Raspberry Pi has shrugged off soaring memory prices to post record first-half revenue and profit as industrial customers gobbled up its tiny computers.
According to Raspberry Pi , revenue for the six months ended 30 June jumped 90 per cent to $256.9 million from $135.5 million a year earlier. Adjusted EBITDA more than doubled to $ 40.3 million from $ 19.4 million.
The Cambridge outfit shipped 4.2 million boards during the period, up 17 per cent from 3.6 million. Its order backlog ballooned to 2.6 million units from 600,000 a year earlier.
Industrial and OEM customers are increasingly driving the business rather than enthusiasts building peculiar contraptions in their sheds. Industrial applications now account for an estimated 75 per cent of end markets, compared with 70 per cent in 2024.
Raspberry Pi has managed the memory shortage by expanding its supplier base from two companies to seven during the past 18 months. It reckons it has enough core 4GB and 8GB memory inventory to carry production into the first quarter of 2027.
Inventory climbed to $262.7 million from $145.3 million at the end of 2025, largely because Raspberry Pi bought more LPDDR4 memory at increasingly unpleasant prices.
Those costs have inevitably found their way to customers. Average selling prices climbed 42 per cent to $65.90 from $46.40, reflecting higher memory costs being passed through into product prices.
Gross profit still climbed 79 per cent to $59.4 million, although gross margin slipped to 23 per cent from 25 per cent. Gross profit per unit increased 53 per cent to $12.20.
Raspberry Pi 4 direct unit sales rose 69 per cent, Raspberry Pi 5 increased 47 per cent and Compute Module products jumped 57 per cent, helped by demand for Compute Module 4 and Compute Module 5.
The company has been busy pushing beyond its familiar single-board computer territory. Semiconductor shipments reached four million units during the half, while the RP2350 microcontroller recorded its best-ever shipping month in August following strong Chinese demand.
AI has inevitably wandered into the Raspberry Pi universe too. The AI HAT+ 2 arrived in January, bringing local generative AI capability to Raspberry Pi 5 rather than forcing every workload into somebody else’s cloud.
Raspberry Pi is expanding manufacturing capacity to more than one million units a month during the second half. It expects second-half board volumes to exceed the first half and says it has secured enough DRAM to meet those production plans.
