Raspberry Pi Holdings plc (LON:RPI), a leader in high-performance, low-cost computing, has announced its results for the year ended 31 December 2025.
Financial Highlights
| FY 2025 | FY 2024 | Change | |
| Revenue ($m) | 323.2 | 259.5 | 25% |
| Gross profit ($m) | 77.8 | 63.2 | 23% |
| Gross margin (%) | 24.1% | 24.4% | -0.3ppt |
| Adjusted EBITDA * ($m) | 46.4 | 37.2 | 25% |
| Profit before tax ($m) | 26.5 | 16.3 | 63% |
| Basic Earnings per Share (“EPS”) (c) | 11.22 | 6.48 | 73% |
| Adjusted EPS (c) | 14.48 | 10.69 | 35% |
| Cash ($m) | 28.1 | 45.8 | (39%) |
*The Group uses certain measures in addition to those reported under IFRS, under which the Group reports. These Alternative Performance Measures (“APMs”) are not considered a substitute for, or superior to, the equivalent statutory IFRS measures. These APMs are explained, defined and reconciled in the APM section and are applied consistently.
| · | Unit shipments were 4.0 million in H2, up 11% from 3.6 million in H1, and a total of 7.6 million for FY 2025, up 9% from 7.0 million in FY 2024. |
| · | Adjusted EBITDA was higher than expected at $46.4 million up 25% on the prior year (FY 2024: $37.2 million), supported by strengthening demand and favourable unit economics through H2. |
| · | Net cash was $28.1 million at year end (FY 2024: $45.8 million), exceeding expectations, after paying down $52.2 million of extended supplier payables over the year. |
Operational Highlights
| FY 2025 | FY 2024 | Change | |
| Unit volume (m) | 7.6 | 7.0 | 9% |
| Number of products released | 13 | 22 | (41%) |
| Number of Approved Resellers | 113 | 117 | (3%) |
| Engineers as % of total employees | 51% | 48% | 6% |
| · | Demand strengthened through the year across both OEMs and Authorised Resellers, with notably strong demand from USA and China. |
| · | For the first time, semiconductor device volumes exceeded those of boards and modules, with 8.4 million semiconductor units sold. |
| · | The Company demonstrated continued product momentum with 13 launches in FY 2025 (FY 2024: 22), in addition to software and platform updates. |
| · | Raspberry Pi Connect, which allows enterprises to cost-effectively and securely connect to IoT devices in the field, finished the year with approaching 400k connected devices. Over-the-air update functionality, a key enabler for OEM customers, was added to the platform in Q4. |
| · | The post-year-end launch of AI HAT+2 enables customers to run advanced AI applications, including large language and vision language models. |
| · | The Company successfully navigated rising DRAM costs, supported by supplier diversification, pricing adjustments and substantial inventory buffers. |
| · | The Company consolidated its network of Approved Resellers, Authorised Distributors and Design Partners with a focus on developing industrial and OEM sales expertise in key geographies. |
Outlook
| · | Strong sales momentum has carried into the opening months of this year. |
| · | The current DRAM supply environment is expected to persist beyond this year, although we would expect some mitigation from demand elasticity in the short term and increased foundry capacity investment in the medium term. |
| · | While the DRAM environment limits second-half visibility, we have the inventory position, supplier relationships and pricing flexibility to navigate it effectively. Against that backdrop full-year profitability is anticipated to be in-line with market estimates, with revenue materially higher. |
| · | The current environment requires flexibility and fast decision-making. The Company views it as a strategic opportunity to gain market share, strengthen customer relationships, and convert disruption into competitive advantage. |
Eben Upton, CEO of Raspberry Pi said:
“2025 was a year of strong execution for Raspberry Pi, with accelerating demand across our global markets and adjusted EBITDA ahead of expectations. We also passed an important milestone as semiconductor shipments exceeded those of our boards and modules for the first time, reflecting our progress towards a two-franchise business.
“Our performance in FY 2025 amid DRAM inflation speaks to the strength and agility of our supply chain and the resilience of our operations. Our team has delivered new products, strengthened our software platforms, and broadened our reach across industrial and embedded markets globally.
“We have entered FY 2026 with strong momentum, underpinned by growing demand and continued progress in direct customer engagements. Combined with strategic hiring, rapid uptake of new products, and a channel whose capabilities are well aligned with the opportunities ahead, I am more confident than ever in our long-term growth trajectory.”
Hybrid analyst and institutional investor briefing
Eben Upton, CEO, and Richard Boult, CFO, will host a hybrid analyst and institutional investor briefing today at 09:30 BST at the offices of Linklaters, 20 Ropemaker St, London EC2Y 9AR.
Those wishing to attend the event in person or online, please register via [email protected].
