Raspberry Pi has released its first financial results post-IPO, reporting substantial growth.
- Revenues for the first half of 2024 reached $144 million, marking a 61% increase from the prior year.
- Pre-tax profits rose modestly to $10.8 million, despite some product demand stabilisation warnings.
- CEO Eben Upton highlighted future product plans and inventory management challenges.
- Raspberry Pi shares experienced a significant rise post-IPO, reflecting investor confidence.
Raspberry Pi has unveiled its initial financial results since becoming a publicly listed company, demonstrating robust financial health with revenue soaring to $144 million within the initial six months of 2024. This figure epitomises a substantial 61% surge compared to the previous year, highlighting the firm’s strategic prowess and market appeal. Meanwhile, pre-tax profits showed a slight uplift, reaching $10.8 million.
Despite these impressive figures, Raspberry Pi has issued a cautionary note that the second half of the year may witness a normalisation in demand for some of its products, suggesting a possible slowing of sales momentum. CEO Eben Upton remains optimistic about the future, pointing to the company’s exceptional team and innovative product roadmap as key growth drivers.
Upton acknowledged that while customer and channel inventory levels were high at the time of the IPO, they are expected to stabilise by year-end. He stated, “We have an extraordinary team, a world class product set backed up by an exciting future roadmap, and a loyal and engaged customer base that we can continue to grow.”
The firm reported a 31% increase in total board sales volumes, primarily propelled by the strong performance of its compute modules and the successful launch of the Raspberry Pi5, which alone sold 1.1 million units. Conversely, sales of the Raspberry Pi4 and legacy products experienced a decline, indicating a shift in consumer preference towards newer technologies.
In light of its recent IPO in June, Raspberry Pi shares initially soared by 40%, signifying investor confidence and contributing positively to the London Stock Exchange, which has faced challenges since the 2021 tech IPO boom. Additionally, the firm’s market capitalisation at IPO was valued at £514.6 million, following the release of shares priced at 280p, collectively raising £178.9 million. Raspberry Pi’s inclusion in the FTSE 250 further solidifies its market position, with the firm receiving the Green Economy Mark for the energy efficiency of its products.
Raspberry Pi’s debut financial results as a public company highlight its strong market position, bolstered by innovative products and strategic foresight.
