Note 4 - Personnel Expenses, Including Share-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Classes of employee benefits expense [abstract] |
|
| Summary of Amounts of Personnel Expenses Excluding Share-based Compensation |
The table below presents the amounts of personnel expenses, excluding share-based compensation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
Salaries, including bonuses |
|
$ |
(41,890 |
) |
|
$ |
(40,890 |
) |
|
$ |
(44,986 |
) |
Social security contributions |
|
|
(5,825 |
) |
|
|
(6,519 |
) |
|
|
(7,239 |
) |
Contractors and temporary personnel |
|
|
(11,796 |
) |
|
|
(15,568 |
) |
|
|
(19,296 |
) |
Defined contribution pension expense |
|
|
(3,814 |
) |
|
|
(4,135 |
) |
|
|
(4,346 |
) |
Other personnel-related expenses |
|
|
(2,476 |
) |
|
|
(2,827 |
) |
|
|
(3,128 |
) |
Total personnel expenses excluding share-based compensation |
|
$ |
(65,801 |
) |
|
$ |
(69,940 |
) |
|
$ |
(78,994 |
) |
|
| Summary of Amounts of Share-based Compensation Expenses |
The table below presents the amounts of share-based compensation expenses (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
Cost of Opera-granted awards |
|
$ |
(8,488 |
) |
|
$ |
(5,758 |
) |
|
$ |
(27,282 |
) |
Cost of parent-granted awards |
|
|
(6,450 |
) |
|
|
(2,872 |
) |
|
|
(2,797 |
) |
Total cost of equity awards |
|
|
(14,938 |
) |
|
|
(8,631 |
) |
|
|
(30,079 |
) |
Social security contributions for Opera-granted awards |
|
|
(2,012 |
) |
|
|
(1,087 |
) |
|
|
(1,194 |
) |
Total share-based compensation expenses |
|
$ |
(16,950 |
) |
|
$ |
(9,718 |
) |
|
$ |
(31,273 |
) |
|
| Summary of Movements in Number of RSUs and Options |
The following table shows the movements in the number of RSUs and options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opera: RSUs |
|
|
Opera: Options |
|
|
Kunlun: RSUs |
|
|
|
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, 2024 |
|
|
1,918,473 |
|
|
$ |
8.67 |
|
|
|
40,000 |
|
|
$ |
5.62 |
|
|
|
6,292,500 |
|
|
$ |
1.86 |
|
Regular awards granted |
|
|
390,000 |
|
|
$ |
12.58 |
|
|
|
— |
|
|
$ |
— |
|
|
|
1,610,824 |
|
|
$ |
3.22 |
|
Dividend adjustment awards granted |
|
|
89,946 |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(19,295 |
) |
|
$ |
8.84 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Exercised |
|
|
(961,870 |
) |
|
$ |
8.16 |
|
|
|
— |
|
|
$ |
— |
|
|
|
(2,199,000 |
) |
|
$ |
1.72 |
|
Outstanding as of December 31, 2024 |
|
|
1,417,254 |
|
|
$ |
9.54 |
|
|
|
40,000 |
|
|
$ |
5.62 |
|
|
|
5,704,324 |
|
|
$ |
2.23 |
|
Regular awards granted |
|
|
1,944,950 |
|
|
$ |
19.51 |
|
|
|
— |
|
|
$ |
— |
|
|
|
4,152,421 |
|
|
$ |
1.96 |
|
Dividend adjustment awards granted |
|
|
112,262 |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(118,959 |
) |
|
$ |
18.26 |
|
|
|
— |
|
|
$ |
— |
|
|
|
(1,672,740 |
) |
|
$ |
2.03 |
|
Exercised |
|
|
(1,167,902 |
) |
|
$ |
10.49 |
|
|
|
— |
|
|
$ |
— |
|
|
|
(1,241,575 |
) |
|
$ |
2.13 |
|
Outstanding as of December 31, 2025 |
|
|
2,187,605 |
|
|
$ |
16.94 |
|
|
|
40,000 |
|
|
$ |
5.62 |
|
|
|
6,942,430 |
|
|
$ |
2.22 |
|
|
| Summary of Weighted Average Values for Inputs Used in Valuation Techniques |
Set forth in the table below are the weighted average values for inputs used in the valuation techniques:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opera |
|
|
Kunlun |
|
|
|
2024 RSU Grants |
|
|
2025 RSU Grants |
|
|
2024 RSU Grants |
|
|
2025 RSU Grants |
|
Fair value of underlying share at grant date |
|
$ |
12.61 |
|
|
$ |
19.55 |
|
|
$ |
5.78 |
|
|
$ |
4.43 |
|
Expected volatility |
|
|
63.0 |
% |
|
|
59.3 |
% |
|
|
23.5 |
% |
|
|
34.5 |
% |
Risk-free rate |
|
|
4.3 |
% |
|
|
4.2 |
% |
|
|
2.1 |
% |
|
|
2.1 |
% |
Duration of initial simulation period (years to longstop date) |
|
|
2.39 |
|
|
|
1.50 |
|
|
N/A |
|
|
N/A |
|
Duration of second simulation period with postponed exercise (years) |
|
|
3.00 |
|
|
|
3.00 |
|
|
N/A |
|
|
N/A |
|
Exercise price |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.69 |
|
|
$ |
2.69 |
|
|
| Schedule of Compensation to Key Management Personnel (Details) |
The table below presents the amounts of expensed compensation to the directors and executive officers of the Company, including the grant-date fair value of vested equity awards (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
Short-term employee benefits |
|
$ |
(2,495 |
) |
|
$ |
(2,064 |
) |
|
$ |
(3,871 |
) |
Post-employment and medical benefits |
|
|
(72 |
) |
|
|
(116 |
) |
|
|
— |
|
Share-based compensation |
|
|
(1,693 |
) |
|
|
(3,571 |
) |
|
|
(3,835 |
) |
Total compensation to key management personnel |
|
$ |
(4,260 |
) |
|
$ |
(5,751 |
) |
|
$ |
(7,706 |
) |
|
| Summary of Research and Development Personnel Costs |
The following table presents the amounts of compensation to employees engaged in research and development activities (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
R&D personnel costs expensed |
|
$ |
(41,511 |
) |
|
$ |
(46,673 |
) |
|
$ |
(49,335 |
) |
Capitalized development costs (Note 10) |
|
|
(4,587 |
) |
|
|
(7,705 |
) |
|
|
(10,173 |
) |
Total R&D personnel costs |
|
$ |
(46,098 |
) |
|
$ |
(54,378 |
) |
|
$ |
(59,508 |
) |
|