Note 11 - Investments in Unconsolidated Entities (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Disclosure of unconsolidated structured entities [abstract] |
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| Summary of Investments in Unconsolidated Entities |
The table below shows a summary of Opera’s investments in unconsolidated entities (in thousands except for percentages):
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Ownership Interest |
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Carrying Amount as of December 31, |
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Investee |
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2024 |
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2025 |
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Classification |
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Measurement Method |
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2024 |
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2025 |
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OPay |
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9.4 |
% |
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9.5 |
% |
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Financial asset |
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FVTPL (1) |
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$ |
258,300 |
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$ |
294,600 |
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MiniPay Fund |
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|
26.0 |
% |
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27.4 |
% |
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Associate |
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Equity method |
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$ |
1,248 |
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$ |
4,016 |
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nHorizon Innovation |
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29.1 |
% |
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29.1 |
% |
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Associate |
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Equity method |
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$ |
— |
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|
$ |
— |
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_______________ (1)FVTPL – Fair value through profit or loss. The table below provides a reconciliation of the carrying amount of Opera’s investment in OPay (in thousands):
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Year Ended December 31, |
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2024 |
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2025 |
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Carrying amount as of January 1 |
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$ |
253,300 |
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$ |
258,300 |
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Fair value gain on investment |
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|
5,000 |
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|
36,300 |
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Carrying amount as of December 31 |
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$ |
258,300 |
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|
$ |
294,600 |
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The table below shows a reconciliation of the carrying amount of Opera’s net investment in the MiniPay Fund (in thousands):
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Year Ended December 31, |
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2024 |
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|
2025 |
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Carrying amount as of January 1 |
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$ |
— |
|
|
$ |
1,248 |
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Investment |
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|
1,250 |
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|
|
2,500 |
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Share of net income (loss) |
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(2 |
) |
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|
268 |
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Carrying amount as of December 31 |
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$ |
1,248 |
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|
$ |
4,016 |
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| Summary of Equity Value, Period of Time until Potential Liquidity Events and Probabilities |
The table below shows the estimates for equity values (in millions), period of time until potential liquidity events and probabilities of the respective outcomes:
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Equity Value (in millions) |
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Time Horizon (in years) |
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Probability |
Scenarios |
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2024 |
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2025 |
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2024 |
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2025 |
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2024 |
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2025 |
Initial public offering |
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$3,000 – $6,000 |
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$3,000 – $6,000 |
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1 – 2 |
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1 – 1.5 |
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80% |
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85% |
Sale transaction |
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$3,000 – $5,500 |
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$3,000 – $5,500 |
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1 – 2 |
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0.75 – 1.25 |
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10% |
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10% |
Dissolution |
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$236 |
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$223 |
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3 |
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2 |
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5% |
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2.5% |
Redemption |
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$1,000 |
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$1,000 |
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3 |
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2 |
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5% |
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2.5% |
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| Summary of Individual Sensitivities of Key Unobservable Inputs to the Fair Value Measurement |
The table below shows the individual sensitivities of key unobservable inputs to the fair value measurement (in thousands):
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As of December 31, 2024 |
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As of December 31, 2025 |
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Significant unobservable inputs |
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Change in Assumption (1) |
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Decrease in Assumption |
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Increase in Assumption |
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Decrease in Assumption |
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Increase in Assumption |
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Weighted average equity value |
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10 |
% |
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$ |
(25,495 |
) |
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$ |
25,495 |
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|
$ |
(29,238 |
) |
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$ |
29,238 |
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Time to exit |
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6 months |
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$ |
23,110 |
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$ |
(21,417 |
) |
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$ |
25,945 |
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$ |
(23,968 |
) |
Relative change in probability of sale (2) |
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100 |
% |
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$ |
826 |
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$ |
(826 |
) |
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$ |
43 |
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$ |
(43 |
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Discount for lack of marketability |
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5 pp |
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$ |
14,350 |
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$ |
(14,350 |
) |
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$ |
16,365 |
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$ |
(16,365 |
) |
Discount rate |
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2 pp |
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$ |
6,965 |
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$ |
(6,657 |
) |
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$ |
6,465 |
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$ |
(6,217 |
) |
_______________ (1)pp – percentage points. (2)Represents a relative change in the probabilities of sale scenarios, offset by an equal change in the probabilities of initial public offering scenarios.
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| Summary of Financial Position Data |
The following table presents summarized financial position data for the MiniPay Fund (in thousands):
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As of December 31, |
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2024 |
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2025 |
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Accounts receivable |
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$ |
20 |
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$ |
62 |
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Cash and cash equivalents |
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|
1,343 |
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27 |
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Investments |
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3,435 |
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14,596 |
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Accrued expenses |
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(1 |
) |
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(15 |
) |
Net assets |
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$ |
4,797 |
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$ |
14,669 |
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Opera’s share of net assets |
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$ |
1,248 |
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|
$ |
4,016 |
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| Disclosure of Income Data |
The following table presents summarized income data of the MiniPay Fund (in thousands):
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Year Ended December 31, |
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2023 |
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2024 |
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2025 |
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Dividends |
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$ |
— |
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$ |
— |
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$ |
6 |
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Interest income |
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— |
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20 |
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|
42 |
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Unrealized gains |
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— |
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— |
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|
1,153 |
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Management fee |
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|
— |
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(17 |
) |
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|
(177 |
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Other expenses |
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— |
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— |
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(1 |
) |
Net income (loss) |
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$ |
— |
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$ |
3 |
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$ |
1,023 |
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Opera’s share of net income (loss) (1) |
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$ |
— |
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|
$ |
(2 |
) |
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$ |
268 |
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_______________ (1)As certain other investors in the MiniPay Fund contribute in-kind services instead of paying the asset management fee in cash, Opera’s share of the fund’s net income (loss) deviates from Opera’s ownership interest.
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