**Summary of Raspberry Pi Holdings PLC H1 2025 Results**
Raspberry Pi Holdings PLC, a leader in high-performance, low-cost computing, reported its unaudited results for the first half of 2025 (H1 2025), ending June 30, 2025. The company demonstrated encouraging momentum, positioning itself for continued growth in the second half of the year.
**Financial Highlights**
* **Revenue** £135.5 million, a 6% decrease from H1 2024 (£144.0 million) due to lower royalty income and component sales.
* **Gross Profit** £33.2 million, a 3% decrease from H1 2024 (£34.2 million).
* **Gross Margin** Increased to 25% from 24% in H1 2024.
* **Adjusted EBITDA** £19.4 million, a 7% decrease from H1 2024 (£20.9 million) but a 19% increase sequentially from H2 2024.
* **Profit Before Tax** £6.2 million, a 43% decrease from H1 2024 (£10.8 million).
* **Basic Earnings Per Share (EPS)** 2.79 pence, a 38% decrease from H1 2024 (4.53 pence).
**Operational Highlights**
* **Unit Volumes** Flat compared to H1 2024, which benefited from post-shortage channel re-stocking and the launch of Raspberry Pi 5 in Q4 2023, but increased 9% sequentially from H2 2024.
* **Direct Sales** Revenues from direct sales of single-board computers (SBCs) and Compute Modules increased 21% compared to H1 2024 and 27% sequentially.
* **New Products** 7 new products launched in H1 2025, with a similar number expected in the second half.
* **Semiconductor Volumes** For the first time, semiconductor unit volumes (4.5 million) exceeded board unit volumes.
**Outlook**
* **Second Half** Started well with EBITDA ahead of last year.
* **Volumes** Expected to be higher in the second half due to strengthening demand and a substantial order backlog.
* **DRAM Supply** Sufficient supply on hand and on order to meet FY2025 sales goals, with options to mitigate shortages or price rises in FY2026.
* **Profit Expectations** Remain unchanged for the full year.
**CEOs Review**
CEO Eben Upton highlighted the companys momentum, driven by growing demand from resellers and OEMs, resulting in an 8% sequential increase in direct unit shipments. The companys focus on OEM engagement, supply chain management, and product development positions it for future growth.
**Financial Review**
The financial review emphasized the return to more normalized market dynamics, with growth in unit sales of core industrial boards and established products. The decline in revenue was attributed to reduced royalty income and component sales. Gross profit decreased due to lower revenues, but adjusted EBITDA remained stable.
**Key Takeaways**
* Raspberry Pi Holdings PLC demonstrated resilience in H1 2025, despite challenges in the market.
* The companys focus on OEM engagement, product development, and supply chain management positions it for continued growth.
* The outlook for the second half of 2025 is positive, with expected higher volumes and unchanged profit expectations.
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