Raspberry Pi Holdings PLC (LSE:RPI), the maker of low-cost computing boards, has upgraded its full-year profit outlook after a stronger-than-expected first half, with adjusted EBITDA for the period now expected to reach at least $38 million.
The company said profitability in the six months to 30 June was materially ahead of the same period last year, with unit shipments expected to exceed 4 million for the half.
Full-year EBITDA is now expected to come in significantly ahead of current market expectations.
The outperformance was driven by continued growth in unit volumes, a favourable product mix, and the drawdown of low-cost dynamic random-access memory (DRAM), a type of computer memory chip, that Raspberry Pi stockpiled during 2025 before prices rose.
The company said it had seen robust demand from original equipment manufacturers and other customers despite DRAM-related price increases.
It cautioned, however, that unit economics are expected to moderate in the second half as the cheaper memory inventory is depleted and the company faces the current elevated pricing environment.
Raspberry Pi said it remains confident of securing the inventory needed to meet its full-year production targets, and that it continues to add new memory suppliers alongside its existing vendor relationships.
The company said it expects to draw on its debt facilities through the remainder of the year to take advantage of strategic opportunities to purchase memory inventory at favourable prices.
In the second half, the board said its focus would shift to gaining market share and strengthening customer relationships.
Raspberry Pi, which sells compact, affordable single-board computers used widely in industrial, commercial, and educational applications, listed on the London Stock Exchange in 2024.
