Raspberry Pi Holdings plc

Thank you all. Thank you all for coming. Thank you to the people who are joining us online. Yeah, this is our interim results for our very, very first interim results announcement. We're just going to take a moment to kind of run you through the business. I guess quite a lot of you know what it is we do. Some of the highlights from the first half. Richard's got the numbers. And then just a little bit of a discussion of our progress against some of the strategic goals that we set ourselves at the time of the IPO. I think we're going to try and go through this relatively quickly to leave plenty of time for questions at the end. So do I need my clicker over here? I'll hop up here. So here we go. Click. OK, just briefly who we are. I'm Eben. I think many of you know me. I'm a silicon engineer by background, and I've been running Raspberry Pi. I founded the Raspberry Pi Foundation back in 2008, and I've been running Raspberry Pi since we pulled it out from under the foundation at the town end of 2012.

And I'm joined by... Yeah.

The numbers go up pretty quickly, don't they? Yeah, there we are. Cool. So a very quick recap of who we are. We build compute platforms. By compute platforms, what do we mean? We mean hardware. We mean the software that runs on the hardware. And we mean all of the collateral that sits around that hardware and that software. to allow users to get value out of the systems that we build. We sell to educators and enthusiasts. That was probably the original market back in 2012. But increasingly these days, our dominant business is selling to industrial and embedded customers who are using our products in industrial contexts and outsourcing the intelligence components of their larger products to us. Our products are designed and built in the UK. We do almost all of our R&D in Cambridge. We do almost all of our manufacturing with our partners at Sony UK Tech in South Wales. And over the 12 years since the launch of the first Raspberry Pi on the 29th of February 2012, we've sold a little over 60 million units. And of those 60 million units, roughly 90% of them have been exported outside the UK. So some highlights from our first half, and we'll go into a little bit more detail in a while. Obviously, the IPO was the standout event of the first half. It was a $185 million sell-down for our larger shareholder, the Raspberry Pi Foundation, setting them up to do the good work they do at scale for the next decade. And a $40 million primary for us, which we're using to fund our technology development roadmap and to increase the robustness of our supply chain position. Highlights in terms of the market, we now believe we've completed our recovery from the shortages which were associated with the aftermath of the COVID-19 pandemic. There is still turbulence, but those shortages which were hurting our business until about 18 months ago, now largely abated. We're seeing good progress. As I say, there is turbulence out there in the world, but we are seeing good progress now towards the normalizing of channel inventory downstream of us. And we haven't let the IPO or the turbulence associated with COVID stop us from innovating. It's been a good half year for us. We launched our first AI, our first first-party AI product. We launched our first cloud software product. And we completed the ramp of our second-generation microcontroller platform, RP2350. So, and at the same time, made solid commercial progress. This was the, we launched Raspberry Pi 5, we announced Raspberry Pi 5 almost exactly a year ago to the day. The first half of this year represented the first moment when Raspberry Pi 5 was available in channel, ex-stock in channel. We've seen a good transition from Raspberry Pi 4 to Raspberry Pi 5 as the most popular product among our enthusiast customers. We've made progress on our goals to expand our ASP and increase our accessory attach. And we've seen a return to growth. We've been able to allow ourselves a return to growth in our approved reseller base. The way we reach our customers generally is through a network of a little over 100 resellers around the world. We paused the growth of that reseller base during the supply chain shortages, but we have now been able to get back to that. So with that, I'm going to hand over to Richard to introduce the numbers.