Raspberry Pi Holdings (LSE:RPI) said adjusted EBITDA for 2025 is expected to reach at least $45m, representing an increase of more than 20% compared with 2024 and coming in ahead of market expectations. The result was supported by full-year shipments of 7.6 million units and stronger margins in the second half of the year. The group ended 2025 with net cash of $28m, having reduced extended supplier payables over the period.
Looking into 2026, Raspberry Pi reported healthy demand from OEM customers and resellers, a robust pipeline of new products and significant inventory buffers in place. However, management highlighted growing uncertainty linked to a sharp rise in prices and tight availability of LPDDR4 DRAM, which is expected to remain constrained. To manage this risk, the company is qualifying additional memory suppliers, introducing lower-memory product variants and implementing selective price increases.
The board said it remains confident of higher shipment volumes and profitability broadly in line with expectations during the first half of 2026. Performance in the second half, however, is expected to be more dependent on developments in the memory market and customer reactions to any further price adjustments.
From an outlook perspective, Raspberry Pi’s strong revenue growth and solid balance sheet provide support, but this is offset by recent margin pressure and negative free cash flow. Technical indicators remain neutral to weak, with the shares trading below longer-term moving averages, while valuation is stretched by a high P/E ratio and the absence of a dividend.
More about Raspberry Pi Holdings plc
Raspberry Pi Holdings plc is a Cambridge-based engineering company focused on delivering high-performance, low-cost general-purpose computing platforms. The group operates across semiconductor IP development, electronic hardware design, software engineering and regulatory compliance, serving industrial and embedded customers as well as enthusiast and education markets. To date, more than 75 million Raspberry Pi units have been sold worldwide.
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