Raspberry Pi Holdings plc
Raspberry Pi designs small computers, computing modules and microcontrollers for manufacturers, hobbyists and education. Its hardware and free software let engineers build connected products without designing a complete computer themselves.
Overview
Latest results
Jan–Jun 2026 · Reported in USD
Latest financial publication
Half-year results 2026
Investment Thesis
Small computers designed into customers’ own products
European Tech Equities analysis ·
The investment case
The case depends on converting widespread engineering familiarity into repeat production orders. Once a manufacturer has developed a product around a Compute Module, further unit sales can follow its own shipments. Raspberry Pi must keep supplying reliable hardware and software at a competitive total cost; community popularity alone is not commercial demand.
Evidence of adoption
KUNBUS’s RevPi Connect 5 is a tangible industrial design using Compute Module 5. More broadly, H1 2026 direct shipments increased 26% to 3.4 million units and the backlog reached 2.6 million. These indicate adoption and orders, but do not reveal the profitability or future volumes of each customer design.
What drives demand
Customers use the platform in industrial equipment, connected devices and displays as well as education. Memory shortages complicate that demand: availability can favour a well-stocked supplier, while higher prices can force customers to reduce specifications or reconsider designs. October’s increases affected 2GB boards; Compute Module prices were unchanged in that announcement.
Profit and cash generation
H1 revenue rose from $135.5 million to $256.9 million and statutory operating profit from $8.0 million to $19.8 million. Net operating cash was only $2.2 million, against $10.5 million of cash investment, as inventory expanded. June cash was $28.4 million and borrowings plus leases $18.8 million. Profit growth and cash conversion need separate attention.
What the valuation assumes
At 27 October 2026, the equity market value was about £1.05 billion. Accounts are in US dollars, so a direct division by reported dollar profit would be misleading. The valuation depends on sustained production adoption, margins after memory costs normalise and better cash conversion. Exceptional first-half unit economics should not simply be projected forward.
What would weaken the case
- Memory prices and availability can raise selling prices, absorb working capital and interrupt production.
- Capitalised development and share-based compensation mean adjusted earnings do not capture every economic cost.
- A customer design win does not guarantee high-volume production or prevent a later switch to another computing platform.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
The latest full statements cover June 2026. The October product price increases are business updates, not a new financial reporting period.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; EPS in USD, converted from published cents. EBITDA is unadjusted; adjusted EBITDA excludes employee share schemes and, where applicable, non-recurring costs. Debt includes borrowings and leases. Cash investment includes development spending paid in cash. Annual accounts are audited; interim accounts are unaudited.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The latest full statements cover June 2026. The October product price increases are business updates, not a new financial reporting period.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; EPS in USD, converted from published cents. EBITDA is unadjusted; adjusted EBITDA excludes employee share schemes and, where applicable, non-recurring costs. Debt includes borrowings and leases. Cash investment includes development spending paid in cash. Annual accounts are audited; interim accounts are unaudited.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The latest full statements cover June 2026. The October product price increases are business updates, not a new financial reporting period.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; EPS in USD, converted from published cents. EBITDA is unadjusted; adjusted EBITDA excludes employee share schemes and, where applicable, non-recurring costs. Debt includes borrowings and leases. Cash investment includes development spending paid in cash. Annual accounts are audited; interim accounts are unaudited.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Product compliance, demystified: how Raspberry Pi helps you get to market
Raspberry Pi extends memory-driven price rises to 16GB products
The memory shortage has reached Raspberry Pi's highest-capacity products. The company calls the increases temporary, but gives no timetable for reversing them.
Price rises for some 16GB Raspberry Pi products
TVR / Admission of Further Securities
Notification of Transactions by a PDMR
Interviews
Interviews are coming soon
No interviews with Raspberry Pi Holdings plc have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Sep 24, 2026 · Checked Oct 28, 2026
H1 2026 · Published Sep 24, 2026 · Checked Oct 28, 2026
FY 2024 · Published Apr 21, 2026 · Checked Oct 28, 2026
FY 2025 · Published Apr 21, 2026 · Checked Oct 28, 2026
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