Raspberry Pi Holdings Plc (LON:RPI), a leader in high-performance, low-cost computing, has announced its unaudited results for the half year ended 30 June 2025.
Financial Highlights
| H1 2025 | H12024 | % change | |
| Revenue ($m) | 135.5 | 144.0 | (6%) |
| Gross profit ($m) | 33.2 | 34.2 | (3%) |
| Gross margin (%) | 25% | 24% | +1ppt |
| Adjusted EBITDA* ($m) | 19.4 | 20.9 | (7%) |
| Profit before tax | 6.2 | 10.8 | (43%) |
| Basic Earnings Per Share (EPS) (c) | 2.79 | 4.53 | (38%) |
| Adjusted EPS (c)* | 4.76 | 7.10 | (33%) |
| Cash ($m) | 34.3 | 40.4 | (15%) |
*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 volumes were flat compared to the strong H1 2024, which benefited from post-shortage channel re-stocking and the launch of Raspberry Pi 5 in Q4 2023, but increased 9% sequentially on H2 2024. |
| • | Revenues from direct sales of single-board computers (SBCs) and Compute Modules increased 21% compared to H1 2024 and by 27% sequentially, reflecting strengthening demand from existing and new OEM customers. |
| • | Gross margin increased to 25% from 24% in H1 2024, and was flat sequentially. |
| • | Profitability was in line with the Board’s expectations, with Adjusted EBITDA of $19.4 million, down 7% compared to H1 2024, but up 19% sequentially. |
| • | Cash was $34.3 million after paying off extended payables, with further normalisation of creditor days expected through H2 2025. |
Non-Financial KPIs
| H1 2025 | H1 2024 | % change | |
| Unit volume (m) | 3.6 | 3.7 | (3) |
| Number of Products Released | 7 | 3 | 13% |
| Number of Approved Resellers | 115 | 112 | 3% |
| Engineers as a % of total employees at period end | 48% | 50% |
Operational Highlights
| • | Direct unit shipments to Approved Resellers and OEMs grew 13% in H1 2025 compared to H1 2024 and 8% sequentially driven by strengthening demand for existing products, encouraging take-up of new products and the growing success of our direct sales strategy. |
| • | 7 new products were launched in H1 2025, with a similar number expected in the second half. |
| • | For the first time, semiconductor unit volumes at 4.5 million in H1 2025, were higher than board unit volumes. |
Outlook
| • | The second half has started well with EBITDA ahead of last year. |
| • | Volumes are expected to be higher in the second half supported by strengthening demand and a substantial order backlog. |
| • | The Group has sufficient DRAM supply on hand and on order to meet its FY2025 sales goals and has several commercial and technical options to mitigate shortages or further price rises in FY2026. |
| • | FY2025 is on-track to be the first full year in which semiconductor unit volumes are higher than board unit volumes. |
| • | Profit expectations for the full year remain unchanged. |
Eben Upton, CEO of Raspberry Pi said:
“We continued to build momentum in the half, with growing demand from our reseller channel and OEMs driving an 8% sequential increase in direct unit shipments and a significant customer order backlog at the end of June. Our growing pipeline of OEM opportunities, disciplined supply chain management and strong product roadmap position the business for future growth. For the full year, we remain on track with profit expectations unchanged, underpinned by strong anticipated sales volumes and unit economics in the second half. We are encouraged by the uptake of new products, expanding OEM engagement, and the first instance of semiconductor volumes exceeding board volumes.”
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 Peel Hunt, 7th Floor, 100 Liverpool St, London EC2M 2AT.
Those wishing to attend the event in person or online, please register via raspberrypi@almastrategic.com.
