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Note 11 - Investments in Unconsolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of unconsolidated structured entities [abstract] |
Summary of Investments in Unconsolidated Entities | The table below shows a summary of Opera’s investments in unconsolidated entities (in thousands except for percentages):
|  |  |  |  |  |  |  |  | Carrying amount as of December 31, |
Investee |  | Ownership interest |  |  | Classification of investment |  | Basis of accounting for investment |  | 2023 |  |  | 2024 |
OPay |  |  | 9.4 | % |  | Financial asset |  | Fair value through profit or loss |  | $ | 253,300 |  |  | $ | 258,300 |
Verda Ventures |  |  | 26.0 | % |  | Associate |  | Equity method |  | $ | — |  |  | $ | 1,248 |
nHorizon Innovation |  |  | 29.1 | % |  | Associate |  | Equity method |  | $ | — |  |  | $ | — |
The table below provides a reconciliation of the carrying amount of Opera’s investment in OPay (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2024 |
Carrying amount as of January 1 |  | $ | 86,100 |  |  | $ | 253,300 |
Shares acquired recognized at fair value |  |  | 77,362 |  |  |  | — |
Fair value gain on investment |  |  | 89,838 |  |  |  | 5,000 |
Carrying amount as of December 31 |  | $ | 253,300 |  |  | $ | 258,300 |
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, with the narrowed valuation ranges reflecting an underlying belief that such liquidity events are closer in time at year-end 2024 versus year-end 2023:
|  | Equity value (in millions) |  | Time horizon (in years) |  | Probability
Scenarios |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024
Initial public offering |  | $2,900 – $8,000 |  | $3,000 – $6,000 |  | 1 – 3 |  | 1 – 2 |  | 72% |  | 80%
Sale transaction |  | $3,500 – $7,500 |  | $3,000 – $5,500 |  | 1 – 3 |  | 1 – 2 |  | 8% |  | 10%
Dissolution |  | $234 |  | $236 |  | 3 |  | 3 |  | 10% |  | 5%
Redemption |  | $1,000 |  | $1,000 |  | 3 |  | 3 |  | 10% |  | 5%
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):
|  |  |  |  | As of December 31, 2023 |  |  | As of December 31, 2024 |
Significant unobservable inputs |  | Change in assumption (1) |  |  | Decrease in assumption |  |  | Increase in assumption |  |  | Decrease in assumption |  |  | Increase in assumption |
Weighted average equity value |  |  | 10 | % |  | $ | (24,791 | ) |  | $ | 24,791 |  |  | $ | (25,495 | ) |  | $ | 25,495 |
Time to exit |  | 1 year |  |  | $ | 47,872 |  |  | $ | (40,263 | ) |  | $ | 48,553 |  |  | $ | (40,855 | )
Relative change in probability of sale (2) |  |  | 100 | % |  | $ | (630 | ) |  | $ | 630 |  |  | $ | 826 |  |  | $ | (826 | )
Discount for lack of marketability |  | 5 pp |  |  | $ | 14,072 |  |  | $ | (14,072 | ) |  | $ | 14,350 |  |  | $ | (14,350 | )
Discount rate |  | 2 pp |  |  | $ | 9,759 |  |  | $ | (9,202 | ) |  | $ | 6,965 |  |  | $ | (6,657 | )
Achievement of financial target (3) |  | 10 pp |  |  | $ | (8,452 | ) |  | $ | 5,017 |  |  | N/A |  |  | N/A |
_______________ (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. (3) Only applicable to the preferred shares acquired in 2023, as discussed above. Verda Ventures Verda Ventures operates a venture fund formed in the second half of 2024 with the purpose of making investments in companies operating in the stablecoin ecosystem around Opera’s MiniPay platform. Opera invested $1.25 million in the fund in the fourth quarter of 2024, and has a commitment to make a further seven equal quarterly investments, totaling $10 million. The fund operated by Verda Ventures is classified as an associate and accounted for in accordance with the equity method as Opera has a member on the fund’s investment committee and thus has the ability to participate in financial and operating policy decisions. Opera’s share of the fund’s net loss, including management fee, was $2 thousand in 2024.

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