0001437749-24-013974 | 20-F/A | XBRL Viewer

Earnings per share [text block]

Note 8.

Earnings Per Share

Basic earnings per share is calculated by dividing the net income or loss for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income or loss attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year plus the number of ordinary shares that would be issued pursuant to Opera’s employee equity program based on period-average employee equity awards. The net dilutive effect of these awards is determined by application of the treasury stock method related to the share equivalents of unrecognized share compensation expense on employee equity grants outstanding at period end.

Opera Limited has American depositary shares (ADSs) listed on the Nasdaq Global Select Market. Each ADS represents two ordinary shares in the Company.

The following table shows the income and share data used in the basic and diluted earnings per ADS and per share calculations (in thousands, except share and per share data):

	Year ended December 31,
	2021			2022			2023
Net income (loss) attributable to owners of the parent:
Income (loss) from continuing operations	$	(43,149	)	$	15,035		$	153,301
Loss from discontinued operations		(816	)		-			-
Net income (loss) attributable to owners of the parent	$	(43,964	)	$	15,035		$	153,301
Basic and diluted weighted-average number of ordinary shares in the period: ⁽¹⁾
Issued ordinary shares at beginning of period		228,285,684			230,291,732			178,430,242
Effect of shares issued (Note 4)		2,165,283			1,580,952			2,007,850
Effect of shares bought to treasury (Note 16)		(164,324	)		(12,914,508	)		(1,926,286	)
Basic weighted-average number of ordinary shares in the period		230,286,642			218,958,176			178,511,806
Effect of employee equity grants (Note 4) ⁽²⁾		-			1,706,927			3,331,410
Diluted weighted-average number of ordinary shares in the period		230,286,642			220,665,102			181,843,216

ADS equivalent of basic weighted-average number of ordinary shares in the period		115,143,321			109,479,088			89,255,903
ADS equivalent of diluted weighted-average number of ordinary shares in the period		115,143,321			110,332,551			90,921,608

(1)	The number of ordinary shares outstanding in the periods, and its ADS equivalent, are presented in the Statement of Changes in Equity.
(2)	In 2021, the number of diluted weighted-average number of ordinary shares, and its ADS equivalent, excluded the effect of 2,766,525 ADSs that would be issued at the vesting of the employee equity grants because these potential shares would have had anti-dilutive effects on the diluted net loss per ADS and per share.

	Year ended December 31,
	2021			2022		2023
Earnings per ADS and per ordinary share for income (loss) from continuing operations:
Basic earnings per ADS	$	(0.37	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.37	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84
Earnings per ADS and per ordinary share for net income (loss):
Basic earnings per ADS	$	(0.38	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.38	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84

Note 7 - Income Tax - Changes in Deferred Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Net deferred tax liability, balance

$ 5,878

$ 4,209

Expense (benefit) in the Statement of Operations

(531)

1,542

Deferred tax recognized in equity (1)

^[1]

(3,674)

Expense (benefit) in the Statement of Comprehensive Income

127

Net deferred tax liability, balance

$ 1,679

$ 5,878

[1]	When the amount of tax deduction from share-based remuneration exceeds the amount of the related cumulative remuneration expense, the current and deferred tax associated with the excess is recognized directly in equity.

Note 13 - Lease Liabilities and Other Loans

12 Months Ended

Dec. 31, 2023

Disclosure of borrowings [text block]

Note 13.

Lease Liabilities and Other Loans

Accounting Policies

Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease Opera recognizes a lease liability and a right-of-use asset.

Contracts may contain both lease and non-lease components, which are accounted for separately. Consideration in the contracts is allocated to the lease and non-lease components based on their relative stand-alone prices.

The lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Opera’s incremental borrowing rate. Generally, Opera uses its incremental borrowing rate as the discount rate. The lease payments include:

	●	fixed payments (and payments that are fixed in substance) less any lease incentives;
	●	variable lease payments that depend on an index or a rate;
	●	amounts expected to be paid under residual value guarantees; and
	●	the exercise price of any purchase option reasonably certain to be exercised by Opera, and payments of penalties for terminating a lease, if the lease term reflects management’s expectation of exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognized as an expense in the period when the event or condition that triggers the payment occurs.

After the commencement date, the amount of lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of the lease liability is remeasured if there is a modification, a change in the lease term, a change in the lease payments, or a change in the assessment of an option to purchase the underlying asset.

Lease payments on short-term leases of office properties and equipment, and leases of office equipment of low value are recognized as expenses on a straight-line basis over the lease term.

Other Loans

All financial liabilities are recognized initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the Statement of Operations over the period of the borrowings using the effective interest method.

A financial liability is derecognized when the obligation under the liability is discharged or canceled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the Statement of Operations.

Financial liabilities are classified as current liabilities unless Opera has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

Specification of Lease Liabilities and Other Loans

The table below summarizes lease liabilities and other loans (in thousands):

	As of December 31,
	2022		2023
Non-current lease liabilities	$	4,723	$	6,776
Non-current interest-bearing loans		-		-
Total non-current lease liabilities and other loans		4,723		6,776
Current lease liabilities		2,840		3,659
Current interest-bearing loans		146		-
Other current loans		126		111
Total current lease liabilities and other loans		3,112		3,770
Total lease liabilities and other loans	$	7,836	$	10,545

In June 2023, Opera made the final installment on the interest-bearing loan related to vendor financing of hosting infrastructure. As of December 31, 2023, Opera did not have any interest-bearing loans.

See Note 16 for a maturity analysis of the financial liabilities.

The Statement of Financial Position has the following amounts relating to leases (in thousands):

	As of December 31,
	2022		2023
Right-of-use assets:
Office properties (Note 10)	$	6,307	$	6,343
Equipment (Note 10)		1,157		3,713
Total right-of-use assets	$	7,464	$	10,056
Lease liabilities:
Non-current lease liabilities	$	4,723	$	6,776
Current lease liabilities		2,840		3,659
Total lease liabilities	$	7,564	$	10,434

The Statement of Operations has the following amounts relating to leases (in thousands):

	Year ended December 31,
	2022			2023
Depreciation expense of right-of-use assets classified as property	$	2,047		$	1,664
Depreciation expense of right-of-use assets classified as equipment		1,636			1,971
Interest expense (included in finance expense)		242			356
Expense relating to short-term leases (included in other operating expenses)		2,609			1,254
Foreign exchange (gain) loss		(103	)		196
Total lease-related expenses	$	6,431		$	5,441

The total cash outflow for leases in 2023 was $6.1 million (2022: $6.2 million, and 2021: $7.5 million).

Lease terms are negotiated on an individual basis and are for a wide range of different terms and conditions. Lease contracts are typically made for fixed periods of 6 months up to 7 years, but several property and equipment leases include extension and termination options. These options are used to maximize operational flexibility. The majority of extension and termination options held are exercisable only by Opera and not by the respective lessors.

Some lease agreements require that Opera provide cash deposits as security for lease payments. As of December 31, 2023, such cash deposits totaled $1.7 million ( December 31, 2022: $1.7 million). Leased assets may not be used as collateral for borrowing purposes.

To determine the incremental borrowing rate, management used a build-up approach that started with a risk-free interest rate, which was adjusted for estimated credit risk and other factors specific to the lease, including term, geographic location, currency and collateral.

Guarantee

A guarantee has been made by Opera in favor of Dell Bank International d.a.c., or Dell, as a security for all present and future lease liabilities of Opera as the lessee to Dell. This guarantee is limited to a principal amount of 100.0 million Norwegian kroner ($9.8 million), with the addition of any interests, costs and/or expenses accruing on the liabilities and/or as a result of Opera’s non-fulfilment of the liabilities. The guarantee is valid until January 17, 2027.

Changes in Liabilities Arising from Financing Activities

The table below specifies changes in liabilities arising from financing activities (in thousands):

	Non-current lease liabilities			Non-current interest-bearing loans			Current lease liabilities			Current interest- bearing loans			Other current loans			Total
As of January 1, 2022	$	1,925		$	155		$	3,449		$	7,784		$	194		$	13,508
Net cash flows		(353	)		(9	)		(3,484	)		(301	)		(68	)		(4,216	)
Change in credit facility		-			-			-			(7,483	)		-			(7,483	)
New, modified and disposed leases		3,075			-			2,812			-			-			5,887
Interest expense		154			-			88			-			-			242
Foreign exchange (gain) loss		(78	)		-			(24	)		-			-			(103	)
Other changes ⁽¹⁾		-			(146	)		-			146			-			-
As of December 31, 2022		4,723			-			2,840			146			126			7,836
Net cash flows		(1,647	)		-			(2,260	)		(146	)		(15	)		(4,068	)
New, modified and disposed leases		3,310			-			2,915			-			-			6,225
Interest expense		243			-			113			-			-			356
Foreign exchange (gain) loss		146			-			50			-			-			196
As of December 31, 2023	$	6,776		$	-		$	3,659		$	-		$	111		$	10,545

(1)	"Other changes" includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, including lease liabilities.

Note 9 - Property and Equipment - Estimated Useful Lives of Property, Plant and Equipment (Details) - Top of range [member]	12 Months Ended
	Dec. 31, 2023
Office properties [member]
Statement Line Items [Line Items]
Useful life (Year)	7 years
Equipment 1 [member]
Statement Line Items [Line Items]
Useful life (Year)	10 years
Leasehold improvements [member]
Statement Line Items [Line Items]
Useful life (Year)	6 years
Furniture and fixtures 1 [member]
Statement Line Items [Line Items]
Useful life (Year)	5 years

Note 7 - Income Tax - Summary of Income Tax (Expense) Benefit (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods (1)

Current income taxes

$ (6,769)

$ (7,434)

$ (4,109)

^[1]

(458)

141

852

Deferred taxes

531

(1,542)

3,452

Income tax benefit (expense)

(6,697)

(8,835)

194

Continuing operations

(6,697)

(8,835)

(43)

Discontinued operations

$ 0

$ 237

[1]	Currency effect on income tax (expense) benefit due to corporate income tax filings being in Norwegian kroner for Norwegian subsidiaries with the U.S. dollar as their functional currency.

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Note 8 - Earnings Per Share (Details Textual)	12 Months Ended
Note 8 - Earnings Per Share (Details Textual)	Dec. 31, 2021	Dec. 31, 2023 shares
Statement Line Items [Line Items]
Number of ordinary shares per share of ADS (in shares)		2
ADS [member]
Statement Line Items [Line Items]
Number of instruments that are antidilutive in period presented	2,766,525

Note 10 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

$ 529,428

(529,428)

528,926

$ 529,428

Goodwill [member]

429,445

(429,445)

429,856

429,445

Trademark [member]

70,600

(70,600)

70,600

22,790

(22,790)

Technology-based intangible assets [member]

20,210

22,790

6,528

(6,528)

Other intangible assets [member]

6,200

6,528

(66)

Gross carrying amount [member]

2,059

584,470

584,147

^[1]

6,293

6,794

(1)

(5,211)

400

(1,260)

(584,470)

(584,147)

5,211

Gross carrying amount [member] | Goodwill [member]

591,162

584,470

432,526

433,459

^[1]

411

(933)

(432,526)

(433,459)

(0)

Gross carrying amount [member] | Trademark [member]

432,937

432,526

70,600

^[1]

(70,600)

(0)

Gross carrying amount [member] | Customer-related intangible assets [member]

70,600

40,732

^[1]

(40,732)

(0)

Gross carrying amount [member] | Technology-based intangible assets [member]

40,732

36,582

35,279

^[1]

4,281

6,789

(5,211)

(10)

(275)

(36,582)

(35,279)

(0)

5,211

Gross carrying amount [member] | Other intangible assets [member]

40,852

36,582

4,031

4,077

^[1]

2,012

(1)

(1)

(52)

(4,031)

(4,077)

(0)

Accumulated depreciation, amortisation and impairment [member]

6,041

4,031

(55,042)

(50,142)

5,211

298

55,042

50,142

Amortization

6,505

6,618

681

3,194

(1)

(5,211)

681

3,194

Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]

(62,237)

(55,042)

(3,081)

Accumulated depreciation, amortisation and impairment [member] | Trademark [member]

3,081

(3,081)

(0)

Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]

(0)

(17,942)

(15,362)

Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member]

17,942

15,362

2,580

(20,522)

(17,942)

(30,054)

(28,807)

5,211

224

30,054

28,807

Amortization

3,908

4,014

681

2,220

(5,211)

681

2,220

Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member]

(34,652)

(30,054)

(3,965)

(2,893)

3,965

2,893

974

(1)

974

$ (3,982)

$ (3,965)

[1]	Additions to technology assets represent capitalized development expenditure net of grants received from the Norwegian government.

Note 5 - Other Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of other expenses by nature [text block]

	Year ended December 31,
	2021		2022		2023
Hosting	$	7,647	$	9,267	$	10,161
Audit, legal and other advisory services		6,579		6,857		8,669
Software license fees		1,782		2,149		3,357
Rent and other office expenses		3,152		3,743		2,700
Travel		542		1,496		1,848
Other expenses		3,101		3,502		4,106
Total other operating expenses	$	22,802	$	27,015	$	30,842

Note 8 - Earnings Per Share - Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income (loss) from continuing operations

$ 153,301

$ 15,035

$ (43,149)

Loss from discontinued operations

(816)

Net income (loss) attributable to owners of the parent

$ 153,301

$ 15,035

$ (43,964)

Issued ordinary shares at beginning of period (in shares)

178,430,242

230,291,732

228,285,684

Effect of shares issued (Note 4) (in shares)

2,007,850

1,580,952

2,165,283

Effect of shares bought to treasury (Note 16) (in shares)

(1,926,286)

(12,914,508)

(164,324)

Basic weighted-average number of ordinary shares in the period (in shares)

^[1]

178,511,806

218,958,176

230,286,642

Effect of employee equity grants (Note 4) (2) (in shares)

^[2]

3,331,410

1,706,927

Diluted weighted-average number of ordinary shares in the period (in shares)

181,843,216

220,665,102

230,286,642

ADS equivalent of basic weighted-average number of ordinary shares in the period (in shares)

^[1]

178,511,806

218,958,176

230,286,642

ADS equivalent of diluted weighted-average number of ordinary shares in the period (in shares)

181,843,216

220,665,102

230,286,642

ADS [member]

Basic weighted-average number of ordinary shares in the period (in shares)

89,255,903

109,479,088

115,143,321

Diluted weighted-average number of ordinary shares in the period (in shares)

90,921,608

110,332,551

115,143,321

ADS equivalent of basic weighted-average number of ordinary shares in the period (in shares)

89,255,903

109,479,088

115,143,321

ADS equivalent of diluted weighted-average number of ordinary shares in the period (in shares)

90,921,608

110,332,551

115,143,321

$ 1.72

$ 0.14

$ (0.37)

Basic earnings per share (in dollars per share)

1.69

0.14

(0.37)

1.72

0.14

(0.38)

Diluted earnings per share (in dollars per share)

1.69

0.14

(0.38)

Ordinary shares [member]

0.86

0.07

(0.19)

Basic earnings per share (in dollars per share)

0.84

0.07

(0.19)

0.86

0.07

(0.19)

Diluted earnings per share (in dollars per share)

$ 0.84

$ 0.07

$ (0.19)

[1]	The number of ordinary shares outstanding in the periods, and its ADS equivalent, are presented in the Statement of Changes in Equity.
[2]	In 2021, the number of diluted weighted-average number of ordinary shares, and its ADS equivalent, excluded the effect of 2,766,525 ADSs that would be issued at the vesting of the employee equity grants because these potential shares would have had anti-dilutive effects on the diluted net loss per ADS and per share.

Note 11 - Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of carrying amounts of investments in associates and joint ventures [text block]

	Year ended December 31,
	2021			2022			2023
Share of net loss of equity-accounted investees:
Share of net loss of Nanobank	$	(28,700	)	$	-		$	-
Share of net loss of OPay		(218	)		-			-
Share of net loss of nHorizon		(458	)		(6	)		-
Total share of net loss of equity-accounted investees		(29,376	)		(6	)		-
Impairment of equity-accounted investee:
Impairment of investment in Nanobank		(115,477	)		-			-
Total impairment of equity-accounted investee		(115,477	)		-			-
Fair value gain on investments:
Fair value gain on preferred and ordinary shares in OPay		88,093			1,500			89,838
Fair value gain on preferred shares in Star X		28,468			-			-
Total fair value gain on investments		116,561			1,500			89,838
Net gain (loss) from investments in unconsolidated entities	$	(28,292	)	$	1,494		$	89,838

							Carrying amount of net investment as of December 31,
Investee	Nature of ownership interest	Ownership interest			Classification of investee	Basis of accounting for investment	2022		2023
OPay	Ordinary and preferred shares		9.4	%	Non-current financial asset ⁽¹⁾	FVTPL ⁽²⁾	$	86,100	$	253,300
Fjord Bank	Ordinary shares		4.9	%	Non-current financial asset ⁽³⁾	FVTPL ⁽²⁾		897		897
nHorizon Innovation	Ordinary shares		29.1	%	Associate ⁽⁴⁾	Equity method	$	-	$	-

	Year ended December 31,
	2022		2023
Carrying amount as of January 1	$	84,600	$	86,100
Fair value of shares acquired		-		77,362
Change in fair value of preferred shares		1,100		67,018
Change in fair value of ordinary shares		400		22,820
Carrying amount as of December 31	$	86,100	$	253,300

Disclosure of sensitivity analysis for equity value, timing and probabilities [text block]

	Equity value						Time to exit (in years)						Probability
Scenarios	2022			2023			2022			2023			2022			2023
Initial public offering	$2,100	-	$5,000	$2,900	-	$8,000		1.5		1	-	3		30	%		72	%
Sale transaction	$2,000	-	$5,000	$3,500	-	$7,500	1	-	1.5	1	-	3		50	%		8	%
Dissolution		$400			$234			1.5			3			10	%		10	%
Redemption		$1,000			$1,000			1.5			3			10	%		10	%

Disclosure of sensitivity analysis for equity [text block]

				Impact on fair value of shares in OPay
				2022						2023
Significant unobservable inputs	Change in assumption			Decrease in assumption			Increase in assumption			Decrease in assumption			Increase in assumption
Weighted average equity value		10	%		(9,862	)		9,862			(24,791	)		24,791
Time to exit	1 year				16,219			(13,641	)		47,872			(40,263	)
Relative change in probability of sale ⁽¹⁾		100	%		23,321			(5,791	)		(630	)		630
Discount for lack of marketability	5 pp				4,768			(4,768	)		14,072			(14,072	)
Discount rate	2 pp				2,131			(2,045	)		9,759			(9,202	)
Achievement of financial target ⁽²⁾	10 pp				N/A			N/A			(8,452	)		5,017

Note 9 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [text block]

	Office properties			Equipment			Leasehold improvements			Furniture and fixtures			Total
Cost:
As of January 1, 2022	$	10,257		$	28,604		$	1,719		$	782		$	41,363
Additions		-			3,505			19			45			3,570
Adjustments to right-of-use assets		4,182			1,722			-			-			5,904
Disposals		(404	)		(174	)		-			-			(578	)
Effect of movements in exchange rates		1			137			(15	)		(5	)		118
As of December 31, 2022		14,036			33,794			1,724			822			50,377
Additions		-			1,829			-			44			1,873
Adjustments to right-of-use assets		1,829			4,527			-			-			6,356
Disposals		(376	)		(3,410	)		-			(1	)		(3,788	)
Effect of movements in exchange rates		(84	)		13			1			(5	)		(75	)
As of December 31, 2023		15,405			36,753			1,725			859			54,742

Depreciation and impairment:
As of January 1, 2022		6,086			20,955			1,388			670			29,100
Depreciation		2,047			5,016			196			61			7,321
Disposals		(404	)		(174	)		-			-			(577	)
Effect of movements in exchange rates		(1	)		(100	)		12			-			(89	)
As of December 31, 2022		7,728			25,696			1,596			732			35,754
Depreciation		1,664			4,841			116			40			6,660
Disposals		(376	)		(3,410	)		-			(1	)		(3,786	)
Effect of movements in exchange rates		47			(10	)		(1	)		5			41
As of December 31, 2023		9,063			27,118			1,711			776			38,669

Net book value as of December 31, 2022		6,308			8,097			127			90			14,623
Net book value as of December 31, 2023	$	6,343		$	9,635		$	14		$	83		$	16,074

Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block]

●	Office properties:	Up to 7 years
●	Equipment:	Up to 10 years, or term of lease contract
●	Leasehold improvements:	Up to 6 years, or term of lease contract
●	Furniture and fixtures:	Up to 5 years

Note 17 - Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of transactions between related parties [text block]

	Year ended December 31,
	2021		2022		2023
Sales of goods and services:
Beijing OFY	$	1,069	$	256	$	-
Kunlun		-		1,055		926
nHorizon Infinite		456		543		42
Purchases of goods and services:
Kunlun		2,207		5,737		1,361
nHorizon Infinite		-		1,777		2,448
Other transactions:
Keeneyes Future Holding:
- Sale of marketable securities (Note 16)		-		-		7,800
Kunlun:
- Share-based payment expense (Note 4)		-		1,865		6,450
- Sale of shares in Star X (Note 13)		-		83,468		-
- Interest income on receivable from sale of Star X (Note 13)		-		1,285		1,556
- Sale of marketable securities (Note 16)		-		-		51,208
Qifei International Development Co. Ltd.:
- Repurchase of shares (Note 16)	$	-	$	128,563	$	-

	As of December 31, 2022				As of December 31, 2023
	Receivables		Payables		Receivables		Payables
Kunlun ⁽¹⁾	$	57,700	$	3,516	$	34,098	$	372
nHorizon Infinite ⁽²⁾		32		483		-		-
OPay		589		126		589		111
Wisdom Connection III Holding		500		-		500		-
Total	$	58,821	$	4,125	$	35,187	$	483

Note 12 - Trade Receivables, Other Receivables, and Prepayments

12 Months Ended

Dec. 31, 2023

Disclosure of trade and other receivables [text block]

Note 12.

Trade Receivables, Other Receivables, and Prepayments

Accounting Policies

Trade receivables that do not contain a significant financing component are initially measured at the transaction price determined in accordance with the accounting policies for revenue. Other receivables are initially measured at their fair values plus, in the case of a receivable not at fair value through profit or loss, transaction costs. Transaction costs of receivables measured at fair value through profit or loss are expensed when incurred.

On initial recognition, Opera classifies a receivable as subsequently measured at amortized cost or fair value through profit or loss depending on Opera’s business model for managing the receivable and the contractual cash flow characteristics. Receivables that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in the Statement of Operations together with foreign exchange gains and losses. Impairment losses are presented as credit loss expenses. Receivables that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a receivable that is subsequently measured at fair value through profit or loss is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.

An allowance for expected credit losses (ECLs) is recognized for all receivables not held at fair value through the Statement of Operations. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that are expected to be received, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

For trade receivables, Opera applies a simplified approach in calculating ECLs. Under the simplified approach, Opera does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Opera makes specific loss provisions at the level of specific invoices where information exists that management can utilize in its determination of credit risk. For trade receivables where no specific risk information is identified, Opera has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan, and a failure to make contractual payments for a period of greater than 180 days past due. For each customer, management makes individual assessments with respect to the timing and amount of write-off.

Receivables are derecognized when the rights to receive cash flows have expired or have been transferred and Opera has transferred substantially all the risks and rewards of ownership. When the terms and conditions of a contract underlying a receivable are changed, Opera performs a quantitative and qualitative evaluation of whether the modification is substantial, that is, whether the cash flows of the original receivable and the modified or replacement receivable are substantially different. When the cash flows are substantially different, the contractual rights to cash flows from the original receivable are deemed to have expired. The quantitative and qualitative evaluation considers the changes to the terms of the contract, including whether those give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Trade Receivables

The table below specifies items of trade receivables (in thousands):

	As of December 31,
	2022			2023
Trade receivables due from third-party customers	$	60,037		$	76,468
Trade receivables due from related parties (Note 17)		1,947			591
Total gross trade receivables		61,985			77,059
Allowance for expected credit losses		(4,062	)		(7,677	)
Trade receivables net of loss allowance	$	57,923		$	69,382

The credit loss allowance was determined as follows (in thousands, except for percentages):

				Past due
As of December 31, 2022	Current (not past due)			<30 days			30-60 days			61-90 days			>91 days			Total
Weighted-average expected credit loss rate		1.3	%		6.8	%		13.3	%		26.2	%		54.0	%		6.6	%
Gross carrying amount	$	51,268		$	3,203		$	1,296		$	1,251		$	4,966		$	61,985
Loss allowance as of December 31, 2022	$	662		$	218		$	173		$	328		$	2,682		$	4,062

				Past due
As of December 31, 2023	Current (not past due)			<30 days			30-60 days			61-90 days			>91 days			Total
Weighted-average expected credit loss rate		0.7	%		1.2	%		2.1	%		3.1	%		86.4	%		10.0	%
Gross carrying amount	$	62,815		$	4,116		$	1,247		$	634		$	8,248		$	77,059
Loss allowance as of December 31, 2023	$	458		$	47		$	26		$	20		$	7,126		$	7,677

The credit loss allowance for trade receivables as of year-end reconciles to the opening loss allowance as follows (in thousands):

	Year ended December 31,
	2022			2023
Loss allowance as of January 1	$	2,796		$	4,062
Increase in loss allowance		1,366			3,814
Effect of movements in exchange rates		(100	)		(199	)
Loss allowance as of December 31	$	4,062		$	7,677

Total loss allowance increased in particular due to receivables due from certain specific customers in emerging markets, where local events and circumstances resulted in increased collection risk. See Note 16 for details regarding Opera’s procedures on managing credit risk.

Receivables from Sale of Investments

Star X

In April 2022, Opera sold its 19.4% ownership interest in Star X to Kunlun, the ultimate parent of both Opera and Star X, for a fixed consideration of $83.5 million in cash, plus interest. The receivable was classified as subsequently measured at amortized cost. An initial $28.4 million installment was received in 2022. Kunlun will pay a simple annual interest of 3.5% on the deferred payments.

In June 2023, Opera and Kunlun entered into an amendment to the share transfer agreement. The amendment modified the payment terms. Specifically, dividends declared and payable to Kunlun’s holding of ordinary shares in Opera from the recurring cash dividend program adopted in June 2023, as described in Note 16, will be offset against the receivable until the receivable, including accrued interest, is settled. This in lieu of Kunlun making the then remaining installment payments to Opera in cash. Of the dividend declared in June 2023, $25.1 million was payable to Kunlun’s holding of ordinary shares and offset against Opera's Star X receivable. Similarly, of the dividend declared in December 2023, an equal amount was offset against the receivable when the dividend was paid in January 2024.

The table below specifies the movement in the carrying amount of the receivable (in thousands):

	Year ended December 31,
	2022			2023
Carrying amount as of January 1	$	-		$	56,374
Initial recognition at fair value		83,468			-
Interest income (Note 7)		1,285			1,556
Installment and dividend set-off		(28,379	)		(25,133	)
Carrying amount as of December 31	$	56,374		$	32,797
Recognized and classified as:
Non-current receivables from sale of investments	$	28,187		$	-
Current receivables from sale of investments	$	28,187		$	32,797

While the receivable is measured at amortized cost in the Statement of Financial Position, its fair value is estimated for disclosure purposes. Based on a present value technique where contractual cash flows were discounted using a risk-adjusted discount rate incorporating the current yield on U.S. government bonds with maturities consistent with the maturity of the receivable, and a risk premium estimated based on the characteristics of the receivable and Kunlun, the estimated fair value of the receivable was $32.0 million as of December 31, 2023, which was $0.8 million lower than the carrying amount as of the same date. As of December 31, 2022, the estimated fair value was $54.6 million, as compared to the carrying amount of $56.4 million. The risk-adjusted discount rate as of year-end 2023 was estimated to be 6.1%, up from 5.7% as of the end of 2022 due to increases in the yields on U.S. government bonds. The fair value measurement incorporated significant unobservable inputs and is therefore categorized within level 3 of the fair value hierarchy.

Nanobank

In March 2022, Opera sold its 42.4% ownership interest in Nanobank for a fixed consideration of $127.1 million in cash, payable in eight equal installments over the following two years. The receivable was recognized at its estimated fair value of $120.3 million. The receivable was subsequently measured at amortized cost.

In August 2022, Opera and the buyer agreed to make certain modifications to the sales agreement, including to the total purchase price, payment period and installment amounts. The adjusted purchase price was $131.7 million, payable in 16 quarterly installments, the first of which had been made at the time the modified share transfer agreement was entered into. The modified share transfer agreement also introduced certain mechanisms which would potentially reduce the purchase price or trigger an immediate settlement in the form of the transfer of shares in any acquiring company following a sale or merger in which Nanobank would be the target entity sold or merged for consideration in equity of the acquirer. Because of the substantial modifications to the share transfer agreement, the contractual rights to cash flows from the original receivable were deemed to have expired. The original receivable was therefore derecognized, and a new receivable recognized at its estimated fair value. The terms of the modified share transfer agreement were not consistent with a basic financing arrangement and the new receivable was therefore subsequently measured at fair value through profit or loss.

As of December 31, 2022, fair value of the receivable was estimated to be $76.3 million based on an expected present value technique where the probability-weighted average of possible future cash flows and non-cash payments was discounted using a discount rate of 8.0%, which was based on the yield of U.S. treasury bonds with the same maturity as the receivable and a risk premium to capture the uncertainty with regard to amount and timing of future cash flows not reflected in the scenarios for future cash flows. The fair value measurement was classified as a level 3 measurement in the fair value hierarchy because it incorporated significant unobservable inputs, including the possible scenarios for settlement and default, their probabilities of occurring and the risk premium.

In February 2023, Nanobank sold the majority of its business in Asia to OPay in exchange for shares in OPay. In connection with this, Opera and the third-party buyer of Opera’s former ownership stake in Nanobank agreed to treat the transaction as a full sale of Nanobank, triggering an immediate settlement of Opera’s receivable in the form of the transfer 58,785,744 Series C preferred shares in OPay in lieu of quarterly cash installments through the second quarter of 2026. The settlement was based on the valuation applied in the transaction as well as an estimate for the value of Nanobank’s remaining business. Opera entered into a final share transfer agreement with the third-party buyer mirroring relevant provisions of the sales agreement between Nanobank and OPay, which includes certain financial targets for the Nanobank business acquired and a provision for the sellers to pro-rata return up to all Series C preferred shares received as consideration in the transaction, after 2024, if the cumulative financial performance over 2023 and 2024 falls short of such targets. The estimated fair value of the shares received was $77.4 million, which was inclusive of a 6% net reduction of value, equal to $4.9 million, to reflect various scenarios of impacts related to the provisions in the agreement. The fair value of the shares was $1.1 million higher than the carrying amount of the receivable as of December 31, 2022, resulting in the recognition of a gain on settlement of $1.1 million, which was recognized as part of finance income.

The table below specifies the movement in the carrying amount of the receivable (in thousands):

	Year ended December 31,
	2022			2023
Carrying amount as of January 1	$	-		$	76,278
Initial recognition at fair value		120,311			-
Interest income (Note 7)		2,390			-
Fair value gain (loss) (Note 7)		(37,923	)		1,084
Installment and settlement		(8,500	)		(77,362	)
Carrying amount as of December 31	$	76,278		$	-
Recognized and classified as:
Non-current receivables from sale of investments	$	48,118		$	-
Current receivables from sale of investments	$	28,160		$	-

Other Current Receivables and Prepayments

The table below specifies the items of other current receivables (in thousands):

	As of December 31,
	2022		2023
Value added tax	$	1,472	$	5,781
Unsettled trades ⁽¹⁾		12,993		-
Receivable due from Kunlun (Note 17) ⁽²⁾		-		1,300
Other ⁽³⁾		2,783		678
Total other current receivables	$	17,247	$	7,760

(1)	Receivables from unsettled trades represented the amount due from brokers from the sale of listed equity securities under the former investment program described in Note 16.
(2)	Represents amount due from Kunlun for the recharge of certain corporate expenses.
(3)	In 2022, crypto assets with an aggregate carrying amount of $1.5 million were presented as part of other current receivables. In 2023, crypto assets are presented as other intangible assets, as specified in Note 10.

The table below specifies the items of prepayments (in thousands):

	As of December 31,
	2022		2023
Prepaid corporate income taxes	$	421	$	649
Other prepaid expenses		3,511		4,010
Total prepayments	$	3,932	$	4,660

Note 10 - Goodwill and Intangible Assets - Useful Life of Intangible Assets (Details) - Top of range [member]	12 Months Ended
	Dec. 31, 2023
Customer-related intangible assets [member]
Statement Line Items [Line Items]
Useful life (Year)	15 years
Technology-based intangible assets [member]
Statement Line Items [Line Items]
Useful life (Year)	5 years
Other intangible assets [member]
Statement Line Items [Line Items]
Useful life (Year)	5 years

Note 13 - Lease Liabilities and Other Loans - Noncurrent and Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Non-current portion	$ 6,776	$ 4,723
Current portion	3,770	3,112
Total lease liabilities and other loans	10,545	7,836
Lease liabilities [member]
Statement Line Items [Line Items]
Non-current portion	6,776	4,723
Current portion	3,659	2,840
Interest bearing loans [member]
Statement Line Items [Line Items]
Non-current portion	0	0
Current portion	0	146
Other loans [member]
Statement Line Items [Line Items]
Current portion	$ 111	$ 126

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Property and equipment	$ 16,074	$ 14,623
Goodwill	429,856	429,445
Intangible assets	99,070	99,983
Investment in OPay	253,300	0
Other non-current investments and financial assets	3,049	2,643
Non-current receivables from sale of investments	0	76,305
Deferred tax assets	1,133	1,473
Total non-current assets	802,482	624,473
Trade receivables	69,382	57,923
Current receivables from sale of investments	32,797	56,347
Other current receivables	7,760	17,247
Prepayments	4,660	3,932
Marketable securities	0	66,250
Cash and cash equivalents	93,863	52,414
Total cash, cash equivalents, and marketable securities	93,863	118,664
Assets held for sale	0	86,100
Total current assets	208,461	340,213
Total assets	1,010,943	964,686
Equity:
Share capital	18	18
Other paid in capital	717,610	824,832
Treasury shares	(238,815)	(206,514)
Retained earnings	445,164	273,262
Foreign currency translation reserve	(4,127)	(3,385)
Total equity attributable to owners of the parent	919,850	888,213
Liabilities:
Non-current lease liabilities and other loans	6,776	4,723
Deferred tax liabilities	2,813	7,352
Other non-current liabilities	94	68
Total non-current liabilities	9,682	12,143
Trade and other payables	52,247	46,937
Deferred revenue	10,272	995
Current lease liabilities and other loans	3,770	3,112
Income tax payable	1,838	1,133
Other current liabilities	13,285	12,152
Total current liabilities	81,411	64,330
Total liabilities	91,093	76,472
Total equity and liabilities	$ 1,010,943	$ 964,686

Note 2 - Corporate Information and Group Structure (Details Textual)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Statement Line Items [Line Items]
Number of ordinary shares per share of ADS (in shares)	2
Treasury shares \| $	$ 238,815,000	$ 206,514,000
Number of Segments, Reportable	1
Ordinary shares [member]
Statement Line Items [Line Items]
Number of shares authorised (in shares)	500,000,000
Number of shares outstanding at end of period (in shares)	175,036,568
Par value per share (in dollars per share) \| $ / shares	$ 0.0001
Treasury shares \| $	$ 3,709,879
American depositary shares (ADS) [member]
Statement Line Items [Line Items]
Number of shares outstanding at end of period (in shares)	87,518,284

Note 6 - Finance Income and Finance Expenses - Finance Income (Details) - USD ($) $ in Thousands	12 Months Ended			72 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Statement Line Items [Line Items]
Interest income on receivables from sales of investments (Note 12)	$ 1,556	$ 3,675	$ 0
Other interest income	2,989	1,675	35
Fair value gain (loss) (Note 7)	1,084	0	0
Net gain on investment portfolio (Note 16)	3,243	15,946	0	$ 34,200
Other finance income	5	157	88
Total finance income	8,876	21,454	123
Interest expense	(369)	(282)	(316)
Net loss on investment portfolio (Note 16)	0	0	(4,944)
Fair value loss on receivable from sale of investment (Note 12)	0	(37,923)	0
Other finance costs	(276)	(1,524)	(1,652)
Total finance expenses	(644)	(39,729)	(6,912)
Unrealized foreign exchange gain (loss)	(1,901)	(1,512)	(494)
Realized foreign exchange gain (loss)	938	355	(1,320)
Total foreign exchange gain (loss)	(963)	(1,157)	(1,814)
Net finance income (expense)	$ 7,269	$ (19,432)	$ (8,603)

Note 9 - Property and Equipment

12 Months Ended

Dec. 31, 2023

Disclosure of property, plant and equipment [text block]

Note 9.

Property and Equipment

Accounting Policies

Property and equipment, which include right-of-use assets acquired under leases, are recognized at cost, less accumulated depreciation, and impairment losses. The cost of right-of-use assets under leases are measured as the initial amount of the lease liability (see Note 13) adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets or the remaining lease term, whichever is shorter. Useful lives, residual values and the depreciation method are reviewed at each financial year-end and adjusted prospectively, if appropriate.

Property and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Value in use is calculated as the present value of estimated future cash flows, which are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Reconciliation of the Carrying Amount of Property and Equipment

	Office properties			Equipment			Leasehold improvements			Furniture and fixtures			Total
Cost:
As of January 1, 2022	$	10,257		$	28,604		$	1,719		$	782		$	41,363
Additions		-			3,505			19			45			3,570
Adjustments to right-of-use assets		4,182			1,722			-			-			5,904
Disposals		(404	)		(174	)		-			-			(578	)
Effect of movements in exchange rates		1			137			(15	)		(5	)		118
As of December 31, 2022		14,036			33,794			1,724			822			50,377
Additions		-			1,829			-			44			1,873
Adjustments to right-of-use assets		1,829			4,527			-			-			6,356
Disposals		(376	)		(3,410	)		-			(1	)		(3,788	)
Effect of movements in exchange rates		(84	)		13			1			(5	)		(75	)
As of December 31, 2023		15,405			36,753			1,725			859			54,742

Depreciation and impairment:
As of January 1, 2022		6,086			20,955			1,388			670			29,100
Depreciation		2,047			5,016			196			61			7,321
Disposals		(404	)		(174	)		-			-			(577	)
Effect of movements in exchange rates		(1	)		(100	)		12			-			(89	)
As of December 31, 2022		7,728			25,696			1,596			732			35,754
Depreciation		1,664			4,841			116			40			6,660
Disposals		(376	)		(3,410	)		-			(1	)		(3,786	)
Effect of movements in exchange rates		47			(10	)		(1	)		5			41
As of December 31, 2023		9,063			27,118			1,711			776			38,669

Net book value as of December 31, 2022		6,308			8,097			127			90			14,623
Net book value as of December 31, 2023	$	6,343		$	9,635		$	14		$	83		$	16,074

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:

●	Office properties:	Up to 7 years
●	Equipment:	Up to 10 years, or term of lease contract
●	Leasehold improvements:	Up to 6 years, or term of lease contract
●	Furniture and fixtures:	Up to 5 years

Additions to and remeasurements of the right-of-use assets during 2023 totaled $6.4 million (2022: $5.9 million).

Note 14 - Trade and Other Payables, and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about trade and other payables [text block]

	As of December 31,
	2022		2023
Trade payables due to third-party suppliers	$	40,031	$	49,345
Trade and other payables due to related parties (Note 17)		4,125		483
Value added tax		768		373
Payroll tax		2,012		2,045
Total trade and other payables	$	46,937	$	52,247

	As of December 31,
	2022		2023
Accrued personnel expenses	$	11,586	$	12,887
Other current liabilities		567		398
Total other current liabilities	$	12,152	$	13,285

Note 1 - Accounting Policies, Judgments, and Estimation Uncertainty

12 Months Ended

Dec. 31, 2023

Disclosure of accounting judgements and estimates [text block]

Note 1.

Accounting Policies, Judgments, and Estimation Uncertainty

Basis of Preparation

The consolidated financial statements of Opera Limited and its subsidiaries (collectively, Opera or the Group) have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). The board of directors of Opera Limited (the Company or the Parent) authorized the consolidated financial statements for issue on April 24, 2024.

The consolidated financial statements have been prepared on a historical cost basis, except for investments in ordinary and preferred shares in OPay, and ordinary shares in Fjord Bank, which are measured at estimated fair values. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, Opera considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.

The consolidated financial statements are presented in U.S. dollars and all amounts are rounded off to the nearest thousand except when otherwise indicated. Rounding differences may occur.

Except for the general accounting policies described below, Opera’s material accounting policies are described in each of the individual notes to the consolidated financial statements.

Basis of Consolidation

The consolidated financial statements comprise the financial statements of Opera Limited and entities it controls. Control is achieved when Opera is exposed, or has rights, to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights results in control.

Foreign Currencies

Items included in the financial statements of the Parent and its subsidiaries are measured using the currency of the primary economic environment in which the entities operate, i.e., their functional currency. The consolidated financial statements are presented in U.S. dollars, which is also the functional currency of the Parent.

Foreign currency transactions are recognized at their respective functional currency spot rate at the date the transaction first qualifies for initial recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency exchange rates at the reporting date. Gains or losses arising from settlement or translation of monetary items are recognized in the Statement of Operations as foreign exchange gain (loss). Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

The assets and liabilities of entities within the Group with functional currencies other than the U.S. dollar are translated into U.S. dollars using the currency exchange rates at the reporting date. Income and expense items are translated at average currency exchange rates for the respective period. The overall foreign currency impact from translating assets, liabilities, income, and expenses to U.S. dollars is recognized in the Statement of Comprehensive Income as Exchange differences on translation of foreign operations.

Accounting Judgments and Estimation Uncertainty

The preparation of Opera’s consolidated financial statements requires the use of accounting estimates. Management also needs to exercise judgment in applying Opera’s accounting policies. These estimates and judgments affect the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and assumptions, which are continuously reviewed, are based on historical experience and various other factors that are believed to be reasonable and appropriate under the circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Changes in accounting estimates and judgments in the application of accounting policies are recognized in the period in which the estimates and judgments are revised, if the revisions affect only that period, or in the period of the revisions and future periods if the revisions affect both current and future periods.

These consolidated financial statements are based key accounting judgments and estimation uncertainty related to the following items:

	●	Determining whether development projects meet the criteria for capitalization (Note 4).
	●	Fair value measurement of share-based remuneration (Note 4).
	●	Recoverable amount for goodwill and other intangible assets (Note 10).
	●	Classification of investment in OPay and measurement of fair value of shares in the company (Note 11).

New Standards, Interpretations, and Amendments

The accounting policies applied in the preparation of these consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended December 31, 2022. Certain amendments to IFRS Accounting Standards apply for the first time in 2023, but these did not have any material impact on the measurement, recognition, or presentation of any items in Opera’s consolidated financial statements. Amendments to IAS 1 require entities to disclose their material rather than significant accounting policies with the aim to help entities provide accounting policy disclosures that are more useful. These amendments have had an impact on Opera’s disclosures of accounting policies.

Except for the amendments to IFRS 10 and IAS 28 for sales or contributions of assets between an investor and its associate or joint venture, Opera has not early adopted standards, interpretations or amendments that have been issued but are not yet effective.

The IASB has issued IFRS 18, a new accounting standard on presentation and disclosure in financial statements, which introduces certain new requirements to improve companies’ reporting of financial performance and give investors a better basis for analyzing and comparing companies. The accounting standard introduces three new defined categories for income and expenses—operating, investing and financing, and requires all companies to provide certain new defined subtotals. IFRS 18 also requires companies to disclose explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. Moreover, the accounting standard sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes and requires companies to provide more transparency about operating expenses. IFRS 18 will not impact the recognition or measurement of items in the financial statements. The accounting standard is effective for annual reporting periods beginning on or after January 1, 2027, but companies can apply it earlier. Adoption of IFRS 18 by Opera is expected to result in the introduction of profit before financing and income taxes as a new subtotal for in the statement of operations, and disclosures in a note to the consolidated financial statements for adjusted EBITDA as a management-defined performance measure.

None of the other new and amended standards that are issued, but not yet effective, are expected to have a material impact on Opera’s consolidated financial statements when they are implemented in future periods.

Note 4 - Personnel Expenses, Including Share-based Remuneration - Research and Development Expenditure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Total research and development expenditure	$ 46,098	$ 50,537	$ 44,055
Less: Capitalized development expenditure excluded from personnel expenses (Note 10)	4,587	6,825	4,862
Net research and development expenditure recognized as part of personnel expenses	$ 41,511	$ 43,713	$ 39,193

Note 16 - Capital and Financial Risk Management

12 Months Ended

Dec. 31, 2023

Disclosure of financial risk management [text block]

Note 16.

Capital and Financial Risk Management

Capital Management

The primary objective of Opera’s capital management is to maintain a strong capital base to support investor, creditor, and market confidence and to sustain future development of the business in accordance with its growth plans.

Dividends

On January 12, 2023, the board of directors of the Company declared a special cash dividend of $0.80 per ADS, or $0.40 per ordinary share, representing an aggregate dividend of $71.4 million. Of this, $59.0 million was payable to Kunlun Tech Limited and Keeneyes Future Holding Inc., each a shareholder in Opera, and was offset against receivables due from these companies by the same amount. The offsetting receivables arose from Opera's sale of listed equity securities to these two shareholders in connection with Opera terminating its investment program (see below). The remaining $12.4 million of the dividend was paid in cash.

On June 13, 2023, the board of directors of the Company adopted a recurring semi-annual cash dividend program for holders of Opera’s ordinary shares as well as ADSs. The first semi-annual dividend of $0.40 per ADS was declared at the same date, representing an aggregate dividend of $36.0 million. The dividend payable on the ordinary shares held by Kunlun, totaling $25.1 million, was offset against Opera’s receivable due from Kunlun following the sale of Opera’s former ownership interest in Star X. Future dividend payments on Kunlun’s ordinary shares in Opera will also be offset until the Star X receivable is fully settled.

On December 12, 2023, the board of directors of the Company declared the second dividend of $0.40 per ADS under the semi-annual cash dividend program, which was payable to shareholders of record on January 3, 2024. Because the Company’s directors retained the ability to cancel the dividend up until the record date, the dividend did not represent a liability as of December 31, 2023.

While Opera intends to pay regular semi-annual dividends, each distribution will require the approval of the Company’s board of directors, which will consider the form, frequency and amounts of future dividends based upon Opera’s future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, and other relevant factors.

Share Repurchases

On January 20, 2022, the board of directors of the Company approved a share repurchase program, which authorized the Company’s management to execute the repurchase of ADSs for up to $50 million by March 31, 2024, in any form that management may deem fit. The repurchase program launched in February 2022 and was completed in November 2023, at which point in time Opera had repurchased 6,119,841 ADSs under the program for a total cost of $50 million.

Prior to 2022, Opera had repurchased 7,476,455 ADSs for $60.5 million under two separate repurchase programs that commenced in 2018 and 2020, and which were completed in 2019 and 2021, respectively.

On October 17, 2022, Opera completed the repurchase of 46,750,000 ordinary shares, equivalent to 23,375,000 ADSs, for $128.6 million from its pre-IPO shareholder Qifei International Development Co. Ltd., a subsidiary of 360 Security Technology Inc., which consequently is no longer a shareholder in Opera. This repurchase of ordinary shares was made separately from the share repurchase program for the Company’s ADSs.

Including both on- and off-market transactions, Opera has repurchased a total of 36,971,296 ADS equivalents for a total cost of $239.0 million over the 2018-2023 period.

Treasury shares are recognized at cost and deducted from equity. No gain or loss is recognized in the Statement of Operations on the purchase, sale, reissue, or cancellation of the Company’s own equity instruments.

Investment Program

Since 2018, Opera has operated an investment program under which up to $70 million of Opera’s capital was set aside for investments in listed equity securities. Early in 2023, following the sale of the majority of the investment portfolio to Kunlun Tech Limited, a subsidiary of Kunlun, and Keeneyes Future Holding Inc., each a shareholder in Opera, as discussed in Note 17, and the subsequent sale of the remaining securities in market transactions, Opera terminated the investment program. The table below provides an overview of the gains and losses on the investment portfolio (in thousands):

	Year ended December 31,
	2021			2022			2023
Realized net gain (loss)	$	6,752		$	(18,375	)	$	37,564
Change in unrealized net gain (loss)		(11,696	)		34,321			(34,321	)
Net gain (loss) on investment portfolio	$	(4,944	)	$	15,946		$	3,243

The net gains in 2022 and 2023 on the investment portfolio were recognized in the Statement of Operations as finance income, while the net loss in 2021 was recognized as finance expense, as specified in Note 6. The investment program existed through relatively volatile market conditions, and overall provided a net gain of $34.2 million since its inception in 2018.

Financial Risk Management - Overview

The financial assets and financial liabilities held by Opera, as specified in Note 15, create exposure to market, credit, and liquidity risks. The management team seeks to minimize potential adverse effects of these risks through sound business practices and risk management. The board of directors, together with senior management, is involved in the risk assessment process. Opera has not utilized derivatives for hedging purposes.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Opera is exposed to three types of market risk: interest rate risk, foreign currency risk and price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The exposure to interest rate risk as of December 31, 2023, was limited. During 2023, Opera repaid the interest-bearing loan that was outstanding at the end of 2022 with a carrying amount of $0.1 million. The receivable due from Kunlun following the sale of Opera’s former ownership interest in Star X accrues a simple annual interest of 3.5%. Cash is deposited in interest-bearing accounts at banks and financial institutions. Other financial assets and liabilities are not interest-bearing.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Opera is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables, and payables are denominated and the respective functional currencies of Group companies. Most of Opera's revenue is denominated in U.S. dollars and Euro, while operating expenses are incurred in a wider specter of currencies, including the Norwegian krone, Chinese renminbi, Polish zloty, Swedish krona, British pound, and the Euro. The functional currency of revenue-generating entities in the Group is primarily the U.S. dollar. Management is closely monitoring Opera’s exposure to foreign currency risk and seeks to minimize its exposure to such risk. Opera’s exposure to foreign currency risk related to cash is limited.

In addition to transactional foreign currency risk, Opera is exposed to foreign currency translation risk arising from financial and non-financial items held by subsidiaries with functional currencies that are different from U.S. dollars, which is the presentation currency for the consolidated financial statements. Opera seeks to minimize this risk by limiting funding of subsidiaries to near-term cash needs.

Price Risk

Opera is exposed to price risk from its investments in ordinary and preferred shares in OPay and ordinary shares in Fjord Bank, all of which are unlisted and measured at fair value through profit or loss. The nature of the investments and the underlying businesses entail uncertainties about the future values of the shares. This price risk is monitored by Opera’s senior management on a regular basis by reviewing the financial performance and position of the investees, and their forecasts for future performance. Note 11 contains additional details on the fair values of these shares, including sensitivity analysis.

Credit Risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss for Opera. Opera’s exposure to credit risk primarily arises from trade and other receivables, including receivables from sale of investments, deposits of cash with banks and financial institutions, and from the investment in preferred shares in OPay.

Credit risk is managed on a group basis. Deposits of cash are only made with banks and financial institutions that are considered solvent, resulting in management considering its exposure to credit risk for cash being low. For trade receivables due from customers, the exposure to credit risk is limited by Opera having established maximum payment periods in the range of 30 to 90 days after invoices being issued. Management is continuously monitoring the exposure to credit risk from outstanding trade receivables and is managing this risk as part of the management of business risk. Additional details on trade receivables, including maturity analysis and provision for expected credit losses, are provided in Note 12.

In 2022, Opera sold its shares in Star X, with a significant portion of the transaction prices being payable in future periods. The credit risk related to this receivable is discussed in Note 12.

The investment in preferred shares in OPay gives rise to credit risk due to the redemption rights granted to Opera and other holders of preferred shares. The redemption rights entail that if certain defined events occur, such as the failure to complete an IPO within a certain period or material breaches of contractual obligations, Opera (and other investors) can demand repayment of the invested amount plus a return on that investment at a simple annual interest rate of 8%. Holders of preferred shares in OPay will incur credit losses if OPay is unable to honor its potential future redemption obligation. Opera’s management assessed this specific contingent credit risk to be low based the financial position of OPay. The preferred shares are monitored for credit deterioration. Note 11 provides additional details on the preferred shares.

Liquidity Risk

Liquidity risk is the risk that Opera will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The senior management of Opera is monitoring the exposure to liquidity risk and has adopted a centralized cash pooling process, which enables Opera to manage liquidity surpluses and deficits according to the actual needs at the group and subsidiary level. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations. Opera’s goal is to have a strong liquidity position in terms of available cash and cash equivalents, and short-term investments.

Opera's liquidity risk is low because of the relatively strong liquidity position and Opera’s low debt-to-equity ratio. The table below summarizes the maturity profile of Opera’s financial liabilities based on contractual undiscounted payments (in thousands):

As of December 31, 2022	Less than 12 months		1 to 3 years		Over 3 years		Total
Non-current:
Lease liabilities (Note 13)	$	-	$	2,228	$	2,973	$	5,201
Interest-bearing loans, including interest (Note 13)		-		-		-		-
Other non-current liabilities		-		-		68		68
Current:
Trade and other payables (Note 14)		46,937		-		-		46,937
Lease liabilities (Note 13)		3,084		-		-		3,084
Interest-bearing loans, including interest (Note 13)		146		-		-		146
Other current liabilities (Note 14)		12,152		-		-		12,152
Total financial liabilities, including interest	$	62,319	$	2,228	$	3,041	$	67,588

As of December 31, 2023	Less than 12 months		1 to 3 years		Over 3 years		Total
Non-current:
Lease liabilities (Note 13)	$	-	$	4,734	$	2,374	$	7,109
Other non-current liabilities		-		-		94		94
Current:
Trade and other payables (Note 14)		52,247		-		-		52,247
Lease liabilities (Note 13)		4,024		-		-		4,024
Other current liabilities (Note 14)		13,285		-		-		13,285
Total financial liabilities, including interest	$	69,556	$	4,734	$	2,468	$	76,758

Note 7 - Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [text block]

	Year ended December 31,
	2021			2022			2023
Current income taxes	$	(4,109	)	$	(7,434	)	$	(6,769	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods ⁽¹⁾		852			141			(458	)
Deferred taxes		3,452			(1,542	)		531
Income tax benefit (expense)	$	194		$	(8,835	)	$	(6,697	)
Income tax benefit (expense) attributable to:
Continuing operations	$	(43	)	$	(8,835	)	$	(6,697	)
Discontinued operations	$	237		$	-		$	-

Reconciliation of accounting profit multiplied by applicable tax rates [text block]

	Year ended December 31,
	2021			2022			2023
Income (loss) from continuing operations before income taxes	$	(43,106	)	$	23,870		$	159,997
Tax benefit (expense) at nominal tax rate in Norway		9,483			(5,251	)		(35,199	)
Effect of different tax rates applied by subsidiaries		(7,958	)		1,408			25,455
Permanent differences:
Tax effect of translation differences exempted for tax		358			(320	)		1,171
Tax effect of financial items exempted from tax		(193	)		480			665
Withholding taxes (paid) credited		(324	)		299			270
Net other permanent differences (not) tax deductible		(1,990	)		(3,585	)		(3,384	)
Other effects:
Change in income tax losses carried forward		(227	)		(462	)		2,851
Change in share-based remuneration		-			-			2,598
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		852			141			(458	)
Change in withholding taxes and restricted interest deduction carried forward		147			(1,564	)		(601	)
Change in tax rate		(190	)		21			(64	)
Income tax expense for the year	$	(43	)	$	(8,835	)	$	(6,697	)
Effective tax rate		0.1	%		(37.0	)%		(4.2	)%

Disclosure of temporary difference, unused tax losses and unused tax credits [text block]

	As of December 31,
	2022			2023
Property, equipment, and intangible assets	$	20,466		$	20,016
Share-based remuneration		-			(4,094	)
Trade receivables		(300	)		(367	)
Intra-group interest costs subject to limitations ⁽¹⁾		(8,066	)		(7,648	)
Withholding tax expected to be credited (credit method)		(216	)		(34	)
Tax losses carried forward		(5,399	)		(5,247	)
Other		(606	)		(947	)
Net deferred tax liability	$	5,878		$	1,679
Recognized and classified as:
Deferred tax assets	$	1,473		$	1,133
Deferred tax liabilities	$	7,352		$	2,813

Disclosure of changes in deferred taxes [text block]

	Year ended December 31,
	2022		2023
Net deferred tax liability as of January 1	$	4,209	$	5,878
Expense (benefit) in the Statement of Operations		1,542		(531	)
Deferred tax recognized in equity ⁽¹⁾		-		(3,674	)
Expense (benefit) in the Statement of Comprehensive Income		127		6
Net deferred tax liability as of December 31	$	5,878	$	1,679

Note 11 - Investments in Unconsolidated Entities - Sensitivities Analysis (Details) - OPay Digital Services Limited [member] - PWERM [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average equity value [member]
Statement Line Items [Line Items]
Change in assumption, percentage	10.00%
Decrease in assumption	$ (24,791)	$ (9,862)
Increase in assumption	24,791	9,862
Time to exit [member]
Statement Line Items [Line Items]
Decrease in assumption	47,872	16,219
Increase in assumption	$ (40,263)	(13,641)
Time to exit (Year)	1 year
Relative change in probability of sale [member]
Statement Line Items [Line Items]
Change in assumption, percentage	100.00%
Decrease in assumption	$ (630)	23,321
Increase in assumption	$ 630	(5,791)
Discount for lack of marketability1 [member]
Statement Line Items [Line Items]
Change in assumption, percentage	5.00%
Decrease in assumption	$ 14,072	4,768
Increase in assumption	$ (14,072)	(4,768)
Discount rate, measurement input [member]
Statement Line Items [Line Items]
Change in assumption, percentage	5.00%
Decrease in assumption	$ 9,759	2,131
Increase in assumption	$ (9,202)	$ (2,045)
Financial forecast of profit (loss) for cash-generating unit, measurement input [member]
Statement Line Items [Line Items]
Change in assumption, percentage	5.00%
Decrease in assumption	$ (8,452)
Increase in assumption	$ 5,017

Note 16 - Capital and Financial Risk Management - Gains and Losses on the Investment Portfolio (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			72 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Statement Line Items [Line Items]
Realized net gain (loss)		$ 89,838	$ 1,500	$ 116,561
Net gain (loss) on investment portfolio		3,243	15,946	0	$ 34,200
Kunlun Tech Limited and Keeneyes Future Holding Inc. [member]
Statement Line Items [Line Items]
Realized net gain (loss)	$ 15,500	37,564	(18,375)	6,752
Change in unrealized net gain (loss)	15,000	(34,321)	34,321	(11,696)
Net gain (loss) on investment portfolio	$ 500	$ 3,243	$ 15,946	$ (4,944)

Note 14 - Trade and Other Payables, and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Disclosure of trade and other payables [text block]

Note 14.

Trade and Other Payables, and Other Current Liabilities

Accounting Policies

A trade payable is a liability to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier. Trade payables are derecognized when the obligation under the liability is discharged or canceled or expires.

A provision is recognized when Opera has a present legal or constructive obligation because of a past event, it is probable that a future outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Specifications of Trade and other Payables, and Other Current Liabilities

The table below specifies the items of trade and other payables (in thousands):

	As of December 31,
	2022		2023
Trade payables due to third-party suppliers	$	40,031	$	49,345
Trade and other payables due to related parties (Note 17)		4,125		483
Value added tax		768		373
Payroll tax		2,012		2,045
Total trade and other payables	$	46,937	$	52,247

The table below specifies the items of other current liabilities (in thousands):

	As of December 31,
	2022		2023
Accrued personnel expenses	$	11,586	$	12,887
Other current liabilities		567		398
Total other current liabilities	$	12,152	$	13,285

For a schedule of maturities for trade and other payables, and other current liabilities, see Note 16.

Note 3 - Revenue Information

12 Months Ended

Dec. 31, 2023

Disclosure of revenue from contracts with customers [text block]

Note 3.

Revenue Information

Accounting Policies

Revenue is income arising in the course of Opera’s ordinary activities. Opera generates revenue from the provision of advertising, search, technology licensing and related services. Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which Opera expects to be entitled in exchange for those goods or services.

Advertising

Advertising revenue is generated by delivering advertising in Opera’s PC and mobile browsers, including predefined bookmarks (Speed Dials), on Opera News, and on Opera network partners’ properties. Advertising revenue also includes income from all other user-generated activities other than search revenue, such as subscriptions to services that are provided by Opera or its partners. Advertising revenue is recognized when the advertising service is delivered based on the specific terms of the underlying contract, which is commonly based on when the ad is displayed, or a user views the ad.

For ads placed on properties of network partners, Opera is the principal because Opera controls the advertising inventory before it is transferred to its customers. Opera’s control is evidenced by its sole ability to monetize the advertising inventory before it is transferred to its customers and is further supported by Opera being primarily responsible to its customers and having a level of discretion in establishing pricing. As the principal, advertising revenues for ads placed on Opera network properties are reported on a gross basis, that is, the amounts billed to our customers are recorded as revenues, and amounts paid to Opera network partners are recorded as cost of inventory sold.

Search

When users of Opera’s PC and mobile browsers use the built-in combined address and search bar, and other browser features, to conduct web searches using search engines of partners such as Google and Yandex, Opera is entitled to a share of the partners’ advertising revenue if the users click on ads on the search results pages. The contractually agreed amount is recognized as revenue in the period qualified search occurs. Search revenue also includes any fixed fees received for customizations and integrations of search engines in the browsers, which are recognized linearly over the contractually agreed period during which Opera must maintain those customizations and integrations.

Technology licensing and other revenue

Technology licensing and other revenue include income from the sale of software and licenses to GameMaker Studio, a platform for developing games. Revenue from these transactions is recognized on completion of the performance obligation, which is typically on delivery of the software and licenses, at which time control has passed to the buyer.

Technology licensing and other revenue also include income from the provision of engineering services, such as integrations of customers’ products and services with Opera’s browsers. Revenue from distinct engineering services is recognized over the development period in line with the degree of completion.

Disaggregation of Revenue

The table below specifies the amount of revenue by type of service (in thousands):

	Year ended December 31,
	2021		2022		2023
Advertising	$	123,910	$	187,434	$	230,980
Search		121,961		140,162		162,168
Technology licensing and other revenue		5,119		3,441		3,679
Total revenue	$	250,991	$	331,037	$	396,827

The table below presents the revenue by customer location (in thousands):

	Year ended December 31,
	2021		2022		2023
United States	$	144,570	$	172,288	$	203,056
Singapore		24,440		28,876		41,181
Russia		16,156		20,288		34,976
Other locations		65,824		109,584		117,614
Total revenue	$	250,991	$	331,037	$	396,827

Revenue by country is based on where the customer has its primary geographical presence, which usually is where its parent company is incorporated, but which is not necessarily an indication of where revenue-generating activities occur because the end-users of Opera's products are located worldwide.

Opera has two customer groups that each has exceeded 10% of Opera's revenue in one or more of the periods presented (in thousands):

	Year ended December 31,
	2021		2022		2023
Customer group 1	$	128,650	$	148,481	$	168,428
Customer group 2	$	18,494	$	29,418	$	34,976

Revenues from customer groups 1 and 2 include both search and advertising services.

Unsatisfied Performance Obligations

The following table shows unsatisfied performance obligations resulting from fixed-price long-term contracts:

	As of December 31,
	2022		2023
Aggregate amount of transaction prices allocated to unsatisfied long-term contracts	$	-	$	21,613

Management expects that $8.8 million of the transaction prices allocated to unsatisfied performance obligations as of December 31, 2023 will be recognized as revenue during 2024, and the remaining $12.8 million will be recognized over the 2025-2026 period.

Deferred Revenue

Deferred revenue represents short-term advances from customers for search and advertising services related to performance obligations due to be fully satisfied during the next reporting period.

Note 17 - Related Parties - Outstanding Balances and Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Jan. 12, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

- Sale of marketable securities (Note 16)

$ 59,000

- Repurchase of shares (Note 16)

$ 32,695

$ 146,068

$ 749

35,187

58,821

483

4,125

Star X [member]

- Interest income on receivable from sale of Star X (Note 13)

1,556

1,285

Beijing OFY [member]

Sales of goods and services

256

1,069

Kunlun Tech Limited [member]

Sales of goods and services

926

1,055

Purchases of goods and services

1,361

5,737

2,207

^[1]

34,098

57,700

nHorizon Infinite [member]

^[1]

372

3,516

Sales of goods and services

543

456

Purchases of goods and services

2,448

1,777

^[2]

OPay Digital Services Limited [member]

^[2]

483

589

Wisdom Connection III Holding [member]

111

126

500

Keeneyes Future Holding Inc. [member]

- Sale of marketable securities (Note 16)

7,800

Kunlun Tech [member]

- Sale of marketable securities (Note 16)

51,208

- Share-based payment expense (Note 4)

6,450

1,865

- Sale of shares in Star X (Note 13)

83,468

- Interest income on receivable from sale of Star X (Note 13)

1,285

Kunlun Tech [member] | Star X [member]

- Interest income on receivable from sale of Star X (Note 13)

1,556

Qifei International Development Co, Ltd [member]

- Repurchase of shares (Note 16)

$ 0

$ 128,563

$ 0

[1]	Of the total amount of receivables due from Kunlun, the receivable from the sale of Star X amounted to $56.4 million and $32.8 million as of December 31, 2022 and 2023, respectively.
[2]	nHorizon Infinite ceased to be a related party from mid-2023.

Note 10 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Disclosure of intangible assets [text block]

Note 10.

Goodwill and Intangible Assets

Accounting Policies

Intangible assets, which include certain crypto assets held by Opera, are measured on initial recognition at cost. Government grants that relate to the development of technology are deducted in arriving at the carrying amount of the asset when there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and impairment losses.

Intangible assets with finite useful lives are amortized on a straight-line basis over their useful lives and assessed for impairment whenever there is an indication that the intangible assets may be impaired. The amortization period and the amortization method for intangible assets with finite useful lives are reviewed at least at the end of each reporting period.

Goodwill is initially recognized as the excess of the aggregate of the consideration transferred when acquiring a business, the amount recognized for any non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill and other intangible assets that have indefinite useful lives are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. In the impairment test, goodwill is allocated to the cash-generating units or groups of cash-generating units that were expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Value in use is calculated as the present value of estimated future cash flows, which are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. Intangible assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Reconciliation of the Carrying Amount of Goodwill and Intangible Assets

	Goodwill			Trademarks		Customer relationships		Technology			Other intangible assets			Total
Cost:
As of January 1, 2022	$	433,459		$	70,600	$	40,732	$	35,279		$	4,077		$	584,147
Additions ⁽¹⁾		-			-		-		6,789			5			6,794
Disposals		-			-		-		(5,211	)		-			(5,211	)
Effect of movements in exchange rates		(933	)		-		-		(275	)		(52	)		(1,260	)
As of December 31, 2022		432,526			70,600		40,732		36,582			4,031			584,470
Transfers and additions ⁽¹⁾		-							4,281			2,012			6,293
Disposals		-							-			(1	)		(1	)
Effect of movements in exchange rates		411							(10	)		(1	)		400
As of December 31, 2023		432,937			70,600		40,732		40,852			6,041			591,162

Amortization and impairment:
As of January 1, 2022		3,081			-		15,362		28,807			2,893			50,142
Amortization		-			-		2,580		4,014			25			6,618
Impairment		-			-		-		2,220			974			3,194
Disposals		-			-		-		(5,211	)		-			(5,211	)
Effect of movements in exchange rates		-			-		-		224			74			298
As of December 31, 2022		3,081			-		17,942		30,054			3,965			55,042
Amortization		-			-		2,580		3,908			17			6,505
Impairment		-			-		-		681			-			681
Disposals		-			-		-		-			(1	)		(1	)
Effect of movements in exchange rates		-			-		-		8			1			9
As of December 31, 2023		3,081			-		20,522		34,652			3,982			62,237

Net book value as of December 31, 2022		429,445			70,600		22,790		6,528			66			529,428
Net book value as of December 31, 2023	$	429,856		$	70,600	$	20,210	$	6,200		$	2,059		$	528,926

(1)	Additions to technology assets represent capitalized development expenditure net of grants received from the Norwegian government.

Amortization is calculated on a straight-line basis over the estimated useful lives of intangible assets with a limited useful life, as follows:

●	Customer relationships:	Up to 15 years
●	Technology:	Up to 5 years
●	Other intangible assets:	Up to 5 years

Other intangible assets include holdings of CELO and other crypto assets with a total carrying amount of $2.0 million as of December 31, 2023. These assets have indefinite useful lives. In the statement of financial position as of December 31, 2022, crypto assets with an aggregate carrying amount of $1.5 million were presented as part of other current receivables.

Impairment Losses on Goodwill and Other Intangible Assets

In 2023, Opera recognized an impairment charge of $0.7 million on a non-strategic asset. In 2022, Opera recognized an impairment charge of $2.2 million on another non-strategic intangible asset that subsequently was sold to Kunlun, a related party. The fair value of the consideration for the asset was the same as the asset’s carrying amount subsequent to the impairment charge.

As of year-end 2022, Opera determined that the recoverable amount of a license related to the former European fintech initiative was $0, which led to the recognition of an impairment loss of $1.0 million. In 2021, Opera recognized an impairment loss of $0.9 million on the same asset.

In 2021, Opera recognized an impairment of goodwill of $3.1 million, which was the carrying amount of goodwill recognized in the acquisition of PocoSys in 2020. At the same time, Opera recognized an impairment loss of $1.6 million for technology-related intangible assets used as part of a service that was discontinued.

Impairment Test for Goodwill and Other Intangible Assets

The carrying amount of goodwill as of December 31, 2023, comprised goodwill recognized in 2016 in the acquisition of Opera Norway AS of $421.6 million, and $8.3 million recognized in the acquisition of YoYo Games Limited in 2021. For impairment testing purposes, the group of cash-generating units also included the Opera brand, a trademark with indefinite useful life, which has a carrying amount of $70.6 million.

Opera performed the annual impairment test in the fourth quarter of 2023. The recoverable amount was measured as the value in use by estimating the present value of the future cash flows from the cash-generating units. The projected cash flows were based on the most up-to-date forecast that had been approved by management and did not include cash flows arising from future enhancements of assets that have not been committed to and have not substantively commenced. The approved forecast is for 2024 only as management does not approve forecasts for a longer period. Because the length of the projection period for the cash flow forecast is into perpetuity, management identified a “steady state” set of assumptions for the cash flows based an approach where management estimated cash flows for the years 2025 and 2026 and then used the estimated cash flows in 2026 as the basis for the terminal value. This two-stage approach was aimed to take cash flows to a level at which they can be regarded as reflecting maintainable earnings and to the period in a mid-point of the cycle – i.e., not at peak or trough of the cycle. Beyond 2026, the cash flows were extrapolated using constant nominal growth rates.

The value-in-use calculation demonstrated that the recoverable amount exceeded the carrying amount of the cash-generating units, meaning the goodwill and the trademark were not impaired. The sections below outline the key assumptions in the value-in-use calculation, including their sensitivities.

Cash Flows in Projected Period

Cash inflows are expected to grow at an annualized rate of 15.3% over the projected period (2022: 16.1%), before reaching its long-term stable level. The cash inflows are forecasted for each product and country where there are sufficient and reliable data on which to base the projections. Forecasted cash outflows are partly based on actual costs in 2023 and a bottom-up assessment for the relevant operating unit. Operating expenditures are expected to grow in U.S. dollar terms but decline relative to revenue due to economies of scale.

Long-term Growth

Long-term GDP growth rates in the relevant regions were estimated as the basis for the long-term growth rate in the terminal value. Both the labor force and productivity were assumed to be stable, which resulted in zero real GDP growth. The International Monetary Fund's inflation estimates for 2028, broken down across regions, were used as the basis for estimating long-term inflation. As a result, the long-term nominal growth rate was estimated to be 2.8% (2022: 3.0%).

Discount Rate

The estimated weighted average cost of capital (WACC) was used to discount the projected cash flows, as converted to U.S. dollars. Based on the inputs listed below, the post-tax WACC was calculated to be 14.0% (2022: 12.8%). The derived pre-tax WACC was calculated to be 16.1% (2022: 14.6%).

	●	Risk free rate: 3.9% (2022: 3.9%)
	●	Market risk premium: 4.6% (2022: 4.6%)
	●	Equity beta: 0.9 (2022: 0.9)
	●	Country risk premium: 3.3% (2022: 1.9%)
	●	Size premium: 2.6% (2022: 2.9%)
	●	Equity to assets ratio: 100% (2022: 100%)

Sensitivity Analysis

Because Opera is in a growth period, management considered changes of +/-5 percentage points for the revenue growth rate and +/-1 percentage point for the long-term growth and post-tax WACC to be reasonably possible changes. None of these reasonably possible changes would result in an impairment loss. Listed below are the thresholds at which Opera would recognize an impairment loss.

	●	Decrease in annualized growth for cash inflows in the projected period of 19.5 percentage points, resulting an annualized decline of 4.2%.
	●	Decrease in the long-term growth rate of 12.3 percentage points, which would entail negative long-term growth rate of 9.5%.
	●	Increase of discount rate by more than 8.1 percentage points.

Note 17 - Related Parties

12 Months Ended

Dec. 31, 2023

Disclosure of related party [text block]

Note 17.

Related Parties

Set out in the table below are the related parties with which Opera had transactions in the periods included in these consolidated financial statements.

Related parties		Nature of related party relationship
Beijing OFY Co., Ltd.		Key management personnel.
Keeneyes Future Holding Inc.		Entity controlled by Opera’s chairman and chief executive officer.
Kunlun Tech Co., Ltd., and its subsidiaries ("Kunlun")		Key management personnel and the ultimate parent of Opera.
nHorizon Innovation (Beijing) Software Ltd. and nHorizon Infinite (Beijing) Software Ltd.		Joint ventures of Opera until mid-2023, after which nHorizon Innovation is classified as an associate.
OPay Ltd., and its subsidiaries ("OPay")		Key management personnel and an associate of Opera until mid-2021.
Qifei International Development Co., Ltd.		Entity with significant influence over Opera.
Star Group Interactive Inc. ("Star X")		Subsidiary of Kunlun and associate of Opera until April 2022.
Wisdom Connection III Holding Inc.		Entity controlled by former director of Opera and member of key management personnel of Opera's parent.

At the time of the transactions disclosed in this note, Opera’s chairman and chief executive officer had control or significant influence over Beijing OFY, Keeneyes Future Holding, Kunlun, OPay, and Star X.

Transactions with Related Parties

On January 12, 2023, Opera entered into a share transfer agreement with Kunlun Tech Limited, a subsidiary of Kunlun, and Keeneyes Future Holding Inc., each a shareholder in Opera, for the sale of marketable securities, which Opera held as part of its investment program discussed in Note 16. The investment program was subsequently terminated. The share transfer agreement granted Opera the right and obligation to sell a variable number of marketable securities on January 31, 2023, to be determined by Opera but subject to an upper limit, for a fixed price per security sold determined as the daily average closing price over the 15 trading days preceding the agreement. As such, Kunlun Tech Limited and Keeneyes Future Holding Inc. were exposed to both upside and downside market price risk as of the date of the agreement. The transaction closed with a sufficient number of securities sold to offset the dividends payable to Kunlun Tech Limited and Keeneyes Future Holding Inc., equal to a total consideration of $59.0 million determined based on the agreed price per security. At the date of closing, the market value of the shares based on their then-quoted price per share was $74.0 million. Consequently, during the month of January 2023 Opera recognized $15.5 million of fair value gain and a partially offsetting loss on disposal of $15.0 million. The net gain of $0.5 million on the shares sold was recognized as part of the net gain (loss) on the investment portfolio, specified in Note 16.

On April 21, 2022, Opera sold its 19.4% ownership interest in Star X to Kunlun for a fixed consideration of $83.5 million in cash. An initial $28.4 million installment was received in 2022. In mid-2023, as Opera declared the first semi-annual dividend of $0.40 per ADS under the recurring cash dividend program adopted at the same time, the dividend payable on the ordinary shares held by Kunlun, totaling $25.1 million, was offset against Opera’s Star X receivable. Similarly, of the dividend declared in December 2023, an equal amount was offset against the receivable when the dividend was paid in January 2024. Future dividend payments on Kunlun’s ordinary shares in Opera will also be offset until the Star X receivable is fully settled. See Notes 12 and 16 for additional information about the receivable and dividend program, respectively.

Opera entered into a strategic cooperation agreement with nHorizon Infinite under which nHorizon Infinite sources advertising inventory from supply-side platforms and publishers for Opera to sell to its customers. nHorizon Infinite is entitled to 30% of the net revenue Opera generates from the sale of the inventory. At the time the agreement was entered into, nHorizon Infinite was classified as a joint venture, but subsequently the arrangement establishing joint control was terminated.

Opera acquired services from Kunlun, including a lease of office property in Beijing, China, and engineering services. Certain costs that Opera incurred due to being a subsidiary of Kunlun were reimbursed by Kunlun to Opera. Similarly, Opera incurred certain costs related to personnel who were engaged by Star X, which were reimbursed by Star X to Opera. Furthermore, at the end of 2022, Opera sold certain software to Kunlun in exchange for Opera being entitled to 1% of net profits generated from the software, if any, limited to $5.0 million. The software did not generate any profits in 2023.

In 2022 and 2023, Kunlun granted equity awards involving equity instruments of Kunlun to employees of Opera as compensation for services these employees provide to Opera. Opera does not have any obligation to settle the share-based payment transaction. Opera accounts for the fair value of the grants as a personnel expense over the vesting period with a corresponding increase in equity, effectively an equity contribution from the ultimate parent of Opera. See Note 4 for additional details on Kunlun's share incentive plan.

The table below summarizes transactions with related parties (in thousands):

	Year ended December 31,
	2021		2022		2023
Sales of goods and services:
Beijing OFY	$	1,069	$	256	$	-
Kunlun		-		1,055		926
nHorizon Infinite		456		543		42
Purchases of goods and services:
Kunlun		2,207		5,737		1,361
nHorizon Infinite		-		1,777		2,448
Other transactions:
Keeneyes Future Holding:
- Sale of marketable securities (Note 16)		-		-		7,800
Kunlun:
- Share-based payment expense (Note 4)		-		1,865		6,450
- Sale of shares in Star X (Note 13)		-		83,468		-
- Interest income on receivable from sale of Star X (Note 13)		-		1,285		1,556
- Sale of marketable securities (Note 16)		-		-		51,208
Qifei International Development Co. Ltd.:
- Repurchase of shares (Note 16)	$	-	$	128,563	$	-

See Note 4 for details on compensation for key management personnel of Opera.

Balances with Related Parties

Outstanding balances with related parties include trade receivables and payables related to the transactions disclosed above. Outstanding balances also include a receivable due from OPay for development and key management personnel services provided in 2020, and a receivable due from Wisdom Connection III Holding Inc. from a sale of shares in OPay in 2019. The table below specifies outstanding balances as of year-end (in thousands):

	As of December 31, 2022				As of December 31, 2023
	Receivables		Payables		Receivables		Payables
Kunlun ⁽¹⁾	$	57,700	$	3,516	$	34,098	$	372
nHorizon Infinite ⁽²⁾		32		483		-		-
OPay		589		126		589		111
Wisdom Connection III Holding		500		-		500		-
Total	$	58,821	$	4,125	$	35,187	$	483

(1)	Of the total amount of receivables due from Kunlun, the receivable from the sale of Star X amounted to $56.4 million and $32.8 million as of December 31, 2022 and 2023, respectively.
(2)	nHorizon Infinite ceased to be a related party from mid-2023.

As of December 31, 2023, Opera had recognized loss provisions for receivables due from related parties of $0.3 million ( December 31, 2022: $0.1 million).

Note 7 - Income Tax - Reconciliation of Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Income (loss) before income taxes from continuing operations	$ 159,997	$ 23,870	$ (43,106)
Tax benefit (expense) at nominal tax rate in Norway	(35,199)	(5,251)	9,483
Effect of different tax rates applied by subsidiaries	25,455	1,408	(7,958)
Tax effect of translation differences exempted for tax	1,171	(320)	358
Tax effect of financial items exempted from tax	665	480	(193)
Withholding taxes (paid) credited	270	299	(324)
Net other permanent differences (not) tax deductible	(3,384)	(3,585)	(1,990)
Change in income tax losses carried forward	2,851	(462)	(227)
Change in share-based remuneration	2,598	0	0
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods	(458)	141	852
Change in withholding taxes and restricted interest deduction carried forward	(601)	(1,564)	147
Change in tax rate	(64)	21	(190)
Income tax expense for the year	$ (6,697)	$ (8,835)	$ (43)
Effective tax rate	(4.20%)	(37.00%)	0.10%

Note 11 - Investments in Unconsolidated Entities (Details Textual) $ in Thousands		1 Months Ended		12 Months Ended
	Apr. 21, 2022 USD ($)	Apr. 30, 2022	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Statement Line Items [Line Items]
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity				$ 89,838	$ 1,500	$ 116,561
Weighted average cost of capital, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets				0.14	0.128
OPay Digital Services Limited [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate				9.40%	6.40%
Shares in associate sold, value						50,000
Probability-weighted present value				$ 3,000,000	$ 1,900,000
Shares valuation, net reduction of value, percent				6.00%
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity				$ 89,838	$ 1,500	88,093
OPay Digital Services Limited [member] \| Weighted average cost of capital, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets				0.189	0.189
OPay Digital Services Limited [member] \| Discount rate, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets				10	10
OPay Digital Services Limited [member] \| Long term stable growth rate [member]
Statement Line Items [Line Items]
Significant unobservable input, assets				0.07
OPay Digital Services Limited [member] \| Minimum [Member]
Statement Line Items [Line Items]
Estimated Future Equity Values				$ 200,000
Estimated Future Equity Values, Number of Years				1
Estimated Present Equity Values				$ 100,000
OPay Digital Services Limited [member] \| Maximum [Member]
Statement Line Items [Line Items]
Estimated Future Equity Values				$ 8,000,000
Estimated Future Equity Values, Number of Years				3
Estimated Present Equity Values				$ 4,800,000
nHorizon [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate				29.10%
AB Fjord Bank [member]
Statement Line Items [Line Items]
Shares in associate purchased (in shares) \| shares				3,252,300
Investments in associates accounted for using equity method, ownership percentage				4.90%
Investments in associates accounted for using equity method				$ 900
Nanobank [member] \| Disposal groups classified as held for sale [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate			42.40%
Disposal group held for sale, consideration to be received			$ 127,100
Disposal group held for sale, consideration to be received, number of quarterly installments			8
Disposal group held for sale, consideration to be received, term (Year)			2 years
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation						115,500
Star X [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate	19.40%	19.40%
Disposal group held for sale, consideration to be received	$ 83,500					83,500
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity				$ 0	$ 0	$ 28,468
Star X [member] \| Discount rate, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets				6.1	5.7

Note 13 - Lease Liabilities and Other Loans - Changes in Liabilities Arising from Financing Activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

$ 7,836

$ 13,508

(4,068)

(4,216)

(7,483)

6,225

5,887

356

242

196

(103)

^[1]

Non-current lease liabilities [member]

10,545

7,836

4,723

1,925

(1,647)

(353)

3,310

3,075

243

154

146

(78)

^[1]

Non-current interest bearing loans [member]

6,776

4,723

155

(9)

^[1]

(146)

Current lease liabilities [member]

2,840

3,449

(2,260)

(3,484)

2,915

2,812

113

(24)

^[1]

Current interest bearing loans [member]

3,659

2,840

146

7,784

(146)

(301)

(7,483)

^[1]

146

Other current loans [member]

146

126

194

(15)

(68)

^[1]

$ 111

$ 126

[1]	"Other changes" includes the effect of reclassification of the non-current portion of liabilities to current due to the passage of time and the effect of accrued but not yet paid interest on interest-bearing loans and borrowings, including lease liabilities.

Note 6 - Finance Income and Finance Expenses

12 Months Ended

Dec. 31, 2023

Disclosure of finance income (cost) [text block]

Note 6.

Finance Income and Finance Expenses

The table below specifies the nature of finance income and finance expenses, including foreign exchange gains and losses (in thousands):

	Year ended December 31,
	2021			2022			2023
Finance income:
Interest income on receivables from sales of investments (Note 12)	$	-		$	3,675		$	1,556
Other interest income		35			1,675			2,989
Gain on settlement of receivable from sale of investment (Note 11)		-			-			1,084
Net gain on investment portfolio (Note 16)		-			15,946			3,243
Other finance income		88			157			5
Total finance income		123			21,454			8,876
Finance expenses:
Interest expense		(316	)		(282	)		(369	)
Net loss on investment portfolio (Note 16)		(4,944	)		-			-
Fair value loss on receivable from sale of investment (Note 12)		-			(37,923	)		-
Other finance costs		(1,652	)		(1,524	)		(276	)
Total finance expenses		(6,912	)		(39,729	)		(644	)
Foreign exchange gain (loss):
Unrealized foreign exchange gain (loss)		(494	)		(1,512	)		(1,901	)
Realized foreign exchange gain (loss)		(1,320	)		355			938
Total foreign exchange gain (loss)		(1,814	)		(1,157	)		(963	)
Net finance income (expense)	$	(8,603	)	$	(19,432	)	$	7,269

Note 3 - Revenue Information - Disclosure of Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Aggregate amount of transaction prices allocated to unsatisfied long-term contracts	$ 21,613	$ 0

Note 7 - Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Temporary difference, property, equipment and intangible assets [member]

$ 1,679

$ 5,878

$ 4,209

Deferred tax assets

1,133

1,473

Deferred tax liabilities

2,813

7,352

Temporary difference, share-based remuneration [member]

20,016

20,466

Temporary difference, trade receivables [member]

(4,094)

Temporary difference, intercompany interest costs subject to limitations [member]

(367)

(300)

Temporary difference, withholding tax expected to be credited [member]

^[1]

(7,648)

(8,066)

Allowance for credit losses [member]

(34)

(216)

Other temporary differences [member]

(5,247)

(5,399)

$ (947)

$ (606)

[1]	Interest costs incurred on intra-group loans subject to interest limitation rules.

Note 11 - Investments in Unconsolidated Entities - Gains, Losses and Carrying Amounts of Investments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Impairment of equity-accounted investee

$ 0

$ (6)

$ (29,376)

^[1]

(115,477)

Realized net gain (loss)

89,838

1,500

116,561

Net gain (loss) from investments in unconsolidated entities

$ 89,838

1,494

(28,292)

nHorizon [member]

Ownership interest

29.10%

Carrying amount

$ 0

Nanobank [member]

Impairment of equity-accounted investee

(28,700)

(115,477)

OPay Digital Services Limited [member]

Fair value of shares acquired

(218)

Realized net gain (loss)

$ 89,838

1,500

88,093

Ownership interest

9.40%

Carrying amount

$ 253,300

86,100

Carrying amount, balance

86,100

84,600

77,362

Change in fair value of preferred shares

67,018

1,100

Change in fair value of ordinary shares

22,820

400

Carrying amount, balance

$ 253,300

86,100

84,600

AB Fjord Bank [member]

Ownership interest

4.90%

Carrying amount

$ 897

897

nHorizon [member]

(6)

(458)

Star X [member]

Realized net gain (loss)

$ 0

$ 28,468

[1]	For the year ended December 31, 2021, the share of net income (loss) of equity-accounted investees and the amount of impairment of equity-accounted investees have been adjusted, as disclosed in Note 1a.

Note 16 - Capital and Financial Risk Management (Details Textual) - USD ($)					1 Months Ended	12 Months Ended			22 Months Ended	48 Months Ended	72 Months Ended
	Dec. 12, 2023	Jun. 13, 2023	Jan. 12, 2023	Oct. 17, 2022	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023	Dec. 31, 2021	Dec. 31, 2023	Jun. 30, 2023	Apr. 21, 2022	Jan. 20, 2022
Statement Line Items [Line Items]
Dividend payables		$ 36,000,000	$ 71,400,000
Dividends recognised as distributions to owners			12,400,000			$ 107,222,000
Payments to acquire or redeem entity's shares						32,695,000	$ 146,068,000	$ 749,000
Capital reserved for investments in listed equity securities						70,000,000					$ 70,000,000
Net fair value gain (loss) related to listed equity instruments						3,243,000	15,946,000	0			$ 34,200,000
Repayments of non-current borrowings						$ 0.1
Investment, interest rate						8.00%					8.00%
Qifei International Development Co, Ltd [member]
Statement Line Items [Line Items]
Payments to acquire or redeem entity's shares						$ 0	128,563,000	0
Kunlun Tech Limited and Keeneyes Future Holding Inc. [member]
Statement Line Items [Line Items]
Dividend payables			$ 59,000,000
Dividends recognised as distributions to owners		$ 25,100,000
Net fair value gain (loss) related to listed equity instruments					$ 500,000	$ 3,243,000	$ 15,946,000	$ (4,944,000)
Star X [member]
Statement Line Items [Line Items]
Dividend payables												$ 25,100,000
Disposal group, deferred payments, interest rate													3.50%
ADS [member]
Statement Line Items [Line Items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in dollars per share)	$ 0.4	$ 0.4	$ 0.8
Share repurchase program, maximum authorized amount														$ 50,000,000
Number of shares repurchased during period (in shares)									6,119,841	7,476,455	36,971,296
Payments to acquire or redeem entity's shares									$ 50,000,000	$ 60,500,000	$ 239,000,000
ADS [member] \| Qifei International Development Co, Ltd [member]
Statement Line Items [Line Items]
Number of shares repurchased during period (in shares)				23,375,000
Payments to acquire or redeem entity's shares				$ 128,600,000
Ordinary shares [member]
Statement Line Items [Line Items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in dollars per share)			$ 0.4
Ordinary shares [member] \| Qifei International Development Co, Ltd [member]
Statement Line Items [Line Items]
Number of shares repurchased during period (in shares)				46,750,000

Note 15 - Financial Assets and Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [text block]

	As of December 31,
	2022		2023
Financial assets at amortized cost:
Receivables from sale of investments (Note 12)	$	56,374	$	32,797
Trade receivables (Note 12)		57,923		69,382
Other receivables (Note 12) ⁽¹⁾		18,993		9,911
Total financial assets at amortized cost		133,290		112,090
Financial assets at fair value through profit or loss:
Receivables from sale of investments (Note 12)		76,278		-
Unlisted preferred and ordinary shares (Note 11) ⁽²⁾		86,997		254,197
Listed equity securities (Note 16) ⁽³⁾		66,250		-
Total financial assets at fair value through profit or loss		229,525		254,197
Total financial assets		362,815		366,288
Financial liabilities at amortized cost:
Lease liabilities and other loans (Note 13)		7,835		10,545
Trade and other payables (Note 14)		46,937		52,247
Other financial liabilities (Note 13)		12,220		13,379
Total financial liabilities at amortized cost		66,992		76,171
Total financial liabilities	$	66,992	$	76,171

Note 4 - Personnel Expenses, Including Share-based Remuneration - Personnel Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Salaries, including bonuses	$ 41,890	$ 43,235	$ 43,440
Social security contribution, excluding amounts related to share-based remuneration	5,825	5,222	5,371
External temporary hires	11,796	10,318	8,617
Defined contribution pension expense	3,814	4,752	4,477
Other personnel-related expenses	2,476	1,758	2,080
Total personnel expenses, excluding share-based remuneration	65,801	65,285	63,984
Share-based remuneration, including related social security contribution	16,950	9,304	10,466
Total personnel expenses, including share-based remuneration	$ 82,750	$ 74,588	$ 74,450

Note 6 - Finance Income and Finance Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about finance income (cost) [text block]

	Year ended December 31,
	2021			2022			2023
Finance income:
Interest income on receivables from sales of investments (Note 12)	$	-		$	3,675		$	1,556
Other interest income		35			1,675			2,989
Gain on settlement of receivable from sale of investment (Note 11)		-			-			1,084
Net gain on investment portfolio (Note 16)		-			15,946			3,243
Other finance income		88			157			5
Total finance income		123			21,454			8,876
Finance expenses:
Interest expense		(316	)		(282	)		(369	)
Net loss on investment portfolio (Note 16)		(4,944	)		-			-
Fair value loss on receivable from sale of investment (Note 12)		-			(37,923	)		-
Other finance costs		(1,652	)		(1,524	)		(276	)
Total finance expenses		(6,912	)		(39,729	)		(644	)
Foreign exchange gain (loss):
Unrealized foreign exchange gain (loss)		(494	)		(1,512	)		(1,901	)
Realized foreign exchange gain (loss)		(1,320	)		355			938
Total foreign exchange gain (loss)		(1,814	)		(1,157	)		(963	)
Net finance income (expense)	$	(8,603	)	$	(19,432	)	$	7,269

Note 18 - Events After the Reporting Period

12 Months Ended

Dec. 31, 2023

Disclosure of events after reporting period [text block]

Note 18.

Events After the Reporting Period

In the beginning of 2024, the estimates for useful lives of servers and network equipment were changed from five to six years due to continuous improvements in hardware, software, and data center designs. Based on the carrying value of servers and network equipment as of December 31, 2023, the effect of this change in estimate is expected to be a reduction in depreciation expense of $0.3 million for the year ended December 31, 2024.

As a consequence of the dividend declared on December 12, 2023, and distributed on January 9, 2024, non-exercised RSU grants in Opera were adjusted with the dividend yield, resulting in an increase of 59,828 RSUs. Subsequent to February 29, 2024, an exercise period of Opera’s equity program took place from which 935,664 ADSs were transferred to employees of Opera.

In March 2024, Opera completed the acquisition of new AI data center infrastructure, an NVIDIA DGX SuperPod, with an acquisition cost of $18.6 million, paid in cash.

Note 15 - Financial Assets and Financial Liabilities

12 Months Ended

Dec. 31, 2023

Disclosure of fair value of financial instruments [text block]

Note 15.

Financial Assets and Financial Liabilities

The following table shows the carrying amounts of financial assets and financial liabilities (in thousands):

	As of December 31,
	2022		2023
Financial assets at amortized cost:
Receivables from sale of investments (Note 12)	$	56,374	$	32,797
Trade receivables (Note 12)		57,923		69,382
Other receivables (Note 12) ⁽¹⁾		18,993		9,911
Total financial assets at amortized cost		133,290		112,090
Financial assets at fair value through profit or loss:
Receivables from sale of investments (Note 12)		76,278		-
Unlisted preferred and ordinary shares (Note 11) ⁽²⁾		86,997		254,197
Listed equity securities (Note 16) ⁽³⁾		66,250		-
Total financial assets at fair value through profit or loss		229,525		254,197
Total financial assets		362,815		366,288
Financial liabilities at amortized cost:
Lease liabilities and other loans (Note 13)		7,835		10,545
Trade and other payables (Note 14)		46,937		52,247
Other financial liabilities (Note 13)		12,220		13,379
Total financial liabilities at amortized cost		66,992		76,171
Total financial liabilities	$	66,992	$	76,171

(1)	In the Statement of Financial Position, other non-current receivables are presented as part of other non-current investments and financial assets while other current receivables are presented separately.
(2)	As of December 31, 2023, Opera held investments in ordinary and preferred shares in OPay with a total carrying amount of $253.3 million and ordinary shares in Fjord Bank with a carrying amount of $0.9 million. As of December 31, 2022, these investments had a carrying amount of $86.1 million and $0.9 million, respectively. The shares in OPay are presented as a separate line item in the Statement of Financial Position as of December 31, 2023, while as of year-end 2022, the investment in OPay was classified as held for sale. The shares in Fjord Bank are presented as part of other non-current investments and financial assets. See Note 11 for more information.
(3)	Investments in listed equity securities were presented as marketable securities in the Statement of Financial Position.

Note 16 provides details on the management of risks related to the financial assets and financial liabilities.

Fair Values of Financial Assets and Financial Liabilities

The fair values of cash and cash equivalents, trade and other receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the relatively short-term maturities of these instruments. For lease liabilities the differences between the carrying amounts and fair values are not material.

Fair values of listed equity securities were determined by reference to published price quotations in active markets. As such, the fair value measurement of marketable securities was classified as a level 1 measurement in the fair value hierarchy.

Note 11 provides details on the fair value measurement of ordinary and preferred shares in OPay and ordinary shares in Fjord Bank, while Note 12 provides details on the fair value measurement of the receivable from the sales of shares in Star X.

Note 10 - Goodwill and Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2016 USD ($)
Statement Line Items [Line Items]
Total intangible assets other than goodwill	$ 99,070	$ 99,983
Cash generating unit, nominal growth rate	2.80%	3.00%
Risk-free rate, significant unobservable inputs, assets	3.90%	3.90%
Market risk premium rate, ignificant unobservable inputs, assets	4.60%	4.60%
Estimated beta for equity	0.9	0.9
Equity to total capital, percent	100.00%	100.00%
Sensitivity analysis, reasonably possible increase (decrease) in revenue	19.50%
Sensitivity Analysis, Annualized Decline in Growth for Cash Inflows	4.20%
Sensitivity analysis, reasonably possible increase (decrease) in operating expenditure	12.30%
Sensitivity Analysis, Negative Long Term Growth Rate	9.50%
Sensitivity analysis, reasonably possible increase (decrease) in WACC	8.10%
Weighted average cost of capital, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	0.14	0.128
Weighted average cost of capital pre-tax, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	0.161	0.146
Country risk premium, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	3.3	1.9
Size premium, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets	2.6	2.9
Browser and News [member]
Statement Line Items [Line Items]
Cash flows, annualized growth rate	15.30%	16.10%
Browser and News [member] \| Trademark [member]
Statement Line Items [Line Items]
Intangible assets with indefinite useful life			$ 70,600
Pocosys [member]
Statement Line Items [Line Items]
Adjustments for impairment loss recognised in profit or loss, goodwill			3,100
Opera Norway AS [member]
Statement Line Items [Line Items]
Goodwill recognised as of acquisition date				$ 421,600
YoYo Games Limited [member]
Statement Line Items [Line Items]
Goodwill recognised as of acquisition date			8,300
CELO and Other Crypto Assets [Member]
Statement Line Items [Line Items]
Other intangible assets	$ 2,000	$ 1,500
Intangible assets under development [member]
Statement Line Items [Line Items]
Impairment loss recognised in profit or loss, intangible assets other than goodwill	$ 700	2,200
Licences [member]
Statement Line Items [Line Items]
Impairment loss recognised in profit or loss, intangible assets other than goodwill		1,000	900
Total intangible assets other than goodwill		$ 0
Technology-based intangible assets [member]
Statement Line Items [Line Items]
Impairment loss recognised in profit or loss, intangible assets other than goodwill			$ 1,600

Note 7 - Income Tax

12 Months Ended

Dec. 31, 2023

Disclosure of income tax [text block]

Note 7.

Income Tax

Accounting Policies

The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where Opera operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. Opera measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The amount of deferred tax provided is based on the expected manner of realization or settlement of the underlying items, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is only recognized to the extent that it is probable that future taxable profits will allow the deferred tax asset to be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously.

Tax deductions from equity awards granted to employees are based on the fair values of the shares at the time of exercise. For equity awards scheduled to vest in future periods, the amount of estimated future tax deduction is based on Opera’s share price at the end of the reporting period. Where the amount of tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense, the current or deferred tax associated with the excess is recognized directly in equity.

Income Tax Expense, Tax Payable, and Deferred Tax Assets and Liabilities

The table below specifies the income tax expense (in thousands):

	Year ended December 31,
	2021			2022			2023
Current income taxes	$	(4,109	)	$	(7,434	)	$	(6,769	)
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods ⁽¹⁾		852			141			(458	)
Deferred taxes		3,452			(1,542	)		531
Income tax benefit (expense)	$	194		$	(8,835	)	$	(6,697	)
Income tax benefit (expense) attributable to:
Continuing operations	$	(43	)	$	(8,835	)	$	(6,697	)
Discontinued operations	$	237		$	-		$	-

(1)	Currency effect on income tax (expense) benefit due to corporate income tax filings being in Norwegian kroner for Norwegian subsidiaries with the U.S. dollar as their functional currency.

Opera Limited, the Parent, is domiciled in the Cayman Islands, where the applicable tax rate is zero. With Opera being headquartered in Norway and with a large share of the Group’s income being recognized by Opera Norway AS, a subsidiary domiciled in Norway, the reconciliation below between the income tax benefit (expense) and the accounting profit is based on the tax rate applicable in Norway, which was 22% in 2023 and in the comparative periods. The tax rate in Norway will remain 22% in 2024.

	Year ended December 31,
	2021			2022			2023
Income (loss) from continuing operations before income taxes	$	(43,106	)	$	23,870		$	159,997
Tax benefit (expense) at nominal tax rate in Norway		9,483			(5,251	)		(35,199	)
Effect of different tax rates applied by subsidiaries		(7,958	)		1,408			25,455
Permanent differences:
Tax effect of translation differences exempted for tax		358			(320	)		1,171
Tax effect of financial items exempted from tax		(193	)		480			665
Withholding taxes (paid) credited		(324	)		299			270
Net other permanent differences (not) tax deductible		(1,990	)		(3,585	)		(3,384	)
Other effects:
Change in income tax losses carried forward		(227	)		(462	)		2,851
Change in share-based remuneration		-			-			2,598
Currency effect on income tax (expense) benefit and adjustments recognized in the period for current tax of prior periods		852			141			(458	)
Change in withholding taxes and restricted interest deduction carried forward		147			(1,564	)		(601	)
Change in tax rate		(190	)		21			(64	)
Income tax expense for the year	$	(43	)	$	(8,835	)	$	(6,697	)
Effective tax rate		0.1	%		(37.0	)%		(4.2	)%

Deferred tax assets and liabilities are related to the following items (in thousands):

	As of December 31,
	2022			2023
Property, equipment, and intangible assets	$	20,466		$	20,016
Share-based remuneration		-			(4,094	)
Trade receivables		(300	)		(367	)
Intra-group interest costs subject to limitations ⁽¹⁾		(8,066	)		(7,648	)
Withholding tax expected to be credited (credit method)		(216	)		(34	)
Tax losses carried forward		(5,399	)		(5,247	)
Other		(606	)		(947	)
Net deferred tax liability	$	5,878		$	1,679
Recognized and classified as:
Deferred tax assets	$	1,473		$	1,133
Deferred tax liabilities	$	7,352		$	2,813

(1) Interest costs incurred on intra-group loans subject to interest limitation rules.

The deferred tax liability for property, equipment and intangible assets is mainly related to differences between the fair values and tax bases for such assets that were recognized in 2016 when Opera Norway AS was acquired.

Opera has recognized deferred tax assets related to intra-group interest costs that are carried forward due to limitations in Norway to the annual amount that can be deducted for tax purposes. Such intra-group interest cost can be carried forward for up to ten years. Opera has also recognized deferred tax assets for tax losses carried forward. Management has determined that there is convincing evidence that future taxable profits will be available to utilize the interest charges within the time restriction period.

The following table specifies the changes in the net deferred tax liability (in thousands):

	Year ended December 31,
	2022		2023
Net deferred tax liability as of January 1	$	4,209	$	5,878
Expense (benefit) in the Statement of Operations		1,542		(531	)
Deferred tax recognized in equity ⁽¹⁾		-		(3,674	)
Expense (benefit) in the Statement of Comprehensive Income		127		6
Net deferred tax liability as of December 31	$	5,878	$	1,679

(1)	When the amount of tax deduction from share-based remuneration exceeds the amount of the related cumulative remuneration expense, the current and deferred tax associated with the excess is recognized directly in equity.

Note 12 - Trade Receivables, Other Receivables, and Prepayments - Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Non-current receivables from sale of investments	$ 0	$ 76,305
Current receivables from sale of investments	32,797	56,347
Fair value gain (loss) (Note 7)	1,084	0	$ 0
Star X [member]
Statement Line Items [Line Items]
Interest income (Note 7)	1,556	1,285
Installment and dividend set-off	(25,133)	(28,379)
Non-current receivables from sale of investments	0	28,187
Current receivables from sale of investments	32,797	28,187
Star X [member] \| Carrying value [member]
Statement Line Items [Line Items]
Carrying amount as of January 1	56,374	0
Carrying amount as of December 31	32,797	56,374	0
Star X [member] \| At fair value [member]
Statement Line Items [Line Items]
Initial recognition at fair value	0	83,468
Nanobank [member]
Statement Line Items [Line Items]
Interest income (Note 7)	0	2,390
Installment and dividend set-off	(77,362)	(8,500)
Non-current receivables from sale of investments	0	48,118
Current receivables from sale of investments	0	28,160
Fair value gain (loss) (Note 7)	1,084	(37,923)
Nanobank [member] \| Carrying value [member]
Statement Line Items [Line Items]
Carrying amount as of January 1	76,278	0
Carrying amount as of December 31	0	76,278	$ 0
Nanobank [member] \| At fair value [member]
Statement Line Items [Line Items]
Initial recognition at fair value	$ 0	$ 120,311

Note 11 - Investments in Unconsolidated Entities - Equity Values, Timing and Probabilities (Details) - PWERM [member] $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financial forecast of cash inflows (outflows) from initial public offering [member]
Statement Line Items [Line Items]
Time to exit		1.5
Measurement input	0.72	0.30
Financial forecast of cash inflows (outflows) from initial public offering [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Equity value	$ 2,900	$ 2,100
Time to exit	1
Financial forecast of cash inflows (outflows) from initial public offering [member] \| Top of range [member]
Statement Line Items [Line Items]
Equity value	$ 8,000	$ 5,000
Time to exit	3
Financial forecast of cash inflows (outflows) from sales transactions, measurement input [member]
Statement Line Items [Line Items]
Measurement input	0.08	0.50
Financial forecast of cash inflows (outflows) from sales transactions, measurement input [member] \| Bottom of range [member]
Statement Line Items [Line Items]
Equity value	$ 3,500	$ 2,000
Time to exit	1	1
Financial forecast of cash inflows (outflows) from sales transactions, measurement input [member] \| Top of range [member]
Statement Line Items [Line Items]
Equity value	$ 7,500	$ 5,000
Time to exit	3	1.5
Financial forecast of cash inflows (outflows) from dissolution, measurement input [member]
Statement Line Items [Line Items]
Equity value	$ 234	$ 400
Time to exit	3	1.5
Measurement input	0.10	0.10
Financial forecast of cash inflows (outflows) from Redemption, measurement input [member]
Statement Line Items [Line Items]
Equity value	$ 1,000	$ 1,000
Time to exit	3	1.5
Measurement input	0.10	0.10

Note 12 - Trade Receivables, Other Receivables, and Prepayments - Trade Receivables, Prepayments and Other Receivables (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Allowance for expected credit losses

Trade receivables

$ 77,059

$ 61,985

(7,677)

(4,062)

Trade receivables net of loss allowance

69,382

57,923

Value added tax

5,781

1,472

Unsettled trades (1)

^[1]

12,993

Receivable due from Kunlun (Note 17) (2)

^[2]

1,300

Other (3)

^[3]

678

2,783

Total other current receivables

7,760

17,247

Prepaid corporate income taxes

649

421

Other prepaid expenses

4,010

3,511

Total prepayments

4,660

3,932

Third party receivables [member]

Other related parties [member]

Trade receivables

76,468

60,037

Trade receivables

$ 591

$ 1,947

[1]	Receivables from unsettled trades represented the amount due from brokers from the sale of listed equity securities under the former investment program described in Note 16.
[2]	Represents amount due from Kunlun for the recharge of certain corporate expenses.
[3]	In 2022, crypto assets with an aggregate carrying amount of $1.5 million were presented as part of other current receivables. In 2023, crypto assets are presented as other intangible assets, as specified in Note 10.

Note 3 - Revenue Information (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Transaction price allocated to remaining performance obligations	$ 21,613	$ 0
Recognized during 2024 [member]
Statement Line Items [Line Items]
Transaction price allocated to remaining performance obligations	8,800
Recognized over 2025-2026 [member]
Statement Line Items [Line Items]
Transaction price allocated to remaining performance obligations	$ 12,800

Note 10 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about intangible assets [text block]

	Goodwill			Trademarks		Customer relationships		Technology			Other intangible assets			Total
Cost:
As of January 1, 2022	$	433,459		$	70,600	$	40,732	$	35,279		$	4,077		$	584,147
Additions ⁽¹⁾		-			-		-		6,789			5			6,794
Disposals		-			-		-		(5,211	)		-			(5,211	)
Effect of movements in exchange rates		(933	)		-		-		(275	)		(52	)		(1,260	)
As of December 31, 2022		432,526			70,600		40,732		36,582			4,031			584,470
Transfers and additions ⁽¹⁾		-							4,281			2,012			6,293
Disposals		-							-			(1	)		(1	)
Effect of movements in exchange rates		411							(10	)		(1	)		400
As of December 31, 2023		432,937			70,600		40,732		40,852			6,041			591,162

Amortization and impairment:
As of January 1, 2022		3,081			-		15,362		28,807			2,893			50,142
Amortization		-			-		2,580		4,014			25			6,618
Impairment		-			-		-		2,220			974			3,194
Disposals		-			-		-		(5,211	)		-			(5,211	)
Effect of movements in exchange rates		-			-		-		224			74			298
As of December 31, 2022		3,081			-		17,942		30,054			3,965			55,042
Amortization		-			-		2,580		3,908			17			6,505
Impairment		-			-		-		681			-			681
Disposals		-			-		-		-			(1	)		(1	)
Effect of movements in exchange rates		-			-		-		8			1			9
As of December 31, 2023		3,081			-		20,522		34,652			3,982			62,237

Net book value as of December 31, 2022		429,445			70,600		22,790		6,528			66			529,428
Net book value as of December 31, 2023	$	429,856		$	70,600	$	20,210	$	6,200		$	2,059		$	528,926

Disclosure of intangible assets with indefinite and definite useful life [text block]

●	Customer relationships:	Up to 15 years
●	Technology:	Up to 5 years
●	Other intangible assets:	Up to 5 years

Note 13 - Lease Liabilities and Other Loans - Lease Amounts Included in Financial Statements (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Non-current lease liabilities

Right-of-use assets

$ 10,056

$ 7,464

6,776

4,723

Current lease liabilities

3,659

2,840

Total lease liabilities

10,434

7,564

Interest expense (included in finance expense)

356

242

Expense relating to short-term leases (included in other operating expenses)

1,254

2,609

Total lease-related expenses

(196)

103

5,441

6,431

Office properties [member]

Depreciation expense of right-of-use assets

Right-of-use assets

^[1]

6,343

6,307

1,664

2,047

Equipment 1 [member]

Depreciation expense of right-of-use assets

Right-of-use assets

3,713

1,157

$ 1,971

$ 1,636

[1]	Additions to and remeasurements of the right-of-use assets during the 2020 financial year were US$1.1 million.

Note 2 - Corporate Information and Group Structure

12 Months Ended

Dec. 31, 2023

Disclosure of general information about financial statements [text block]

Note 2.

Corporate Information and Group Structure

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across all devices. People use the Opera web browsers for their unique and secure features on their mobile phones and desktop computers. Opera generates revenue primarily when users of the web browsers make searches using the integrated search and address bar, and from advertising on Opera’s properties and properties of Opera network partners.

The chart below provides an overview of the corporate structure of the Group, including the places of incorporation of the Parent and its material subsidiaries.

https://cdn.kscope.io/5a9e5c09a479940ccbc512a61d63f84c-operagroupchart2023.jpg

Notes:
(1)	6% is held by additional Opera group entities.
(2)	20% held by nominee shareholders.

In addition to the subsidiaries outlined above, Opera has investments in unconsolidated companies. Details on these investments are provided in Note 11.

Opera Limited is the parent company of the Opera group. The Company, with its office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1- 1104, Cayman Islands, is an exempted company under the laws of the Cayman Islands. The address of the principal executive office is Vitaminveien 4, 0485 Oslo, Norway.

Opera Limited has American depositary shares (ADSs) listed on the Nasdaq Global Select Market, trading under the "OPRA" ticker symbol. Each ADS represents two ordinary shares in the Company. As of December 31, 2023, the total number of ordinary shares in the Company authorized for issue was 500,000,000, of which 175,036,568, equivalent to 87,518,284 ADSs, were outstanding. Each ordinary share has a par value of $0.0001. As of year-end 2023, Opera held 3,709,879 ADSs in treasury.

Effective from 2023, Opera’s chairman and chief executive officer, who has been identified as the chief operating decision maker, reviews operating results at the aggregate level of Opera as a whole. As a result, Opera has only one reportable segment.

Note 5 - Other Operating Expenses

12 Months Ended

Dec. 31, 2023

Disclosure of other operating expense [text block]

Note 5.

Other Operating Expenses

The table below specifies the nature of other operating expenses (in thousands):

	Year ended December 31,
	2021		2022		2023
Hosting	$	7,647	$	9,267	$	10,161
Audit, legal and other advisory services		6,579		6,857		8,669
Software license fees		1,782		2,149		3,357
Rent and other office expenses		3,152		3,743		2,700
Travel		542		1,496		1,848
Other expenses		3,101		3,502		4,106
Total other operating expenses	$	22,802	$	27,015	$	30,842

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Income (loss) before income taxes from continuing operations	$ 159,997	$ 23,870	$ (43,106)
Loss before income taxes from discontinued operations	0	0	(1,053)
Adjustments to reconcile income (loss) before income taxes to net cash flows:
Share-based payment expense	14,926	9,073	9,785
Adjustments for depreciation and amortisation expense	13,165	13,939	19,600
Impairment of non-financial assets	681	3,194	5,624
Share of net loss of equity-accounted investees	0	6	29,376
Impairment of equity-accounted investee	0	0	115,477
Fair value gain on investments	(89,838)	(1,500)	(116,561)
Net finance expense (income)	(7,269)	18,224	8,603
Other adjustments	(255)	(452)	(1,833)
Changes in working capital:
Change in trade and other receivables	(17,956)	(19,299)	(7,291)
Change in prepayments	(500)	4,253	(132)
Change in trade and other payables	5,310	8,559	12,925
Change in deferred revenue	9,277	(97)	747
Change in other liabilities	1,158	3	(146)
Income taxes paid	(5,937)	(3,111)	(5,452)
Net cash flow from operating activities	82,761	56,662	26,564
Cash flows from investing activities:
Purchase of equipment	(1,873)	(3,187)	(1,060)
Purchase of intangible assets	(250)	0	0
Development expenditure	(4,281)	(6,789)	(4,836)
Acquisition of subsidiary, net of cash acquired	0	0	(9,008)
Proceeds from sale of shares in associate	0	36,879	50,000
Net sale (purchase) of listed equity instruments	23,414	16,178	(84,835)
Interest income received	2,989	1,368	35
Net cash flow from (used in) investing activities	19,999	44,450	(49,703)
Cash flows from financing activities:
Acquisition of treasury shares	(32,695)	(146,068)	(749)
Proceeds from exercise of share options	394	0	0
Dividends paid	(23,105)	0	0
Interests on loans and borrowings	(369)	(293)	(316)
Repayment of loans and borrowings	(161)	(378)	(499)
Payment of lease liabilities	(3,907)	(3,837)	(5,119)
Net cash flow used in financing activities	(59,843)	(150,578)	(6,683)
Net change in cash and cash equivalents	42,918	(49,465)	(29,822)
Cash and cash equivalents at beginning of period	52,414	102,876	134,168
Effect of exchange rate changes on cash and cash equivalents	(1,469)	(996)	(1,472)
Cash and cash equivalents at end of period	$ 93,863	$ 52,414	$ 102,876

Note 3 - Revenue Information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of disaggregation of revenue from contracts with customers [text block]

	Year ended December 31,
	2021		2022		2023
Advertising	$	123,910	$	187,434	$	230,980
Search		121,961		140,162		162,168
Technology licensing and other revenue		5,119		3,441		3,679
Total revenue	$	250,991	$	331,037	$	396,827

	Year ended December 31,
	2021		2022		2023
United States	$	144,570	$	172,288	$	203,056
Singapore		24,440		28,876		41,181
Russia		16,156		20,288		34,976
Other locations		65,824		109,584		117,614
Total revenue	$	250,991	$	331,037	$	396,827

	Year ended December 31,
	2021		2022		2023
Customer group 1	$	128,650	$	148,481	$	168,428
Customer group 2	$	18,494	$	29,418	$	34,976

Disclosure of transaction price allocated to remaining performance obligations [text block]

	As of December 31,
	2022		2023
Aggregate amount of transaction prices allocated to unsatisfied long-term contracts	$	-	$	21,613

Note 4 - Personnel Expenses, Including Share-based Remuneration (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of personnel expenses including share-based remuneration [text block]

	Year ended December 31,
	2021		2022		2023
Salaries, including bonuses	$	43,440	$	43,235	$	41,890
Social security contribution, excluding amounts related to share-based remuneration		5,371		5,222		5,825
External temporary hires		8,617		10,318		11,796
Defined contribution pension expense		4,477		4,752		3,814
Other personnel-related expenses		2,080		1,758		2,476
Total personnel expenses, excluding share-based remuneration		63,984		65,285		65,801
Share-based remuneration, including related social security contribution		10,466		9,304		16,950
Total personnel expenses, including share-based remuneration	$	74,450	$	74,588	$	82,750

Disclosure of research and development expense [text block]

	Year ended December 31,
	2021		2022		2023
Total research and development expenditure		44,055		50,537		46,098
Less: Capitalized development expenditure excluded from personnel expenses (Note 10)		4,862		6,825		4,587
Net research and development expenditure recognized as part of personnel expenses		39,193		43,713		41,511

Disclosure of number and weighted average exercise prices of share options and other equity instruments [text block]

	Opera: RSUs					Opera: Options					Kunlun: RSUs ⁽¹⁾
	Number of RSUs			Weighted average grant date fair value		Number of options			Weighted average grant date fair value		Number of RSUs			Weighted average grant date fair value
Outstanding as of January 1, 2022		2,666,525		$	9.71		100,000		$	3.40		-		$	-
Granted during the year		-			-		-			-		3,275,000			1.22
Forfeited during the year		(82,500	)		9.97		-			-		(350,000	)		1.22
Exercised during the year		(798,750	)		9.25		-			-		-			-
Expired during the year		-			-		-			-		-			-
Outstanding as of December 31, 2022		1,785,275			9.90		100,000			3.40		2,925,000			1.22
Regular grants during the year		934,359			8.39		-			-		6,200,000			2.01
Dividend adjustment grants during the year		257,551			-		-			-		-			-
Forfeited during the year		(50,203	)		8.66		-			-		(2,000,000	)		1.68
Exercised during the year		(1,008,509	)		8.37		(60,000	)		1.92		(832,500	)		1.10
Expired during the year		-			-		-			-		-			-
Outstanding as of December 31, 2023		1,918,473		$	8.67		40,000		$	5.62		6,292,500		$	1.86

Disclosure of indirect measurement of fair value of goods or services received, other equity instrument granted during period [text block]

	Opera 2023 RSU grants (2)			Kunlun 2022 RSU grants			Kunlun 2023 RSU grants
Equity unit price valuation	$	8.46		$	2.88		$	3.48
Model Used	Monte Carlo			Black-Scholes			Black-Scholes
Expected Volatility (%) ⁽¹⁾		50.5	%		25.5	%		24.6	%
Risk free interest rate (%) ⁽¹⁾		4.9	%		2.2	%		2.1	%
Duration of initial simulation period (years to longstop date)		2.49			N/A			N/A
Duration of second simulation period with postponed exercise (years)		3.00			N/A			N/A
Exercise price	$	-		$	1.77		$	1.54
Fair value at the measurement date	$	8.39		$	1.22		$	2.01

Disclosure of information about key management personnel [text block]

	Year ended December 31,
	2021		2022		2023
Short-term employee benefits	$	2,046	$	2,371	$	2,495
Post-employment and medical benefits		60		56		72
Share-based payment transactions		1,209		1,488		1,693
Total compensation for key management personnel	$	3,315	$	3,914	$	4,260

Note 17 - Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		12 Months Ended			72 Months Ended
	Dec. 12, 2023	Jun. 13, 2023	Jan. 12, 2023	Apr. 21, 2022	Jan. 31, 2023	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Statement Line Items [Line Items]
Proceeds from sales of investments other than investments accounted for using equity method			$ 59,000
Market value of shares based on their then-quoted price per share			74,000
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity							$ 89,838	$ 1,500	$ 116,561
Net fair value gain (loss) related to listed equity instruments							3,243	15,946	0	$ 34,200
Proceeds from sales of interests in associates							0	36,879	50,000
Dividends recognised as distributions to owners			$ 12,400				107,222
Profit (loss)							$ 153,301	$ 15,035	(43,964)
nHorizon [member] \| Advertising revenue [member]
Statement Line Items [Line Items]
Percentage of entity's revenue							30.00%
nHorizon [member] \| Software [member]
Statement Line Items [Line Items]
Percentage of entity's net profits								1.00%
Profit (loss)							$ 0
nHorizon [member] \| Software [member] \| Top of range [member]
Statement Line Items [Line Items]
Profit (loss)								$ 5,000
Related parties [member]
Statement Line Items [Line Items]
Impairment loss recognised in profit or loss, trade receivables							300	100
ADS [member]
Statement Line Items [Line Items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in dollars per share)	$ 0.4	$ 0.4	$ 0.8
Kunlun Tech Limited and Keeneyes Future Holding Inc. [member]
Statement Line Items [Line Items]
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity					$ 15,500		37,564	(18,375)	6,752
Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates					15,000		(34,321)	34,321	(11,696)
Net fair value gain (loss) related to listed equity instruments					$ 500		3,243	15,946	(4,944)
Dividends recognised as distributions to owners		$ 25,100
Star X [member]
Statement Line Items [Line Items]
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, associates equity							0	0	28,468
Proportion of ownership interest in associate				19.40%		19.40%
Disposal group held for sale, consideration to be received				$ 83,500					$ 83,500
Proceeds from sales of interests in associates				$ 28,400
Star X [member] \| Related parties [member]
Statement Line Items [Line Items]
Receivable from Sale of Investment, related party transactions							$ 32,800	$ 56,400		$ 32,800

Note 13 - Lease Liabilities and Other Loans (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of borrowings and finance lease liabilities [text block]

	As of December 31,
	2022		2023
Non-current lease liabilities	$	4,723	$	6,776
Non-current interest-bearing loans		-		-
Total non-current lease liabilities and other loans		4,723		6,776
Current lease liabilities		2,840		3,659
Current interest-bearing loans		146		-
Other current loans		126		111
Total current lease liabilities and other loans		3,112		3,770
Total lease liabilities and other loans	$	7,836	$	10,545

Disclosure of lease amounts included in financial statements [text block]

	As of December 31,
	2022		2023
Right-of-use assets:
Office properties (Note 10)	$	6,307	$	6,343
Equipment (Note 10)		1,157		3,713
Total right-of-use assets	$	7,464	$	10,056
Lease liabilities:
Non-current lease liabilities	$	4,723	$	6,776
Current lease liabilities		2,840		3,659
Total lease liabilities	$	7,564	$	10,434

	Year ended December 31,
	2022			2023
Depreciation expense of right-of-use assets classified as property	$	2,047		$	1,664
Depreciation expense of right-of-use assets classified as equipment		1,636			1,971
Interest expense (included in finance expense)		242			356
Expense relating to short-term leases (included in other operating expenses)		2,609			1,254
Foreign exchange (gain) loss		(103	)		196
Total lease-related expenses	$	6,431		$	5,441

Disclosure of reconciliation of liabilities arising from financing activities [text block]

	Non-current lease liabilities			Non-current interest-bearing loans			Current lease liabilities			Current interest- bearing loans			Other current loans			Total
As of January 1, 2022	$	1,925		$	155		$	3,449		$	7,784		$	194		$	13,508
Net cash flows		(353	)		(9	)		(3,484	)		(301	)		(68	)		(4,216	)
Change in credit facility		-			-			-			(7,483	)		-			(7,483	)
New, modified and disposed leases		3,075			-			2,812			-			-			5,887
Interest expense		154			-			88			-			-			242
Foreign exchange (gain) loss		(78	)		-			(24	)		-			-			(103	)
Other changes ⁽¹⁾		-			(146	)		-			146			-			-
As of December 31, 2022		4,723			-			2,840			146			126			7,836
Net cash flows		(1,647	)		-			(2,260	)		(146	)		(15	)		(4,068	)
New, modified and disposed leases		3,310			-			2,915			-			-			6,225
Interest expense		243			-			113			-			-			356
Foreign exchange (gain) loss		146			-			50			-			-			196
As of December 31, 2023	$	6,776		$	-		$	3,659		$	-		$	111		$	10,545

Note 16 - Capital and Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about gain (loss) on investment portfolio [text block]

	Year ended December 31,
	2021			2022			2023
Realized net gain (loss)	$	6,752		$	(18,375	)	$	37,564
Change in unrealized net gain (loss)		(11,696	)		34,321			(34,321	)
Net gain (loss) on investment portfolio	$	(4,944	)	$	15,946		$	3,243

Disclosure of additional information about understanding financial position and liquidity of entity [text block]

As of December 31, 2022	Less than 12 months		1 to 3 years		Over 3 years		Total
Non-current:
Lease liabilities (Note 13)	$	-	$	2,228	$	2,973	$	5,201
Interest-bearing loans, including interest (Note 13)		-		-		-		-
Other non-current liabilities		-		-		68		68
Current:
Trade and other payables (Note 14)		46,937		-		-		46,937
Lease liabilities (Note 13)		3,084		-		-		3,084
Interest-bearing loans, including interest (Note 13)		146		-		-		146
Other current liabilities (Note 14)		12,152		-		-		12,152
Total financial liabilities, including interest	$	62,319	$	2,228	$	3,041	$	67,588

As of December 31, 2023	Less than 12 months		1 to 3 years		Over 3 years		Total
Non-current:
Lease liabilities (Note 13)	$	-	$	4,734	$	2,374	$	7,109
Other non-current liabilities		-		-		94		94
Current:
Trade and other payables (Note 14)		52,247		-		-		52,247
Lease liabilities (Note 13)		4,024		-		-		4,024
Other current liabilities (Note 14)		13,285		-		-		13,285
Total financial liabilities, including interest	$	69,556	$	4,734	$	2,468	$	76,758

Consolidated Statement of Changes In Equity - USD ($)
$ in Thousands

Ordinary shares [member]

American depositary shares (ADS) [member]

Issued capital [member]

Share premium [member]

Treasury shares [member]

Retained earnings [member]

Reserve of exchange differences on translation [member]

Total

Balance (in shares) at Dec. 31, 2020

228,285,684

114,142,842

^[1]

Balance at Dec. 31, 2020

$ 24

$ 824,832

$ (59,704)

$ 283,334

$ 409

$ 1,048,895

Issuance of shares upon exercise of RSUs and options (in shares)

Net income (loss)

(43,964)

Other comprehensive loss

(928)

Share-based remuneration

9,785

2,172,680

1,086,340

Acquisition of treasury shares (in shares)

(166,632)

(83,316)

^[1]

Acquisition of treasury shares

(749)

Balance (in shares) at Dec. 31, 2021

230,291,732

115,145,866

^[1]

Balance at Dec. 31, 2021

824,832

(60,453)

249,155

(520)

1,013,039

Issuance of shares upon exercise of RSUs and options (in shares)

Net income (loss)

15,035

Other comprehensive loss

(2,865)

Share-based remuneration

9,073

1,597,500

798,750

Acquisition of treasury shares (in shares)

(53,458,990)

(26,729,495)

Acquisition of treasury shares

(6)

(146,063)

(146,068)

Balance (in shares) at Dec. 31, 2022

178,430,242

89,215,121

Balance at Dec. 31, 2022

824,832

(206,514)

273,262

(3,385)

888,213

Issuance of shares upon exercise of RSUs and options (in shares)

Net income (loss)

153,301

Other comprehensive loss

(742)

Share-based remuneration

18,600

2,137,018

1,068,509

Acquisition of treasury shares (in shares)

(5,530,692)

(2,765,346)

Acquisition of treasury shares

(32,695)

Issuance of shares upon exercise of RSUs and options

394

Dividends

(107,222)

Balance (in shares) at Dec. 31, 2023

175,036,568

87,518,284

Balance at Dec. 31, 2023

$ 18

$ 717,610

$ (238,815)

$ 445,164

$ (4,127)

$ 919,850

[1]	Opera Limited has American depositary shares listed on the Nasdaq Global Select Market, each representing two ordinary shares in the company.

Note 8 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of earnings per share [text block]

	Year ended December 31,
	2021			2022			2023
Net income (loss) attributable to owners of the parent:
Income (loss) from continuing operations	$	(43,149	)	$	15,035		$	153,301
Loss from discontinued operations		(816	)		-			-
Net income (loss) attributable to owners of the parent	$	(43,964	)	$	15,035		$	153,301
Basic and diluted weighted-average number of ordinary shares in the period: ⁽¹⁾
Issued ordinary shares at beginning of period		228,285,684			230,291,732			178,430,242
Effect of shares issued (Note 4)		2,165,283			1,580,952			2,007,850
Effect of shares bought to treasury (Note 16)		(164,324	)		(12,914,508	)		(1,926,286	)
Basic weighted-average number of ordinary shares in the period		230,286,642			218,958,176			178,511,806
Effect of employee equity grants (Note 4) ⁽²⁾		-			1,706,927			3,331,410
Diluted weighted-average number of ordinary shares in the period		230,286,642			220,665,102			181,843,216

ADS equivalent of basic weighted-average number of ordinary shares in the period		115,143,321			109,479,088			89,255,903
ADS equivalent of diluted weighted-average number of ordinary shares in the period		115,143,321			110,332,551			90,921,608

	Year ended December 31,
	2021			2022		2023
Earnings per ADS and per ordinary share for income (loss) from continuing operations:
Basic earnings per ADS	$	(0.37	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.37	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84
Earnings per ADS and per ordinary share for net income (loss):
Basic earnings per ADS	$	(0.38	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.38	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84

Note 11 - Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2023

Disclosure of interests in other entities [text block]

Note 11.

Investments in Unconsolidated Entities

Accounting Policies

The accounting for investments in unconsolidated entities is based on Opera’s degree of influence over the investees. When Opera has the power to participate in the financial and operating policy decisions of the investee, but not control nor joint control of those policies, the investee is classified as an associate. When Opera and other parties have contractually agreed to share control over an arrangement and Opera and the other parties have rights to the net assets of the arrangement, it is classified as a joint venture. Investments in associates and joint ventures are accounted for in accordance with the equity method. Other investments in unconsolidated entities are classified and accounted for as financial assets.

Equity-accounted investees

Under the equity method, the investment is initially recognized at cost and adjusted thereafter to recognize Opera’s share of the post-acquisition profits or losses of the investee in the Statement of Operations, and Opera’s share of movements in other comprehensive income of the investee in the Statement of Comprehensive Income. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of Opera’s interest in the investee.

When Opera’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term interests that in substance form part of its net investment, is reduced to zero, and the recognition of further losses is discontinued. However, additional losses are provided for, and a liability is recognized, to the extent that Opera has incurred legal or constructive obligations or has made payments on behalf of the investee.

Financial assets

Investments in ordinary and preferred shares in OPay and Fjord Bank where Opera does not have control, joint control, or significant influence, are measured at fair value through profit or loss with the net change in fair value recognized as fair value gain on investments in the Statement of Operations. Management has not elected to present fair value gains and losses on equity investments in OCI. Transaction costs are expensed when incurred.

Opera’s ordinary and preferred shares in OPay were classified as held for sale as of December 31, 2022. For an asset to be considered "held for sale," actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Moreover, the asset must be available for immediate sale in its present condition. Financial assets classified as held for sale continue to be measured at fair value through profit or loss and are presented separately as current items in the Statement of Financial Position.

Gains, Losses, and Carrying Amounts of Investments in Unconsolidated Entities

The tables below specify the gains, losses, and carrying amounts of Opera’s investments in unconsolidated entities (in thousands):

	Year ended December 31,
	2021			2022			2023
Share of net loss of equity-accounted investees:
Share of net loss of Nanobank	$	(28,700	)	$	-		$	-
Share of net loss of OPay		(218	)		-			-
Share of net loss of nHorizon		(458	)		(6	)		-
Total share of net loss of equity-accounted investees		(29,376	)		(6	)		-
Impairment of equity-accounted investee:
Impairment of investment in Nanobank		(115,477	)		-			-
Total impairment of equity-accounted investee		(115,477	)		-			-
Fair value gain on investments:
Fair value gain on preferred and ordinary shares in OPay		88,093			1,500			89,838
Fair value gain on preferred shares in Star X		28,468			-			-
Total fair value gain on investments		116,561			1,500			89,838
Net gain (loss) from investments in unconsolidated entities	$	(28,292	)	$	1,494		$	89,838

							Carrying amount of net investment as of December 31,
Investee	Nature of ownership interest	Ownership interest			Classification of investee	Basis of accounting for investment	2022		2023
OPay	Ordinary and preferred shares		9.4	%	Non-current financial asset ⁽¹⁾	FVTPL ⁽²⁾	$	86,100	$	253,300
Fjord Bank	Ordinary shares		4.9	%	Non-current financial asset ⁽³⁾	FVTPL ⁽²⁾		897		897
nHorizon Innovation	Ordinary shares		29.1	%	Associate ⁽⁴⁾	Equity method	$	-	$	-

(1)

The shares in OPay were classified as held for sale at the end of 2022. While management remains committed to selling the shares, the criteria for classifying the shares as held for sale were not met as of December 31, 2023. Consequently, the carrying amount of the shares were presented as a separate line item in the Statement of Financial Position as of year-end 2023.

(2)	Fair value through profit or loss ("FVTPL").

(3)	The investment in Fjord Bank is included in other non-current investments and financial assets in the Statement of Financial Position.

(4)	nHorizon Innovation was classified as a joint venture until the arrangement establishing joint control was terminated in mid-2023.

OPay

OPay is a mobile payment fintech company focused on emerging markets, with Nigeria and Egypt as initial key markets. OPay provides online and offline payments, and digital wallet services leveraging AI, big data and other fintech innovations, thus helping countries in emerging markets advance their trajectory of digital payments and other financial services.

Opera holds a combination of ordinary and preferred shares in OPay. During 2023, Opera’s ownership interest in the company increased from 6.4% to 9.4% as a result of the receipt of Series C preferred shares in OPay under the share transfer agreement entered into in connection with the settlement of the receivable from Opera’s sale of shares in Nanobank, as described in Note 12. During 2021, Opera sold a portion of its preferred shares for a total consideration of $50.0 million.

The shares in OPay were initially classified as held for sale at the end of 2021 based on a plan authorized by the board of directors of Opera Limited to pursue divestment. The shares continued to be classified as held for sale as of December 31, 2022, based on management still pursuing divestment opportunities and assessing that a sale within the next year was highly probable. However, at the end of 2023, management of Opera concluded that it is no longer highly probable that the shares will be sold within the next year. Ceasing to classify the shares as held for sale did not impact how the shares are measured – only their classification in the Statement of Financial Position.

OPay was classified as an associate until mid-2021, at which point in time management of Opera concluded, based on significant judgment, that Opera lost significant influence over the company even though Opera’s chairman and chief executive officer was and continues to be the chairman and chief executive officer of OPay. Factors that were key in the assessment include Opera’s ownership interest relative to other investors, that Opera’s chairman and chief executive officer holds his roles at OPay as a representative of his personal investment entities (which also are investors in OPay), and that the corporate governance framework in OPay does not allow him to exercise significant influence in OPay on behalf of Opera. Upon the loss of significant influence, Opera discontinued the application of the equity method to the accounting for the investment in ordinary shares and instead measured the ordinary shares at fair value through profit or loss. The loss of significant influence over OPay did not impact the accounting for the preferred shares, which are measured at fair value through profit or loss.

The fair values of the shares in OPay were measured using the probability-weighted expected return model (“PWERM”), which was determined to be an appropriate model because it can capture and reflect the characteristics of the company and the economic rights and benefits of the various classes of shares, including redemption rights and liquidation preferences. In the model, as applied, fair values of the shares were estimated based on the probability-weighted present value of expected future investment returns, considering a total of eight possible future scenarios, including three variations each for initial public offering and private sale transactions, one scenario for dissolution and one for redemption, with future equity values ranging from $0.2 billion to $8.0 billion after one to three years. The table below specifies equity values (in millions), timing and probabilities of the respective outcomes:

	Equity value						Time to exit (in years)						Probability
Scenarios	2022			2023			2022			2023			2022			2023
Initial public offering	$2,100	-	$5,000	$2,900	-	$8,000		1.5		1	-	3		30	%		72	%
Sale transaction	$2,000	-	$5,000	$3,500	-	$7,500	1	-	1.5	1	-	3		50	%		8	%
Dissolution		$400			$234			1.5			3			10	%		10	%
Redemption		$1,000			$1,000			1.5			3			10	%		10	%

Each class of shares was allocated its portion of the equity value based on the economic rights and benefits of the shares. The future outcomes were discounted using an estimated cost of equity of 18.9% (2022: 18.9%). Accordingly, the present equity values of the scenarios ranged from $0.1 billion to $4.8 billion, with a probability-weighted present value of $3.0 billion (2022: $1.9 billion). Additionally, as OPay is a private company and its shares are illiquid, a judgmental discount for lack of marketability of 10% was applied in the fair value measurement of the shares (2022: 10%). Because the fair value measurement incorporated significant unobservable inputs, it was classified as a level 3 measurement in the fair value hierarchy.

The probability-weighted present value estimated by PWERM was reconciled to an estimate for the overall equity value of OPay based on a discounted cash flow analysis, the valuation implied in a smaller financing transaction that took place in late 2023, and to a limited extent, market multiples. In the discounted cash flow analysis, revenue was estimated to grow at an annualized rate of 35% over the 2023-2030 period, and thereafter reaching a long-term growth rate of 7.0%. The free cash flow was expected to increase over the forecasted period in line with the growth of profitability.

The Series C preferred shares received in 2023 as settlement of the Nanobank receivable, as discussed in Note 12, must be returned to OPay on a pro-rata basis if the cumulative financial performance over 2023 and 2024 for the business acquired by OPay from Nanobank falls short of a certain target. In connection with the valuation of these shares as of December 31, 2023, scenarios for achieving the financial target were considered, taking into account the contribution from 2023, as already confirmed by OPay. The conclusion was that the scenarios identified and weighted when the shares were received continued to be appropriate as of year-end 2023, and consequently a 6% net reduction of value was maintained.

The table below provides a reconciliation of the carrying amount of Opera’s investment in OPay (in thousands):

	Year ended December 31,
	2022		2023
Carrying amount as of January 1	$	84,600	$	86,100
Fair value of shares acquired		-		77,362
Change in fair value of preferred shares		1,100		67,018
Change in fair value of ordinary shares		400		22,820
Carrying amount as of December 31	$	86,100	$	253,300

The table below shows the sensitivities to the key unobservable inputs in the measurement of fair values of the shares in OPay (in thousands):

				Impact on fair value of shares in OPay
				2022						2023
Significant unobservable inputs	Change in assumption			Decrease in assumption			Increase in assumption			Decrease in assumption			Increase in assumption
Weighted average equity value		10	%		(9,862	)		9,862			(24,791	)		24,791
Time to exit	1 year				16,219			(13,641	)		47,872			(40,263	)
Relative change in probability of sale ⁽¹⁾		100	%		23,321			(5,791	)		(630	)		630
Discount for lack of marketability	5 pp				4,768			(4,768	)		14,072			(14,072	)
Discount rate	2 pp				2,131			(2,045	)		9,759			(9,202	)
Achievement of financial target ⁽²⁾	10 pp				N/A			N/A			(8,452	)		5,017

(1)	Represents a relative change in the probabilities of sale scenarios, offset by an equal change in the probabilities of IPO scenarios.

(2)	Only applicable to the Series C preferred shares acquired in 2023, as discussed above.

nHorizon Innovation and nHorizon Infinite

nHorizon Innovation and nHorizon Infinite (collectively “nHorizon”) were joint ventures until mid-2023, after which the arrangement establishing joint control was terminated. At the time the carrying amount of the investments was zero. Opera continues to hold a 29.1% ownership interest in nHorizon Innovation, which is classified as an associate. nHorizon Innovation generates income from the licensing of intellectual property, predominantly from nHorizon Infinite, which is focused on supporting Chinese app developers monetize their apps internationally through advertising.

Fjord Bank

Fjord Bank is a full-digital consumer finance bank with a specialized bank license granted by the European Central Bank. Fjord Bank’s head office is in Vilnius, Lithuania. Opera holds 3,252,300 shares in Fjord Bank, which represented an ownership interest of 4.9% as of December 31, 2023. The investment in Fjord Bank is measured at fair value through profit or loss. As of December 31, 2023, the fair value of the shares in Fjord Bank was estimated to be $0.9 million, which is the same amount as the acquisition cost and the carrying amount as of year-end 2022. Because the fair value measurement incorporated significant unobservable inputs, it was classified as a level 3 measurement in the fair value hierarchy. The carrying amount of the shares is recognized as part of other non-current investments and financial assets in the Statement of Financial Position.

Nanobank

In March 2022, Opera sold its 42.4% ownership interest in Nanobank, a provider of online microlending and credit card services, for a fixed consideration of $127.1 million in cash, payable in eight equal installments over the following two years. See Note 12 for additional details about the receivable. Prior to the disposal, the investment in Nanobank was accounted for in accordance with the equity method until the end of 2021, at which point in time the investment was classified as held for sale, resulting in the shares being measured at their fair value less costs to sell. The price for the shares agreed in the sale transaction in March 2022 was determined to be the best estimate of the fair value less costs to sell as of year-end 2021, which resulted in an impairment loss of $115.5 million in 2021.

Star X

In April 2022, Opera sold its preferred shares in Star X, a technology-driven company focused on audio-centric social networking. The preferred shares represented a 19.4% ownership interest in Star X. The shares were sold to Kunlun, the ultimate parent of both Opera and Star X. While Star X was classified as an associate because Opera had significant influence over the company, the preferred shares were measured at fair value through profit or loss because they provided certain rights and benefits over ordinary shares. The classification of Star X as held for sale as of the end of 2021 did not impact the basis of measurement of the preferred shares.

Fair value of the preferred shares as of year-end 2021 was measured based on the transaction price agreed in the sale transaction completed in April 2022. Therefore, the sale did not result in a gain or loss in 2022. The agreed transaction price was $83.5 million, resulting in Opera recognizing a fair value gain of $28.5 million in 2021. See Note 12 for details on the receivable due from Kunlun for the shares in Star X.

Note 9 - Property and Equipment - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Beginning of the year	$ 14,623
End of the year	16,074	$ 14,623
Beginning of the year	(14,623)
End of the year	(16,074)	(14,623)
Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	6,308
End of the year	6,343	6,308
Beginning of the year	(6,308)
End of the year	(6,343)	(6,308)
Equipment 1 [member]
Statement Line Items [Line Items]
Beginning of the year	8,097
End of the year	9,635	8,097
Beginning of the year	(8,097)
End of the year	(9,635)	(8,097)
Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	127
End of the year	14	127
Beginning of the year	(127)
End of the year	(14)	(127)
Furniture and fixtures 1 [member]
Statement Line Items [Line Items]
Beginning of the year	90
End of the year	83	90
Beginning of the year	(90)
End of the year	(83)	(90)
Gross carrying amount [member]
Statement Line Items [Line Items]
Beginning of the year	50,377	41,363
Additions	1,873	3,570
Adjustments to right-of-use assets	6,356	5,904
Disposals	(3,788)	(578)
Effect of movements in exchange rates, property, plant and equipment	(75)	118
End of the year	54,742	50,377
Beginning of the year	(50,377)	(41,363)
Disposals	3,788	578
End of the year	(54,742)	(50,377)
Gross carrying amount [member] \| Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	14,036	10,257
Additions	0	0
Adjustments to right-of-use assets	1,829	4,182
Disposals	(376)	(404)
Effect of movements in exchange rates, property, plant and equipment	(84)	1
End of the year	15,405	14,036
Beginning of the year	(14,036)	(10,257)
Disposals	376	404
End of the year	(15,405)	(14,036)
Gross carrying amount [member] \| Equipment 1 [member]
Statement Line Items [Line Items]
Beginning of the year	33,794	28,604
Additions	1,829	3,505
Adjustments to right-of-use assets	4,527	1,722
Disposals	(3,410)	(174)
Effect of movements in exchange rates, property, plant and equipment	13	137
End of the year	36,753	33,794
Beginning of the year	(33,794)	(28,604)
Disposals	3,410	174
End of the year	(36,753)	(33,794)
Gross carrying amount [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	1,724	1,719
Additions	0	19
Adjustments to right-of-use assets	0	0
Disposals	0	0
Effect of movements in exchange rates, property, plant and equipment	1	(15)
End of the year	1,725	1,724
Beginning of the year	(1,724)	(1,719)
Disposals	(0)	(0)
End of the year	(1,725)	(1,724)
Gross carrying amount [member] \| Furniture and fixtures 1 [member]
Statement Line Items [Line Items]
Beginning of the year	822	782
Additions	44	45
Adjustments to right-of-use assets	0	0
Disposals	(1)	0
Effect of movements in exchange rates, property, plant and equipment	(5)	(5)
End of the year	859	822
Beginning of the year	(822)	(782)
Disposals	1	(0)
End of the year	(859)	(822)
Accumulated depreciation, amortisation and impairment [member]
Statement Line Items [Line Items]
Beginning of the year	(35,754)	(29,100)
Disposals	3,786	577
Effect of movements in exchange rates, property, plant and equipment	41	(89)
End of the year	(38,669)	(35,754)
Beginning of the year	35,754	29,100
Depreciation	6,660	7,321
Disposals	(3,786)	(577)
End of the year	38,669	35,754
Accumulated depreciation, amortisation and impairment [member] \| Office properties [member]
Statement Line Items [Line Items]
Beginning of the year	(7,728)	(6,086)
Disposals	376	404
Effect of movements in exchange rates, property, plant and equipment	47	(1)
End of the year	(9,063)	(7,728)
Beginning of the year	7,728	6,086
Depreciation	1,664	2,047
Disposals	(376)	(404)
End of the year	9,063	7,728
Accumulated depreciation, amortisation and impairment [member] \| Equipment 1 [member]
Statement Line Items [Line Items]
Beginning of the year	(25,696)	(20,955)
Disposals	3,410	174
Effect of movements in exchange rates, property, plant and equipment	(10)	(100)
End of the year	(27,118)	(25,696)
Beginning of the year	25,696	20,955
Depreciation	4,841	5,016
Disposals	(3,410)	(174)
End of the year	27,118	25,696
Accumulated depreciation, amortisation and impairment [member] \| Leasehold improvements [member]
Statement Line Items [Line Items]
Beginning of the year	(1,596)	(1,388)
Disposals	0	0
Effect of movements in exchange rates, property, plant and equipment	(1)	12
End of the year	(1,711)	(1,596)
Beginning of the year	1,596	1,388
Depreciation	116	196
Disposals	0	0
End of the year	1,711	1,596
Accumulated depreciation, amortisation and impairment [member] \| Furniture and fixtures 1 [member]
Statement Line Items [Line Items]
Beginning of the year	(732)	(670)
Disposals	1	0
Effect of movements in exchange rates, property, plant and equipment	5	0
End of the year	(776)	(732)
Beginning of the year	732	670
Depreciation	40	61
Disposals	(1)	0
End of the year	$ 776	$ 732

Note 9 - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Additions to right-of-use assets	$ 6.4	$ 5.9

Note 13 - Lease Liabilities and Other Loans (Details Textual) $ in Thousands, kr in Billions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 NOK (kr)
Statement Line Items [Line Items]
Total borrowings	$ 10,545	$ 7,836
Cash outflow for leases	6,100	6,200	$ 7,500
Total financial assets	366,288	362,815
Total financial liabilities	76,171	66,992
Financial guarantee contracts [member]
Statement Line Items [Line Items]
Total financial liabilities	9,800			kr 0.1
Security deposit [member]
Statement Line Items [Line Items]
Total financial assets	$ 1,700	$ 1,700
Bottom of range [member]
Statement Line Items [Line Items]
Right-of-use assets, Term of Contract (Month)	6 months
Top of range [member]
Statement Line Items [Line Items]
Right-of-use assets, Term of Contract (Month)	7 years
Interest bearing loans [member]
Statement Line Items [Line Items]
Total borrowings	$ 0

Note 12 - Trade Receivables, Other Receivables, and Prepayments - Provision for Impairment of Trade Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Loss allowance as of January 1	$ 4,062
Increase in loss allowance	(3,967)	$ (1,387)	$ (557)
Loss allowance as of December 31	7,677	4,062
Provision for impairment of trade receivables [member]
Statement Line Items [Line Items]
Loss allowance as of January 1	4,062	2,796
Increase in loss allowance	3,814	1,366
Effect of movements in exchange rates	(199)	(100)
Loss allowance as of December 31	$ 7,677	$ 4,062	$ 2,796

Note 3 - Revenue Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Total revenue	$ 396,827	$ 331,037	$ 250,991
Customer group 1 [member]
Statement Line Items [Line Items]
Revenue from contracts with customers	168,428	148,481	128,650
Customer group 2 [member]
Statement Line Items [Line Items]
Revenue from contracts with customers	34,976	29,418	18,494
United States 1 [member]
Statement Line Items [Line Items]
Total revenue	203,056	172,288	144,570
Singapore 1 [member]
Statement Line Items [Line Items]
Total revenue	41,181	28,876	24,440
Russia 1 [member]
Statement Line Items [Line Items]
Total revenue	34,976	20,288	16,156
Other geographical areas [member]
Statement Line Items [Line Items]
Total revenue	117,614	109,584	65,824
Advertising 1 [member]
Statement Line Items [Line Items]
Revenue from contracts with customers	230,980	187,434	123,910
Search [member]
Statement Line Items [Line Items]
Revenue from contracts with customers	162,168	140,162	121,961
Technology licensing and other [member]
Statement Line Items [Line Items]
Revenue from contracts with customers	$ 3,679	$ 3,441	$ 5,119

Note 4 - Personnel Expenses, Including Share-based Remuneration

12 Months Ended

Dec. 31, 2023

Disclosure of employee benefits [text block]

Note 4.

Personnel Expenses, Including Share-based Remuneration

Accounting Policies

Personnel expenses, other than share-based payments, are recognized at the undiscounted amount due to the employees or the de-facto employees when they have rendered service to Opera or when the liability otherwise arises. Contributions to publicly or privately administered pension insurance plans are recognized as personnel expenses when they are due. Opera has no further payment obligations related to pensions after the contributions have been paid.

Equity awards granted to employees as long-term incentives are classified as equity-settled transactions. Similarly, equity awards granted to Opera employees by Kunlun Tech Co., Ltd. (hereinafter "Kunlun"), the ultimate parent of Opera, are also classified as equity-settled transactions. Opera does not have any obligation to settle the awards granted by Kunlun and such grants do not lead to dilution for Opera’s shareholders because the employees receive shares in Kunlun when the awards are exercised. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made. That cost is recognized in the Statement of Operations, together with a corresponding increase in equity, over the vesting period. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and Opera’s best estimate of the number of equity instruments that will ultimately vest.

Research and development expenditure predominantly consist of compensation to engineering and technical employees. Personnel expenses related to research activities are expensed as incurred while compensation related to development activities is recognized as an intangible asset when Opera can demonstrate:

	●	the technical feasibility of completing the intangible asset so that it will be available for use or sale;
	●	its intention to complete the intangible asset and use or sell it;
	●	its ability to use or sell the intangible asset;
	●	how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
	●	the availability of adequate technical, financial, and other resources to complete the development and to use or sell the intangible asset; and
	●	its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Employee compensation is capitalized from the point in time a project enters the development phase and meets the six criteria for capitalization listed above. Assessing if and when these criteria are met is based on judgment, which takes into account past experiences and expectations about the technical ability to complete the development project intended. The cost of developing new features, together with significant and pervasive improvements of core platform functionality, that meet the criteria above, are capitalized as separate intangible assets or as additions to existing intangible assets. Expenditures related to product maintenance, such as bug fixes, updates needed to comply with changes in laws and regulations, and updates needed to keep pace with the latest trends, are expensed in the period they are incurred.

Personnel Expenses

The table below specifies the amounts of personnel expenses including share-based remuneration (in thousands):

	Year ended December 31,
	2021		2022		2023
Salaries, including bonuses	$	43,440	$	43,235	$	41,890
Social security contribution, excluding amounts related to share-based remuneration		5,371		5,222		5,825
External temporary hires		8,617		10,318		11,796
Defined contribution pension expense		4,477		4,752		3,814
Other personnel-related expenses		2,080		1,758		2,476
Total personnel expenses, excluding share-based remuneration		63,984		65,285		65,801
Share-based remuneration, including related social security contribution		10,466		9,304		16,950
Total personnel expenses, including share-based remuneration	$	74,450	$	74,588	$	82,750

Research and Development Expenditure

The following table specifies the amounts of expensed and capitalized research and development expenditure (in thousands):

	Year ended December 31,
	2021		2022		2023
Total research and development expenditure		44,055		50,537		46,098
Less: Capitalized development expenditure excluded from personnel expenses (Note 10)		4,862		6,825		4,587
Net research and development expenditure recognized as part of personnel expenses		39,193		43,713		41,511

Share-based Remuneration

Opera has adopted a share incentive plan for the purpose of rewarding, attracting, and retaining employees by providing long term incentives in the form of restricted share units (RSUs) and options. Effective from 2022, Kunlun, the ultimate parent of Opera, has enrolled certain employees of Opera in its share incentive plan under which these employees have received options issued by Kunlun as compensation for services they provide to Opera. In these consolidated financial statements, the awards granted by Kunlun are described as RSUs to be consistent with their classification under Chinese securities regulations. Opera does not have any obligation to settle the awards granted by Kunlun and such grants do not lead to dilution for Opera’s shareholders. All counts of RSUs, options and per-unit values related to Opera’s share incentive plan, as disclosed in these consolidated financial statements, are converted to ADS equivalent units, while all counts of RSUs and per-unit values related to Kunlun’s share incentive plan are expressed in units of shares in Kunlun.

The following table specifies the movements in the number of RSUs and options:

	Opera: RSUs					Opera: Options					Kunlun: RSUs ⁽¹⁾
	Number of RSUs			Weighted average grant date fair value		Number of options			Weighted average grant date fair value		Number of RSUs			Weighted average grant date fair value
Outstanding as of January 1, 2022		2,666,525		$	9.71		100,000		$	3.40		-		$	-
Granted during the year		-			-		-			-		3,275,000			1.22
Forfeited during the year		(82,500	)		9.97		-			-		(350,000	)		1.22
Exercised during the year		(798,750	)		9.25		-			-		-			-
Expired during the year		-			-		-			-		-			-
Outstanding as of December 31, 2022		1,785,275			9.90		100,000			3.40		2,925,000			1.22
Regular grants during the year		934,359			8.39		-			-		6,200,000			2.01
Dividend adjustment grants during the year		257,551			-		-			-		-			-
Forfeited during the year		(50,203	)		8.66		-			-		(2,000,000	)		1.68
Exercised during the year		(1,008,509	)		8.37		(60,000	)		1.92		(832,500	)		1.10
Expired during the year		-			-		-			-		-			-
Outstanding as of December 31, 2023		1,918,473		$	8.67		40,000		$	5.62		6,292,500		$	1.86

(1)	From the exercise of RSUs granted by Kunlun, the employees will acquire shares of Kunlun Tech Co., Ltd., a company listed on the Shenzhen Stock Exchange.

Dividend adjustment grants represent adjustments to the number of un-exercised RSUs based on the yield of dividends paid. These grants are designed to ensure that un-exercised RSUs maintain their value and therefore such grants do not have any incremental value when considered together with the original regular grants.

As of December 31, 2023, the weighted average remaining vesting period for the RSUs and options outstanding under Opera’s share incentive plan was 0.64 years ( December 31, 2022: 0.87 years). The weighted average remaining vesting period for the RSUs outstanding under Kunlun’s share incentive plan was 1.10 years as of December 31, 2023 ( December 31, 2022: 1.17 years).

Estimating fair values for share-based awards requires the identification of an appropriate valuation model, which depends on the terms and conditions of the grants. The fair values of RSUs granted by Opera were measured using a Monte Carlo simulation, while the fair values of options granted by Opera and RSUs granted by Kunlun were measured using a Black-Scholes model. The estimates of fair values also require an assessment of the most appropriate inputs to the valuation model, including grant date fair value of the underlying equity, the expected life of the grant, volatility, and dividend yield. The table below specifies the inputs to the models used for estimating the fair values of the awarded equity units. The table presents the weighted average values across grants within each category of equity award instruments.

	Opera 2023 RSU grants (2)			Kunlun 2022 RSU grants			Kunlun 2023 RSU grants
Equity unit price valuation	$	8.46		$	2.88		$	3.48
Model Used	Monte Carlo			Black-Scholes			Black-Scholes
Expected Volatility (%) ⁽¹⁾		50.5	%		25.5	%		24.6	%
Risk free interest rate (%) ⁽¹⁾		4.9	%		2.2	%		2.1	%
Duration of initial simulation period (years to longstop date)		2.49			N/A			N/A
Duration of second simulation period with postponed exercise (years)		3.00			N/A			N/A
Exercise price	$	-		$	1.77		$	1.54
Fair value at the measurement date	$	8.39		$	1.22		$	2.01

(1)	Specified value is 4 years (modeled on yearly basis).
(2)	Excluding dividend adjustment grants.

The equity cost of each award is recognized on a straight-line basis over the vesting period. Opera accrues for social security contributions based on the market price of the ADSs at the reporting date, with a straight-line recognition over the vesting period consistent with the equity cost.

Compensation for Key Management Personnel

The table below specifies the amounts of compensation for key management personnel, which include the directors and executive officers of Opera (in thousands):

	Year ended December 31,
	2021		2022		2023
Short-term employee benefits	$	2,046	$	2,371	$	2,495
Post-employment and medical benefits		60		56		72
Share-based payment transactions		1,209		1,488		1,693
Total compensation for key management personnel	$	3,315	$	3,914	$	4,260

The amounts disclosed in the table above are the amounts recognized as an expense during the reporting period. No loans have been granted and no guarantees have been issued to key management personnel. Key management personnel do not have any agreements for compensation upon termination or change of employment or directorship.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Discloure of Significant Accounting Policies

Disclosure of basis of preparation of financial statements [text block]

Basis of Preparation

The consolidated financial statements are presented in U.S. dollars and all amounts are rounded off to the nearest thousand except when otherwise indicated. Rounding differences may occur.

Except for the general accounting policies described below, Opera’s material accounting policies are described in each of the individual notes to the consolidated financial statements.

Description of accounting policy for consolidation [text block]

Basis of Consolidation

Description of accounting policy for foreign currency translation [text block]

Foreign Currencies

Description of accounting policy for significant accounting estimates, judgements and assumptions [text block]

Accounting Judgments and Estimation Uncertainty

These consolidated financial statements are based key accounting judgments and estimation uncertainty related to the following items:

	●	Determining whether development projects meet the criteria for capitalization (Note 4).
	●	Fair value measurement of share-based remuneration (Note 4).
	●	Recoverable amount for goodwill and other intangible assets (Note 10).
	●	Classification of investment in OPay and measurement of fair value of shares in the company (Note 11).

Description of accounting policy for new standards, interpretations, and amendments [text block]

New Standards, Interpretations, and Amendments

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information [Line Items]
Entity Central Index Key	0001737450
Entity Registrant Name	Opera Ltd
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	20-F/A
Amendment Description	Amendment No. 1
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38588
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Vitaminveien 4
Entity Address, Postal Zip Code	0485
Entity Address, City or Town	Oslo
Entity Address, Country	NO
Title of 12(b) Security	American Depositary Shares, each representing two ordinary shares, par value $0.0001 per share
Trading Symbol	OPRA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	175,036,568
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1363
Auditor Name	KPMG AS
Auditor Location	Oslo, Norway
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	Vitaminveien 4
Entity Address, Postal Zip Code	0485
Entity Address, City or Town	Oslo
Entity Address, Country	NO
Contact Personnel Name	James Yahui Zhou, Chief Executive Officer
City Area Code	47
Local Phone Number	2369-2400

Note 4 - Personnel Expenses, Including Share-based Remuneration - Fair Value Measurement (Details)

12 Months Ended

Dec. 31, 2023

USD ($)

$ / shares

Restricted share units (RSU), 2023 [Member] | Opera [member]

Equity unit price valuation (in dollars per share)

$ 8.46

^[1]

Expected Volatility (%) (1)

50.50%

^[1],[2]

Risk free interest rate (%) (1)

4.90%

^[1],[2]

Duration of initial simulation period (years to longstop date) (Year)

2 years 5 months 26 days

^[1]

Duration of second simulation period with postponed exercise (years) (Year)

3 years

^[1]

Exercise price, RSU (in dollars per share)

$ 0

^[1]

Fair value at the measurement date | $

$ 8.39

^[1]

Restricted share units (RSU), 2023 [Member] | Kunlun Tech [member]

Equity unit price valuation (in dollars per share)

$ 3.48

Expected Volatility (%) (1)

24.60%

^[1],[2]

Risk free interest rate (%) (1)

2.10%

^[2]

Exercise price, RSU (in dollars per share)

$ 1.54

Fair value at the measurement date | $

$ 2.01

Restricted share units (RSU), 2022 [Member] | Kunlun Tech [member]

Equity unit price valuation (in dollars per share)

$ 2.88

Expected Volatility (%) (1)

25.50%

^[1],[2]

Risk free interest rate (%) (1)

2.20%

^[2]

Exercise price, RSU (in dollars per share)

$ 1.77

Fair value at the measurement date | $

$ 1.22

[1]	Excluding dividend adjustment grants.
[2]	Specified value is 4 years (modeled on yearly basis).

Note 15 - Financial Assets and Financial Liabilities - Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

$ 366,288

$ 362,815

Financial liabilities at amortised cost, category [member]

76,171

66,992

Financial liabilities at amortised cost, category [member] | Financial lease liabilities and other loans [member]

76,171

66,992

Financial liabilities at amortised cost, category [member] | Trade and other payables [member]

10,545

7,835

Current financial liabilities

52,247

46,937

Financial liabilities at amortised cost, category [member] | Other financial liabilities [member]

Financial assets at amortised cost, category [member]

13,379

12,220

Financial assets at amortised cost, category [member] | Receivables from sale of investments [member]

112,090

133,290

Financial assets at amortised cost, category [member] | Trade receivables [member]

Current financial assets

32,797

56,374

Financial assets at amortised cost, category [member] | Other receivables [member]

Current financial assets

69,382

57,923

Financial assets at fair value through profit or loss, category [member]

Current financial assets

^[1]

9,911

18,993

Financial assets at fair value through profit or loss, category [member] | Receivables from sale of investments [member]

254,197

229,525

Financial assets at fair value through profit or loss, category [member] | Unlisted preferred and ordinary shares [member]

76,278

Financial assets at fair value through profit or loss, category [member] | Listed equity instruments [member[

^[2]

254,197

86,997

^[3]

$ 0

$ 66,250

[1]	In the Statement of Financial Position, other non-current receivables are presented as part of other non-current investments and financial assets while other current receivables are presented separately.
[2]	As of December 31, 2023, Opera held investments in ordinary and preferred shares in OPay with a total carrying amount of $269.4 million and ordinary shares in Fjord Bank with a carrying amount of $0.9 million. As of December 31, 2022, these investments had a carrying amount of $86.1 million and $0.9 million, respectively. The shares in OPay are presented as a separate line item in the Statement of Financial Position as of December 31, 2023, while as of year-end 2022, the investment in OPay was classified as held for sale. The shares in Fjord Bank are presented as part of other non-current investments and financial assets. See Note 11 for more information.
[3]	Investments in listed equity securities were presented as marketable securities in the Statement of Financial Position.

Note 12 - Trade Receivables, Other Receivables, and Prepayments - Aging of Trade Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	10.00%	6.60%
Gross carrying amount	$ 77,059	$ 61,985
Loss allowance as of December 31, 2022	7,677	$ 4,062
Loss allowance as of December 31	$ 7,677
Current [member]
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	0.70%	1.30%
Gross carrying amount	$ 62,815	$ 51,268
Loss allowance as of December 31, 2022		$ 662
Loss allowance as of December 31	$ 458
Not later than one month [member]
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	1.20%	6.80%
Gross carrying amount	$ 4,116	$ 3,203
Loss allowance as of December 31, 2022		$ 218
Loss allowance as of December 31	$ 47
Later than one month and not later than two months [member]
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	2.10%	13.30%
Gross carrying amount	$ 1,247	$ 1,296
Loss allowance as of December 31, 2022		$ 173
Loss allowance as of December 31	$ 26
Later than two months and not later than three months [member]
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	3.10%	26.20%
Gross carrying amount	$ 634	$ 1,251
Loss allowance as of December 31, 2022		$ 328
Loss allowance as of December 31	$ 20
Later than three months [member]
Statement Line Items [Line Items]
Weighted-average expected credit loss rate	86.40%	54.00%
Gross carrying amount	$ 8,248	$ 4,966
Loss allowance as of December 31, 2022		$ 2,682
Loss allowance as of December 31	$ 7,126

Note 14 - Trade and Other Payables, and Other Current Liabilities - Trade and Other Payables, and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Trade payables due to third-party suppliers

$ 49,345

$ 40,031

Trade and other payables due to related parties (Note 17)

483

4,125

Value added tax

373

768

Payroll tax

^[1]

2,045

2,012

Total trade and other payables

52,247

46,937

Accrued personnel expenses

12,887

11,586

Other current liabilities

398

567

Total other current liabilities

$ 13,285

$ 12,152

[1]	Includes accruals for social security costs related to share-based remuneration.

Note 4 - Personnel Expenses, Including Share-based Remuneration - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement Line Items [Line Items]
Short-term employee benefits	$ 2,495	$ 2,371	$ 2,046
Post-employment and medical benefits	72	56	60
Share-based payment transactions	1,693	1,488	1,209
Total compensation for key management personnel	$ 4,260	$ 3,914	$ 3,315

Note 15 - Financial Assets and Financial Liabilities (Details Textual) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
OPay Limited [member]
Statement Line Items [Line Items]
Investments in associates reported in separate financial statements	$ 253.3	$ 86.1
AB Fjord Bank [member] \| Ordinary shares [member]
Statement Line Items [Line Items]
Investments in associates reported in separate financial statements	$ 0.9	$ 0.9

Note 18 - Events After the Reporting Period (Details Textual) $ in Thousands			3 Months Ended	12 Months Ended
	Mar. 01, 2024	Jan. 09, 2024 shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Statement Line Items [Line Items]
Adjustments for depreciation and amortisation expense					$ 13,165	$ 13,939	$ 19,600
Purchase of property, plant and equipment					$ 1,873	$ 3,187	$ 1,060
Potential ordinary share transactions [member] \| Restricted share units [member]
Statement Line Items [Line Items]
Number of Instruments, Other Equity Instruments, Increase From Dividends (in shares) \| shares		59,828
Potential ordinary share transactions [member] \| American depositary shares (ADS) [member]
Statement Line Items [Line Items]
Number of other equity instruments granted in share-based payment arrangement	935,664
Communication and network equipment [member]
Statement Line Items [Line Items]
Useful life measured as period of time, property, plant and equipment (Year)					5 years
Communication and network equipment [member] \| Change in estimate of useful lives [member]
Statement Line Items [Line Items]
Useful life measured as period of time, property, plant and equipment (Year)				6 years
Adjustments for depreciation and amortisation expense				$ 300
Network infrastructure [member] \| Major business combination [member]
Statement Line Items [Line Items]
Purchase of property, plant and equipment			$ 18,600

Note 7 - Income Tax (Details Textual)	12 Months Ended
Note 7 - Income Tax (Details Textual)	Dec. 31, 2023
Statement Line Items [Line Items]
Applicable tax rate	22.00%
Changes in tax rates or tax laws enacted or announced [member]
Statement Line Items [Line Items]
Applicable tax rate	22.00%

Note 4 - Personnel Expenses, Including Share-based Remuneration - RSUs and Option Activities (Details)

12 Months Ended

Dec. 31, 2023

$ / shares

Dec. 31, 2022

$ / shares

Outstanding at period start, options

100,000

Outstanding at beginning of period, options, weighted average grant date fair value (in dollars per share)

$ 3.4

Granted during the year, options

Granted during the year, options, weighted average grant date fair value (in dollars per share)

$ 0

Forfeited during the year, options

Forfeited during the year, options, weighted average grant date fair value (in dollars per share)

$ 0

Exercised during the year, options

(60,000)

Exercised during the year, options, weighted average grant date fair value (in dollars per share)

$ 1.92

$ 0

Expired during the year, options

Expired during the year, options, weighted average grant date fair value (in dollars per share)

$ 0

Outstanding at period end, options

40,000

100,000

Outstanding at period end, options, weighted average grant date fair value (in dollars per share)

$ 5.62

$ 3.4

RSU [member]

Outstanding at period start, RSUs

1,785,275

2,666,525

Outstanding at beginning of period, RSUs, weighted average grant date fair value (in dollars per share)

$ 9.9

$ 9.71

Granted during the year, RSUs

934,359

Granted during the year RSUs, weighted average grant date fair value (in dollars per share)

$ 8.39

$ 0

Forfeited during the year, RSUs

(50,203)

(82,500)

Forfeited during the year RSUs, weighted average grant date fair value (in dollars per share)

$ 8.66

$ 9.97

Exercised during the year, RSUs

(1,008,509)

(798,750)

Exercised during the year RSUs, weighted average grant date fair value (in dollars per share)

$ 8.37

$ 9.25

Expired during the year, RSUs

Expired during the year RSUs, weighted average grant date fair value (in dollars per share)

$ 0

Dividend adjustment grants during the year (in shares) | shares

257,551

Outstanding at period end, RSUs

1,918,473

1,785,275

Outstanding at period end RSUs, weighted average grant date fair value (in dollars per share)

$ 8.67

$ 9.9

Kunlan Tech RSU [Member]

Outstanding at period start, RSUs

^[1]

2,925,000

Outstanding at beginning of period, RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 1.22

$ 0

Granted during the year, RSUs

6,200,000

3,275,000

^[1]

Granted during the year RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 2.01

$ 1.22

Forfeited during the year, RSUs

^[1]

(2,000,000)

(350,000)

Forfeited during the year RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 1.68

$ 1.22

Exercised during the year, RSUs

^[1]

(832,500)

Exercised during the year RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 1.1

$ 0

Expired during the year, RSUs

^[1]

Expired during the year RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 0

Dividend adjustment grants during the year (in shares) | shares

Outstanding at period end, RSUs

^[1]

6,292,500

2,925,000

Outstanding at period end RSUs, weighted average grant date fair value (in dollars per share)

^[1]

$ 1.86

$ 1.22

[1]	From the exercise of RSUs granted by Kunlun, the employees will acquire shares of Kunlun Tech Co., Ltd., a company listed on the Shenzhen Stock Exchange.

Note 12 - Trade Receivables, Other Receivables, and Prepayments (Details Textual) $ in Thousands		1 Months Ended			12 Months Ended
	Apr. 21, 2022 USD ($)	Feb. 28, 2023 USD ($)	Apr. 30, 2022	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 13, 2023 USD ($)	Jan. 12, 2023 USD ($)	Aug. 31, 2022 USD ($)	Mar. 31, 202 USD ($)
Statement Line Items [Line Items]
Proceeds from sales of interests in associates					$ 0	$ 36,879	$ 50,000
Dividend payables									$ 36,000	$ 71,400
Current assets or disposal groups classified as held for sale					0	86,100
CELO and Other Crypto Assets [Member]
Statement Line Items [Line Items]
Other intangible assets					2,000	1,500
OPay Limited [member]
Statement Line Items [Line Items]
Number of instruments or interests issued or issuable		58,785,744
Fair value of instruments or interests issued or issuable		$ 77,400
Star X [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate	19.40%		19.40%
Disposal group held for sale, consideration to be received	$ 83,500						$ 83,500
Proceeds from sales of interests in associates	$ 28,400
Disposal group, deferred payments, interest rate	3.50%
Dividend payables								$ 25,100
Financial assets, at fair value					32,000	54,600
Aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss at end of period					$ 800
Financial assets, carrying amount						$ 56,400
Star X [member] \| Discount rate, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets					6.1	5.7
Nanobank [member] \| Discontinued operations [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate				42.40%
Disposal group held for sale, consideration to be received											$ 131,700	$ 127,100
Disposal group held for sale, consideration to be received, number of quarterly installments				8							16
Disposal group held for sale, consideration to be received, term (Year)				2 years
Current assets or disposal groups classified as held for sale				$ 120,300
Net receivables from sale of investments						$ 76,300
Nanobank [member] \| Discount rate, measurement input [member] \| Discontinued operations [member]
Statement Line Items [Line Items]
Significant unobservable input, assets						0.08
OPay Digital Services Limited [member]
Statement Line Items [Line Items]
Proportion of ownership interest in associate					9.40%	6.40%
Fair value of instruments or interests issued or issuable						$ 1,100
Percentage of net deduction of value to reflect various scenarios of impacts related to the provisions		6.00%
Net deduction of value to reflect various scenarios of impacts related to the provisions		$ 4,900
Gain on settlement of instruments						$ 1,100
OPay Digital Services Limited [member] \| Discount rate, measurement input [member]
Statement Line Items [Line Items]
Significant unobservable input, assets					10	10

Note 4 - Personnel Expenses, Including Share-based Remuneration (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement Line Items [Line Items]
Amounts receivable, related party transactions	$ 35,187	$ 58,821
Key management personnel of entity or parent [member]
Statement Line Items [Line Items]
Amounts receivable, related party transactions	0
Provision of guarantees or collateral by entity, related party transactions	$ 0
Options and RSUs [member]
Statement Line Items [Line Items]
Weighted average remaining contractual life of outstanding share options and other equity instruments (Year)	7 months 20 days	10 months 13 days
RSU [member]
Statement Line Items [Line Items]
Weighted average remaining contractual life of outstanding share options and other equity instruments (Year)	1 year 1 month 6 days	1 year 2 months 1 day

Note 12 - Trade Receivables, Other Receivables, and Prepayments (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of trade receivables, prepayments and other receivables [text block]

	As of December 31,
	2022			2023
Trade receivables due from third-party customers	$	60,037		$	76,468
Trade receivables due from related parties (Note 17)		1,947			591
Total gross trade receivables		61,985			77,059
Allowance for expected credit losses		(4,062	)		(7,677	)
Trade receivables net of loss allowance	$	57,923		$	69,382

	As of December 31,
	2022		2023
Value added tax	$	1,472	$	5,781
Unsettled trades ⁽¹⁾		12,993		-
Receivable due from Kunlun (Note 17) ⁽²⁾		-		1,300
Other ⁽³⁾		2,783		678
Total other current receivables	$	17,247	$	7,760

	As of December 31,
	2022		2023
Prepaid corporate income taxes	$	421	$	649
Other prepaid expenses		3,511		4,010
Total prepayments	$	3,932	$	4,660

Disclosure of aging of trade receivables [text block]

				Past due
As of December 31, 2022	Current (not past due)			<30 days			30-60 days			61-90 days			>91 days			Total
Weighted-average expected credit loss rate		1.3	%		6.8	%		13.3	%		26.2	%		54.0	%		6.6	%
Gross carrying amount	$	51,268		$	3,203		$	1,296		$	1,251		$	4,966		$	61,985
Loss allowance as of December 31, 2022	$	662		$	218		$	173		$	328		$	2,682		$	4,062

				Past due
As of December 31, 2023	Current (not past due)			<30 days			30-60 days			61-90 days			>91 days			Total
Weighted-average expected credit loss rate		0.7	%		1.2	%		2.1	%		3.1	%		86.4	%		10.0	%
Gross carrying amount	$	62,815		$	4,116		$	1,247		$	634		$	8,248		$	77,059
Loss allowance as of December 31, 2023	$	458		$	47		$	26		$	20		$	7,126		$	7,677

Provision for impairment of trade receivables [text block]

	Year ended December 31,
	2022			2023
Loss allowance as of January 1	$	2,796		$	4,062
Increase in loss allowance		1,366			3,814
Effect of movements in exchange rates		(100	)		(199	)
Loss allowance as of December 31	$	4,062		$	7,677

Disclosure of receivables [text block]

	Year ended December 31,
	2022			2023
Carrying amount as of January 1	$	-		$	56,374
Initial recognition at fair value		83,468			-
Interest income (Note 7)		1,285			1,556
Installment and dividend set-off		(28,379	)		(25,133	)
Carrying amount as of December 31	$	56,374		$	32,797
Recognized and classified as:
Non-current receivables from sale of investments	$	28,187		$	-
Current receivables from sale of investments	$	28,187		$	32,797

	Year ended December 31,
	2022			2023
Carrying amount as of January 1	$	-		$	76,278
Initial recognition at fair value		120,311			-
Interest income (Note 7)		2,390			-
Fair value gain (loss) (Note 7)		(37,923	)		1,084
Installment and settlement		(8,500	)		(77,362	)
Carrying amount as of December 31	$	76,278		$	-
Recognized and classified as:
Non-current receivables from sale of investments	$	48,118		$	-
Current receivables from sale of investments	$	28,160		$	-

Note 5 - Other Operating Expenses - Other Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Audit, legal and other advisory services

Hosting

$ 10,161

$ 9,267

$ 7,647

^[1]

8,669

6,857

6,579

Software license fees

3,357

2,149

1,782

Rent and other office expenses

2,700

3,743

3,152

Travel

1,848

1,496

542

Other expenses

4,106

3,502

3,101

Total other operating expenses

$ 30,842

$ 27,015

$ 22,802

[1]	Amount in 2020 includes US$3.5 million related to actions taken following a short seller report.

Consolidated Statement of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Technology and platform fees

Revenue

$ 396,827

$ 331,037

$ 250,991

Other operating income

666

469

466

Operating expenses:

(3,145)

(4,104)

(4,472)

Content cost

(4,297)

(3,834)

(3,712)

Cost of inventory sold

(85,808)

(46,650)

(5,507)

Personnel expenses, including share-based remuneration

(82,750)

(74,588)

(74,450)

Marketing and distribution expenses

(109,947)

(114,988)

(120,944)

Increase in loss allowance

(3,967)

(1,387)

(557)

Depreciation and amortization

(13,165)

(13,939)

(19,600)

Impairment of non-financial assets

(681)

(3,194)

(5,624)

Other operating expenses

(30,842)

(27,015)

(22,802)

Total operating expenses

(334,603)

(289,699)

(257,668)

Operating profit (loss)

62,890

41,808

(6,211)

Impairment of equity-accounted investee

(6)

(29,376)

^[1]

(115,477)

Fair value gain on investments

89,838

1,500

116,561

Finance income

8,876

21,454

123

Finance expense

(644)

(39,729)

(6,912)

Foreign exchange gain (loss)

(963)

(1,157)

(1,814)

Net finance income (expense)

7,269

(19,432)

(8,603)

Income (loss) before income taxes

159,997

23,870

(43,106)

Continuing operations

(6,697)

(8,835)

(43)

Income (loss) from continuing operations

153,301

15,035

(43,149)

Loss from discontinued operations

(816)

Net income (loss) attributable to owners of the parent

$ 153,301

$ 15,035

$ (43,964)

ADS [member]

Earnings per ADS and per ordinary share for income (loss) from continuing operations:

$ 1.72

$ 0.14

$ (0.37)

Earnings per ADS and per ordinary share for net income (loss):

1.69

0.14

(0.37)

1.72

0.14

(0.38)

Earnings per ADS and per ordinary share for income (loss) from continuing operations:

1.69

0.14

(0.38)

Ordinary shares [member]

0.86

0.07

(0.19)

Earnings per ADS and per ordinary share for net income (loss):

0.84

0.07

(0.19)

0.86

0.07

(0.19)