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Note 4 - Personnel Expenses, Including Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Classes of employee benefits expense [abstract] |
Summary of Amounts of Personnel Expenses Including Share-based Compensation | The table below presents the amounts of personnel expenses including share-based compensation (in thousands):
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Salaries, including bonuses |  | $ | (43,235 | ) |  | $ | (41,890 | ) |  | $ | (40,890 | )
Social security contribution, excluding amounts related to share-based compensation |  |  | (5,222 | ) |  |  | (5,825 | ) |  |  | (6,519 | )
External temporary hires |  |  | (10,318 | ) |  |  | (11,796 | ) |  |  | (15,568 | )
Defined contribution pension expense |  |  | (4,752 | ) |  |  | (3,814 | ) |  |  | (4,135 | )
Other personnel-related expenses |  |  | (1,758 | ) |  |  | (2,476 | ) |  |  | (2,827 | )
Total personnel expenses, excluding share-based compensation |  |  | (65,285 | ) |  |  | (65,801 | ) |  |  | (69,940 | )
Share-based compensation expense for Opera-granted awards |  |  | (7,439 | ) |  |  | (10,500 | ) |  |  | (6,846 | )
Share-based compensation expense for parent-granted awards |  |  | (1,865 | ) |  |  | (6,450 | ) |  |  | (2,872 | )
Total personnel expenses, including share-based compensation |  | $ | (74,588 | ) |  | $ | (82,750 | ) |  | $ | (79,658 | )
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, 2023 |  |  | 1,785,275 |  |  | $ | 9.90 |  |  |  | 100,000 |  |  | $ | 3.40 |  |  |  | 2,925,000 |  |  | $ | 1.22 |
Regular awards during the year |  |  | 934,359 |  |  | $ | 8.39 |  |  |  | — |  |  | $ | — |  |  |  | 6,200,000 |  |  | $ | 2.01 |
Dividend adjustment awards 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 |
Outstanding as of December 31, 2023 |  |  | 1,918,473 |  |  | $ | 8.67 |  |  |  | 40,000 |  |  | $ | 5.62 |  |  |  | 6,292,500 |  |  | $ | 1.86 |
Regular awards during the year |  |  | 390,000 |  |  | $ | 12.58 |  |  |  | — |  |  | $ | — |  |  |  | 1,610,824 |  |  | $ | 3.22 |
Dividend adjustment awards during the year |  |  | 89,946 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Forfeited during the year |  |  | (19,295 | ) |  | $ | 8.84 |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercised during the year |  |  | (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 |
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 |
|  | 2023 RSU grants |  |  | 2024 RSU grants |  |  | 2023 RSU grants |  |  | 2024 RSU grants |
Fair value of underlying share at grant date |  | $ | 8.46 |  |  | $ | 12.61 |  |  | $ | 3.48 |  |  | $ | 5.78 |
Expected volatility |  |  | 50.5 | % |  |  | 63.0 | % |  |  | 24.6 | % |  |  | 23.5 | %
Risk-free rate |  |  | 4.9 | % |  |  | 4.3 | % |  |  | 2.1 | % |  |  | 2.1 | %
Duration of initial simulation period (years to longstop date) |  |  | 2.49 |  |  |  | 2.39 |  |  | N/A |  |  | N/A |
Duration of second simulation period with postponed exercise (years) |  |  | 3.00 |  |  |  | 3.00 |  |  | N/A |  |  | N/A |
Exercise price |  | $ | — |  |  | $ | — |  |  | $ | 1.54 |  |  | $ | 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, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Short-term employee benefits |  | $ | (2,371 | ) |  | $ | (2,495 | ) |  | $ | (2,064 | )
Post-employment and medical benefits |  |  | (56 | ) |  |  | (72 | ) |  |  | (116 | )
Share-based compensation |  |  | (1,488 | ) |  |  | (1,693 | ) |  |  | (3,571 | )
Total compensation to key management personnel |  | $ | (3,914 | ) |  | $ | (4,260 | ) |  | $ | (5,751 | )
Summary of Research and Development Expenditure | The following table presents the amounts of compensation to employees engaged in research and development activities (in thousands):
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Total research and development expenditure |  | $ | (50,537 | ) |  | $ | (46,098 | ) |  | $ | (54,378 | )
Less: Capitalized development expenditure (Note 10) |  |  | 6,825 |  |  |  | 4,587 |  |  |  | 7,705 |
Net research and development expenditure recognized as part of personnel expenses |  | $ | (43,713 | ) |  | $ | (41,511 | ) |  | $ | (46,673 | )

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