Raspberry Pi has upgraded its full-year profit outlook after reporting record first-half revenue and profitability, driven by strong demand from OEM customers and resellers, higher unit shipments and a favourable product mix.

Revenue for the six months to 30 June rose 90% to $256.9m, while adjusted earnings more than doubled, increasing 108% to $40.3m. Pre-tax profit climbed 216% to $19.6m from $6.2m a year earlier.

Unit shipments increased 17% to 4.2 million, with direct shipments rising 26% to 3.4 million as OEM adoption accelerated. The Cambridge company's order backlog also doubled during the period to 2.6 million units, while demand was particularly strong in areas including smart home and aerospace and defence.

The computing firm said profitability had benefited from price increases and its strategic decision to build memory inventory in 2025, which helped protect product availability and margins during recent supply-chain disruption.

In terms of outlook, unit volumes are expected to be higher in the second half than the first half, supported by a substantial order backlog, continued strong demand, and production capacity expansion.

CEO Eben Upton said: “Raspberry Pi delivered a record first half, with revenue up 90% and Adjusted EBITDA up 108%. Demand from our OEM customers and our reseller channel was strong throughout, and our order backlog doubled during the period.

"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. With a substantial order backlog, expanding production capacity and a strong pipeline of OEM opportunities, Raspberry Pi is well positioned for rapid growth in unit shipments in 2027 and beyond.”

Shares were up 7% to almost £6.69 in morning trading on Thursday.

AJ Bell head of markets Dan Coatsworth said the results showed Raspberry Pi was increasingly benefiting from AI-related demand, particularly as its technology is used for applications running directly on devices rather than through data centres.

Coatsworth said: "The UK market is often denigrated for its lack of technology companies, but Raspberry Pi’s latest results are a reminder there are some notable exceptions. This business increasingly looks like an AI winner, rather than a victim of AI disruption.

“The company’s record-breaking first-half results saw revenue surge 90% and profit more than treble as some forward planning in procurement paid off in spades for the business. While rising input costs are likely to have more of an impact in the second half of the year, as Raspberry Pi has worked through its inventory the company has still upgraded full-year earnings guidance and is reinforcing its supply chain to help it fulfil future demand.”

---