A well-timed RAM stockpile helped keep boards shipping while rivals tried for memory.
Raspberry Pi has posted a record first half after a well-timed memory stockpile helped it ride out rising prices and shortages.
The Cambridge-based company reported revenue of $256.9 million for the six months ended June 30, up 90 percent from $135.5 million a year earlier, while pre-tax profit more than tripled to $19.6 million.
Raspberry Pi shipped 4.2 million boards during the six-month period, up 17 percent year-on-year, while its order backlog doubled to 2.6 million units.
Gross profit per board climbed from $8 a year ago to $12.20, helped by price rises on R Pi's products as well as cheaper memory inventory acquired during 2025.
Raspberry Pi said the "exceptional unit economics" seen in the first half have since moderated as the cheaper memory bought during 2025 has been used up.
The average cost of memory in its inventory stood at $13.30 per GB at the end of June, up from $3.60 per GB at the end of 2025.
At the end of June, Raspberry Pi was holding 2.4 million LPDDR4 devices representing 5.8 million GB of memory.
Between that stockpile and confirmed orders, Raspberry Pi said it has enough memory to meet its production targets for the rest of 2026, with further purchases planned to ensure it enters 2027 with inventory.