Raspberry Pi (LSE:RPI) reported robust financial results for 2025, with revenue increasing 25% year on year to $323.2 million and adjusted EBITDA also rising 25% to $46.4 million. The performance was supported by higher unit shipments and strong demand from both OEM partners and reseller channels, particularly in the United States and China.
Profit before tax climbed 63% during the year, while earnings per share rose significantly. The company closed the year with $28.1 million in net cash after repaying $52.2 million of extended supplier payables, highlighting strong underlying cash generation even though the overall cash balance declined following the repayment.
Operationally, Raspberry Pi shipped 7.6 million units in 2025. The company also continued expanding its semiconductor business, with chip volumes surpassing those of boards and modules for the first time. At the same time, the product portfolio broadened with 13 launches during the year. These included updates to the Raspberry Pi Connect IoT platform and, after the reporting period, the release of the AI HAT+2 designed to support more advanced artificial intelligence workloads.
Management noted that the business remained resilient despite rising DRAM costs, supported by a strategy that includes diversifying suppliers, maintaining inventory buffers and applying flexible pricing. The company believes the current supply environment could allow it to increase market share, strengthen customer relationships and maintain strong momentum heading into 2026.
Looking ahead, Raspberry Pi’s outlook is supported by strong revenue growth and a healthy balance sheet. However, the company faces pressure from narrowing margins and negative free cash flow. Technical indicators remain mixed to weak, with the share price trading below key longer-term moving averages and a negative MACD signal. Additionally, a relatively high price-to-earnings ratio and the absence of dividend income may weigh on investor sentiment.
More about Raspberry Pi Holdings plc
Raspberry Pi Holdings plc, headquartered in Cambridge, UK, is a full-stack engineering company specialising in high-performance, low-cost general-purpose computing platforms. Its product ecosystem includes semiconductor intellectual property, single-board computers, compute modules, microcontrollers, accessories and software. The company serves a diverse global customer base ranging from industrial and embedded system developers to educators, hobbyists and semiconductor partners, with more than 75 million units sold worldwide.
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