**Summary**
Raspberry Pi Holdings PLC released a year-end trading update for FY2025, reporting strong performance with Adjusted EBITDA expected to exceed market consensus at no less than $45 million, a 20% increase from FY2024. Unit shipments totaled 7.6 million for the year, driven by favorable unit economics in H2, particularly Q4. Net cash stood at $28 million at year-end after settling $22 million in supplier payables. The company anticipates robust demand in FY2026, supported by OEM customers, new product launches, and growth initiatives.
However, Raspberry Pi faces challenges due to rising LPDDR4 DRAM costs and supply constraints, driven by increased demand from AI data centers. The company has implemented mitigation strategies, including qualifying additional suppliers, developing lower-memory product variants, and raising prices to protect profitability. Despite these challenges, the company expects H1 2026 unit shipments to grow year-over-year, with profitability in line with expectations. Visibility beyond H1 2026 is limited, with H2 performance dependent on DRAM pricing, supply availability, and customer response to price increases.
CEO Eben Upton highlighted the company’s resilience, supply chain discipline, and strong OEM relationships, which account for 70% of demand. Raspberry Pi’s FY2025 results will be announced on March 31, 2026. The company remains focused on optimizing performance and expanding its compute platforms across industrial, enthusiast, and semiconductor markets, having sold over 75 million units to date.