Key Takeaways:
- Shares surged 21% to 997p, pushing market cap toward £2 billion
- Adjusted EBITDA of more than $38 million already meets full-year consensus
- AI agent demand and inventory gains drove results, though H2 faces headwinds
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Raspberry Pi surges 21% to 997p as H1 EBITDA beats full-year consensus
Raspberry Pi Holdings PLC shares surged 21% to 997p on Friday after reporting adjusted EBITDA of more than $38 million in the six months to June.
"Once memory ceases to be a gating factor, edge compute volumes could inflect sharply," Peel Hunt analysts said in a note, drawing parallels with adoption curves seen in smartphones and data centers.
The Cambridge-based company said the $38 million in adjusted EBITDA likely already meets the current full-year consensus, with the second half expected to meaningfully exceed that figure. The company did not disclose revenue or earnings per share for the period. The stock now trades at more than double Peel Hunt's formal target price of 460p, suggesting the broker's valuation model has not yet absorbed the trading upgrade or the full weight of the AI agent demand argument.
The question is whether the momentum can last. The first-half performance was flattered by a memory-chip inventory tailwind that the company has explicitly flagged will not repeat in the second half. DRAM pricing remains elevated and volatile, and around 70% of revenue still comes from industrial and embedded applications rather than the developer market where AI agent adoption is most visible.
The agent ecosystem is broadening rapidly. OpenClaw, the platform that triggered a 30% share price surge in February when social media tutorials promoted Raspberry Pi hardware as a natural host, is the most visible example. The hardware requirements these agents create — always-on, low-cost, locally deployed compute with strong software support — map closely onto what Raspberry Pi already sells.
Raspberry Pi, best known for its low-cost single-board computers used in education and hobbyist projects, has increasingly positioned itself as a provider of edge computing solutions for commercial applications. The company listed on the London Stock Exchange in June 2024 and has since drawn investor attention as a potential beneficiary of the shift toward decentralized AI processing.
Raspberry Pi spent 2025 accumulating memory chips at relatively low prices before DRAM costs rose, and has been drawing down that stockpile through the first half. The company is using its debt facilities to build fresh strategic inventory and deepening relationships with existing and new suppliers, but the supply picture for 2027 and beyond remains unsettled.
The gap between the 997p share price and Peel Hunt's 460p target highlights the tension between near-term uncertainty and a potentially significant demand cycle. Investors will watch the next two to three quarters for evidence that AI agent-related orders are materializing in the order book once the inventory tailwind fades.
This article is for informational purposes only and does not constitute investment advice.
