Raspberry Pi H1 earnings call highlights. September 24, 2026 Key points. * Record first-half performance: Raspberry Pi shipped 4.2 million units, with revenue up more than 90%, gross profit rising to £59 million and adjusted EBITDA reaching £40.3 million. Growth was driven by higher volumes, price increases reflecting memory costs, and stronger demand for higher-value products. * Supply-chain investment supports growth: The company more than doubled its backlog to 2.6 million units and invested £106 million in DRAM inventory, expanding its supplier base to about seven companies. Management expects secured memory supplies to cover production through 2026 and into early 2027. * Positive outlook despite margin pressure: Second-half unit volumes are expected to exceed first-half levels, and full-year adjusted EBITDA is projected to beat market expectations. However, per-unit profitability is likely to decline as lower-cost memory inventory is consumed and costs move closer to current market prices. * MarketBeat previews top five stocks to own in October. Raspberry Pi LON: RPI reported record first-half revenue and profitability for 2026, supported by higher unit shipments, price increases tied to memory costs and demand for higher-value products. The company shipped 4.2 million units during the period, while its customer order backlog more than doubled to 2.6 million units at the end of June from 600,000 at the end of 2025. Chief Executive Officer Eben Upton described the period as "an exceptional first half," saying the company maintained product availability despite a difficult supply-chain environment. He said Raspberry Pi's diversified DRAM supplier base helped it keep products in production, while the business also released five new products and platform updates during the half. Profitability rises on pricing and inventory benefits. Chief Financial Officer Richard Boult said overall unit volumes rose 17%, including 26% growth in direct units manufactured through the company's factory partnership with Sony in Wales. Demand was particularly strong for Compute Modules and Raspberry Pi 4 and Raspberry Pi 5 boards, which Boult characterized as higher-margin and higher-value products. Revenue increased by more than 90%, helped by both volume growth and a roughly 42% increase in average selling prices. Raspberry Pi raised prices to reflect increased memory costs, though Boult said demand remained strong for 4GB and 8GB versions of Raspberry Pi 4 and Raspberry Pi 5. Gross profit rose 79% year over year to £59 million from £33 million, while adjusted EBITDA increased to £40.3 million from £19.4 million in the first half of 2025. Gross profit per board climbed 53% to $12.20 from $8, which Boult attributed to price increases, the sales mix and the use of memory inventory acquired at lower prices near the end of 2025. However, Boult said the benefit of lower-cost inventory had "probably been largely consumed" by the middle of the year. He said profit per unit is expected to decline in the second half as the cost of inventory moves closer to prevailing market prices. Accessories also contributed to the performance. Gross profit from accessories rose 90% to £7.8 million, or about $1.90 per board sold, above the company's target of $1 per board. The company cited demand for cameras, SD cards, displays and AI HAT products developed with Hailo. Memory purchases support production plans. Raspberry Pi increased investment in inventory, with £106 million of inventory purchases related to DRAM at the end of June. The company said it had nearly three months of inventory at that point and has continued to add to its holdings, giving it confidence that it can meet production plans through the remainder of 2026 and into the first quarter of 2027. Discover more Research tools access The company expanded committed banking facilities to £140 million in early July. Boult said the additional funding gives Raspberry Pi flexibility to purchase inventory when opportunities arise, including to secure supply and favorable pricing. The company expects debt levels of roughly £40 million to £50 million in the second half, though it may use further available facility headroom for additional strategic inventory purchases. Raspberry Pi has expanded its memory supplier base to approximately seven companies from two a year ago. It has also used engineering changes to support additional memory configurations, including a 3GB Raspberry Pi 4 variant aimed at OEM customers seeking an intermediate-density option. Product, commercial and operational investments continue. During the half, Raspberry Pi introduced the second-generation AI HAT+ 2 accessory, which Upton said adds support for generative AI capabilities, including smaller language models, vision-language models and newer vision architectures. The company also continued to update its Raspberry Pi Connect IoT cloud platform, with Upton saying adoption has grown for both its free service and paid Raspberry Pi Connect for Organizations offering. The company appointed Tim Mamtora as its first chief operating officer in March. Upton said Mamtora's team is developing repeatable processes intended to support growth while maintaining Raspberry Pi's engineering-led culture. The company has also made targeted hires in engineering, operations, finance, enterprise sales and application engineering. Raspberry Pi is working with Sony to increase manufacturing capacity to 1 million units per month. Upton said the company expects to see the full benefit of related co-investments during the fourth quarter. The company also highlighted expanding OEM opportunities in smart-home, aerospace and defense markets. Upton said supply-chain constraints have prompted some prospective customers to approach Raspberry Pi after other modular-platform suppliers or internal engineering teams struggled to secure components. Outlook calls for higher second-half volumes. Management expects second-half unit volumes to exceed those of the first half as it works to reduce the 2.6 million-unit backlog toward levels seen at the beginning of the year. Upton said the backlog was "verging on unhealthily large," and the company is focused on improving fulfillment rather than eliminating the backlog entirely. Raspberry Pi expects full-year adjusted EBITDA to exceed market estimates despite the anticipated moderation in unit economics. In the question-and-answer session, Boult said analyst consensus before the presentation appeared to be in a range of roughly £60 million to £65 million. The company said it has enough DRAM in hand and on secure order to meet requirements for the rest of 2026 and into 2027. Boult added that positive free cash flow is likely to depend on an easing in the memory market, as current inventory levels remain cash-intensive. Upton also said the semiconductor business is a key part of Raspberry Pi's longer-term strategy. Following a strong July and a record August for RP2350 microcontroller sales, he said the company aims eventually to build silicon volumes into the hundreds of millions of units annually. Raspberry Pi taped out its next-generation semiconductor product during the second half and expects to receive it back at the start of next year. Separately, Boult said he will be succeeded as CFO by Tim Powell at the end of the following month. About Raspberry Pi (LON:RPI). Our mission is to put high-performance, low-cost, general-purpose computing platforms in the hands of engineers and enthusiasts all over the world. Since 2012, we've been designing single-board and modular computers, built on the Arm architecture, and running the Linux operating system. Whether you're an educator looking to excite the next generation of computer scientists; an enthusiast searching for inspiration for your next project; or an OEM who needs a proven rock-solid foundation for your next generation of smart products, there's a Raspberry Pi computer for you. That's not all we do. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Raspberry Pi, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Raspberry Pi wasn't on the list. While Raspberry Pi currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely. Continue following MarketBeat

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Why i'm still working from a Raspberry Pi (while everyone else buys an AI workstation). Posted by Ray Thurman on 09/12/2026 There's a running theme in developer hardware right now: drop serious money on an AI workstation, or get out of the way. Beefy GPU towers, mini PC clusters, subscription stacks to match. Meanwhile, my daily driver is a Raspberry Pi built into a mechanical keyboard. And honestly? I've never been more productive on a machine. Am I torturing myself, or am I onto something? Let's find out. From a printer farm to a daily driver. I've been messing with Raspberry Pis since the 3B days. At one point I had a 3D printer farm running with about 16 Pi 3Bs driving all of my printers. I loved those little turds. I've upgraded with every generation since, mostly to keep answering the same question: how much can I actually squeeze out of these things? For years, my Pi 400 ran my self-hosted Gitea server - and quite a few other services. It's *still* running them, and my son uses it as his daily machine now. Yes, it had some lag. It's a keyboard-sized computer. But it was a blast to tinker with, and it ran full-time services without complaint. Enter the Pi 500+. When the Pi 5 came out, I figured a Pi 500 couldn't be far behind. Then Raspberry Pi went further and announced the Pi 500+ - and it's a genuinely different beast: * 16GB of RAM * 256GB NVMe SSD, stock * A mechanical keyboard with replaceable, per-key RGB backlit keycaps I pre-ordered it the day it was announced (at the original $200 price - memory costs have pushed the price up several times since, so I got in at the right moment) and it has been my main device ever since. This thing is a powerhouse. For a potato. An Omarchy-inspired desktop, because there wasn't one. I've slowly built my own Omarchy-inspired desktop install for it. When I started, Omarchy didn't have an official Pi variant - and to be clear, it still doesn't; the official installer targets x86 only. So this is my own take on the same idea: lean, keyboard-driven, fast. I'd come back to the project in waves and got it to a stable daily-driver point, but with pain points. Then Omarchy 4.0 ("Quattro") landed, with its rewritten desktop shell and the whole "this is what a lean desktop should feel like" energy - and it lit the fire again. I knew this machine could be quick for a true potato. I just had to put in the work. Replacing my default apps with my own. I had used Zed on the Pi from time to time. Zed's Linux docs warn about Vulkan driver issues on some machines - and my old MacBook Pro absolutely shows them. But on the Pi's newer hardware? Nothing. Zed runs clean. With Zed working nicely, and already using Rust with Raven (my agent harness - the whole story is here), I set out on a mission: replace all of my default apps with my own Rust variants built on gpui-kit, worthy of a Raspberry Pi. None of these need to be "power user" applications, either. My son uses my old Pi 400 and loves it, so everything gets tested on both devices. If a 4GB Pi 400 runs it happily, it ships. Then as my son or I find bugs or issues Ray Thurman file and my agents and I implement later. Here's what's built so far: * Piwrite - simple markdown writing * Picalc - system calculator * Pifile - basic file manager (more planned updates, but slow going with everything else going on) * Pitype - typing practice and learning * Pimon - Pi-specific hardware monitor * Hearth - agent management platform that hosts my Raven agent and Grok Build And the idea backlog: * Pibook - bookshelf application * Picam - snapshots and video recording * Pikids - a kid-safe desktop suite, re-imagined for the Pi (yes, that means Minesweeper and friends) * Whatever else a barebones OS needs For anything that already exists, I'll fork it if I can bend it to match my app structure and theming. If not, I have my own template ready - theme, base app, and repo scaffolding - so every app in the suite builds the same way. Why am I doing this? Because I wanna. First and foremost. And with the current state of AI-assisted development, there's no excuse not to manage it. Raspberry Pi OS is great - genuinely. But there's always room for improvement, and a machine with 16GB of RAM, an NVMe drive, and a mechanical keyboard is too nice to sit there running somebody else's defaults. The honest downsides. The web. That's it. That's the list. But seriously - Chromium has been the absolute slowest thing on this device, and it's often not even Chromium's fault; some websites are just absurdly CPU/GPU-intensive. X (the site formerly known as Twitter) drags the whole machine down, even as the only tab. GitHub isn't as bad. My portfolio and blog run great - though they're due for a refresh, but that's neither here nor there. Apple's website? Don't even think about it on a Pi. Meanwhile my shader-heavy new-tab extension, Aurora Flow, is dialed in and runs great. The web is a choice, and apparently most of it chooses violence. AI on-device is a no - obviously. I've run small offline models on a Pi before (I wrote up the whole setup), and I still keep local models on my home server for when I need them. But for day-to-day agent work I use Ollama Cloud for the heavy lifting, and Ollama Cloud + Raven on this machine works beautifully. Build times - solved, mostly. With the mold linker, I can rebuild and run tests on the Pi without it turning into a 30-minute ordeal. Rust on a Pi is genuinely pleasant now. And if gpui ever becomes a problem, Omarchy's ecosystem is full of very efficient C++ apps I can fall back on. So far, though, the tests have been wildly promising on system resources, responsiveness, and overall usage. So, am I torturing myself? No. I'm daily-driving the most interesting computer I own. The Pi 500+ cost a fraction of an AI workstation, sips power, sits quietly on my desk, runs my self-hosted stack, hosts my agent platform, and now runs an entire app suite I built myself. My kid learned on the previous one. The whole thing is fast *because* I paid attention to it - not because I threw hardware at the problem. That's not torture. That's the point. Faq. Isn't a Pi too slow for real work? The Pi 500+ with 16GB and an NVMe SSD handles my actual workload - writing, file management, agent tooling, even Rust builds with mold. Heavy browser sites are the weak spot, and that's a web problem, not a Pi problem. Can I run Omarchy on a Raspberry Pi? Not officially. The official Omarchy installer is x86-only, and there's no aarch64 build yet. My setup is Omarchy-inspired - same philosophy, my own implementation. Why Rust and gpui-kit instead of just using terminal apps? Because I want GUI apps that feel native and stay light. gpui-kit gives me a consistent component library to theme once and reuse across the whole suite. Terminal-only would be the easy road, but the Pi 400 proved my kid will use a real desktop if it's a good one. Can you run AI on a Raspberry Pi? Small models, yes - see my offline LLM on a Pi 5 guide. But for serious agent work, I lean on local models on my home server or Ollama Cloud. What's next for the app suite? Pibook, Picam, and Pikids are on the backlog, plus filling out Pifile. Everything ships through the same template so the suite stays consistent. Where's the code? Everything lives on GitHub and mirrored to my gitea in both directions so I can use my personal when GitHub inevitably goes down for the day. Check out these great products! If you find my content valuable, please consider supporting me by buying me a coffee or checking out one of my recommended books on software development. Your support is greatly appreciated!