29 January 2025
Raspberry
Pi Holdings plc
("Raspberry Pi", the "Group", or "the Company")
Trading Update for the 12
months to 31 December 2024
Highlights include new
design partnerships and successful product
launches
Channel inventory levels
continue to normalise
Raspberry Pi (LSE: RPI), a leader in
low-cost, high-performance computing, today
issues a trading update for its financial year ended 31 December
2024 ("FY 2024").
Group trading performance
As anticipated at the interim
results in September, elevated customer and channel inventory
levels continued to normalise in the second half of the year.
Monthly unit shipments recovered steadily from their low point in
the summer, with total Single-Board Computer and Compute Module
shipments reaching 7.0 million across FY 2024. Gross profit from
the sale of accessories and microcontrollers was strong in the
second half and this, together with good cost discipline, means the
Board expects to report (subject to external audit) adjusted EBITDA
of not less than $36m for FY 2024.
Cash at 31 December 2024 was c.$45m
after strategic purchases of components and continued investment in
the Company's product roadmap.
Product launches in the second half
included Pico 2 (August), Compute Module 5 (November), and a
variety of well-received accessories; more than twenty new products
were released in the year. Raspberry Pi expects to realise the full
benefit of these launches in 2025. The Company was particularly
pleased to announce Compute Module 5 design wins with long-standing
OEM customers at launch, as well as a new long-term strategic
design partnership with SECO, both highlighting the progress of
Raspberry Pi's direct-to-OEM strategy.
Outlook
Looking ahead, Raspberry Pi expects
demand to build gradually through the year, despite a challenging
macroeconomic backdrop and market conditions reported by the wider
industrial sector. Medium-term fundamentals remain extremely
positive. The Company has a sufficient supply of memory to meet
expected demand into Q3 of this year, giving it confidence in its
unit economics for FY 2025. In addition, the Company is encouraged
by an increasing number of direct discussions with major
prospective OEM customers.
Notice of results
The Group will report its FY 2024
results on Wednesday, 2 April 2025.
Eben Upton, CEO of Raspberry Pi said:
"We are proud of the Group's
performance in our first year as a PLC, achieving significant
milestones, including listing the company on the London Stock
Exchange, our inclusion in the FTSE 250 index, and the successful
launch of key products, against a backdrop of challenging
end-market demand. We have worked hard to launch a variety of
accessory products aimed at our Education and Enthusiast customers
and are pleased with the progress we are making in the Industrial
and Embedded market. With an exciting product roadmap and ongoing
initiatives to strengthen our market position, we look to the
future with confidence and are excited about the opportunities that
lie ahead."
For more information, please
contact:
Notes to
Editor
Headquartered in Cambridge, UK,
Raspberry Pi's mission is to put high-performance, low-cost,
general-purpose computing platforms in the hands of enthusiasts and
engineers all over the world.
Raspberry Pi is a full-stack
engineering organisation, with research and development
capabilities spanning the entire value chain, from semiconductor IP
development, through semiconductor and electronic product design to
software engineering and regulatory compliance. The high
performance, low cost, and physical robustness of Raspberry Pi
products make them suitable for a wide range of applications,
across three distinct markets: Industrial and Embedded, Enthusiast
and Education and Semiconductors. To date, over 60 million units
have been sold.
