Raspberry Pi Reports First Annual Earnings After IPO: $260 Million Revenue with 2% Decline
Raspberry Pi Holdings has released its first annual financial results as a publicly traded company, revealing the hardware maker’s performance for the fiscal year ending December 2023. The April 2nd announcement detailed the company’s financial standing after its landmark IPO on the London Stock Exchange.
According to the report, Raspberry Pi generated $260 million in revenue during 2024, representing a modest 2% year-over-year decline. More significantly, the company’s pre-tax profits fell to $16.3 million, a substantial 67% decrease compared to the previous year.
The company attributed these financial downturns primarily to “inventory adjustments” throughout their distribution channels. Despite these challenges, investor confidence appears stable, with Raspberry Pi’s stock price closing at £4.78 on the announcement day, up 1.53%.
From Educational Foundation to Public Company
Raspberry Pi’s journey began in 2009 as a foundation dedicated to advancing computer science education through affordable single-board computers. What started as an educational initiative unexpectedly captured the imagination of developers and DIY enthusiasts worldwide, transforming into a global phenomenon.
To manage the commercial aspects of their operations, Raspberry Pi established a trading arm in 2012, initially named Raspberry Pi (Trading) Ltd, which was later renamed to Raspberry Pi Ltd in 2021. The corporate structure evolved further with the creation of Raspberry Pi Holdings, the entity that ultimately went public on the London Stock Exchange.
While now a public company, Raspberry Pi maintains strong ties to its educational roots, with the Raspberry Pi Foundation remaining the largest shareholder, controlling a 49.08% stake in the holding company.
Product Innovation and Engineering Focus
The report highlights significant product development activity during the past year, with 22 new products launched and distributed through 117 authorized dealers globally. The company sold an impressive 7 million units in total, including 1.9 million units of the Raspberry Pi 5, which was introduced in October 2023.
Emphasizing its commitment to innovation, Raspberry Pi reported that 48% of its current workforce consists of engineers, up from 44% in 2023. This increased focus on engineering talent underscores the company’s dedication to product development and technical advancement.
Looking Ahead with Optimism
Despite the modest financial setbacks in 2024, Raspberry Pi expressed confidence about the future. The company anticipates a steady increase in demand throughout the current year as channel inventories normalize to more typical levels.
Additionally, Raspberry Pi assured investors and customers that they have secured sufficient raw materials to meet market demand for 2025, addressing previous supply chain concerns that had plagued the tech industry.
As Raspberry Pi continues its evolution from an educational project to a publicly traded technology company, this first annual report marks an important milestone in the company’s remarkable journey from classroom to stock market.
