Raspberry Pi shares soar as eyes full-year earnings above expectations

Raspberry Pi Holdings PLC on Thursday said it was well placed for further rapid growth after delivering a record first-half performance driven by strong demand, increased unit shipments and a favourable product mix.

In response, shares in the Cambridge, England-based maker of low-cost computer boards rocketed 13% to 711.50 pence each in London on Thursday morning. The stock has surged since listing in London in June 2024 at a price of 280p per share.

Pretax profit more than tripled to USD19.6 million in the half-year ended June 30 from USD6.2 million the year prior, while adjusted earnings before interest, tax, depreciation and amortisation more than doubled to USD40.3 million from USD19.4 million.

Revenue soared 90% to a record USD256.9 million from USD135.5 million.

Gross profit rose 79% to USD59.4 million, although gross margin fell to 23% from 25%.

Basic earnings per share ballooned to 8.84 US cents from 2.79c, with adjusted EPS of 13.90c, up from 4.76c.

No dividend was proposed with the current medium-term expectation being that cash generated will be reinvested into the business.

Raspberry Pi said unit shipments increased 17% to 4.2 million from 3.6 million on-year, supported by strong demand from original equipment manufacturers and resellers, while its customer order backlog doubled to 2.6 million units.

It highlighted "robust" demand growth across a broad range of sectors, with particularly strong engagement in smart home and aerospace & defence.

Strategic inventory holdings, and an increasingly diversified supplier base, underpinned product availability during a period of significant disruption in the memory market, the firm added.

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.

Full-year Ebitda is expected to be ahead of market consensus, and Raspberry Pi said it has sufficient memory inventory in hand and on order to meet its 2026 production goals.

"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," said Chief Executive Eben Upton.

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