Raspberry Pi shares fell as much as 6% in early London trade after the computing firm said it expected to report a fall in earnings.
The Cambridge-based business said it anticipated full-year EBITDA of not less than $36m for 2024, a drop of 17% compared to the previous year and below market expectations of $36m.
The company said monthly unit shipments recovered steadily from their low point in the summer, with total single-board computer and Compute Module shipments reaching 7.0 million across the year.
Raspberry Pi warned of “a challenging macroeconomic backdrop and market conditions reported by the wider industrial sector” but said it expects demand to build gradually through 2025, thanks in part from sales of the more than twenty new products which it released in the previous year. The company added it was “encouraged by an increasing number of direct discussions with major prospective OEM customers”.
CEO Eben Upton said: “We have worked hard to launch a variety of accessory products aimed at our education and enthusiast customers and are pleased with the progress we are making in the industrial and embedded market.
“With an exciting product roadmap and ongoing initiatives to strengthen our market position, we look to the future with confidence and are excited about the opportunities that lie ahead.”
Raspberry Pi shares remain up by more than 80% since the company’s bumper IPO in June, helping the firm achieve ‘unicorn’ status with a market cap of £1.4bn.
The firm has since been admitted as a constituent of the FTSE 250, and has been awarded the London Stock Exchange’s Green Economy Mark based on the energy efficiency benefits of its computers.
Founded in 2012, Raspberry Pi creates single-board computers that are aimed at making computing more accessible to young people and hobbyists.