Episode Details

Opera (OPRA) Q2 2026 — Opera released Q2 2026 BEFORE THE OPEN on Wednesday August 19 (Form 6-K 0001737450-26-000014, EDGAR acceptance 07:01 ET; call 8:00 AM ET). Shares closed USD19.51 on Aug 18, OPENED USD18.18 (-6.84 pct) and CLOSED USD18.12 (-7.12 pct) on 4.90x volume. Session range USD17.63-18.61. Opera Limited is an Oslo-headquartered, Cayman-incorporated browser company listed on Nasdaq as ADSs, each representing ONE ordinary share, reporting under IFRS in US dollars. Q2 2026 revenue was USD178.1M, up 25 pct, with adjusted EBITDA of USD42.4M at a 23.8 pct margin - both above the top of Opera's own April guidance ranges. THE CALL: BUY (3/5, MODERATE - CHEAP, BUT THE SECOND-HALF GUIDE WAS NOT RAISED) — base-case value ~$21.31 vs ~$18.12 today. KEY METRICS: - PRINT: revenue USD178.1M (+25 pct) and adjusted EBITDA USD42.4M (+32 pct), both above the top of guidance. Adjusted diluted EPS USD0.33; IFRS USD0.30. - ANGLE: the FY adjusted-EBITDA guide rose USD1.5M while the quarter beat its own guide by USD1.4M - 95 pct of the raise. The implied Q4 grows 14 pct. - CALL: BUY 3/5. Fair value USD21.31 vs USD18.12 (+17.6 pct). 6.7x guided EBITDA ex-cash and ex-OPay; 4.4 pct dividend yield; zero borrowings. What to watch: UP: the Q3 print (guided USD181-183M revenue, USD41-43M adjusted EBITDA) beating the top of the range for a fourth straight quarter; an OPay funding round or sale at or above its USD300.9M carrying value. DOWN: any re-pricing of the query/search agreements that produce 35 pct of revenue; an e-commerce advertising air pocket. Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.