Raspberry Pi forecasts EBITDA growth above 20% as FY2025 shipments reach 7.6 million
The group said strong second-half unit economics underpinned profit growth, while mitigation measures are in place to manage higher DRAM costs and supply constraints.
Raspberry Pi Holdings plc said it expects adjusted FY2025 EBITDA to be not less than $45 million, more than 20% higher than FY2024, with full-year unit shipments of 7.6 million and net cash of $28 million at the year end.
The company said shipments totalled 4.0 million units in the second half, with profit performance strengthening as unit economics improved in H2, particularly in the fourth quarter. Net cash of $28 million reflects the repayment of $22 million of extended supplier payables during the second half of FY2025, the company added.
Raspberry Pi said it is operating in a more challenging memory supply environment. The cost of LPDDR4 dynamic random-access memory has increased, and some suppliers have indicated constraints on high-density supply as memory manufacturers reallocate capacity towards artificial intelligence data centres.
In response, the company said it is qualifying additional suppliers, developing lower-memory product variants and raising prices to protect margins. It is also maintaining inventory buffers of LPDDR4 DRAM to support expected demand in the first half of 2026. Around one-third of the core product portfolio by volume does not use DRAM or relies on older LPDDR2 DRAM, which is not exposed to recent cost increases, the company said.
Eben Upton, Chief Executive of Raspberry Pi, said the performance highlights the resilience of the group’s operating model and growing demand from original equipment manufacturers. “I am delighted by our standout performance in 2025, reflecting the flexibility and resilience of the Raspberry Pi business model, and the accelerating adoption of our compute platforms by volume OEM customers,” he said.
Upton added that growth in semiconductor unit shipments and positive customer feedback on the company’s Connect Remote Access and Over-The-Air Update offerings demonstrate its ability to extend the Raspberry Pi value proposition into new markets. He said that despite supply pressures, disciplined supply chain management has allowed the company to meet expanding customer demand.
Looking ahead, the board said it is confident that unit shipments in the first half of 2026 will grow compared with the same period in 2025. However, visibility beyond H1 2026 remains limited. Performance in the second half of 2026 will depend on DRAM pricing, availability of high-density memory and the effectiveness of the company’s mitigation measures.
Raspberry Pi said it enters 2026 with substantial inventory buffers, long-standing industrial OEM relationships that typically account for around 70% of demand, and a number of initiatives aimed at optimising business performance over the short and medium term. The group is scheduled to report its FY2025 results on 31 March.
The Recap
- Raspberry Pi expects adjusted FY2025 EBITDA of at least $45 million
- Unit shipments totaled 7.6 million across the year
- Group will report FY2025 results on 31 March
