Proactive Investors - Raspberry Pi Holdings PLC (LON:RPI) reported what it said were stronger profits than expected for the first half of the year but kept its guidance for the full year unchanged.
Underlying profits (EBITDA) of $20.9 million increased 55% from a year ago, on revenues up 61% to $144 million.
Sales volumes were marginally lower than expected, it said, though sales skewed towards higher margin variants. It noted that the same period a year ago was "supply-constrained".
The Pi 5 single-board computer (SBC), launched at the end of last October, sold 1.1 million units in the first half, with overall unit growth at 31%,.
"Having previously expected performance to be weighted towards the second half of the year, this is no longer the case, with profitability in the first half ahead of internal expectations," Raspberry Pi said.
Higher unit sales volumes are anticipated for the second half, supported by new product launches, but the expected product mix will contribute to lower unit economics.
Also in the outlook, the company said the higher-than-usual customer and channel inventory levels seen in the period now showing "signs that this should normalise towards the end of the year".
So, after all that, expectations for the full year remain unchanged.
CEO Eben Upton said June's IPO "was the watershed moment of the first half" just two weeks before the period end.
He hailed the strong uptake of the latest flagship SBC and the launch of the Raspberry Pi AI Kit, along with a successful ramp to production of RP2350, a second-generation microcontroller platform.
The shares climbed 6% to 370p in early trading on Tuesday, having retreated from their post-IPO highs in recent weeks.