Raspberry Pi Full Year Results 2025

Why It Matters

Raspberry Pi’s shift toward higher‑margin semiconductor products and a direct‑sales model signals stronger profitability and resilience, making it a compelling growth story for investors and OEM partners in 2026.

Key Takeaways

• Shipments rose 9% to 7.6 million units in 2025.
• Semiconductor sales surged 47% year‑on‑year, overtaking board sales.
• Gross profit per unit increased 23% to $8.70, boosting EBITDA.
• Direct channel share grew to 76%, while reseller count slightly fell.
• New RP2350 microcontroller and Raspberry Pi Connect platform drove growth.

Summary

Raspberry Pi presented its full‑year 2025 results, highlighting a standout performance across hardware and software lines. The company shipped 7.6 million boards and modules—a 9% increase—while semiconductor product sales jumped 47% year‑on‑year, marking the first year semiconductor revenue outpaced traditional board sales. Revenue rose roughly 25% and adjusted EBITDA followed with a comparable 25% lift, driven by a 23% rise in gross profit per unit to $8.70.

Key financial drivers included a stronger product mix, with Pi 5, Pi 4 and compute modules gaining share over lower‑margin items. Direct sales now represent 76% of total volume, up from 70%, as the reseller base was trimmed and strategically expanded in target geographies. New hardware launches—RP2350 microcontroller variants with integrated non‑volatile memory—and the Raspberry Pi Connect platform, which logged nearly 400,000 registered devices, contributed to the momentum.

Management emphasized the “crossover year” narrative, noting robust demand in the United States and China and a thriving board‑to‑board OEM program attracting smart‑home, aerospace, and defense partners. Financially, cash ended the year at $28 million with an undrawn $80 million revolving credit facility, while extended payables from 2024 were cleared, improving working‑capital health.

Looking ahead, the firm expects the Q4‑2025 demand surge to carry into early 2026, albeit with pressure on gross profit per unit from rising memory costs. Continued investment in software, microcontroller R&D, and OEM relationships positions Raspberry Pi to capture higher‑margin semiconductor opportunities and sustain double‑digit growth for shareholders.

Original Description

Raspberry Pi presented its Full Year Results 2025, with management sharing insights into financial performance, portfolio activity, and key strategic developments across the reporting period. It was a great opportunity to hear updates on progress and priorities as the business continues to evolve.

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