使調整後EBITDA達到3,630萬美元，不僅高於我們先前發布的預期上限，也創下了新的季度紀錄。

This translates to an adjusted EBITDA margin of 24%, expanding versus the first half of the year as expected, and marking our eighteenth straight quo as a rule of for the company. As for the well details shortly, the Q3 results and trajectory with which we enter Q4 allow us to raise our revenue guidance well beyond the Q3 overperformance.

這意味著調整後的 EBITDA 利潤率為 24%，如預期般較上半年有所增長，並標誌著公司連續第十八年保持了這一業績。至於更詳細的信息，第三季度的業績和我們進入第四季度的發展軌跡，使我們能夠將收入預期大幅提高，遠超第三季度的超額業績。

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 4 times the revenue we had in 2018, the year we went public.

我們更新後的中位數預測現在超過 6 億美元，比全年增長 25%。回顧過去，我們 2025 年的業績預期已經達到了 2018 年（我們上市的那一年）收入的近 4 倍。

And our over these 7 years is 21%, another feat to be proud of our company was recognized by Fortune magazine this month, which named Opera in 2025 list of the 100 fastest growing companies based on growth in revenue, profits, and stock returns.

過去 7 年，我們的成長率達到了 21%，這是我們公司值得驕傲的另一項成就。本月，《財星》雜誌也表揚了我們的成就，將 Opera 列入 2025 年成長最快的 100 家公司名單，評選標準包括營收、利潤和股票回報的成長。

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 you browse.

我想花幾分鐘時間談談 Opera Neon 的發布，以及它如何反映我們對人工智慧驅動的瀏覽未來的看法。目前，Neon 是一款基於付費訂閱的高階瀏覽器，展現了我們改變網路瀏覽方式的雄心壯志。Opera Neon 實作了原生 AI 助理功能，可以在您瀏覽網頁時隨時介入。

As you are logged into your services in the browser, Neon acts locally on your behalf and supports you with everything from deep research tom tasks such as fill filling out forms, comparing products across sites, and acting as your personal assistant with the efficiency, be vetting a browser veteran.

當您在瀏覽器中登入服務時，Neon 會代表您在本地執行操作，並為您提供從深度研究到填寫表格、比較網站產品等各種任務的支持，以及作為您的私人助理，其效率之高，足以媲美資深瀏覽器。

The key innovation is architecture. 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 limitation of cloud-based AI tools and the standalone apps.

關鍵創新在於架構。與一些競爭對手將聊天機器人添加到現有瀏覽器不同，Opera 構建了一個基於任務的系統，其中 AI 代理直接在您經過身份驗證的瀏覽器會話中運行。這克服了基於雲端的 AI 工具和獨立應用程式的局限性。

They cannot access your logged in accounts or interact with real websites. Neon can because it runs locally in your browser, well, 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 open tabs or your browsing history to a platform in the cloud.

他們無法存取您已登入的帳戶或與真實網站互動。Neon 之所以可以運行，是因為它在你的瀏覽器中本地運行，而且你已經通過了身份驗證。由於我們的任務架構，Neon 還能夠為給定的任務定義正確的上下文，而無需訪問或將整個打開的標籤頁或瀏覽歷史記錄上傳到雲端平台。

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 will offer you guide users to the right group of agents for any task.

這體現了對隱私的重視，也是 Opera 架構的另一個競爭優勢。我們也正在努力解決阻礙人工智慧更廣泛應用的各種複雜問題。由於人工智慧服務和模型眾多，使用者很難選擇合適的工具。作為一家獨立運營商，我們推出了一種新的介面，旨在引導用戶找到適合任何任務的代理團隊。

And while we're on the topic of agents, one of our own agents, operate deep research is already scoring below than the deep research capabilities of those AI force platforms, as we showed in a press release last week. It shows the benefit of combining the strengths of the different large language models.

說到智能體，我們自己的一個智能體在進行深度研究方面的得分已經低於那些人工智慧力量平台的深度研究能力，正如我們上週在新聞稿中所展示的那樣。它展現了結合不同大型語言模型優勢的好處。

As we do not invest in already crowded 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.

因為我們不會投資於已經擁擠的領域。Opera Neon 是一款專為最先進的 AI 用戶量身打造的產品，但我們的使命是將這些創新擴展到我們的主流產品中，例如 Opera One 和 Opera GX。

As we evolve our monetization of AI opportunities and our industrial 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.

隨著我們不斷推動人工智慧機會的商業化和產業合作，我們將能夠為所有用戶提供越來越先進的體驗。這就是我們真正感到興奮的未來，你們將會看到我們在這些方面迅速採取行動。

Well, I want 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 come with MiniPay. Since we last spoke two months ago, MiniPay has grown the number of non-custodial wallets to over 10.5 million, up from 9 million during our last report.

今天，我主要想重點談談我們如何看待人工智慧帶來的機會。還有其他一些值得一提的亮點。上次我們向大家報告了MiniPay的最新進展。自兩個月前我們上次交談以來，MiniPay 的非託管錢包數量已增長至超過 1050 萬個，高於我們上次報告中的 900 萬個。

Well, 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 stable coins, it can allow immigrants working abroad to quickly and cheaply send money home.

截至今天早上，交易筆數已從 2.5 億筆增加到近 3.1 億筆。我們在開發 MiniPay 時考慮了多種使用情境。利用穩定幣的優勢，它可以讓海外工作的移民快速、低成本地匯款回家。

It allows the traveler who does not have access to local payment rails, pay like local, and can even facilitate the 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.

它允許無法使用當地支付管道的旅客像當地人一樣支付，甚至可以輕鬆地以美元向全球自由工作者付款。我們深信新技術能夠促進變革，並且我們在這個領域擁有一系列令人興奮的合作夥伴關係和產品功能，我們計劃推出這些功能。

Finally, I'm going to briefly touch on Opera GX, the browser for gamers. We ended the call with 33 million users, up 3% year over year, and with a new app 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 seamlessly device control.

最後，我將簡單介紹一下 Opera GX，這款專為遊戲玩家打造的瀏覽器。通話結束時，我們的用戶數量達到了 3300 萬，年增 3%，應用程式的年化收入創下了 3.69 美元的新紀錄。Opera GX 最近擴展了其服務範圍，推出了獨家瀏覽器遊戲優惠，並引入了智慧家庭整合等高級功能，旨在為尋求無縫設備控制的科技愛好者提供服務。

The browser also continues to enhance its AI capabilities by deploying faster, more powerful models for improving performance and user experience for the gaming community.

該瀏覽器還透過部署速度更快、功能更強大的模型來不斷增強其人工智慧能力，從而提高遊戲社群的效能和用戶體驗。

Lastly, GX modes allow users to personalize their browser even further, including animated cursors for 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.

最後，GX 模式允許用戶進一步個性化他們的瀏覽器，包括動畫遊標，從而帶來高度客製化和沈浸式的體驗。我們也對繼續贊助目前正在進行的英雄聯盟全球總決賽感到興奮。總而言之，我對我們能夠不斷創新並將我們的瀏覽器產品提升到一個新的水平感到無比興奮。

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 of shows that it's possible to combine growth and strategic potential with healthy financials and meaningful return of capital to shareholders along the way.

同時，雖然我們總是覺得未來來得太慢，但我們也為擁有穩健的收入增長和盈利能力而感到自豪，這透過我們持續的股息計劃直接惠及我們的股東，這表明，在實現增長和戰略潛力的同時，保持健康的財務狀況並為股東帶來有意義的資本回報是可能的。

With that, I will now turn the call over to further to Frode go into the financials in more detail.

接下來，我會把電話交給弗羅德，讓他更詳細地介紹一下財務狀況。

Thanks. 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.

謝謝。歌曲。我們非常高興地報告，公司業務發展勢頭持續強勁，甚至超出了我們最近的預期。第三季度，我們的季度營收突破 1.5 億美元大關，達到 1.519 億美元，創下新里程碑；同時，我們的調整後 EBITDA 也達到了 3,630 萬美元的歷史最高水準。

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 introduce 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.

兩項數據均高於我們預期範圍的上限，這兩項數據均得益於擴大新的收入合作關係，同時拓展了瀏覽器經典收入（如搜尋）。本季度，我們對收入類別進行了略微調整，開始報告基於查詢的總收入。此收入主要包括原有的搜尋收入類別，但也包括其他用戶提示產生的收入。隨著業務規模的擴大，我們看到了在這些用戶提示中實現盈利的機會日益增多。

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 Opera recommended partner listing from the drop-down menu.

例如，如果使用者與我們的 AI 助理 Aria 進行對話，並點擊付費推薦鏈接，或開始在 URL 欄中輸入搜尋查詢，並從下拉選單中選擇關注 Opera 推薦的合作夥伴清單。

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.

因此，新的查詢收入類別包括我們所有可能將用戶在線發現意圖貨幣化的方式的總和。相較之下，廣告收入更依賴用戶，我們會投放我們認為用戶可能感興趣的廣告並推廣合作夥伴，而無需用戶明確查詢。

Our quarterly revenue, 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.

我們的季度收入，即查詢收入，為 5,560 萬美元，年增 17%。舊搜尋類別是主要組成部分，收入達 5,240 萬美元，同比增長 13%，並且比前幾季度進一步加速增長；其他查詢貨幣化收入為 320 萬美元，比去年同期增長了兩倍，現在已從廣告收入類別中剝離出來。

Advertising revenue net of aquarium monetization as previously described, grew 27% year over year to 95.9 million. By the former definition, advertising revenue would have grown 29% year on year to $99.1 million. Once again, e-commerce was the primary driver of our advertising revenue growth, now representing about 50% of our advertising revenue and setting us up well for new records in the holiday season.

扣除先前所述的水族館貨幣化收入後，廣告收入年增 27%，達到 9,590 萬美元。依照前一種定義，廣告收入將年增 29%，達到 9,910 萬美元。電子商務再次成為我們廣告收入成長的主要驅動力，目前約占我們廣告收入的 50%，這為我們在假期季節創下新紀錄奠定了良好的基礎。

Q3 costs came in according to our previous directional commentary. Cost of revenue items combined reduced slightly as 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.

第三季成本符合我們先前的預期。與上半年相比，收入成本項目合計佔收入的百分比略有下降，達到收入的 34.6%，介於 34% 至 35% 的範圍內。

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 RP potential users, though remaining in the mid $30 million range, as indicated.

憑藉強勁的基礎業績，我們允許行銷預算從第二季的 3,400 萬美元增加到第三季的 3,600 萬美元，並繼續專注於 RP 潛力最高的用戶，儘管如前所述，預算仍保持在 3,000 萬美元左右的範圍內。

Similarly, we recorded cash compensation costs 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 US dollar versus our main salary currencies.

同樣，由於我們根據發展軌跡增加了年度獎金準備金，同時也反映了美元對我們主要工資貨幣的貶值，我們的現金補償成本也處於預期的較高水平。

Taken together with the sum of all other Opera 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.

結合所有其他 Opera 專案的總和，調整前 EBITDA 略有環比下降，加上收入超預期，我們仍然能夠超越調整後 EBITDA 的預期範圍。本季我們的營運現金流量為 2,800 萬美元，佔調整後 EBITDA 的 78%。

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.

經營活動產生的自由現金流為 2,100 萬美元，佔調整後 EBITDA 的 59%。與以往一樣，我們預計由於季節性因素和營運變化的影響，現金轉換率將持續出現季度波動。

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 and increased scale.

總體而言，我們保持著穩健的財務狀況，擁有 1.19 億美元的現金，沒有財務債務，並且潛在的現金流遠遠超過我們的股息支付。本季調整後攤薄每股收益為 0.30 美元，利潤率相對穩定，規模擴大。

Now turning to guidance for 2025 as a whole, our trajectory and the resilience that it has shown allows 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.

現在展望 2025 年的整體業績，我們目前的進展和展現出的韌性使我們能夠大幅提高對這一年的預期，延續了前幾季的趨勢。我們現在預計 2024 年營收將達到 6 億美元至 6.03 億美元，比 2024 年成長 25%。

This updated range starts above the prior high end of guidance as we add an additional 2% 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.

此次更新後的預期範圍高於先前的上限，因為我們額外增加了 2 個百分點的全年預期成長。我們的預期是，年收入成長率將進一步加快，從 2023 年的 20% 到 2024 年的 21%，現在預計 2025 年的中點將達到 25%。

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 race estimates capture the Q3 overperformance and adds a further incremental expectation to our Q4 guidance, resulting in a continued increase in our sequential growth rates.

與之前類似，考慮到 2024 年下半年，特別是第四季度的曲棍球棒式增長，我們根據順序模型製定了我們的指導方針。競賽預測反映了第三季超額完成業績，並進一步提高了我們對第四季業績的預期，從而導致我們的環比成長率持續上升。

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 midpoints.

與之前一樣，這使得季度營收成長呈現相對穩定的趨勢，以兩年複合年增長率衡量，既反映了我們最近幾季建立的規模，也使成長趨於平衡。就調整後的 EBITDA 而言，我們將全年預期範圍上調至 1.38 億美元至 1.41 億美元，即中點利潤率為 23%。

This reflects a continued expectation that the percentage margin in the second half of the year will stay about 1.5% points above the margin in the first half, even as a weakened US dollar relative to other currencies continues to represent a headwind.

這反映出市場仍預期，即使美元對其他貨幣走弱繼續構成不利因素，下半年的利潤率仍將比上半年的利潤率高出約 1.5 個百分點。

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, with an implicitly guide to a full Europic space pre-adjusted EBITDA of $461 million at the midpoints. 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.

除了這些波動之外，我們看到收入成本佔收入的比例趨於穩定，規模經濟繼續作為潛在趨勢使我們受益。從成本角度來看，隱含的指導是，Europic 的完整空間調整前 EBITDA 中位數為 4.61 億美元。隨著 Opera 廣告的持續成長，我們預計今年各項收入成本總計將佔營收的 35% 左右。

Other cost items grow at a lower pace than a 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.

其他成本項目的成長速度低於收入的成長速度，因此相對於 2024 年，其占收入的百分比會下降。這包括行銷成本（我們預計從 2024 年到 2025 年將以接近兩位數的速度成長）、薪資成本（將成長略高於 10%），以及所有其他 [營運支出] 專案的總和（調整前 EBITDA）在 2024 年的水準上可能保持相當穩定。

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 midpoints. Within the implied quarterly optics space of $125 million at the midpoints, we expect that cost of revenue items as percentage of revenue will be similar to the third quarter at about 35%.

基於此，我們預期第四季營收為 1.62 億美元至 1.65 億美元，年成長 11% 至 13%，或以中間值計算，兩年複合年增長率為 20%；第四季調整後 EBITDA 為 3,750 萬美元至 4,050 萬美元，或以中間值計算為 24%。在季度光學領域隱含的 1.25 億美元（中位數）範圍內，我們預期營收成本佔營收的百分比將與第三季相似，約為 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.

我們預計行銷成本將比第三季增加 200 萬至 300 萬美元，現金薪酬成本將保持相當穩定。所有其他營運支出項目調整前 EBITDA 的總和預計將略有上升，使得下半年整體業績與上半年整體業績相當。

All in all, we find ourselves in a great position as we enter the seasonally strongest 4th quarter, and we are excited both about our commercial opportunities, as well as the broader strategic picture.

總而言之，我們進入了往年最旺的第四季度，目前處於非常有利的地位，我們對商業機會以及更廣泛的戰略前景都感到興奮。

With that, I'll turn the call back to the operator for questions.

這樣，我就把電話轉回接線生，回答大家的問題。

(Operator Instructions)

（操作說明）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great, thank you very much. A couple of questions for me maybe just on, starting with Neon, been around a month since you, took it out of the closed data and opened it, just curious about the traction you might have seen with it in terms of, people who have signed on and how is the wait list for the product and, how quickly you're moving through it and also maybe just talk also about the go to market strategy for Neon.

太好了，非常感謝。我可能有幾個問題想問，先從 Neon 開始。自從你把它從封閉資料中取出並開放以來已經過去一個月了，我很好奇它在用戶增長方面的情況，比如有多少人註冊，產品的候補名單情況如何，以及你們處理候補名單的速度如何。另外，也請談談 Neon 的市場推廣策略。

Both in terms of paid media and unpaid media and how do you plan to sort of drive awareness for the product. The other question I had is around e-commerce. Curious about, how do we see the growth in this line of business kind of, is, sort of, evolved going forward, not just necessarily in Q4, but actually more in 2026. How should we think about That?

無論是付費媒體還是非付費媒體，您計劃如何提高產品的知名度？我還有另一個問題，是關於電子商務的。我很好奇，我們該如何看待這一業務領域的成長，以及它在未來會如何發展演變，不僅僅是在第四季度，而是在 2026 年。我們該如何看待這件事？

Thank you.

謝謝。

Yeah, so, yeah, it's only, I think I'll just pass on the question and then for the can also come to be on the equal one. So yeah, so for now, I also mentioned a bit on the scripts, very excited about the launch, yeah, more like, at this point, of course, it's still invitation based, because I think our philosophy is that in the beginning it is very important to have a group of founders that, we want them to be, closely working with us, on potential features.

是的，所以，是的，我想我還是略過這個問題吧，然後這個問題也可以解決。所以，是的，目前，我也提到了一些關於腳本的內容，對發布感到非常興奮，是的，更像是，在現階段，當然，它仍然是基於邀請的，因為我認為我們的理念是，在初期擁有一群創始人非常重要，我們希望他們與我們密切合作，開發潛在的功能。

Also, the direction of the products, what they need, among others. So, we are very excited to form this very close group that we can work with, for the next months to come. And I think there will be also a key base for the future new programs. So, I think that's also why I my intention that we make this, premium, invitation-based, product at this point.

此外，還有產品的方向、它們需要什麼等等。因此，我們非常高興能夠組建這樣一個緊密合作的團隊，在接下來的幾個月裡，我們可以與他們一起工作。而且我認為這也將是未來新項目的重要基礎。所以，我認為這也是為什麼我打算在這個時候推出這款高階的、邀請制的產品。

But you're also right that I think, within the next 1 or 2 months, we will also open up to the broader public and also receive even more interesting advices and also product developments. So, I think that's in general how we see Neon and then maybe also super quickly that I saw you also asking questions about go to market and then a few others.

但您也說得對，我認為在接下來的1到2個月內，我們將向更廣泛的公眾開放，並收到更多有趣的建議和產品開發成果。所以，我認為這大致就是我們對 Neon 的看法，然後我很快也看到你問了一些關於上市的問題，以及其他一些問題。

So, I guess for us, it's a bit slightly different, I guess, from some of the competitions that of course we are, I think more like at least in the browser field offer is a household brand name. We have a relatively bigger already audience and then we have, very mature, way of marketing.

所以，我想對我們來說，這和一些競爭對手的情況略有不同，當然，我認為至少在瀏覽器領域，我們提供的是一個家喻戶曉的品牌。我們擁有相對較大的受眾群體，而且我們的行銷方式非常成熟。

So, I think for us, probably we Think slightly less about a particular way of go to marketing, but instead of thinking of how we can engage all our existing user base and then how we can find out some of the, audience which will feed them more with Neon and how we can also position Neon together with other free offerings.

所以，我認為對我們來說，我們可能不太會考慮採用某種特定的營銷方式，而是會思考如何吸引我們現有的所有用戶，如何找到一些會向他們提供更多 Neon 內容的受眾，以及如何將 Neon 與其他免費產品結合起來進行推廣。

So, I think that's for now how we think about it. But overall, I think Neon has been extremely well received. We saw many media coverage, we saw more than 1,000 articles and it keeps coming and even on the surprise that even though we are still on the invitation, we saw a very good coverage.

所以，我想目前我們就是這樣看待這個問題的。但總的來說，我認為《霓虹》這部劇非常受歡迎。我們看到了很多媒體報道，超過 1000 篇文章，而且還在持續出現。令人驚訝的是，儘管我們仍然是受邀嘉賓，但我們卻獲得了非常好的報導。

I think just today I also saw some other medias publishing very favorable, announcement of when they TRY in the operator is by far the most efficient and the top architecture they also appreciate. So overall quite excited about the launch, but I think this is still very early stage. We were excited even more how can we take it for?

我覺得就在今天，我還看到其他一些媒體發布了非常積極的公告，稱他們嘗試的運營商架構是迄今為止最有效率的，也是他們非常欣賞的頂級架構。總的來說，我對這次發布感到非常興奮，但我認為這還處於非常早期的階段。我們更興奮了，我們該如何看待它？

And now I can chime in on the e-commerce part of the question. I think we of course find ourselves in a very nice situation where the e-commerce revenue streams have scaled extremely rapidly now over the past 18 months, still approximately doubling on a year-to-year basis this far into the growth spur. The nice thing I would say is that I believe we are still under indexing in terms of e-commerce as part of the advertising, online advertising markets overall and perhaps for the browser in particular, which is so well suited to promote e-commerce partners.

現在我可以就電子商務部分發表一下看法了。我認為我們目前所處的環境非常好，電子商務收入在過去 18 個月中增長迅猛，而且在成長勢頭強勁的時期，每年仍保持著大約翻一番的速度。我想說的是，我認為我們在電子商務廣告、整個線上廣告市場，尤其是瀏覽器廣告方面，仍然低估了其價值。瀏覽器廣告非常適合推廣電子商務合作夥伴。

Thank you guys.

謝謝大家。

[Ron Josi] with [C]. Please go ahead.

[羅恩喬西][C].請繼續。

Great, thanks for taking the question. Maybe a quick follow-up to Navi and as it relates to the neon browser and adoption trends. I think you mentioned on the call it's tailored for the most advanced users just in the 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 Open it up to beyond just the invite list.

太好了，謝謝你回答這個問題。或許可以快速跟進 Navi，以及它與 Neon 瀏覽器和普及趨勢的關係。我想您在電話會議上提到過，第一批用戶主要是高級用戶，請您再跟我們談談您觀察到的這些用戶的行為。當你進入普通市場或打電話時，你在這裡學到的任何東西有什麼特別突出的地方？要將範圍擴大到邀請名單之外。

And then on commerce specifically and not as much on the e-commerce side but I wanted to get your thoughts on Agena commerce just as you checkout mechanisms change as MiniPay becomes bigger, a bigger part of the business, but help us understand how you're thinking about Agentic e-commerce going forward.

然後，我想特別談談商業方面，雖然不太涉及電子商務，但我想了解您對Agena商業的看法，因為隨著MiniPay規模越來越大，在業務中佔據越來越重要的地位，您的結帳機制也在發生變化，請幫助我們了解您如何看待Agena電子商務的未來發展。

Thank you.

謝謝。

Yeah, it's actually, yeah, it's only he, so I think I'll cover it. It's also some of very interesting discussions, in the market there. So first of all, just talk about Neon. I think, for now, actually it's really well to get all those user feedbacks.

是的，其實只有他一個人，所以我想我會負責。那裡的市場也引發了一些非常有趣的討論。首先，我們來談談霓虹燈吧。我認為，就目前而言，收集所有這些用戶回饋實際上是非常好的。

So, I think as also mentioned about audio that I think for now our strategy is really, we are not really, super eager to get so many users because we do have massive amount of users using that anyway, but more important to us to form a close community and hear their feedback on. Neon and in particular agentic browsing.

所以，就像之前提到的音訊方面一樣，我認為我們目前的策略是，我們其實並不特別渴望獲得很多用戶，因為我們已經有大量用戶在使用音訊功能，但對我們來說更重要的是建立一個緊密的社區，並聽取他們的反饋。霓虹燈，尤其是智慧瀏覽。

So yes, we have received very good feedback, for instance, one thing I would say that stood out is that it's also in relation to what you also call out later about Agentic e-commerce, right, that I think. For now, everybody feels that it is definitely the future that, imagine the future that you don't really have to spend too much time on browsing, but simply ask your agent to browse for you to buy books on Amazon, to buy, shoes among others.

是的，我們收到了非常好的回饋，例如，我想說，最突出的一點是，這也與您稍後提到的 Agentic 電子商務有關，對吧，我認為。目前，大家都覺得這絕對是未來趨勢：想像一下，未來你不必花太多時間瀏覽，只要讓你的經紀人幫你在亞馬遜上瀏覽購買書籍、鞋子等等。

So, it is definitely working as of now. That's actually one of the major use case that we saw happening on Neon that people actually use it to buy a lot of interesting contents, e-commerce wise. And for us, I would say what I think we stand out and what we will also be proud of is. The efficiency because there are some other agentic solutions out there, you can TRY yourself, right, which is rather slow and sluggish.

所以，就目前來看，它肯定是有效的。實際上，我們在 Neon 上看到的主要用例之一就是人們用它來購買很多有趣的電子商務內容。而對我們來說，我認為我們脫穎而出並引以為傲的是：效率低下是因為還有其他一些代理解決方案，你可以自己嘗試一下，對吧，但是這些方案相當緩慢且反應遲鈍。

And but even more important on the balcony that I think many of them are using, have to rely on visual models which are very costly, that they almost cost 10 times more tokens or whatever and also being slower, right? So, I think what we're being extremely happy about and also what our focus is that, how can we use capability of Opera browser, because at the end of the day browser have access to all.

但更重要的是，我認為他們中的許多人都在使用的陽台上，必須依賴視覺模型，而這些模型成本非常高昂，幾乎要花費 10 倍的代幣或其他東西，而且速度也更慢，對吧？所以，我認為我們感到非常高興，也是我們關注的重點，是如何利用 Opera 瀏覽器的功能，因為歸根結底，瀏覽器可以存取所有內容。

The layout doom tree in a technical sense and how we can even use text to be extremely efficient to analyze all those elements and to move forward. So, I think that's so far what we have been probably received the most praise is that we are able to execute those tasks very efficient, faster than others, and also people may not realize also that because of the task architecture, we are able to do this.

從技術角度來看，佈局的末日樹，以及我們如何非常有效率地利用文字來分析所有這些元素並向前邁進。所以，我認為到目前為止，我們收到的讚譽最多的可能是我們能夠非常有效率地執行這些任務，比其他人更快，而且人們可能也沒有意識到，正是由於任務架構，我們才能做到這一點。

Like we are able to exit multiple tasks as well, right, which is, which is a better architecture than many others. So, this is what really building problems and users are appreciative, even though sometimes maybe some users feel that sometimes we can of course by design be slightly more aggressive, partly just because we want to those advanced users to experience what the agent can be doing, right?

就像我們能夠退出多個任務一樣，對吧？這比許多其他架構都要好。所以，這就是真正構建問題和用戶所欣賞的，即使有時一些用戶可能覺得，我們當然可以透過設計做得更積極一些，部分原因只是因為我們希望那些高級用戶體驗代理可以做什麼，對吧？

But this is actually in connection with your other question that, our, I think our view is just that. For now Agentic is definitely in the future. Every everybody see it, but it's still not as efficient as a real human being, right, because it takes too long to do any, transactions.

但這實際上與你的另一個問題有關，我認為我們的觀點正是如此。就目前而言，Agentic 肯定還處於未來發展階段。每個人都能看到它，但它仍然不如真人高效，對吧，因為完成任何交易都需要太長時間。

However, we believe that within a shorter time frame, maybe a few months' time, hopefully less than one year, that there are, ways to work like us and others, there is a possibility to make sure that in certain tasks that, agent will perform better in the browser other than the human to be more efficient, and that will be the. Point where we will see more and more of those.

然而，我們相信在較短的時間範圍內，也許幾個月，希望不到一年，就能找到像我們和其他人一樣的工作方法，有可能確保在某些任務中，代理在瀏覽器中的表現比人類更好，效率更高，這將是…我們將會看到越來越多這樣的情況。

I would say Agentic e-commerce coming along and like I think we also touch base on the cost part of it that, at least for the architecture that we are using, it's actually very cost efficient, without the needle to quoting the exact numbers. I think for now, what we see is that the cost of the agentic, browsing to do e-commerce is actually very reasonable compared to the amount of money that people will spend.

我想說，代理電子商務正在發展，而且我認為我們也談到了成本方面的問題，至少就我們使用的架構而言，它實際上非常經濟高效，無需給出確切的數字。我認為就目前而言，我們看到的是，與人們將要花費的金額相比，代理商瀏覽進行電子商務的成本實際上非常合理。

And even if you compare to the commissions, compared to whatever we can on as an advertiser, it still leaves a big margin for us to be able to use the Agentic e-commerce to help move this forward. So, this is actually something which we also spend a lot of time on and it's very important for us. And I think in some case we are maybe 10 times more efficient than our competitions, which we're quite proud.

即使與佣金相比，與我們作為廣告商所能獲得的任何收益相比，仍然留有很大的利潤空間，讓我們能夠利用 Agentic 電子商務來推動這項業務向前發展。所以，這其實也是我們投入大量時間精力的事情，對我們來說非常重要。我認為在某些情況下，我們的效率可能是競爭對手的 10 倍，對此我們感到非常自豪。

And I think this is also a major base of, potential. Agentic e-commerce in the future, that being said, there are some other considerations that we're also closely following up. I think the reason just because we are not only a unique browser company, we are also an advertisement company, as you see, that will grow very nicely of e-commerce.

我認為這也是一個重要的潛力基礎。話雖如此，展望未來的智慧電子商務，我們也正在密切關注其他一些因素。我認為原因在於，我們不僅是一家獨特的瀏覽器公司，也是一家廣告公司，正如你所看到的，這將在電子商務領域發展得非常好。

So, there are certain concerns, I would say from e-commerce playoffs that maybe some of them do not only want to just be a pipe, right, that they do want to also, have a better exposure of the goods and e-commerce even in the Agentic e-commerce Browsing scenario.

所以，我認為電子商務競爭者們存在一些擔憂，他們可能不僅想成為一個管道，對吧，他們還希望即使在代理電子商務瀏覽場景下，也能更好地展示商品和電子商務。

So, I think that's also something maybe we are differentiating from others that we also take this into consideration that that will also make sure that that our partners do not end up as a pipe, but rather that they also end up as an interesting destination that that not only agent but all the audience can also have a chance to see and browse through all the different groups and perhaps have more selections. So, yeah, so I think this can be too long discussions along the way, but it's definitely very interesting to see how this evolves.

所以，我認為這或許也是我們與其他公司不同的地方，我們也會考慮到這一點，以確保我們的合作夥伴不會淪為管道，而是成為一個有趣的目的地，不僅代理商，所有觀眾都有機會看到和瀏覽所有不同的群組，並可能有更多選擇。是的，我認為這過程中可能會引發過長的討論，但看看事情如何發展絕對非常有趣。

Thank you so fascinating.

謝謝，太精彩了。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Maybe if I could squeeze in to, we continue to hear a fair bit around the overall macro environment and how it might be impacting digital advertising. We'd 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'd be one.

非常感謝您回答這個問題。或許如果我能擠進去的話，我們還會繼續聽到很多關於整體宏觀環境及其對數位廣告的影響。我們很想了解您對旗下眾多廣告主的看法，以及您如何評價目前的狀況。需求環境以及你如何看待這種環境在未來預測中的演變，這是其中之一。

And then 2, 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. Thanks so Much.

然後，回到 MiniPay，您能否談談您如何看待它在 2026 年及以後的規模發展，以及您認為這將如何與您產品中更廣泛的服務層聯繫起來，從而增強整個生態系統的實力。非常感謝。

Sure. So, yeah, sure, it's only now, so I think I'll also TRY to answer that, and then, for the, we also chime in for many insights on the advertisement and as well, right? So, okay, so I would almost say that I think in the broader advertisement scape, there are different changes and shapes and forms, right? But I would almost say that.

當然。所以，是的，當然，現在才到這個時間，所以我想我也會試著回答這個問題，然後，我們也會就廣告發表很多見解，對吧？所以，好吧，我幾乎可以說，在更廣泛的廣告領域，存在著不同的變化、形狀和形式，對吧？但我幾乎可以這麼說。

At least in the angle where we see e-commerce, especially performance-based e-commerce, the fact that it actually tightly, related to whatever you more like the actual purchasing. For now, we definitely see from our end that it's still on the growing path. Simple fact just been that, at least from what we can see, you are more and more buying, ways, partners like us, and they get very good recommendations.

至少從我們看待電子商務，特別是基於效果的電子商務的角度來看，它實際上與你更喜歡的實際購買行為密切相關。就目前而言，從我們的角度來看，它仍然處於成長階段。事實很簡單，至少從我們的角度來看，你們越來越多地購買我們的產品和服務，而且你們的合作夥伴也得到了非常好的推薦。

Since it's also performance based, there's less concern I guess from advertisers of, is there enough brand richness or whatever. So, I guess that's. For us, at least we are growing more than 100% year over year, and we see that trend definitely not slowing down but rather continuous and very excited about it.

由於它也是基於效果的，我想廣告商們不太關心品牌知名度是否足夠高之類的問題。所以，我想就是這樣。至少對我們來說，我們的年增長率超過了 100%，而且我們看到這種趨勢不僅沒有放緩，反而還在持續，我們對此感到非常興奮。

That also fits into well with the agent browsing scenario just because again, it's performance based, right at the moment, it doesn't matter if you are a people or if you are an agent to bought something, I guess some, people are equally happy. So I think that's that is definitely positive.

這也與經紀人的瀏覽場景非常契合，因為目前它是基於業績的，無論你是個人還是經紀人，只要你購買了東西，我想有些人都會同樣感到滿意。所以我認為這絕對是件好事。

But I more like on the other end though, I do see that this is more like just a general feeling, right, that, there are of course lots of discussions around, okay, now if the agents are doing a lot of stuff, well, let's say traditional display advertisement or well brand or whatever still makes sense and how is the best way to mail that because potentially it's not real people but actually agents who are doing that.

但我更傾向於從另一個角度來看，我認為這更像是一種普遍的感覺，對吧？當然，現在有很多關於這樣的討論：如果經紀人做了很多事情，比如說傳統的展示廣告、品牌推廣等等，這些仍然有意義，那麼郵寄這些廣告的最佳方式是什麼？因為可能不是真人，而是經紀人在做這些事。

I think that also posed some of the threats to some of the e-commerce players as we commented earlier that, for them, of course, it's very scary if they end up at the end of the pipe, right? If they end up as, only as a good delivery storage house or whatever, while all the others are taken by the other A players if someone just directly use the air to direct, a purchase or whatever, right. So, we see those things.

我認為這也對一些電子商務企業構成了威脅，正如我們之前評論的那樣，對他們來說，如果最終落到被淘汰的地步，那當然是非常可怕的，對吧？如果他們最終只是成為一個不錯的送貨倉庫之類的，而其他所有倉庫都被其他 A 級玩家佔據了，如果有人直接利用空氣來指揮購買或其他什麼，對吧。所以，我們看到了這些事情。

So, but that being said, I would say that actually put browser into a very good position because unlike at least some particular AI chat clients, we are browser at least to make sure that all the web pages and all the goods are showed up in front of people, and even in front of agents, for that sake, so that there are enough exposures, of those things which can be most.

所以，話雖如此，我認為這實際上讓瀏覽器處於非常有利的地位，因為與至少某些特定的 AI 聊天用戶端不同，我們至少要確保所有網頁和所有商品都展示在人們面前，甚至展示在代理商面前，以便有足夠的曝光機會，讓最重要的東西得到展示。

As well, so I would almost say that at least we saw potentially at least the benefiting factor for the browser players while I would imagine that for some of the pure, chat-based, e-commerce solutions that might actually cause an issue for some of the players. So, that's how I see it. But again, we can have longer discussions along the way.

因此，我幾乎可以說，至少我們看到了瀏覽器玩家可能從中受益的因素，而我認為對於一些純粹的、基於聊天的電子商務解決方案來說，這實際上可能會給一些玩家帶來問題。這就是我的看法。但是，我們之後還可以進行更深入的討論。

And then super quick for MiniPay. Yeah, like I think indeed, our feeling in that, of course, stablecoin is definitely going, it's definitely [san] and it's going strong. And also, it actually helps facilitate large [ile] of payments, even fit into agent scenarios just because it's very naturally fit into Agentic scenarios, where all like everything can be combined. So, we do have that as part of consideration.

然後使用 MiniPay 支付速度超快。是的，就像我認為的那樣，我們當然也這麼認為，穩定幣肯定會發展，它肯定會發展，而且發展勢頭強勁。而且，它實際上有助於促進大額支付，甚至可以融入代理場景，因為它非常自然地融入了代理場景，在代理場景中，所有的一切都可以結合起來。所以，這是我們考慮的因素之一。

For us, I think maybe the only comment would just say that, I think we will hopefully land some bigger partnership discussions and bigger cooperation with industrial players in stable coin fields, in certain areas in the markets to drive both adoption but also hopefully, to have even wider use cases like we commented about the local, payments, better integration with local payments, but also potentially integration with eco and a few others.

對我們來說，我想唯一要說的是，我們希望能夠與穩定幣領域的行業參與者進行更深入的合作討論，在某些市場領域開展更廣泛的合作，以推動穩定幣的普及，同時也希望能夠擁有更廣泛的應用場景，例如我們之前提到的本地支付，更好地與本地支付系統集成，以及與 Eco 和其他一些支付方式的集成。

So yeah, so that is definitely coming. And we will, yeah, well, hopefully there will be quite a lot of announcements in the next few weeks and months to come.

是的，這肯定會實現的。是的，我們希望在接下來的幾週和幾個月裡能有很多消息公佈。

Mark Argento, Lake Street.

馬克‧阿根托，湖街。

Good morning, guys. It's a couple of quick ones. Just turning back to advertising, the e-commerce opportunity, it's not still 100% clear to me what kind of the gainating factors are there in terms of the growth. Obviously, it looks like the business is growing. Extremely rapidly, but is it working with more, e-commerce, partner like what I guess what are the mechanics there to better, or to see additional growth or ultimately better understand that long-term opportunity.

各位早安。就是幾個簡單的問題。回到廣告和電子商務的話題上來，我仍然不完全清楚成長的驅動因素有哪些。顯然，這家公司似乎正在成長。速度非常快，但是與更多電商合作夥伴合作，例如我想了解其中的機制，以便更好地實現成長，或最終更好地理解長期機會。

Yeah, for here I can start. I think we TRY to focus on the leading players by region and develop the 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 on doing well.

是的，我可以從這裡開始。我認為我們努力專注於各個地區的領先企業，並與他們建立合作關係，這使我們能夠真正做好目標定位，我們所有的收入都是基於業績的，所以我們當然都希望在這方面取得成功。

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 the e-commerce, and then I think that we reflected by being quite cautious in our guidance as we progressed 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 us, and we're able to grow well in our key regions, Western markets driving our growth.

然後我想稍微把它和艾瑞克之前的問題連結起來。當然，今年年初宏觀經濟形勢以及電子商務領域都相當動盪，我認為我們在發展過程中採取了相當謹慎的態度來應對這種情況，而今天我們報告的另一個好消息是，我們看到了我們所構建的體系的韌性。我們看到周圍的環境趨於穩定，我們在主要地區，尤其是西方市場，發展良好，這些市場正在推動我們的成長。

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

這很有幫助。那麼，當您說與合作夥伴合作時，這些合作夥伴特別指電子商務領域的合作夥伴，還是大型電子商務公司，或特別指品牌，或兩者都是？

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

這是按地區劃分的主要參與者，包括美國、歐洲和亞洲的主要參與者。

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.

你說的「玩家」是指電商賣家，像是亞馬遜、沃爾瑪之類的公司。

Exactly.

確切地。

Got it. That's helpful. And then in terms of, more just kind of a couple of housekeeping things, any update on Opera pay, I also, I was digging around op. 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?

知道了。那很有幫助。然後，還有一些其他的事情需要處理，例如 Opera Pay 的更新，我也一直在關注 op。已經有一段時間了。我之前沒有意識到，自 2021 年以來，該公司實際上並沒有進行任何融資，或者至少在資本市場和私募資本市場方面並沒有太多活動。該公司仍有IPO計劃，2026年會是上市之年嗎？對此有什麼看法？

Yeah, I think on 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're essentially then operating also a profitable business. So, I think that 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.

是的，我認為這家公司發展得非常好。它發展迅速，正如你所說，距離他們上一輪真正的融資已經過去好幾年了，而且他們現在基本上也是一家盈利的企業。所以，我認為這是一個很好的基礎。我們對公司的表現非常滿意，但至於細節，我認為應該由他們自己決定何時以及分享哪些業務資訊。

Our strategy as a founding investor and no longer being operationally involved is that over time we will monetize our stake in op pay and it's very natural for us to consider that in the context of the company becoming public. In terms of timeline for that again, it's not our decision, but we always think that, or we think that it's. The company is doing well and it's definitely moving in the right direction.

作為創始投資者，我們不再參與運營，我們的策略是隨著時間的推移，我們將把我們在 op pay 中的股份變現，而考慮到公司即將上市，我們自然會考慮這一點。至於具體時間表，這並非我們所能決定，但我們一直認為，或者說我們認為，這是可以實現的。公司發展勢頭良好，無疑正朝著正確的方向前進。

Yeah, maybe I also just did that, yeah, maybe I'll just call them did that at least based on public information, right, you probably see that Opera is doing extremely well, in Nigeria. It's by far the dominant players by public information, you can also see that it is the. Very exciting to see that it is now the second most used DA user, this is very unusual for a fintech app.

是的，也許我也這麼做了，是的，也許我會稱他們這麼做，至少根據公開資訊來看是這樣，對吧，你可能也看到了，Opera 在尼日利亞做得非常好。根據公開訊息，它是目前為止佔據主導地位的玩家，你也可以看到這一點。令人興奮的是，它現在是使用人數第二多的DA用戶，這對於一款金融科技應用來說非常不尋常。

So, of course, very proud that, we are able to, incubate, and support, the company. Stage, but, like, yeah, as they say, the company is doing extremely well. It's very dominating in the area. So, of course, as a shareholder, very happy to see if it's, and we will be supportive, but if it's plans to also go on, into for the capital market related activities. Very excited.

所以，我們當然非常自豪能夠孵化和支持這家公司。雖然目前還處於階段，但正如他們所說，公司發展得非常好。它在這一地區佔絕對優勢。所以，作為股東，當然非常樂意看到它是否如此，我們會給予支持，但如果它還計劃繼續進行與資本市場相關的活動。非常激動。

Great, I appreciate the additional color and hopefully you hear more on Opera Pay here soon. Thanks guys.

太好了，我很喜歡這些新增的內容，希望很快能在這裡聽到更多關於Opera Pay的消息。謝謝各位。

(Operator Instructions)

（操作說明）

James Callahan, Piper Sandler.

詹姆斯·卡拉漢，派珀·桑德勒。

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

您好，感謝您回答這個問題，也感謝您詳細分析這類其他查詢收入。您能否從合約角度談談這種收入模式是如何運作的，並簡要解釋一下？

I share the characteristics of search in that it's a revenue share models where we drive traffic to partners whether it's a search engine or another partner and collect the revenue share based on what the partner is generating of that traffic.

我的搜尋業務具有一些共同的特點，那就是採用收入分成模式，我們將流量引導至合作夥伴（無論是搜尋引擎還是其他合作夥伴），並根據合作夥伴利用這些流量所產生的收益來收取收入分成。

So, I think the reason we wanted to group this and create the one category is that 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.

所以，我認為我們想把這些歸類並創建一個類別的原因是，這樣做更好。從用戶搜尋內容而直接實現的收入變現，而不是像我之前說的，更傳統的被動式廣告變現的角度來看我們的收入組成。

That's helpful, thank you. I mean, it seems the growth has been pretty impressive I guess where like how early would you say you are in kind of monetizing that that opportunity?

這很有幫助，謝謝。我的意思是，看起來成長勢頭相當強勁，那麼你認為你現在在利用這個機會獲利方面處於什麼階段呢？

I think a lot of our strategy revolves around creating opportunities for the user 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.

我認為我們的許多策略都圍繞著創造機會，讓用戶能夠與瀏覽器進行對話，無論是透過代理商還是與 ARIA 集成，以及更廣泛的機會。因此，我們認為我們的兩大主要收入來源——查詢和廣告——都具有巨大的潛力。就我們持續推進這項工作的擴展能力而言。

Got it thank you.

明白了，謝謝。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎，TD Cowen。

Thanks guys. I have 3 if I can get them in. The first is back on Neon and specifically how should we think about competitive positioning there? I mean, Jet GPT 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?

謝謝各位。如果我能弄到手的話，我有3個。首先，我們回到 Neon 平台，具體來說，我們應該如何考慮該平台的競爭定位？我的意思是，Jet GPT 有 Atlas，Perplexity 有 Comet。Neon 的表現如何？您認為市場最終能夠容納多少款 AI 瀏覽器？

Yeah, okay, so I will take this one. So, yeah, so like again, very interesting discussions. So, okay, so I think I believe it to be like this, right, that I think we also commented a bit on the scripts that. I think our strength, fundamentally is that we are not a large model company. We are not really, we don't really see us, I don't think actually only last see us also as competition. I think for us the biggest strength will be that we are horizontal instead of vertical, right?

好的，那我就選這個了。是的，再次強調，這些討論非常有趣。所以，好的，我認為應該是這樣的，對吧，我認為我們也對劇本進行了一些評論。我認為，從根本上來說，我們的優勢在於我們不是一家大型的模範公司。我們其實不認為彼此是競爭對手，我也不認為其他人會把我們當成競爭對手。我認為我們最大的優勢在於我們是橫向發展而不是縱向發展，對吧？

So, to us it's about, how we can work with all of those guys, both on the free browsers, but also Neon to you know. Provide the end user the best experience, for instance, yeah, so like, use different models to, for different scenarios.

所以，對我們來說，關鍵在於如何與所有這些人合作，包括免費瀏覽器，以及 Neon 等等。為最終使用者提供最佳體驗，例如，針對不同的場景使用不同的模型。

So, I think that is always our, best approach, and we believe that there will be so many cases that users simply would not want to be locked into one single large language model when they're doing browsing. So I think that's definitely our competitive advantage on this, that we're rather neutral, in the same way that, even in nowadays when we are integrating the so right, we're not really buying into one playoff, and I think AT are even much more actually afraid of lock in i would say. So, I think we are in a pretty good spot on that.

所以，我認為這始終是我們最好的方法，我們相信，在很多情況下，使用者在瀏覽網頁時根本不希望被限制在單一的大型語言模型中。所以我認為這絕對是我們在這方面的競爭優勢，我們相當中立，就像現在我們正在整合資源一樣，我們並沒有真正投入到任何一個季後賽中，而且我認為AT實際上更害怕被鎖定。所以，我認為我們在這方面處境相當不錯。

And then, but then, in particular, right, I think there's also many difference, for instance, for us it's we talk about, for Neon for instance, if we focus on agentic browsing part, we focus about more efficiency. Because we feel that it's very important that the user can get results fast. It's very important that agents can achieve whatever we need to be done, more efficient than a human being rather than cost, with affordable cost and the ability that we are able to use different models in different cases to facilitate that is a big help.

然後，特別是，我認為也有很多不同之處，例如，對我們來說，我們談論的是，例如 Neon，如果我們專注於代理商瀏覽部分，我們關注的是更高的效率。因為我們認為使用者能夠快速獲得結果非常重要。代理人能夠以比人類更高的效率（而不是成本）完成我們需要做的任何事，這一點非常重要。而且，我們能夠在不同的情況下使用不同的模型來促進這一點，這對我們幫助很大。

And then I guess the other thing. Maybe I'll quickly comment is also again about privacy, right, that the fact that we have a architecture and fact that when looking into any single life language model helps because you know there will be users which don't want to everything they browsing to be locked by a particular language model because it is very like it's very different when you chat something on it and everything browsing was on it and so that's why we actually designed in a very careful way that.

然後，我想還有另一件事。也許我還要簡單評論一下，這又跟隱私有關，對吧？我們擁有一個架構，而且事實上，當我們研究任何單一的語言模型時，它都會有所幫助，因為你知道，有些用戶不希望他們瀏覽的所有內容都被特定的語言模型所限制，因為當你用它聊天和瀏覽所有內容時，感覺非常不同，所以這就是為什麼我們實際上設計得非常謹慎的原因。

It's only a particular part, particular context we will, use the context to give you the best advice and even that we don't really upload all of those to a to a particular large model log to your personal account, right? So, I think there are plenty of use cases we believe that we are a better solution in those scenarios, and those are a few simple examples, right?

我們只會根據特定部分、特定背景，利用這些背景為您提供最佳建議，而且我們也不會將所有這些都上傳到您個人帳戶的特定大型模型日誌中，對嗎？所以，我認為在許多應用場景中，我們都相信我們的解決方案是更好的選擇，以上只是幾個簡單的例子，對吧？

And then just also to say that. Not only Neon, but also what you know we have on Opera One and Opera GX. The free washing are actually will be comparable to also those guys maybe ex accepting Agentic browsers, everything else, I think will be comparable, even more efficient. And so, all of those are actually important value propositions, I think, for Opera as a whole to facilitate the AI browsing.

還有一點要說明。不僅是 Neon，還有您在 Opera One 和 Opera GX 上看到的。免費洗滌功能實際上將與那些可能接受 Agentic 瀏覽器的傢伙們相媲美，其他方面，我認為也將相媲美，甚至更有效率。因此，我認為，所有這些實際上都是 Opera 整體上促進 AI 瀏覽的重要價值主張。

Super helpful thanks. So, then the next one is on MiniPay obviously tremendous growth there in the past couple 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?

非常感謝，真的很有幫助。接下來要說的顯然是 MiniPay，它在過去幾個月中實現了巨大的成長。請問，是否有計劃將這項活動變現，還是僅僅為了提高用戶參與度並推動瀏覽器用戶成長？

Yeah, so just to say that MiniPay, of course, are already revenue generating, it is actually due to some of our partnerships. It is actually have sizable sizeable revenues being generated. I think the only thing is just that at this stage we probably would like to invest all those revenue back into marketing.

是的，所以要說明的是，MiniPay 當然已經開始產生收入了，這實際上是由於我們的一些合作夥伴關係。實際上，它已經產生了相當可觀的收入。我認為唯一的問題是，現階段我們可能會希望將所有收入重新投入行銷。

Both for promoting itself but also for, work with our partners, which we really think it's some of them are very industrial important to further facilitate penetration, I would say of stablecoin and web3 technology into many regions that we would like to penetrate. So, like, we talked about, we had that experience in the past, which is super successful and we thinking maybe there's something we can replicate or even bigger opportunities. So yeah, so I think that's how we see it.

既是為了自我推廣，也是為了與我們的合作夥伴合作，我們認為其中一些合作夥伴對於進一步促進穩定幣和 Web3 技術在我們希望滲透的許多地區的普及至關重要。所以，就像我們之前討論過的，我們過去有過類似的經歷，非常成功，我們在想也許我們可以複製這種成功，甚至抓住更大的機會。是的，我想我們就是這麼看的。

And the last one for me on GX, the user base is 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.

最後，關於GX，我的用戶群已經穩定在3300萬左右。這是暫時的停滯，還是產品已經成熟了？我們展望一年後，認為 GX 用戶群到明年年底是否會顯著成長，還是會維持在 3,300 萬左右？如果是這樣，在用戶群可能持平的情況下，我們能否預期營收會持續成長？

Yeah, so, okay, I think I'll also do this first and then for the can also follow-up, right? So, okay, so first of all, I think. For us, of course, as a company we focus a bit more on revenues and a bit more on, potentials because I think fact just been added as a browser company you have such a big user base compared to many others that sometimes people will be more disciplined. We focus a bit more on the regions and, the areas where we can earn more money. So that's one.

好的，那我想我先做這個，然後再跟進罐頭的事，對吧？好的，首先，我想。當然，對我們公司而言，我們更關注收入和潛力，因為我認為，事實上，作為一家瀏覽器公司，你們的用戶群比其他許多公司都要龐大，所以人們有時會更加自律。我們更關注那些能夠賺更多錢的地區和領域。這是其中之一。

And then also just to that of course we actually also see very nice growth one because of AI. So that so that I guess, some of the, users, they might actually choose Opera One instead just because AI is so successful and of course to us it doesn't really make a huge, we just want users to choose whatever they fit into, whether to choose Opera One or GX we have no strong feedings, right? And we also some even Opera One or Neon.

當然，我們也看到人工智慧帶來了非常好的成長。所以，我猜，有些用戶可能會選擇 Opera One，因為 AI 非常成功。當然，對我們來說，這並不重要，我們只是希望用戶選擇適合自己的，無論是選擇 Opera One 還是 GX，我們都沒有強烈的偏好，對吧？我們甚至還有一些 Opera One 或 Neon 版本。

So like. Is actually I would say one of the audience which have very AI, saturated, so it's natural that some of them might also go to Neon, which I think we'll be extremely happy about we have no issue on that, right? So that being said, I think there's definitely still growth potentials for GX. There's many, interesting regions that we are, wanting to go into. There are many.

就像。實際上，我認為人工智慧已經非常飽和，所以他們中的一些人可能會轉向 Neon 也是很自然的，我認為我們會非常高興，我們對此沒有任何問題，對吧？綜上所述，我認為GX肯定還有成長潛力。有很多有趣的地區我們想去探索。有許多。

Activities that we are also planning around Neon and the product launches. Also with the AI upgrade, I think it will bring GX to be also as sophisticated as maybe as Neon and others will be. So, there's, many things, many interesting aspects ahead I'm very excited. So, I think we still remain very positive about the GX.

我們還計劃圍繞 Neon 和產品發布開展一些活動。我覺得人工智慧升級後，GX 的複雜程度也會達到 Neon 等其他遊戲的水平。所以，未來有很多事情，很多有趣的方面，我感到非常興奮。所以，我認為我們仍然對GX保持非常樂觀的態度。

Thank you very much. Oh, and congrats on the becoming CEO. I mean, long overdue, but it's great to see that recognition.

非常感謝。哦，恭喜你當選CEO。我的意思是，雖然早就該如此了，但看到這種認可還是令人欣慰的。

Oh, thanks, and I appreciate it.

哦，謝謝，我很感激。

And with no further questions inque at this time, I'd like to turn the floor back over to Song Lin for any additional or closing comments.

目前沒有其他問題需要解答，我想把發言權交還給宋琳，讓她補充一些內容或總結發言。

Yeah, so, okay, so like guys, thank you, everyone, for joining us today. I think as you see that we're very excited. We have been looking forward to, sharing those updates with you on the product launches that I've been seeing, but it's also good to share all those financials.

好的，各位，謝謝大家今天收看我們的節目。正如你所看到的，我們都非常興奮。我們一直期待與您分享我看到的這些產品發布方面的最新消息，但同時分享所有這些財務數據也很重要。

And, as I mentioned, we will keep you posted with both some even more product updates and also hopefully even better financial releases as we continue our journey. Have a good day to you all.

正如我之前提到的，我們將繼續為大家帶來更多產品更新，並希望也能發布更好的財務資訊。祝大家今天過得愉快。

Ladies and gentlemen, that will conclude today's event.

女士們、先生們，今天的活動到此結束。

Thank you for your participation. You may disconnect at this time and have a wonderful rest of your day.

感謝您的參與。您可以斷開連接，祝您今天餘下的時間愉快。