Raspberry Pi expects full-year earnings to land ahead of City forecasts, even as the bumper margins of its first half start to cool.
The Cambridge-based maker of low-cost computers, best known for the credit-card-sized boards beloved of hobbyists and now embedded in everything from smart homes to military drones, said full-year adjusted EBITDA would beat market consensus.
That guidance came alongside a record first half, with revenue up 90% to $256.9 million in the six months to 30 June.
Adjusted EBITDA rose 108% to $40.3 million, while pre-tax profit more than tripled to $19.6 million.
The numbers were flattered by a shrewd bet on memory chips.
Anticipating the price surge now sweeping the industry, Raspberry Pi stockpiled cheap memory in 2025, before AI data centre demand had manufacturers diverting capacity and sending prices soaring.
That hoard kept boards on shelves while smaller rivals struggled to secure supply, though the company said the windfall had largely been consumed and margins would normalise.
Unit shipments climbed 17% to 4.2 million, and the order backlog doubled to 2.6 million units.
Then there is the artificial intelligence angle.
The company used the period to launch AI HAT+ 2, an add-on that lets a Raspberry Pi 5 run open-weight large-language and vision-language models directly on the device.
Workloads that once needed pricey specialist hardware or a cloud connection can now sit on a cheap board on the desk.
Chief executive Eben Upton sees a "substantial long-term opportunity to migrate intelligence from the cloud to the edge", pitching the boards as a home for the AI agents and models increasingly running outside big data centres.
The promised gains are better privacy, speed and reliability, at lower running cost.
Demand was strongest in smart home and in aerospace and defence, where national militaries are hunting cheap computing for autonomous kit.
There was a boardroom shuffle too.
Tim Powell joins as chief financial officer in October, replacing Richard Boult, who steps down after seven years.
