Formula E Generates Revenue Increase, Reduces Losses
Formula E generated revenue of €219.9m (£185.8m) for the year that ended on 30th September 2023, up 21.2% on the €181.4m (£153.3m) from the previous year.
The championship also saw a reduction in losses from €64.9m (£54.8m) to €42.8m (£36.2m), according to the annual accounts of Formula E Operations, the operational body for the all-electric racing series.
Meanwhile, the series’ cost of sales rose to €202.3m (£171m) for 2022/23, up from €197.2m (£166.6m) the previous year.
The London-headquartered championship cited the increase in sponsorship revenue as the primary reason for the overall rise in revenue, while the upward tick in operational costs was mainly due to an increase from 10 to 11 events. Staff costs also increased from €16.6m to €21.5m (£14.03m to £18.2m).
Race promotion and licensing income made up the lion’s share of Formula E’s overall revenue, accounting for €125.4m (£106m), which is around 57% of the total figure.
Race and service related revenues generated €92.8m (£78.4m), with other income representing the remaining €1.6m (£1.4m).
In June, Formula 1 owner Liberty Global reached an agreement to acquire a controlling stake in Formula E, adding the series to its motorsport empire that also includes MotoGP.
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