Raspberry Pi Holdings PLC reported strong FY 2025 results with a 25% increase in EBITDA to $46.4 million, driven by 25% revenue growth to $323.2 million and 9% higher unit volumes. Gross profit rose 23% to $77.8 million, and profit before tax surged 63% to $26.5 million. Basic EPS increased 73% to 11.22 cents. The company benefited from strong demand across OEMs and resellers, particularly in the USA and China, with semiconductor device volumes exceeding board and module volumes for the first time. Raspberry Pi Connect gained traction, approaching 400k connected devices, and the company launched 13 new products. Despite rising DRAM costs, the company maintained profitability through supplier diversification and pricing adjustments. The company ended the year with net cash of $28.1 million, exceeding expectations. Management expects FY 2026 profitability to be in line with market estimates, with revenue materially higher, despite ongoing DRAM supply challenges.
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Revenue ($m) | 323.2 | 259.5 | 25% |
| Gross Profit ($m) | 77.8 | 63.2 | 23% |
| Gross Margin (%) | 24.1% | 24.4% | -0.3ppt |
| Adjusted EBITDA ($m) | 46.4 | 37.2 | 25% |
| Profit Before Tax ($m) | 26.5 | 16.3 | 63% |
| Cash ($m) | 28.1 | 45.8 | (39%) |
| Net Cash ($m) | 28.1 | 45.8 | (39%) |
| Debt ($m) | 0 | 0 | 0% |