diff --git a/main/postmarketos-mkinitfs/APKBUILD b/main/postmarketos-mkinitfs/APKBUILD
index 84937ef0d..525df7b6d 100644
--- a/main/postmarketos-mkinitfs/APKBUILD
+++ b/main/postmarketos-mkinitfs/APKBUILD
@@ -1,5 +1,5 @@
 pkgname=postmarketos-mkinitfs
-pkgver=0.5.1
+pkgver=0.5.2
 pkgrel=0
 pkgdesc="Tool to generate initramfs images for postmarketOS"
 url="https://github.com/postmarketOS"
@@ -23,4 +23,4 @@ package() {
 }
 sha512sums="e1849a13ee696e76dc6c734eda984bcc6a6e2e3d8a62a4df0778a8e338dc0bf9d967fa263ae6e57c14a0cb516c6004c6e251262a1711ad47f1ce4c622727a1d7  init.sh.in
 d6eb7c1cd5ddf110996db1523db68a9cf13b980f25dc60a7bfc79d7c911558f46487708299bd84499ef04f61e129ab0b8186e4b1761c1479c6fec0f92232e001  init_functions.sh
-3948f1f49a6d9b9817dbc4ac14f2609b10e9bd6f819b6556477d400bae0226dc64cb2702ca7afd75c10aa8917fe82622b39cbf5df94412df9bcd97d84687e245  mkinitfs.sh"
+1048ebb20e2534c9ac3c259443b89323e09f87a68eab9f1c8b8c42130bf9fe2ea99cdca32be0595c65e827007c4171be047441156dd03e1d81c0554f947828f8  mkinitfs.sh"
diff --git a/main/postmarketos-mkinitfs/mkinitfs.sh b/main/postmarketos-mkinitfs/mkinitfs.sh
index a6c80a2c6..769b75c19 100644
--- a/main/postmarketos-mkinitfs/mkinitfs.sh
+++ b/main/postmarketos-mkinitfs/mkinitfs.sh
@@ -84,9 +84,22 @@ get_modules()
 }
 
 # Get the paths to all binaries and their dependencies
+BINARIES="/bin/busybox /bin/busybox-extras /usr/sbin/telnetd /sbin/kpartx"
+BINARIES_EXTRA="
+	/sbin/cryptsetup
+	/sbin/dmsetup
+	/usr/sbin/parted
+	/sbin/e2fsck
+	/usr/sbin/resize2fs
+	/usr/bin/osk-sdl
+	/usr/lib/libGL.so.1
+	/usr/lib/ts/*
+	/usr/lib/libts*
+	$(find /usr/lib/directfb-* -name '*.so')
+	/lib/libz.so.1
+"
 get_binaries()
 {
-	BINARIES="/bin/busybox /bin/busybox-extras /usr/sbin/telnetd /sbin/kpartx"
 	if [ "${deviceinfo_msm_refresher}" == "true" ]; then
 		BINARIES="${BINARIES} /usr/sbin/msm-fb-refresher"
 	fi
@@ -113,19 +126,6 @@ get_osk_config()
 
 get_binaries_extra()
 {
-	BINARIES_EXTRA="
-		/sbin/cryptsetup
-		/sbin/dmsetup
-		/usr/sbin/parted
-		/sbin/e2fsck
-		/usr/sbin/resize2fs
-		/usr/bin/osk-sdl
-		/usr/lib/libGL.so.1
-		/usr/lib/ts/*
-		/usr/lib/libts*
-		$(find /usr/lib/directfb-* -name '*.so')
-		/lib/libz.so.1
-	"
 	tmp1=$(mktemp /tmp/mkinitfs.XXXXXX)
 	get_binaries > "$tmp1"
 	tmp2=$(mktemp /tmp/mkinitfs.XXXXXX)
@@ -287,6 +287,44 @@ append_device_tree()
 	cat $kernel $dtb > "${kernel}-dtb"
 }
 
+# Create the initramfs-extra archive
+# $1: outfile
+generate_initramfs_extra()
+{
+	echo "==> initramfs: creating $1"
+
+	osk_conf="$(get_osk_config)"
+	if [ $? -eq 1 ]; then
+		echo "ERROR: Font specified in /etc/osk.conf does not exist!"
+		exit 1
+	fi
+
+	# Ensure cache folder exists
+	mkinitfs_cache_dir="/var/cache/postmarketos-mkinitfs"
+	mkdir -p "$mkinitfs_cache_dir"
+
+	# Generate cache output filename (initfs_extra_cache) by hashing all input files
+	initfs_extra_files=$(echo "$BINARIES_EXTRA$osk_conf" | xargs -0 -I{} sh -c 'ls $1 2>/dev/null' -- {} | sort -u)
+	initfs_extra_files_hashes="$(md5sum $initfs_extra_files)"
+	initfs_extra_hash="$(echo "$initfs_extra_files_hashes" | md5sum | awk '{ print $1 }')"
+	initfs_extra_cache="$mkinitfs_cache_dir/$(basename $1)_${initfs_extra_hash}"
+
+	if ! [ -e "$initfs_extra_cache" ]; then
+		# If a cached file is missing, clear the whole cache and create it
+		rm -f ${mkinitfs_cache_dir}/*
+
+		# Set up initramfs-extra in temp folder
+		tmpdir_extra=$(mktemp -d /tmp/mkinitfs.XXXXXX)
+		mkdir -p "$tmpdir_extra"
+		copy_files "$(get_binaries_extra)" "$tmpdir_extra"
+		copy_files "$osk_conf" "$tmpdir_extra"
+		create_cpio_image "$tmpdir_extra" "$initfs_extra_cache"
+		rm -rf "$tmpdir_extra"
+	fi
+
+	cp "$initfs_extra_cache" "$1"
+}
+
 # initialize
 source_deviceinfo
 parse_commandline "$1" "$2" "$3"
@@ -322,23 +360,6 @@ create_bootimg
 
 rm -rf "$tmpdir"
 
-# initialize initramfs-extra
-echo "==> initramfs: creating $outfile_extra"
-tmpdir_extra=$(mktemp -d /tmp/mkinitfs.XXXXXX)
-
-# set up initfs-extra in temp folder
-mkdir -p "$tmpdir_extra"
-copy_files "$(get_binaries_extra)" "$tmpdir_extra"
-osk_conf="$(get_osk_config)"
-if [ $? -eq 1 ]; then
-	echo "ERROR: Font specified in /etc/osk.conf does not exist!"
-	exit 1
-fi
-copy_files "$osk_conf" "$tmpdir_extra"
-
-# finish up
-create_cpio_image "$tmpdir_extra" "$outfile_extra"
-
-rm -rf "$tmpdir_extra"
+generate_initramfs_extra "$outfile_extra"
 
 exit 0