Raspberry Pi demonstrates significant growth in its initial results as a listed company, showcasing a strong performance post-IPO.
- The company reported an impressive $144 million in revenue for the first half of the year, marking a 61% increase from the previous year.
- Pre-tax profits saw a slight rise to $10.8 million, even as sales began to stabilise in the latter half of the year.
- An increase in board sales volume by 31% was observed, largely due to the success of the Raspberry Pi5 launched in 2023.
- The IPO was a notable success, with shares initially rising by 40% and the company joining the FTSE 250.
In its first financial results release as a publicly listed entity, Raspberry Pi has shown substantial progress, underscoring the company’s positive trajectory post-IPO. The firm reported revenues amounting to $144 million for the initial six months, marking a robust 61% year-on-year increase.
Despite the thriving revenue, the company’s pre-tax profits rose only slightly to $10.8 million. Towards the year’s second half, sales began to stabilise, noted as a ‘normalisation’ of demand for various products, according to company announcements.
CEO Eben Upton praised the firm’s talented team and their portfolio of world-class products while highlighting plans for future product releases. He expressed the aim of sustaining growth despite the initially high customer and channel inventory levels seen during the IPO, which are expected to normalise by year-end.
The market responded positively to Raspberry Pi’s IPO, with shares rising by 40% upon debut and eventually stabilising at a 6.4% increase to 371p. This provided a much-needed uplift for the London Stock Exchange, which has faced challenges since the 2021 tech IPO surge. The IPO was priced at 280p per share, resulting in a market capitalisation of £514.6 million and raising £178.9 million, including £31.4 million for the company itself.
Board sales volume saw a considerable boost of 31%, primarily driven by the Raspberry Pi5’s success, which saw sales of 1.1 million units since its launch in October 2023. Conversely, there was a noted decline in sales for the Raspberry Pi4 and other legacy boards.
Raspberry Pi has made strategic investments in research and development, expanding its engineering team from 46 to 61. This move underscores the company’s commitment to innovation and growth as it aims to maintain its competitive edge in the tech industry.
Founded in 2012, Raspberry Pi has continuously worked towards making computing accessible to young people and hobbyists through its single-board computers. The company was also admitted to the FTSE 250 and awarded the London Stock Exchange’s Green Economy Mark, recognising the energy efficiency of its products.
Raspberry Pi’s initial success as a public company highlights its strong market position and growth potential.
