Raspberry Pi has upgraded its full-year earnings outlook after reporting strong trading in the first half of FY26, driven by rising sales volumes, favourable product mix and the benefit of lower-cost memory inventory secured last year.

The Cambridge-based computing company said it expects to sell more than four million units in the six months to 30 June, with adjusted earnings of at least £28m, materially ahead of the same period last year. To date, the company has sold more than 73 million devices.

As a result of the stronger-than-expected first-half performance, Raspberry Pi said full-year earnings are now expected to be significantly ahead of current market expectations.

The performance was supported by continued demand from original equipment manufacturer (OEM) customers and the ongoing use of low-density DRAM inventory accumulated during FY25. However, slightly dampening enthusiasm, the company also said that profitability is likely to moderate in the second half as supplies of lower-cost memory are depleted and industry-wide pricing pressures persist.

Despite ongoing challenges in DRAM and non-volatile memory markets, Raspberry Pi said it remains confident it can secure sufficient inventory to meet its production targets for the year.

The company continues to benefit from established supplier relationships while also onboarding new memory vendors, and expects to make use of its debt facilities to support strategic inventory purchases through FY26.

Investors were tempted by Raspberry's results update, sending shares sharply higher in early London trading. The stock rose as much as 25% to record levels, valuing the business at around £2bn.

Analysts pointed to the company's decision to build memory inventories ahead of recent shortages as a key factor behind the stronger profitability, although they cautioned that margins could come under pressure later in the year as those lower-cost supplies are exhausted.

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