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 2026.
The Company delivered record first-half performance, driven by strong OEM and reseller demand, increased unit shipments, favourable product mix and disciplined execution during a period of significant supply-chain disruption.
Financial Highlights
| H1 2026 | H1 2025 | % change | |
| Revenue ($m) | 256.9 | 135.5 | 90% |
| Gross profit ($m) | 59.4 | 33.2 | 79% |
| Gross margin (%) | 23% | 25% | -2ppt |
| Adjusted EBITDA* ($m) | 40.3 | 19.4 | 108% |
| Profit before tax ($m) | 19.6 | 6.2 | 216% |
| Basic Earnings Per Share (“EPS”) (cents) | 8.84 | 2.79 | 217% |
| Adjusted basic EPS (cents)* | 13.90 | 4.76 | 192% |
| Net cash ($m) | 18.4 | 34.3 | (46%) |
*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.
- Record revenue and profitability, with revenue increasing 90% to $256.9 million and Adjusted EBITDA increasing 108% to $40.3 million.
- Gross profit increased 79% to $59.4 million, with gross profit per board increasing 53% to $12.2.
- Profit before tax increased 216% to $19.6 million.
- Adjusted basic EPS increased 192% to 13.90 cents.
Non-Financial KPIs
| H1 2026 | H1 2025 | % change | |
| Unit volume (m) | 4.2 | 3.6 | 17% |
| Number of products released | 5 | 7 | (29%) |
| Number of Approved Resellers | 114 | 115 | (1%) |
| Engineers as a % of total employees | 56% | 50% | +6ppt |
- Unit shipments increased 17% to 4.2 million. Direct (ex-licensee) unit shipments increased 26% to 3.4 million, reflecting continued acceleration in OEM adoption.
- Customer order backlog doubled in the half, to 2.6 million units.
- Robust demand growth across a broad range of sectors, with particularly strong engagement in Smart Home and Aerospace and Defence.
Operational Highlights
- Strategic inventory holdings, and an increasingly diversified supplier base, underpinned product availability during a period of significant disruption in the memory market.
- Five new product and platform releases, including AI HAT+ 2, expanding the capabilities of Raspberry Pi 5 to capture a growing share of the edge-AI opportunity.
- Further investment in operational capacity, delivering insights into engineering programmes, and manufacturing and supply-chain activities, enabling repeatable execution as the business continues to scale.
Outlook
- Unit volumes are expected to be higher in the second half than the first half, supported by a substantial order backlog, continued strong demand, and production capacity expansion.
- The exceptional unit economics achieved in the first half have moderated, with full-year EBITDA expected to be ahead of market consensus.
- The Group has sufficient memory inventory in hand and on order to meet its FY 2026 production goals and will continue to make strategic purchases to meet its FY 2027 needs.
- A strong pipeline of OEM opportunities and the increasing salience of its offering in key end markets mean that Raspberry Pi is well positioned for rapid growth in unit shipments in 2027 and beyond.
Eben Upton, CEO of Raspberry Pi said:
“Raspberry Pi delivered a record first half, with revenue up 90% and Adjusted EBITDA up 108%. Demand from our OEM customers and our reseller channel was strong throughout, and our order backlog doubled during the period. The decision in FY 2025 to build significant strategic memory inventory has allowed us to maintain product availability at a time when smaller competitors have struggled to secure allocation. With a substantial order backlog, expanding production capacity and a strong pipeline of OEM opportunities, Raspberry Pi is well positioned for rapid growth in unit shipments in 2027 and beyond.”
Virtual analyst and institutional investor briefing
Eben Upton, CEO, and Richard Boult, CFO, will host a virtual analyst and institutional investor briefing today at 09.30 BST.
Those wishing to attend the event online, please register via [email protected].
