Raspberry Pi Holdings (LSE:RPI), the Cambridge-based maker of low-cost, high-performance computing boards, reported revenue up 90% to $256.9 million in the six months to 30 June, against $135.5 million a year earlier.
Profit before tax more than tripled, rising 216% to $19.6 million, while adjusted EBITDA increased 108% to $40.3 million. The gains came despite significant disruption in the global memory market, with gross margin easing to 23% from 25% as higher memory costs were passed through to customers.
Total unit shipments rose 17% to 4.2 million, with direct shipments up 26% to 3.4 million as OEM adoption accelerated; the customer order backlog doubled during the half to 2.6 million units.
"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," said chief executive Eben Upton.
Net cash fell to $18.4 million from $34.3 million a year earlier, after the group drew $23 million on its revolving credit and term loan facilities to fund a $32.7 million build-up in inventory.
Tim Powell will join as chief financial officer in October, succeeding Richard Boult after seven years in the role.
The company said unit volumes are expected to be higher in the second half, and that full-year EBITDA is expected to be ahead of market consensus, even as the exceptional unit economics of the first half moderate.