Raspberry Pi Holdings plc defied its plummeting share price with a positive year-end trading update – but admitted that supply uncertainty remains around the memory boards used in its products.
The Cambridge-based firm, which is behind low-cost miniature computers used extensively in education, has seen its value fall to the lowest level since IPO in June 2024.
However for the year ended 31st December 2025, adjusted EBITDA was ahead of market consensus forecasts, at not less than $45m, up over 20% on FY2024.
Unit shipments were 4m in H2, with a total of 7.6m for FY2025, with the strong profit performance reflecting favourable unit economics in H2 and, in particular, through Q4.
Net cash was $28m at year end, after paying down $22m of extended supplier payables in the second half of FY2025.
However it said the cost of the LPDDR4 DRAM used in many Raspberry Pi products – a low-power, high-performance type of computer memory – has increased rapidly in recent months, with some major suppliers now indicating limitations of supply at high densities.
It said the trend has largely been driven by memory vendors diverting manufacturing capacity to meet the surge in AI data centre investment.
The company said it has taken multiple mitigating steps including qualifying additional suppliers, developing product variants with reduced memory capacity and assisting its manufacturing customers in migrating to these, and raising prices to reflect increases in input costs and protect profitability.
“There is significant uncertainty as to the timing of a return to more normal DRAM pricing and availability,” it warned. “Based on current customer backlogs and inventory levels, the board is confident that H1 2026 unit shipments will grow versus H1 2025, with profitability in the period in line with board expectations.
“Visibility beyond H1 2026 is limited. H2 2026 performance and profitability will depend on DRAM pricing trends, high-density supply availability, the effectiveness of mitigation initiatives designed to support volumes and gross margins, and customer reaction to any further price increases.”
The group will report its full FY2025 results on 31st March 2026.
Eben Upton, founder and CEO, said: “I am delighted by our standout performance in 2025, reflecting the flexibility and resilience of the Raspberry Pi business model, and the accelerating adoption of our compute platforms by volume OEM customers.
“Growth in unit shipments in our semiconductor business, and positive customer feedback on our Connect Remote Access and Over-The-Air Update offerings, demonstrate our ability to bring the Raspberry Pi value proposition to new markets.
“Despite a challenging memory supply environment, our supply chain discipline has enabled us to meet expanding customer demand.
“We enter 2026 benefiting from substantial inventory buffers, long-standing and growing industrial OEM relationships, which typically account for 70% of our demand, and a number of initiatives intended to optimise the performance of our business in the short and medium-term.”
Raspberry Pi’s share price at IPO was 280p, while it peaked at 766p around 12 months ago.
It stands around 274p at the time of writing (8.30am), having dropped almost 6% in early trading this morning.