Raspberry Pi Reports First Earnings

The newly public Raspberry Pi Holdings reported its first financial results, easily beating expectations and delighting investors, who sent the firm’s stock price up 7 percent.

“The IPO was the watershed moment of the first half,” Raspberry Pi CEO Eben Upton said. “We saw strong uptake of our latest flagship SBC [single board computer], Raspberry Pi 5, the launch of the Raspberry Pi AI Kit, and the successful ramp to production of RP2350, our second-generation microcontroller platform.”

Raspberry Pi went public on the London Stock Exchange as Raspberry Pi Holdings plc in June. This first financial report covers the six months ending June 30, 2024. In the period, Raspberry Pi earned a gross profit of $34.2 million–yes, reported in U.S. dollars–on revenues of $144 million. Those figures represent gains of 47 percent and 61 percent, respectively, year-over-year. And both were much higher than expectations.

Raspberry Pi was founded in 2008, and it started selling its low-cost SBCs to the public in 2012 with the goal or promoting computing to children. At the time, it was organized as a UK-based charity called the Raspberry Pi Foundation. Today, that charity still exists, with Raspberry Pi Holdings as its commercial subsidiary. It raised roughly $240 million during its June initial public offering (IPO).

Raspberry Pi sold 3.66 million SBCs in the half-year, up 31 percent from the 2.8 million it sold in the year-ago quarter. And it now expects higher unit sales in the second half of its fiscal year, tied to new product launches that are being made possible, in part, by this organizational shift.

“The higher than usual customer and channel inventory levels which were evident at the time of the IPO have continued to unwind, and there is a growing sense that this will have concluded by the year-end,” Upton added. “We have an extraordinary team, a world-class product set backed up by an exciting future roadmap, and a loyal and engaged customer base that we can continue to grow. In the second half, we have further planned product releases and a number of initiatives to further expand our engagement within our Industrial and Embedded market.”