Raspberry Pi Holdings Plc (LON:RPI), a leader in high-performance, low-cost computing, has announced its audited results for the year ended 31 December 2024.
Financial Highlights
| FY 2024 | FY 2023 | Change | |
| Revenue ($m) | $259.5m | $265.8m | -2% |
| Gross profit ($m) | $63.2m | $66.0m | -4% |
| Gross margin (%) | 24.4% | 24.8% | -0.4ppt |
| Adjusted EBITDA* ($m) | $37.2m | $43.8m | -15% |
| Profit before tax | $16.3m | $38.2m | -57% |
| Basic Earnings Per Share (EPS) (c) | 6.5¢ | 19.5¢ | -67% |
| Adjusted EPS (c)* | 10.7¢ | 19.5¢ | -45% |
| Cash ($m) | $45.8m | $42.2m | +9% |
*The Company uses certain measures in addition to those reported under IFRS, under which the Company reports. These Alternative Performance Measures (“APMs”) are not considered a substitute for, or superior to, the equivalent statutory IFRS measures. These APMs are explained, defined and reconciled in the APM section and are applied consistently.
Non-Financial KPIs
| FY 2024 | FY 2023 | Change | |
| Unit volume (m) | 7.0 | 7.4 | -5% |
| Number of Products Released | 22 | 6 | 267% |
| Number of Authorised Resellers | 117 | 104 | +13% |
| Engineers as a % of total employees | 48% | 44% | +4.0ppt |
Operational Highlights
A record year for new-product introductions
| · | Completion of a major product transition, with Raspberry Pi 5 selling 1.9m units in FY 2024 following its introduction at the end of October 2023. |
| · | A total of 22 product launches in FY 2024, with positive reception from both embedded and enthusiast markets. |
| · | Successful launch of debut first-party AI hardware products (Raspberry Pi AI Kit, Raspberry Pi AI Camera), in collaboration with Hailo and Sony. |
| · | Production ramp of next-generation RP2350 microcontroller, supporting the introduction of Raspberry Pi Pico 2 and partner hardware products in August. |
| · | High-performance Raspberry Pi Compute Module 5 successfully launched in November, with a range of storage and connectivity options. |
A highly successful IPO
| · | Successful IPO raising £143.1m ($180.0m) to support the Raspberry Pi Foundation and £31.4m ($40.0m) for the Company. The Foundation owns 46.7% of the Company’s shares. |
| · | FTSE 250 index inclusion confirmed at the September FTSE quarterly review. |
| · | Awarded the London Stock Exchange’s Green Economy Mark, based on the significant energy efficiency benefits of our computers. |
Recovery in channel inventory position and end-market demand
| · | Completed recovery from pandemic-related shortages, with all Single Board Computers (SBCs) and Compute Module products freely available in channel. |
| · | Channel inventory correction over the course of the summer contributed to temporarily lower unit sales and profits in Q2 and Q3. |
| · | Channel and end-market demand improved through Q4 and continues to strengthen. |
Industrial OEM partnerships
| · | In November, announced a strategic partnership with SECO S.p.A, the leading Italian provider of IoT solutions, payment systems and industrial hardware. |
| · | Enhanced public profile in the wake of June’s IPO is helping to advance high-level discussions at multiple industrial-focused OEMs. |
Outlook
With channel inventory now normalised, Raspberry Pi anticipates a steady build-up in demand throughout the year, positioning us strongly despite ongoing macroeconomic and geopolitical uncertainties. The projected pace of market recovery, coupled with the timing of embedded design wins, strengthens confidence in solid and sustainable sales growth in full-year 2025.
Given the planned product release schedule and mix of sales, gross profit per unit is expected to increase year-on-year. The Company has secured a sufficient supply of memory to meet expected demand into Q4, helping to sustain favourable unit economics for the year ahead. Medium-term fundamentals remain positive, driven by a number of promising direct discussions with major prospective OEM customers, which we expect to make an increasing contribution in 2026 and beyond.
Eben Upton, CEO of Raspberry Pi said:
“The IPO in June 2024 has undoubtedly extended awareness of Raspberry Pi’s value proposition from the engineering department to the C-suite at major OEMs. As our platforms and solutions evolve, we aspire to become the compute partner of choice for these companies, allowing them to outsource the intelligence element at the heart of their products while retaining control of application-specific design and engineering, delivering enhanced performance, functionality and efficiency in their end product.
In the second half we released more products than in any prior full year, despite the potential distraction of the IPO, continuing to excite our enthusiast and embedded communities. That flexibility helped us to meet market expectations in a year dominated by the widely reported inventory correction throughout our industry and following an exceptionally strong comparable previous financial year. I am confident that we will continue to see gradual improvements in end-demand during the current year and increased traction with direct-to-OEM engagement, effectively complementing our reseller and licensee channels.
This has been a transformative year for Raspberry Pi. The one constant has been the unwavering dedication of our outstanding team, for which I am profoundly grateful.”
Hybrid analyst and institutional investor briefing
Eben Upton, CEO, and Richard Boult, CFO, will host a hybrid analyst and institutional investor briefing today at 09:30 GMT at the offices of Peel Hunt, 7th Floor, 100 Liverpool St, London EC2M 2AT.
Those wishing to attend the event in person or online, please register via [email protected].
