Raspberry Pi Holdings PLC (RPI.L) Bundle
From its origins as a commercialization arm of the Raspberry Pi Foundation to a public company listed on the LSE, Raspberry Pi Holdings plc has charted a rapid rise: the June 2024 IPO raised £31.4 million via 11.2 million new shares at £2.8 each, leaving the Foundation with a 49.08% stake and Arm Holdings holding 8.4%, and by September 2024 the group had earned a place in the FTSE 250; today the company designs Broadcom-powered single-board computers and compute modules manufactured by Sony, runs Raspberry Pi Press and a Cambridge retail hub, and supports a global community while pursuing sustainability and education-driven values, having sold over 68 million units as of December 2025, capturing a 21% market share in the single-board computer market, launching seven new products in 2025 (including AI hardware with Hailo and Sony), reporting a 21% rise in direct SBC and Compute Module sales in H1 2025 alongside a 6% decline in H1 revenue but maintaining full-year profit expectations and a substantial order backlog, even as CFO Richard Boult signalled his planned departure in H2 2026 after seven years with the company.
Raspberry Pi Holdings PLC (RPI.L): Intro
Raspberry Pi Holdings PLC (RPI.L) traces its roots to the Raspberry Pi Foundation's aim to make computing affordable and accessible. The company commercializes the Foundation's single-board computers and related hardware, supporting ecosystems in education, industry and hobbyist markets.- Founded origins: Raspberry Pi Foundation launched Raspberry Pi (Trading) Ltd in 2012 to commercialize single‑board computers; Eben Upton served as CEO.
- Corporate rename: In 2021 Raspberry Pi (Trading) Ltd became Raspberry Pi Ltd to reflect broader product offerings beyond a single board.
- Public listing: In June 2024 Raspberry Pi Holdings plc listed on the London Stock Exchange, issuing 11.2 million new shares at £2.80 each and raising £31.36 million.
- Post‑IPO ownership: Raspberry Pi Foundation held 49.08% of Raspberry Pi Holdings after the IPO; Arm Holdings held 8.4%.
- Index inclusion: In September 2024 the company was added to the FTSE 250 index.
- Senior management change: In October 2025 CFO Richard Boult announced he will step down in H2 2026 after seven years, triggering a successor search.
| Year / Date | Event | Key figures |
|---|---|---|
| 2012 | Raspberry Pi (Trading) Ltd established | Founder CEO: Eben Upton |
| 2021 | Renamed Raspberry Pi Ltd | Expanded product portfolio |
| June 2024 | IPO on LSE | 11.2m new shares at £2.80; £31.36m raised |
| Post‑IPO June 2024 | Ownership breakdown | Raspberry Pi Foundation 49.08%; Arm Holdings 8.4% |
| Sept 2024 | Added to FTSE 250 | Inclusion in mid‑cap index |
| Oct 2025 | CFO succession announced | Richard Boult to leave H2 2026 |
- Hardware sales: Primary income from sales of single‑board computers (Raspberry Pi models), compute modules and associated development boards and accessories.
- Software & services: Revenue from software licensing, OS support, enterprise software bundles, and IoT/management services for commercial customers.
- Industrial and commercial customers: Direct and channel sales to industrial OEMs, systems integrators, education institutions and maker/hobbyist markets.
- Peripherals & ecosystem: Sales of power supplies, camera modules, HATs, cases, and officially licensed accessories.
- Partnerships & strategic investments: Equity partnerships (e.g., Arm Holdings stake) and co‑developed solutions that drive volume and recurring contracts.
- Capital raised at IPO (£31.36m) provided balance sheet flexibility for R&D, manufacturing capacity and supply‑chain resilience.
- Major shareholder structure influences strategy - Foundation retains effective control with ~49.08%, while strategic investor Arm holds 8.4%.
- FTSE 250 inclusion (Sept 2024) increases visibility to institutional investors and can influence liquidity and valuation dynamics.
- Management transitions (CFO departure H2 2026) create short‑term corporate governance and investor‑relations considerations.
- Product breadth: Multiple Pi models spanning entry, performance and compute‑module form factors for embedded applications.
- Customer mix: Education and hobbyist demand underpins brand; industrial/commercial customers drive higher ASP, aftermarket and service contracts.
- Distribution: Global channels including distributors, direct enterprise sales and retail partners support scale and margins.
Raspberry Pi Holdings PLC (RPI.L): History
Raspberry Pi Holdings PLC (RPI.L) was floated in June 2024 to separate the commercial business that manufactures and sells Raspberry Pi hardware from the nonprofit Raspberry Pi Foundation. The IPO provided growth capital while preserving the Foundation's educational mission and influence.- The Raspberry Pi Foundation (UK nonprofit) retains a 49.08% stake, ensuring continued strategic influence and linkage to educational objectives.
- Arm Holdings holds an 8.4% stake, reflecting a strategic partnership in silicon and hardware-related collaborations.
- Public investors (institutional and retail) own the remaining shares following the June 2024 IPO.
- The IPO issued 11.2 million new shares at £2.80 per share, raising £31.36 million (reported as £31.4m), strengthening the company's balance sheet.
| Metric | Value | Notes |
|---|---|---|
| Foundation ownership | 49.08% | Retained majority influence without full control |
| Arm Holdings ownership | 8.4% | Strategic minority investor in hardware/semiconductor collaboration |
| IPO proceeds | £31.4 million | 11.2 million new shares at £2.80/share |
| New shares issued | 11,200,000 | Placed with public investors (institutional & retail) |
| Public/free float | ~42.52% | Approximate share held by public investors post-IPO |
- Hardware sales - primary revenue from single-board computers, compute modules, accessories and licensed board designs sold through global distributors and direct channels.
- Software & services - value-added OS images, commercial licensing, SDK/tooling, and developer partnerships.
- Enterprise & industrial solutions - custom hardware, embedded compute modules, and long-term supply contracts for industrial customers.
- Ecosystem monetization - certification, training, authorized reseller programs, and partnerships (including with Arm) that expand market reach and recurring revenue opportunities.
Raspberry Pi Holdings PLC (RPI.L): Ownership Structure
Raspberry Pi Holdings PLC (RPI.L) evolved from the Raspberry Pi Foundation's commercial arm (historically Raspberry Pi Trading Ltd) to better align commercial activities with the Foundation's educational mission. The company's stated mission and values guide product strategy, community engagement and corporate governance. Mission and Values- Provide high-performance, low-cost computing platforms to promote computer science education and foster innovation.
- Maximize accessibility - make computing affordable and available to hobbyists, educators, students and industrial users worldwide.
- Prioritize sustainability through energy-efficient product design and more responsible manufacturing and supply‑chain practices.
- Support community engagement and open-source development; enable collaboration across the global Raspberry Pi ecosystem.
- Maintain transparency and integrity with stakeholders and adhere to ethical business practices.
- Pursue continuous improvement and product innovation to meet evolving user and market needs.
- Shareholders: combination of Foundation-related trusts and external investors following the plc restructuring.
- Board and governance: independent directors alongside executive leadership to balance educational mission and commercial performance.
- Operational split: a commercial entity responsible for product design, manufacturing partnerships and sales, with proceeds supporting the Foundation's charitable activities.
| Year | Cumulative Units Sold | Revenue (GBP, approx.) | Operating Profit (GBP, approx.) | Employees (approx.) |
|---|---|---|---|---|
| 2021 | ~40 million | £60.0m | £6.0m | ~450 |
| 2022 | ~47 million | £72.0m | £7.5m | ~520 |
| 2023 | >50 million | £87.4m (approx.) | £8.3m (approx.) | ~550 |
- Hardware sales - single-board computers (Pi Zero, Pi 4/5 series), compute modules and accessories constitute the core revenue stream; unit economics are focused on low margins and high volume.
- Industrial and commercial solutions - bespoke compute modules and long-term supply contracts for embedded/industrial customers command higher ASPs (average selling prices) and recurring orders.
- Software and services - commercial licensing (where applicable), imaging and management tools, and ecosystem partner services contribute incremental revenue.
- Support and distribution - value-added reseller partnerships,-certified suppliers and warranty/engineering support agreements provide service income.
- Foundation funding flow - profits from the commercial arm are reinvested into the Raspberry Pi Foundation's educational programs and R&D initiatives, aligning commercial success with charitable objectives.
- Community: millions of monthly users access Raspberry Pi OS images, forums, and educational resources; a global community of educators, hobbyists and commercial developers.
- Sustainability: product designs emphasize low-power operation (typical Pi devices consume under 5-15W depending on model), and the company reports initiatives to reduce manufacturing waste and improve component longevity.
- Transparency: regular public communications, published educational impact metrics via the Foundation, and governance disclosures in plc filings.
Raspberry Pi Holdings PLC (RPI.L): Mission and Values
Raspberry Pi Holdings plc (RPI.L) is the commercial vehicle behind the globally distributed Raspberry Pi family of single-board computers (SBCs), compute modules, accessories, content and community services. The company's stated mission and values emphasize affordability, accessibility, education and engineering openness - aims that guide product design, manufacturing partnerships, and ecosystem development. How it works - product, supply chain and ecosystem- Design and development: Raspberry Pi Holdings designs and develops SBCs, compute modules, reference hardware, and related firmware and software (Raspbian / Raspberry Pi OS variants, bootloader, and low-level libraries).
- SoC sourcing: The company sources system-on-chip (SoC) components primarily from Broadcom, leveraging Broadcom's video-capable ARM-based SoCs for CPU/GPU functionality across Raspberry Pi SKUs.
- Manufacturing partner: High-volume manufacturing is outsourced to Sony (Sony UK Technology Centre in Pencoed, Wales), providing capacity, quality control and scalability to meet global demand.
- Retail and direct engagement: Raspberry Pi operates a brick-and-mortar store in Cambridge that serves as a demonstration hub, event space and direct retail channel.
- Publishing and content: Raspberry Pi Press (MagPi magazine, books, project guides) produces printed and digital content that supports learning and customer engagement.
- Online ecosystem and community: Official documentation, tutorials, forums and educational curricula are hosted online to foster a large developer, maker and education community worldwide.
- Hardware sales - SBCs (Pi 4 Model B, Zero series, Compute Modules) and accessories (power supplies, cases, HATs, cameras).
- Compute Module sales for industrial and embedded customers (IoT gateways, digital signage, automation controllers).
- Peripheral and accessory revenue (official cameras, displays, power supplies, cases, HATs).
- Content and publishing revenue via Raspberry Pi Press and MagPi subscriptions/sales.
- Services and support for enterprise/industrial customers (customization, long-term supply agreements via compute modules).
| Metric | Value / Example | Notes / Source context |
|---|---|---|
| Units sold (cumulative) | Over 50 million+ Raspberry Pi units | Company and press statements report tens of millions of devices shipped since launch; milestone passed into the 50M+ range by early 2020s. |
| Manufacturing | Sony UK (Pencoed, Wales) | Longstanding high-volume manufacturing partner for population-level builds. |
| SoC supplier | Broadcom | ARM-based Broadcom SoCs underpin mainstream Pi models (CPU + VideoCore GPU). |
| Retail presence | Raspberry Pi Store, Cambridge | Operational hub for demos, events and direct customer engagement. |
| Published financial snapshot | Reported revenues in the range of tens of millions GBP (historic filings: ~£40-50m range for trading years around 2020-2021) | Raspberry Pi Trading/Holdings historic filings show revenue in the tens of millions of pounds; public reporting varies by year and entity consolidation. |
- Raspberry Pi 4 Model B - desktop-class SBC options with up to 8 GB RAM (popular for education, desktop replacement, server-light workloads); typical official pricing historically from £35-£75 depending on RAM configuration.
- Raspberry Pi 400 - integrated keyboard PC using Pi 4-class hardware, targeted at education and home productivity.
- Raspberry Pi Zero / Zero 2 W - ultra-low-cost, ultra-small boards for embedded and IoT projects (historical price points under £15 for Zero series).
- Compute Modules - compact boards with Pi-class compute for industrial/embedded deployments with long-term availability options for commercial customers.
- Raspberry Pi Press and MagPi provide how-to content, tutorials and project guides that drive device adoption and skill-building.
- Extensive online documentation, official tutorials, education programmes (e.g., teacher resources) and community forums support adoption in schools, makerspaces and enterprises.
- Strategic partnerships with distributors (e.g., element14 / Farnell, RS Components) enable global distribution and fulfilment.
- Low-cost hardware volume sales: sell many units at modest margin to reach hobbyists, schools and industry.
- Compute Module and enterprise deals: higher ASP and contractual long-term supply for industrial customers.
- Accessory and peripheral attachments: capture additional spend per customer (cases, cameras, power, displays).
- Content and services: sales of MagPi, books, and educational packages; occasional licensing/custom engineering for OEMs.
Raspberry Pi Holdings PLC (RPI.L): How It Works
Raspberry Pi Holdings PLC (RPI.L) operates a vertically integrated product-and-ecosystem business built around low-cost, compact single-board computers (SBCs) and the developer/education communities that use them. Its core operations combine design and licensing of silicon, hardware manufacturing partnerships, global distribution, educational outreach, publishing, and retail. The operating model converts high unit volumes, recurring accessory sales, licensing fees and institutional contracts into diversified revenue.- Product design and IP: In-house boards (e.g., Raspberry Pi 4, Raspberry Pi 400, Compute Modules) designed around licensed Broadcom SoCs and proprietary board designs.
- Manufacturing and supply chain: Contract manufacturing partners (primarily in Asia) produce PCBs, modules and accessories; Raspberry Pi maintains quality control and inventory management to serve both retail and industrial channels.
- Distribution and retail: Global distributor network (electronic component distributors, consumer retailers, e-commerce) plus a flagship store in Cambridge for direct retail and brand engagement.
- Software and community: Raspbian / Raspberry Pi OS, documentation, community forums and educational resources that drive product adoption and accessory sales.
- Licensing & partnerships: Semiconductor licensing agreements and OEM/ODM partnerships for custom Compute Module deployments in industrial and commercial products.
- Education & institutional engagement: Bulk sales and curriculum partnerships with schools, universities and nonprofit/NGO programs that secure multi-thousand-unit orders.
- Publishing & media: Raspberry Pi Press publications (magazines, books, project guides) sold via subscription, retail and digital channels.
- New product expansion: Moves into AI/accelerator hardware, industrial IoT modules and enhanced compute modules targeted at edge AI and embedded applications.
| Revenue Stream | Description | Typical Unit/Contract Size | Role in Business |
|---|---|---|---|
| Single-board computers (SBCs) | Raspberry Pi models sold to hobbyists, educators and OEMs | Single units to multi-thousand bulk orders | Primary volume driver; high unit turnover, low margin per unit |
| Compute Modules & Industrial Products | Modular PCBs for integration into commercial/industrial products | Bulk order sizes (hundreds to tens of thousands) | Higher ASP, strategic for B2B and recurring contracts |
| Accessories & Peripherals | Cases, power supplies, cameras, HATs, SD cards | Single or bundled with SBCs | Improves gross margin and ARPU (average revenue per user) |
| Licensing & Semiconductor Agreements | Fees/royalties for use of proprietary technology and silicon partnerships (e.g., Broadcom) | Contract-dependent | Stable, higher-margin income stream |
| Publishing (Raspberry Pi Press) | Magazines, books, educational guides and project kits | Subscriptions & single-issue sales | Brand monetization; modest but recurring revenue |
| Retail Store & Direct Sales | Cambridge store and online direct-to-consumer sales | Retail transactions | Enhances engagement and margin capture |
| Education Partnerships & Institutional Contracts | Bulk procurements for schools, universities and NGOs | Thousands to tens of thousands of units | Large, predictable orders that support scale |
| New Markets: AI/Edge Hardware | Accelerator boards, AI-capable modules and related software | Product-dependent; typically industrial volumes | Higher margin potential and growth vector |
- Lifetime unit shipments: Raspberry Pi devices have sold well into the tens of millions since launch in 2012 (widely reported milestones exceed 50 million units in the early 2020s).
- Unit pricing: Consumer SBCs typically retail from ~US$10 (earlier Zero models) to US$75-100 (higher-spec Raspberry Pi 4/400 at launch price points); Compute Modules and industrial SKUs carry higher ASPs.
- Revenue mix: Historically dominated by hardware unit sales and accessories, with licensing and institutional contracts contributing a growing share as Compute Modules and industrial design wins scale.
- Geographic mix: Strong sales in Europe, North America and Asia through distributor networks; institutional and educational programs provide diversified regional demand.
- Profitability dynamics: Low-cost, high-volume hardware business with margin amplification from licensing, accessories, publishing and direct retail.
- Expand Compute Module penetration into industrial OEMs to secure multi-year supply contracts and higher ASPs.
- Increase licensing and silicon-related revenue via strategic semiconductor partnerships and IP licensing.
- Grow recurring revenue from software tooling, enterprise support and paid educational content.
- Leverage the Cambridge retail channel and Raspberry Pi Press to strengthen brand monetization and customer lifetime value.
- Target AI/edge hardware customers with accelerators and bundled solutions to capture higher-margin, fast-growing IoT/AI spend.
Raspberry Pi Holdings PLC (RPI.L): How It Makes Money
Raspberry Pi Holdings PLC (RPI.L) generates revenue primarily by selling low-cost single-board computers, Compute Modules, and a growing ecosystem of accessories, software and services targeted at education, hobbyists, OEMs and industrial customers. As of December 2025 the company has sold over 68 million single-board computers and holds a 21% market share in the single-board computer market, underlining its scale and pricing power.- Hardware sales: Raspberry Pi boards (consumer SBCs) and Compute Modules - core revenue driver with strong OEM demand.
- Accessories & peripherals: power supplies, SD cards, HATs, carrier boards and enclosures raise average transaction value.
- Software & services: commercial support, OS/custom firmware, licensing for embedded applications and developer tools.
- Partnerships & co-developed hardware: joint products (e.g., Hailo, Sony collaborations) and licensing to industrial integrators.
- Distribution & reseller margins: direct sales, distributor networks and educational program deals worldwide.
- Direct sales of single-board computers and Compute Modules rose 21% in H1 2025, led by OEM contracts.
- Seven new products launched in 2025, including AI-capable hardware developed with Hailo and Sony, expanding addressable markets in edge AI and vision.
- Despite a 6% revenue decline in H1 2025 versus prior-year period, management maintains full-year profit expectations supported by a substantial order backlog.
| Metric | Value / Note |
|---|---|
| Units sold (cumulative, Dec 2025) | 68,000,000+ single-board computers |
| Market share (SBC market) | 21% |
| H1 2025 direct sales growth (boards & Compute Modules) | +21% |
| H1 2025 revenue change | -6% vs H1 2024 |
| New products launched in 2025 | 7 (including AI hardware with Hailo & Sony) |
| Strategic focus | Industrial & embedded applications, AI edge, OEM partnerships |
| Order backlog | Substantial - cited as support for full-year profit outlook |
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