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Raspberry Pi (RPI) investor relations material
Raspberry Pi H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary23 Sep, 2025
Executive summary
Achieved a strong first half in 2025 with full recovery in demand, normalization of channel inventory, and direct unit shipments to resellers and OEMs up 13% year-over-year and 8% sequentially.
Launched 7 new products, including platform refreshes, Compute Module variants, and the first standalone wireless module, sustaining innovation.
Product mix improved, leading to a 19% sequential increase in adjusted EBITDA.
Semiconductor unit volumes surpassed board unit volumes for the first time, with 4.5 million units shipped, up 105% year-over-year, driven by industrial and aerospace demand.
Channel inventory normalized, with industrial demand strengthening, especially in China.
Financial highlights
Revenue for H1 2025 was $135.5 million, down 6% year-over-year, with gross margin up to 25% from 24% in H1 2024.
Adjusted EBITDA was $19.4 million, down 7% year-over-year but up 19% sequentially.
Adjusted operating profit was $13.2 million, down 16% year-over-year.
Cash at period end was $34.3 million, down from $40.4 million last year, mainly due to reduction in extended payables.
Gross profit per unit was $8.0, down from $8.3 in H1 2024.
Outlook and guidance
H2 2025 has started well, with EBITDA ahead of last year and higher volumes expected, supported by strong demand and a substantial order backlog.
Full-year profit expectations remain unchanged, with medium-term demand outlook positive.
Sufficient DRAM supply secured for FY2025 and through 2026, with mitigations in place for price volatility.
Anticipates increasing contributions from major OEM customers in 2026 and beyond.
Anticipate return to positive cash flow in 2026 as working capital normalizes.
Detail long-term DRAM mitigation levers.
Key barriers to scale for industrial OEMs?
Path to equal semiconductor franchise contribution?
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Next Raspberry Pi earnings date
H2 20251 Apr, 2026
Next Raspberry Pi earnings date
H2 20251 Apr, 2026
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Frequently asked questions
Raspberry Pi Holdings plc designs, manufactures, and distributes affordable, compact computers and related accessories for educational, hobbyist, and commercial use. The company is known for its flagship product, the Raspberry Pi, a credit-card-sized computer that serves as a versatile tool for learning programming, experimenting with electronics, and powering various applications in fields such as IoT, robotics, and media streaming. Raspberry Pi Holdings supports a broad ecosystem of software, educational resources, and community projects to enhance its products’ accessibility and utility. The company is headquartered in Cambridge, United Kingdom.
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