Technology

Squarespace Announces Second Quarter 2024 Financial Results

Published

2 years ago

August 2, 2024

NEW YORK, Aug. 2, 2024 /PRNewswire/ — Squarespace, Inc. (NYSE: SQSP), the design-driven platform helping entrepreneurs build brands and businesses online, today announced results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights

Total revenue grew 20% year over year to $296.8 million in the second quarter, compared with $247.5 million in the second quarter of 2023, and 20% in constant currency.Presence revenue grew 25% year over year to $215.4 million and 26% in constant currency.Commerce revenue grew 8% year over year to $81.4 million and 8% in constant currency.Net income totaled $6.1 million, compared with a net income of $3.7 million in the second quarter of 2023.Basic and diluted earnings per share was $0.04 and $0.03 for the second quarter of 2024 and 2023, respectively. Basic earnings per share was based upon 137,760,693 and 135,302,409 weighted average shares outstanding in the second quarter of 2024 and 2023, respectively. Diluted earnings per share was based upon 142,143,018 and 138,771,613 fully diluted weighted average shares outstanding in the second quarter of 2024 and 2023, respectively.Cash flow from operating activities increased 15% to $60.6 million for the three months ended June 30, 2024, compared with $52.5 million for the three months ended June 30, 2023.Cash and cash equivalents of $270.4 million; investments in marketable securities of $52.0 million; total debt of $545.0 million, of which $57.1 million is current, debt net of cash and investments totaled $222.6 million.Total bookings grew 25% year over year to $319.8 million in the second quarter, compared to $256.1 million in the second quarter of 2023.Unlevered free cash flow increased 19% to $65.4 million representing 22% of total revenue for the three months ended June 30, 2024, compared with $54.8 million for the three months ended June 30, 2023.Adjusted EBITDA decreased to $72.1 million in the second quarter, compared with $73.4 million in the second quarter of 2023.Total unique subscriptions increased 21% year over year to over 5.2 million in 2024, compared to 4.3 million in 2023.Average revenue per unique subscription (“ARPUS”) increased 3% year over year to $225.45 in 2024, compared to $219.42 in 2023.Annual run rate revenue (“ARRR”) grew 20% year over year to $1,179.5 million in 2024, compared to $983.3 million in 2023.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Transaction with Permira

As announced on May 13, 2024, Squarespace entered into a definitive agreement to go private by Permira. In light of this transaction, Squarespace will not be hosting an earnings conference call or live webcast to discuss its second quarter 2024 financial results and Squarespace will not be providing guidance for the third quarter and is suspending its financial guidance for the full fiscal year 2024.

Transaction with American Express

As announced on June 21, 2024, Squarespace entered into an agreement to sell Tock, the reservation, table, and event management technology provider, to American Express (NYSE: AXP) for $400.0 million. The transaction is subject to customary closing conditions, including regulatory approval. Squarespace classified the assets and liabilities of the Tock business as held for sale, including certain cash, cash equivalents and restricted cash as of June 30, 2024.

Non-GAAP Financial Measures

Revenue growth in constant currency is being provided to increase transparency and align our disclosures with companies in our industry that receive material revenues from international sources. Revenue constant currency has been adjusted to exclude the effect of year-over-year changes in foreign currency exchange rate fluctuations. We believe providing this information better enables investors to understand our operating performance irrespective of currency fluctuations.

We calculate constant currency information by translating current period results from entities with foreign functional currencies using the comparable foreign currency exchange rates from the prior fiscal year. To calculate the effect of foreign currency translation, we apply the same weighted monthly average exchange rate as the comparative period. Our definition of constant currency may differ from other companies reporting similarly named measures, and these constant currency performance measures should be viewed in addition to, and not as a substitute for, our operating performance measures calculated in accordance with GAAP.

Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance. We calculate adjusted EBITDA as net income/(loss) excluding interest expense, other income/(loss), net (provision for)/benefit from income taxes, depreciation and amortization, stock-based compensation expense and other items that we do not consider indicative of our ongoing operating performance.

Unlevered free cash flow is a supplemental liquidity measure that Squarespace’s management uses to evaluate its core operating business and its ability to meet its current and future financing and investing needs. Unlevered free cash flow is defined as cash flow from operating activities, including one-time expenses related to Squarespace’s direct listing, less cash paid for capital expenditures increased by cash paid for interest expense net of the associated tax benefit.

Adjusted EBITDA, unlevered free cash flow and revenue constant currency are not prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and have important limitations as an analytical tool. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results.

Further information on these non-GAAP items and reconciliation to their closest GAAP measure is provided below under, “Reconciliation of Non-GAAP Financial Measures.”

Definitions of Key Operating Metrics

On September 7, 2023, we closed an asset purchase agreement between us and Google LLC (“Google”) to acquire, among other things, Google’s domain assets (the “Google Domains Asset Acquisition”). Unique subscriptions and average revenue per unique subscription do not account for single domain subscriptions originally sold by Google as a part of the Google Domains Asset Acquisition (the “Acquired Domain Assets”).

Annual run rate revenue (“ARRR”). We calculate ARRR as the quarterly revenue from subscription fees and revenue generated in conjunction with associated fees (fees taken or assessed in conjunction with commerce transactions) in the last quarter of the period multiplied by 4. We believe that ARRR is a key indicator of our future revenue potential. However, ARRR should be viewed independently of revenue, and does not represent our GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by subscription start and end dates and renewal rates. ARRR is not intended to be a replacement or forecast of revenue. ARRR for the three months ended June 30, 2023 has been recast to conform to the current period definition. Previously, ARRR was calculated using monthly revenue from subscription fees and revenue generated in conjunction with associated fees in the last month of the period multiplied by 12. We have since revised our calculation to use quarterly revenue from subscription fees and revenue generated in conjunction with associated fees in the last quarter of the period multiplied by 4 to normalize results for the run rate each quarter.

Unique subscriptions represent the number of unique sites, standalone scheduling subscriptions, Unfold (social) and hospitality subscriptions, as of the end of a period. A unique site represents a single subscription and/or group of related subscriptions, including a website subscription and/or a domain subscription, and other subscriptions related to a single website or domain. Every unique site contains at least one domain subscription or one website subscription. For instance, an active website subscription, a custom domain subscription and a Google Workspace subscription that represent services for a single website would count as one unique site, as all of these subscriptions work together and are in service of a single entity’s online presence. Unique subscriptions do not account for one-time purchases in Unfold or for hospitality services nor do they account for our Acquired Domain Assets. The total number of unique subscriptions is a key indicator of the scale of our business and is a critical factor in our ability to increase our revenue base.

Average revenue per unique subscription (“ARPUS”). We calculate ARPUS as the total revenue during the preceding 12-month period divided by the average of the number of total unique subscriptions at the beginning and end of the period. ARPUS does not account for Acquired Domain Assets or the revenue from Acquired Domain Assets. We believe ARPUS is a useful metric in evaluating our ability to sell higher-value plans and add-on subscriptions.

Total bookings represents cash receipts for all subscriptions purchased, as well as payments due under the terms of contractual agreements for obligations to be fulfilled. In the case of multi-year contracts, total bookings only includes one year of committed revenue.

Gross payment volume (“GPV”) represents the value of physical goods and services, including content, time sold, hospitality and events, net of refunds, on our platform over a given period of time. “Gross payment volume” or “GPV” was previously presented as “Gross merchandise value” or “GMV” in prior period disclosures. There were no revisions to the calculation of GPV as a result of this nomenclature change.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to: Squarespace’s ability to consummate the take private transaction; Squarespace’s ability to attract and retain customers and expand their use of its platform; Squarespace’s ability to anticipate market needs and develop new solutions to meet those needs; Squarespace’s ability to improve and enhance the functionality, performance, reliability, design, security and scalability of its existing solutions; Squarespace’s ability to compete successfully in its industry against current and future competitors; Squarespace’s ability to manage growth and maintain demand for its solutions; Squarespace’s ability to protect and promote its brand; Squarespace’s ability to generate new customers through its marketing and selling activities; Squarespace’s ability to successfully identify, manage and integrate any existing and potential acquisitions or achieve the expected benefits of such acquisitions; Squarespace’s ability to hire, integrate and retain highly skilled personnel; Squarespace’s ability to adapt to and comply with existing and emerging regulatory developments, technological changes and cybersecurity needs; Squarespace’s compliance with privacy and data protection laws and regulations as well as contractual privacy and data protection obligations; Squarespace’s ability to establish and maintain intellectual property rights; Squarespace’s ability to manage expansion into international markets; and the expected timing, amount, and effect of Squarespace’s share repurchases. It is not possible for Squarespace’s management to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Squarespace may make. In light of these risks, uncertainties, and assumptions, Squarespace’s actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in Squarespace’s filings with the Securities and Exchange Commission. Except as required by law, Squarespace assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

About Squarespace

Squarespace (NYSE: SQSP) is a design-driven platform helping entrepreneurs build brands and businesses online. We empower millions in more than 200 countries and territories with all the tools they need to create an online presence, build an audience, monetize, and scale their business. Our suite of products range from websites, domains, ecommerce, and marketing tools, as well as tools for scheduling with Acuity, creating and managing social media presence with Bio Sites and Unfold, and hospitality business management via Tock. For more information, visit www.squarespace.com.

Contacts

Investors
investors@squarespace.com

Media
press@squarespace.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$ 296,769

$ 247,529

$ 577,917

$ 484,557

Cost of revenue (1)

82,939

43,167

163,713

86,117

Gross profit

213,830

204,362

414,204

398,440

Operating expenses:

Research and product development (1)

69,805

61,412

136,651

119,982

Marketing and sales (1)

88,282

75,373

205,815

177,045

General and administrative (1)

38,873

30,909

69,696

63,249

Total operating expenses

196,960

167,694

412,162

360,276

Operating income

16,870

36,668

2,042

38,164

Interest expense

(10,157)

(8,635)

(20,538)

(16,729)

Other income, net

4,454

2,038

9,031

1,198

Income/(loss) before (provision for)/benefit from income taxes

11,167

30,071

(9,465)

22,633

(Provision for)/benefit from income taxes

(5,034)

(26,411)

15,742

(18,471)

Net income

$ 6,133

$ 3,660

$ 6,277

$ 4,162

Net income per share, basic

$ 0.04

$ 0.03

$ 0.05

$ 0.03

Net income per share, diluted

$ 0.04

$ 0.03

$ 0.04

$ 0.03

Weighted-average shares used in computing net income per share,
basic

137,760,693

135,302,409

137,348,777

135,111,072

Weighted-average shares used in computing net income per share,
diluted

142,143,018

138,771,613

141,419,521

138,013,454

(1) Includes stock-based compensation as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cost of revenue

$ 2,026

$ 1,549

$ 3,795

$ 2,601

Research and product development

19,025

15,650

34,675

26,337

Marketing and sales

3,590

3,045

6,801

4,916

General and administrative

8,157

9,235

15,694

17,751

Total stock-based compensation

$ 32,798

$ 29,479

$ 60,965

$ 51,605

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$ 270,363

$ 257,702

Restricted cash

—

36,583

Investment in marketable securities

52,041

—

Accounts receivable

41,384

24,894

Due from vendors

—

6,089

Prepaid expenses and other current assets

83,016

48,947

Total current assets

446,804

374,215

Property and equipment, net

49,609

58,211

Operating lease right-of-use assets

61,016

77,764

Goodwill

196,522

210,438

Intangible assets, net

140,839

190,103

Other assets

11,560

11,028

Assets of business held for sale

94,529

—

Total assets

$ 1,000,879

$ 921,759

Liabilities and Stockholders’ Deficit

Current liabilities:

Accounts payable

$ 21,933

$ 12,863

Accrued liabilities

98,933

99,435

Deferred revenue

397,923

333,191

Funds payable to customers

—

42,672

Debt, current portion

57,140

48,977

Operating lease liabilities, current portion

11,281

12,640

Total current liabilities

587,210

549,778

Deferred income taxes, non-current portion

1,164

1,039

Debt, non-current portion

487,846

519,816

Operating lease liabilities, non-current portion

71,843

97,714

Other liabilities

18,940

13,764

Liabilities of business held for sale

76,745

—

Total liabilities

1,243,748

1,182,111

Commitments and contingencies

Stockholders’ deficit:

Class A common stock, par value of $0.0001; 1,000,000,000 shares authorized as of June 30, 2024
and December 31, 2023, respectively; 90,630,649 and 88,545,012 shares issued and outstanding as of June 30,
2024 and December 31, 2023, respectively

Class B common stock, par value of $0.0001; 100,000,000 shares authorized as of June 30, 2024 and
December 31, 2023, respectively; 47,844,755 shares issued and outstanding as of June 30, 2024 and
December 31, 2023, respectively

Class C common stock (authorized May 10, 2021), par value of $0.0001; 1,000,000,000 shares authorized
as of June 30, 2024 and December 31, 2023, respectively; zero shares issued and outstanding as of June 30,
2024 and December 31, 2023, respectively

—

Additional paid in capital

936,277

924,634

Accumulated other comprehensive loss

(1,280)

(843)

Accumulated deficit

(1,177,880)

(1,184,157)

Total stockholders’ deficit

(242,869)

(260,352)

Total liabilities and stockholders’ deficit

$ 1,000,879

$ 921,759

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Six Months Ended June 30,

2024

2023

OPERATING ACTIVITIES:

Net income

$ 6,277

$ 4,162

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

36,885

14,477

Stock-based compensation

60,965

51,605

Deferred income taxes

125

124

Non-cash lease income

(1,757)

(989)

Other

625

310

Changes in operating assets and liabilities:

Accounts receivable and due from vendors

(15,697)

2,364

Prepaid expenses and other current assets

(35,545)

(1,480)

Accounts payable and accrued liabilities

29,784

9,822

Deferred revenue

69,012

38,030

Funds payable to customers

(4,943)

(2,131)

Other operating assets and liabilities

117

408

Net cash provided by operating activities

145,848

116,702

INVESTING ACTIVITIES:

Proceeds from the sale and maturities of marketable securities

1,000

39,664

Purchases of marketable securities

(52,856)

(7,824)

Purchase of property and equipment

(6,074)

(7,167)

Net cash (used in)/provided by investing activities

(57,930)

24,673

FINANCING ACTIVITIES:

Principal payments on debt

(24,488)

(20,379)

Payments for repurchase and retirement of Class A common stock

(16,311)

(25,321)

Taxes paid related to net share settlement of equity awards

(37,640)

(20,318)

Proceeds from exercise of stock options

2,585

134

Net cash used in financing activities

(75,854)

(65,884)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(513)

165

Increase in cash, cash equivalents and restricted cash, including cash classified as assets of business held for
sale

11,551

75,656

Less: Increase in cash, cash equivalents and restricted cash classified as assets of business held for sale

(35,473)

—

Net (decrease)/increase in cash, cash equivalents and restricted cash

(23,922)

75,656

Cash, cash equivalents and restricted cash at the beginning of the period

294,285

232,620

Cash, cash equivalents and restricted cash at the end of the period

$ 270,363

$ 308,276

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$ 270,363

$ 274,004

Restricted cash

—

34,272

Cash, cash equivalents, and restricted cash at the end of the period

$ 270,363

$ 308,276

SUPPLEMENTAL DISCLOSURE OF CASH FLOW

Cash paid during the year for interest

$ 19,883

$ 16,360

Cash paid during the year for income taxes, net of refunds

$ 31,231

$ 22,902

Cash paid for amounts included in the measurement of operating lease liabilities

$ 8,124

$ 7,861

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCE ACTIVITIES

Purchases of property and equipment included in accounts payable and accrued liabilities

$ 295

$ 196

Capitalized stock-based compensation

$ 1,404

$ 1,638

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(in thousands)

(unaudited)

The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Net income

$ 6,133

$ 3,660

$ 6,277

$ 4,162

Interest expense

10,157

8,635

20,538

16,729

Provision for/(benefit from) income taxes

5,034

26,411

(15,742)

18,471

Depreciation and amortization

18,213

7,236

36,885

14,477

Stock-based compensation expense

32,798

29,479

60,965

51,605

Other income, net

(4,454)

(2,038)

(9,031)

(1,198)

Proposed merger costs

4,198

—

4,198

—

Adjusted EBITDA

$ 72,079

$ 73,383

$ 104,090

$ 104,246

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cash flows from operating activities

$ 60,629

$ 52,547

$ 145,848

$ 116,702

Cash paid for capital expenditures

(2,689)

(4,092)

(6,074)

(7,167)

Free cash flow

$ 57,940

$ 48,455

$ 139,774

$ 109,535

Cash paid for interest, net of the associated tax
benefit

7,480

6,310

14,968

12,326

Unlevered free cash flow

$ 65,420

$ 54,765

$ 154,742

$ 121,861

June 30, 2024

December 31, 2023

Total debt outstanding

$ 544,986

$ 568,793

Less: total cash and cash equivalents and marketable securities

322,404

257,702

Total net debt

$ 222,582

$ 311,091

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue, as reported

$ 296,769

$ 247,529

$ 577,917

$ 484,557

Revenue year-over-year growth rate, as reported

19.9 %

16.4 %

19.3 %

15.2 %

Effect of foreign currency translation ($)(1)

$ (686)

$ 685

$ (218)

$ (2,118)

Effect of foreign currency translation (%)(1)

(0.3) %

0.3 %

— %

(0.5) %

Revenue constant currency growth rate

20.2 %

16.1 %

19.3 %

15.7 %

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Commerce revenue, as reported

$ 81,396

$ 75,455

$ 161,660

$ 148,092

Revenue year-over-year growth rate, as reported

7.9 %

14.0 %

9.2 %

13.9 %

Effect of foreign currency translation ($)(1)

$ (107)

$ 119

$ (29)

$ (369)

Effect of foreign currency translation (%)(1)

(0.1) %

0.2 %

— %

(0.3) %

Commerce revenue constant currency growth rate

8.0 %

13.8 %

9.2 %

14.2 %

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Presence revenue, as reported

$ 215,373

$ 172,074

$ 416,257

$ 336,465

Revenue year-over-year growth rate, as reported

25.2 %

17.4 %

23.7 %

15.8 %

Effect of foreign currency translation ($)(1)

$ (579)

$ 565

$ (188)

$ (1,749)

Effect of foreign currency translation (%)(1)

(0.3) %

0.4 %

(0.1) %

(0.6) %

Presence revenue constant currency growth rate

25.5 %

17.0 %

23.8 %

16.4 %

(1) To calculate the effect of foreign currency translation, we apply the same weighted monthly average exchange rate as the comparative period.

Amounts may not sum due to rounding.

SUMMARY OF SHARES OUTSTANDING

(unaudited)

Six Months Ended June 30,

2024

2023

Shares outstanding:

Class A common stock

90,630,649

87,723,667

Class B common stock

47,844,755

Class C common stock

Total shares outstanding

138,475,404

135,568,422

KEY PERFORMANCE INDICATORS AND NON-GAAP FINANCIAL MEASURES

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Unique subscriptions (in thousands) (1)

5,195

4,305

5,195

4,305

Total bookings (in thousands)

$ 319,774

$ 256,137

$ 645,720

$ 521,926

ARRR (in thousands) (2)

$ 1,179,456

$ 983,265

$ 1,179,456

$ 983,265

ARPUS (1)

$ 225.45

$ 219.42

$ 225.45

$ 219.42

Adjusted EBITDA (in thousands)

$ 72,079

$ 73,383

$ 104,090

$ 104,246

Unlevered free cash flow (in thousands)

$ 65,420

$ 54,765

$ 154,742

$ 121,861

GPV (in thousands) (3)

$ 1,589,076

$ 1,525,476

$ 3,238,533

$ 3,059,534

______________

(1)

Unique subscriptions and average revenue per unique subscription (“ARPUS”) do not account for single domain subscriptions originally sold by Google as a part of the Google Domains Asset Acquisition.

(2)

Annual run rate revenue (“ARRR”) for the three and six months ended June 30, 2023 has been recast to conform to the current period definition. Previously, ARRR was calculated using monthly revenue from subscription fees and revenue generated in conjunction with associated fees in the last month of the period multiplied by 12. We have since revised our calculation to use quarterly revenue from subscription fees and revenue generated in conjunction with associated fees in the last quarter of the period multiplied by 4 to normalize results for the run rate each quarter.

(3)

“Gross payment volume” or “GPV” was previously presented as “Gross merchandise value” or “GMV” in prior period disclosures. There were no revisions to the calculation of GPV as a result of this nomenclature change.

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SOURCE Squarespace, Inc.

Technology

Ajinomoto Build-up Film Market worth $49.63 billion by 2032 – Exclusive Report by MarketsandMarkets™

Published

47 minutes ago

April 23, 2026

DELRAY BEACH, Fla., April 23, 2026 /PRNewswire/ — According to MarketsandMarkets™, the global Ajinomoto build-up film market is valued at USD 11.56 billion in 2026 and is projected to reach USD 49.63 billion by 2032, registering a CAGR of 27.5% during the forecast period.

Browse 40 market data Tables and 30 Figures spread through 80 Pages and in-depth TOC on “Ajinomoto Build-up Film Market – Global Forecast to 2032”

Ajinomoto Build-up Film Market Size & Forecast:

Market Size Available for Years: 2021–20322026 Market Size: USD 11.56 billion2032 Projected Market Size: USD 49.63 billionCAGR (2026–2032): 27.5%

Ajinomoto Build-up Film Market Trends & Insights:

The Ajinomoto build-up film market is a critical segment of the advanced semiconductor packaging ecosystem, driven by rising demand for high-performance computing, AI-enabled devices, and data center infrastructure. ABF is a key dielectric material in FC-BGA substrates, enabling high-density interconnects, superior electrical performance, and the thermal stability required for next-generation processors and GPUs. The market is witnessing steady growth due to rising chip complexity, miniaturization trends, and the transition toward advanced packaging technologies such as chiplets and heterogeneous integration.By application, the organic interposer industry is expected to grow at the highest CAGR of 31.1% during the forecast period.By region, Asia Pacific is expected to dominate the market, accounting for the largest market share of 50.7% in 2026.

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The Ajinomoto build-up film (ABF) market is projected to witness strong growth over the forecast period, driven by rising demand for high-performance, energy-efficient semiconductor packaging solutions. The increasing adoption of advanced computing technologies, including artificial intelligence (AI), high-performance computing (HPC), and data center infrastructure, is significantly accelerating demand for ABF substrates, which offer superior electrical insulation, thermal stability, and fine-line circuit formation. These materials are critical in enabling complex chip architectures used in servers, GPUs, and advanced processors. Additionally, the rapid proliferation of consumer electronics such as smartphones, laptops, and gaming devices, along with the expansion of 5G and IoT ecosystems, is further contributing to market growth by increasing the demand for high-density packaging solutions.

Increasing investments in semiconductor manufacturing capacity, particularly in the Asia Pacific and North America, are creating new growth opportunities for ABF suppliers. Furthermore, advancements in material science and process technologies are enabling enhanced performance characteristics, supporting next-generation chip designs.

The advanced semiconductor package substrate segment is expected to dominate the market by application during the forecast period.

Advanced semiconductor package substrate is the dominant application segment in the Ajinomoto build-up film market, driven by the escalating performance requirements of next-generation integrated circuits. ABF is a critical material used in FC-BGA (Flip Chip Ball Grid Array) substrates, which are extensively deployed in high-performance processors, GPUs, networking chips, and AI accelerators. Furthermore, the rapid expansion of data centers, cloud computing, and AI workloads is significantly boosting demand for advanced packaging substrates, thereby directly accelerating ABF consumption. Leading chip manufacturers and outsourced semiconductor assembly and test (OSAT) providers are increasingly investing in advanced substrate technologies to support high-speed data transmission and improved power efficiency. The ongoing transition toward chiplet architectures and 2.5D/3D packaging is also driving incremental demand for ABF-based substrates, as these technologies require higher interconnect density and improved signal integrity.

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North America is expected to grow at the fastest CAGR during the forecast period.

North America is expected to register the fastest CAGR in the Ajinomoto build-up film industry, driven by strong momentum in advanced semiconductor design, data center expansion, and strategic policy support for domestic chip manufacturing. The region hosts a high concentration of leading semiconductor companies, hyperscalers, and AI chip developers, which are significantly increasing demand for high-performance packaging substrates utilizing ABF materials. The rapid growth of AI, high-performance computing (HPC), and cloud infrastructure is accelerating the deployment of advanced processors and GPUs, thereby driving substantial demand for ABF-based FC-BGA substrates. Moreover, increasing collaboration between semiconductor companies, research institutions, and packaging players is fostering innovation in substrate technologies in the region.

Key Players

Leading players in the global Ajinomoto build-up film companies include Ajinomoto Co., Inc. (Japan), Sekisui Chemical Co., Ltd. (Japan), Waferchem Technology (Taiwan), Taiyo Holdings Co., Ltd. (Japan), and Nippon Kayaku Co., Ltd. (Japan), among others.

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Technology

Firefighting Aircraft Market to Reach $27.2 billion, Globally, by 2040 at 6.9% CAGR: Allied Market Research

Published

47 minutes ago

April 23, 2026

WILMINGTON, Del., April 23, 2026 /PRNewswire/ — Allied Market Research published a report, titled, ‘Firefighting Aircraft Market by Aircraft Type (Fixed Wing or Airplanes, Rotorcraft or Helicopters), Tank Capacity (Less than 10,000 litres, 10,000 to 30,000 litres, More than 30,000 litres), Maximum Takeoff Weight (Less than 8,000 kg, 8,000 to 30,000 kg, More than 30,000 kg), and Range (Less than 1,000 km, 1,000 to 3,000 km, More than 3,000 km): Global Opportunity Analysis and Industry Forecast, 2025-2040.’ According to the report, the firefighting aircraft market was valued at $9.5 billion in 2024, and is estimated to reach $27.2 billion by 2040, growing at a CAGR of 6.9% from 2025 to 2040.

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Prime determinants of growth

The firefighting aircraft market is expected to witness notable growth owing to use of aircraft to extinguish wildfire, increase in fire-related incidents in the oil & gas industry and increase in wildfire incidents. Moreover, surge in contracts and agreements for long-term businesses and technological advancements in firefighting aircraft are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high capital requirement and delayed delivery of aircraft limit the growth of the firefighting aircraft market

Report coverage & details:

Report Coverage

Details

Forecast Period

2025–2034

Base Year

2024

Market Size in 2024

$9.5 billion

Market Size in 2034

$27.2 billion

CAGR

6.9 %

No. of Pages in Report

391

Segments covered

Aircraft Type, Tank Capacity, Maximum Takeoff Weight, and Range

Drivers

Use of Aircraft to Extinguish Wildfire

Increase in Fire-related Incidents in the Oil & Gas Industry

Increase in Wildfire Incidents

Opportunities

Surge in contracts and agreements for long-term businesses

Technological advancements in firefighting aircraft

Restraints

Delayed Delivery of Aircraft

High Capital Requirement

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The less than 8000 KG segment to maintain its leadership status throughout the forecast period.

By maximum takeoff weight, the less than 8000 kg segment is expected to hold the highest market share in 2024, accounting for nearly three-fifths of the global firefighting aircraft market revenue and is estimated to maintain its leadership status throughout the forecast period. This dominance is driven by the widespread use of lightweight firefighting aircraft for rapid deployment, especially in rugged terrains and remote areas were larger aircraft face operational limitations.

The rotorcraft or helicopters segment to maintain its leadership status throughout the forecast period

By aircraft type, the rotorcraft or helicopters segment is expected to hold the highest market share in 2024, accounting for nearly half of the global firefighting aircraft market and is estimated to maintain its leadership status throughout the forecast period. This segment’s dominance is attributed to the helicopters’ exceptional versatility, ability to access hard-to-reach fire zones, and effectiveness in water bucket operations and precision drops.

The less than 10,000 litres segment to maintain its leadership status throughout the forecast period

By tank capacity, the less than 10,000 litres segment is expected to hold the highest market share in 2024, accounting for nearly one-third of the global firefighting aircraft market and is estimated to maintain its leadership status throughout the forecast period. This segment’s dominance is attributed to the high demand for agile and cost-effective firefighting solutions that can quickly access fire-prone regions with limited infrastructure. These aircraft are ideal for initial attack operations, enabling rapid response and containment of wildfires before they escalate.

The 1000 to 3000 km segment to maintain its leadership status throughout the forecast period

By range, the 1000 to 3000 km segment is expected to hold the highest market share in 2024, accounting for nearly two-fifths of the global firefighting aircraft market and is estimated to maintain its leadership status throughout the forecast period. Owing to their optimal balance between operational reach and fuel efficiency, aircraft in this range category are well-suited for regional firefighting missions. They can cover large areas without frequent refuelling stops, allowing for sustained firefighting operations across multiple hotspots.

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North America dominated the market in 2024

By Region, North America region generated the largest share in 2023, accounting for more than two-fifth of the global firefighting aircraft market and is estimated to maintain its leadership status throughout the forecast period. Owing to the increasing frequency and severity of wildfires in countries like the United States and Canada, there is a heightened demand for advanced aerial firefighting capabilities. The presence of well-established firefighting infrastructure, substantial government funding, and continuous investment in upgrading aircraft fleets with modern technologies further supports the region’s dominance.

Leading Market Players: –

SAABShinMaywa Industries, Ltd.COULSON GROUPConair Aerial FirefightingLockheed Martin CorporationKaman CorporationAIRBUSTextron, Inc.Leonardo S.p.A.De HavillandAircraft of Canada Limited

The report provides a detailed analysis of these key players in the global firefighting aircraft market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in country. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Technology

DC High Power Charger Market to Reach $64.16 Billion by 2031, Driven by EV Fast Charging Demand | Valuates Reports

Published

47 minutes ago

April 23, 2026

BANGALORE, India, April 23, 2026 /PRNewswire/ —

What is the Market Size of DC High Power Chargers?

The global market for DC High Power Charger was valued at USD 28450 Million in the year 2024 and is projected to reach a revised size of USD 64160 Million by 2031, growing at a CAGR of 12.5% during the forecast period.

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What are the key factors driving the growth of the DC High Power Charger Market?

The DC high power charger market is expanding as charging networks shift from basic availability to corridor-grade reliability, faster vehicle turnaround, and higher site throughput. Market momentum is being shaped by rising expectations for short dwell times, broader deployment of long-distance electric mobility, and operator preference for charging assets that can serve multiple vehicle classes with stronger utilization. Commercial site owners, fleet-linked destinations, highway operators, and urban fast-charging hubs are prioritizing systems that reduce queue pressure and improve charger productivity. The market is also benefiting from tighter integration between charging hardware, power management, payment layers, and network operations, which is pushing procurement toward scalable, service-oriented, and uptime-focused infrastructure strategies.

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TRENDS INFLUENCING THE GROWTH OF THE DC HIGH POWER CHARGER MARKET:

The above-range high power charger category is driving market growth by enabling charging networks to serve premium long-range electric vehicles, high-traffic transport corridors, and locations where turnaround speed directly affects utilization. This segment strengthens the business case for fast-charging hubs because it supports shorter charging sessions, reduces congestion during peak periods, and improves site economics in spaces with limited parking turnover. It is also becoming important for operators that want future-ready assets capable of handling next-generation vehicle architectures and larger battery packs. As charging demand shifts from occasional top-up behavior to travel-critical infrastructure, this segment is reinforcing investment in high-capacity sites built for throughput, network reputation, and long-term competitive positioning.

The lower fast-charging band continues to drive market growth by giving operators a practical route to scale charging access across cities, retail zones, workplaces, parking destinations, and intercity routes without the heavier power burden associated with ultra-high-capacity systems. This segment is attractive because it balances charging speed, site economics, grid compatibility, and installation flexibility, making it suitable for broader rollout strategies. It supports use cases where drivers need meaningful recharge within a manageable stop duration while allowing network owners to expand footprint across more locations. Its importance remains strong because market growth depends not only on the fastest chargers, but also on the widespread availability of dependable fast charging that can serve everyday electric mobility patterns efficiently.

Battery electric vehicles are the strongest application-side driver for the DC high power charger market because they depend directly on public fast-charging availability for long-distance travel, high-mileage usage, and confidence beyond home charging access. As the BEV base expands across private ownership, commercial mobility, ride-linked operations, and corporate fleets, the requirement for rapid and dependable public charging grows with it. BEV users place greater importance on route continuity, charging speed, and network accessibility, which lifts demand for higher-power infrastructure across both urban and highway locations. This application segment is shaping charger deployment priorities, site design, and capacity planning, making BEV growth the central demand engine behind fast-charging network expansion.

Expansion along highways and major transit corridors is a major growth factor because DC high power chargers are increasingly being positioned as mobility infrastructure rather than optional convenience assets. Corridor deployment helps eliminate range anxiety during longer trips and supports intercity travel behavior that slower charging formats cannot address effectively. Operators are prioritizing locations that connect urban centers, logistics routes, and destination clusters, which increases demand for chargers designed for rapid turnover and dependable uptime. This corridor-led pattern is pushing the market toward larger-format charging sites, better traffic handling, and stronger service consistency, all of which expand the addressable market for high power charging systems.

Fleet electrification is accelerating market growth because commercial operators need charging systems that minimize idle time and keep vehicles in active service. Delivery fleets, mobility operators, shuttle services, and institutional vehicle pools increasingly require fast and repeatable charging windows that align with operating schedules rather than residential charging behavior. DC high power chargers fit this requirement by supporting tighter turnaround cycles and reducing the operational friction associated with battery replenishment. As fleet managers evaluate route efficiency, asset utilization, and depot or public charging dependency, demand rises for charging infrastructure that can sustain predictable service levels under high daily use conditions.

A strong focus on site throughput is driving investment in DC high power charging because network owners are under pressure to serve more vehicles per location without expanding physical footprint excessively. Faster charging capability improves stall turnover, lowers queue buildup, and supports better revenue generation from high-demand sites. This matters especially in transport nodes, dense urban areas, retail destinations, and highway hubs where land, grid access, and parking efficiency shape infrastructure decisions. The market is therefore moving toward charger configurations that maximize service output per site, making high power systems increasingly attractive for operators seeking stronger utilization and improved network economics.

Retail centers, fuel-linked destinations, hospitality properties, and mixed-use sites are contributing to market growth as they treat fast charging as a traffic-generation and dwell-time optimization tool. DC high power chargers help these locations capture EV users who value convenience, short stop durations, and route-based charging access. For site hosts, the charger becomes more than an energy asset; it becomes a customer acquisition and retention instrument tied to visit quality and spending behavior. This commercial logic is expanding the market beyond dedicated charging operators and bringing in a wider base of property owners that want to participate in EV traffic capture through faster on-site charging capability.

Grid-aware deployment is also driving the market because charging providers are increasingly choosing solutions that balance high charging output with smarter power allocation across multiple dispensers and site conditions. As projects move from isolated installations to networked charging hubs, infrastructure decisions are being shaped by load sharing, demand management, and site-level power optimization. DC high power chargers are benefiting from this shift because they are often deployed within broader energy-managed systems that improve charger performance without wasting available capacity. This planning approach helps unlock more viable project locations and supports scalable charger deployment in areas where raw electrical capacity alone may otherwise restrict rollout.

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What are the major types in the DC High Power Charger Market?

50kw-150kw150kw-350kw350kw Above

What are the main applications of the DC High Power Charger Market?

Plug-in Hybrid Electric VehicleBattery Electric Vehicle

Key Players in the DC High Power Charger Market

Eaton provides DC fast charging infrastructure and electrical systems supporting high-power EV charging and fleet electrification.ABB develops high-power DC fast chargers widely deployed in public, commercial, and highway EV charging networks.XCharge Inc. designs high-power DC charging systems, including solutions integrated with energy storage for EV infrastructure.BYD manufactures electric vehicles and produces DC fast charging equipment as part of its integrated e-mobility ecosystem.Fastned operates a network of high-power DC fast charging stations across Europe powered by renewable energy.IES Synergy develops DC fast charging stations and smart energy management solutions for EV infrastructure.EVgo operates a large public DC fast-charging network, providing high-power charging services for electric vehicles.EVBox supplies DC fast charging stations and scalable EV charging infrastructure solutions for commercial and public use.Siemens offers high-power EV charging systems integrated with smart grid and energy management technologies.Allego BV operates ultra-fast DC charging networks across Europe for public and fleet electric vehicle charging.Phoenix Contact manufactures EV charging hardware, including DC fast chargers and power electronics components.Tesla Inc. operates a global Supercharger network featuring high-power DC charging technology for rapid EV charging.GARO develops EV charging equipment, including DC fast chargers for residential, commercial, and public applications.Ensto Group provides EV charging systems, including DC fast chargers integrated with intelligent energy solutions.ChargePoint operates a large global EV charging network and supplies DC fast charging solutions for multiple use cases.Leviton manufactures EV charging infrastructure and electrical components supporting DC fast charging installations.Blink (Blink Charging) provides EV charging equipment and network services, including DC fast charging stations.Schneider Electric delivers integrated EV charging solutions, including high-power DC chargers within its energy management portfolio.General Electric develops power conversion and electrical infrastructure technologies that support DC fast charging systems.AeroVironment supplies EV charging systems, including fast charging solutions for commercial and industrial applications.Panasonic supports EV charging infrastructure through battery technology and energy systems integration.Chargemaster (BP Pulse) operates rapid and ultra-fast DC charging networks across multiple regions.Auto Electric Power Plant provides EV charging equipment and DC fast charging solutions for industrial and commercial applications.

Which region dominates the DC High Power Charger Market?

Asia-Pacific remains a major growth center due to rapid electric vehicle adoption, urban charging pressure, and strong manufacturing-linked ecosystem development across key mobility markets. In other regions, growth is emerging through selective corridor projects, city-based fast-charging hubs, and early network formation around high-traffic routes.

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What are some related markets to the DC High Power Charger Market?

The global Vehicle-to-Grid Technology market is projected to grow from USD 805.1 Million in 2024 to USD 3236.9 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period.EV Charging Connectors Market EV Home AC Charger MarketThe global Split Type DC Ultra-fast Charging System market was valued at USD 1592 Million in 2025 and is anticipated to reach USD 5210 Million by 2032, at a CAGR of 18.7% from 2026 to 2032.The global market for Wireless EV Charging System was valued at USD 325 Million in the year 2024 and is projected to reach a revised size of USD 1049 Million by 2031, growing at a CAGR of 18.5% during the forecast period.The global market for Electric Vehicle Battery-Swapping was valued at USD 1239 Million in the year 2024 and is projected to reach a revised size of USD 3189 Million by 2031, growing at a CAGR of 14.4% during the forecast period.The global market for Megawatt Battery Energy Storage System was valued at USD 1251 Million in the year 2024 and is projected to reach a revised size of USD 2549 Million by 2031, growing at a CAGR of 10.7% during the forecast period.EV Power Electronics Controller Unit MarketThe global GaN and SiC Power Semiconductor market size was USD 5279 Million in 2024 and is forecast to a readjusted size of USD 21056 Million by 2031 with a CAGR of 21.0% during the forecast period 2025-2031.Microgrid Management System MarketThe global market for EV DC Chargers was valued at USD 3729 Million in the year 2024 and is projected to reach a revised size of USD 14480 Million by 2031, growing at a CAGR of 21.7% during the forecast period.

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