Formula E saw a revenue increase to €219.9m and its overall losses fall to €42.4m in the 2022-23 financial year.
Formula E’s operations posted a revenue of €219.9 million ($237.9 million) for the financial year ending September 30, 2023, an increase from €181.4 million for 2021–2022. The increase was largely linked to the rise in sponsorship revenue for the all-electric series over the 12-month period.
However, the electric single-seater racing series has revealed a loss of €42.4m for the financial year, closing the gap on the previous year’s €65m shortfall.
The revenue breakdown indicates that the cumulative income from sponsorship and race hosting fees was €125.4 million, while the revenue from media rights and logistics amounted to €92.8 million. This marks a significant growth as the sponsorship revenue only generated €100 million in 2021–22.
Meanwhile, the number of staff members increased by about 20 during the 2022–23 financial year.
These findings have been made public after media and entertainment company Warner Bros. Discovery (WBD) sold its stake in Formula E around the end of June. Liberty Global now holds a majority ownership in the series after acquiring the shares.
The deal, which remains subject to standard regulatory approval, will give various minority shareholders authority over the remaining 35% of the series, which is currently in its tenth season as approval is expected by the end of the year.
Under a long-term agreement announced in early January, WBD will continue to broadcast Formula E action across 50 European regions as it marks a decade since it made its initial investment in the sport.
Additionally, Formula E unveiled a record race calendar and a number of new venues for its 11th season last month. For the first time, the series will have a 17-race schedule spanning over 11 venues as Circuit de Monaco hosts separate back-to-back races.
