Raspberry Pi Holdings plc published its interim results on 24 September 2026 (RNS Number 0590W). The figures are unaudited and cover the six months to 30 June 2026. Revenue rose 90% to $256.9m from $135.5m a year earlier, adjusted EBITDA rose 108% to $40.3m, and profit before tax rose 216% to $19.6m. The company called it a record first half. Gross margin fell two percentage points to 23%. Raspberry Pi credits its decision to build a strategic memory inventory in its 2025 financial year with keeping products available during a period of significant disruption in the memory market.
The Register summed it up as Raspberry Pi surfing the memory crunch. Not every product line grew: Pi Zero sales fell, and semiconductor shipments were lower than a year earlier.
The half-year in numbers
Raspberry Pi reported these figures for the six months to 30 June, compared with the same period of 2025:
| Measure | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | $256.9m | $135.5m | +90% |
| Gross profit | $59.4m | $33.2m | +79% |
| Gross margin | 23% | 25% | -2ppt |
| Adjusted EBITDA | $40.3m | $19.4m | +108% |
| Profit before tax | $19.6m | $6.2m | +216% |
| Basic EPS | 8.84c | 2.79c | +217% |
| Adjusted basic EPS | 13.90c | 4.76c | +192% |
| Net cash | $18.4m | $34.3m | -46% |
| Unit volume | 4.2m | 3.6m | +17% |
Revenue grew much faster than unit volume. The company attributes the revenue rise to higher shipments, a shift towards higher memory-density variants and, most significantly, passing higher memory costs through to customers. Gross profit per board for single-board computers and Compute Modules rose 53% to $12.2 from $8.0, which Raspberry Pi attributes to its own price increases in FY 2026 and to memory inventory bought at lower prices in FY 2025. The company says the lower gross margin reflects the passthrough of higher memory costs over a much larger revenue base.
Direct shipments, which exclude units built by licensees, rose 26% to 3.4m, while unit sales through licensees fell 11%. The customer order backlog doubled in the half to 2.6m units. Direct sales of Raspberry Pi 4 rose 69% and direct sales of Pi 5 rose 47%, with demand for the 8GB variants still growing despite the price increases. The company says demand was particularly strong in its Smart Home and Aerospace and Defence markets. It released five new products and platforms in the half, down from seven, including the AI HAT+ 2 and a new 3GB variant of Raspberry Pi 4. It now has 114 Approved Resellers and has sold more than 77 million units in total. Research and development spending rose 42% to $16.6m.
How much memory Raspberry Pi holds
On 30 June 2026 Raspberry Pi held 2.4 million LPDDR4 memory chips, up from 1.3 million on 31 December 2025. That equals 5.8 million GB, up from 4.4 million GB. The average cost of that inventory rose to $13.3 per GB from $3.6 per GB at the end of 2025. By 31 August 2026 the company held 8.3 million GB, which it says represents approximately three months of sales of the relevant products. It expected the stock to rise further in September before falling to a target of two to three months of sales by the end of the year. The company also holds significant stocks of the LPDDR2 memory used in Raspberry Pi 1, 2 and 3 and Pi Zero.
The results statement quotes Eben Upton:
"The decision in FY 2025 to build significant strategic memory inventory has allowed us to maintain product availability at a time when smaller competitors have struggled to secure allocation."
The Next Web framed the stockpile as a strategic bet placed in anticipation of tighter supply and rising prices, and noted that the advantage is shrinking as the cheaper memory is used up. Raspberry Pi says the same: the benefit of its lower-cost opening inventory has been largely consumed, and the current cost of its inventory now approximates market prices. The company puts overall profit per board at $10.8 in June 2026.
Pi Zero, silicon and the balance sheet
Pi Zero sales fell 9% because of disruption in the supply of its core component, caused by production congestion at a Taiwan-based packager. The company says demand for Pi Zero remains strong, and 1 million units were on back order. Unit sales of legacy boards and Pico boards fell by small single-digit percentages.
Shipments of Raspberry Pi's own semiconductors were lower in the half. The company says the first half of 2025 included several unusually large OEM orders. It also says engagement with large Tier 1 and Tier 2 OEMs is deepening, particularly around the RP235x family.
Net cash fell 46% as inventory grew. On 8 July 2026, after the period ended, Raspberry Pi's committed bank facility increased to $140.0m from $80.0m, which the company says will help secure components, particularly memory and processor chips. It expects to use its borrowing facilities through the second half.
Outlook
Raspberry Pi expects higher unit volumes in the second half than in the first, supported by its order backlog and new production capacity it is co-investing in with its contract manufacturer, Sony. It says the margin benefit from cheap memory has faded: "The exceptional unit economics achieved in the first half have moderated, with full-year EBITDA expected to be ahead of market consensus". The company says it has "sufficient memory inventory in hand and on order to meet its FY 2026 production goals" and will keep making strategic purchases for FY 2027.
What It Means for Makers
- Pi 4, Pi 5 and Compute Modules: Raspberry Pi says its memory in hand and on order covers its FY 2026 production goals. That is a production plan, not a guarantee of stock at any one reseller, and the 2.6m-unit backlog means some orders are still waiting.
- Pi Zero: Pi Zero supply is constrained by component packaging rather than memory; the company holds LPDDR2 stock for it. Projects built around Pi Zero are competing with a 1-million-unit back order.
- Prices: Raspberry Pi raised prices of Compute Modules, Raspberry Pi 4 and Raspberry Pi 5 during the half to reflect higher LPDDR4 costs, and the average selling price of a directly sold board rose to $56.0 from $37.1. The company added a 3GB Raspberry Pi 4 to give customers an intermediate memory size while prices rise.
- Where to buy: Raspberry Pi boards are sold through its Approved Resellers.
Sources
- Raspberry Pi Holdings plc – Interim Results (RNS Number 0590W, 24 September 2026), London Stock Exchange
- Raspberry Pi Holdings interim results document, Raspberry Pi investor site
- The Register – Raspberry Pi surfs memory crunch to record first half (Carly Page, 25 September 2026)
- The Next Web – Raspberry Pi's revenue jumps 90% as its memory stockpile pays off (28 September 2026)
