Raspberry Pi H2 Earnings Call Highlights

Raspberry Pi (LON:RPI) absorption said fiscal 2025 was a “standout year,” pointing to rising portion shipments, stronger request trends into aboriginal 2026, and a crossover milestone successful its semiconductor business, portion besides flagging elevated DRAM prices arsenic a cardinal operational taxable for 2026 and beyond.

Eben Upton, speaking during the company’s last results capitalist presentation, said request “built steadily passim 2025,” with the 2nd fractional stronger than the first, and the 4th fourth stronger than the third. He highlighted “particular strength” successful the company’s 2 largest markets, the United States and China.

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Chief Financial Officer Richard Boult walked investors done quarterly dynamics crossed the past 24 months, describing 2024 arsenic a play that began with beardown nonstop income pursuing anterior shortages and backmost orders, past moved into an “industry-wide indigestion” arsenic electronics buyers worked done inventory. By aboriginal 2025, Boult said request had “settled,” and concern request began returning, citing Raspberry Pi 3 volumes picking up again arsenic overstock conditions cleared.

Boult said the stronger decorativeness to 2025 “carried connected into 4th one,” with Q1 volumes tracking likewise to the Q4 run-rate.

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Upton said committee and module shipments accrued 9% to 7.8 cardinal units, contributing to a 25% summation successful EBITDA. Boult, referencing the year’s totals, said wide portion measurement was 7.6 million, up astir 9% from 2024. He reported gross nett per portion of $8.70, up from $7.40 a twelvemonth earlier, which helium attributed chiefly to a amended mix—more Raspberry Pi 5 and Raspberry Pi 4 boards versus lower-priced products specified arsenic Pico.

Boult besides noted a outgo betterment connected Raspberry Pi 5 arsenic the institution moved beyond the archetypal 2 cardinal boards that utilized an earlier mentation of the Broadcom BCM2712 that was “$5 much expensive,” lowering Pi 5 costs and lifting margins. He said gross nett roseate 23% and adjusted EBITDA accrued astir 25% year-over-year to $46.4 million, portion adjusted net per stock roseate 35% to $0.145 from $0.107.

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On currency and liquidity, Boult said year-end currency was GBP 28 million, down from GBP 45 cardinal a twelvemonth earlier, and that the company’s GBP 80 cardinal revolving recognition installation remained undrawn. He attributed the currency question mostly to moving superior changes, including the unwind of extended payables from 2024.