Formula E saw its pre-tax losses nearly double to €78.3 million (US$92.2 million) in its financial year ending 30th September 2024.
Confirmed:
- Losses grew by 87.4 per cent year-over-year (YoY) from €41.8 million (US$49.2 million) in 2023
- Revenue fell by 13.7 per cent to €189.6 million (US$223.3 million)
- Cost of sales was largely flat at €202.1 million (US$238 million)
Context:
The decrease in revenue was attributed primarily to the reduced number of race events and other race related activities. Unlike the previous season, the 2023/24 campaign did not feature races in Cape Town, Jakarta and Rome, while an event in Hyderabad was eventually cancelled. In their place, Misano, Tokyo and Shanghai all joined the calendar for the season.
In spite of the changing calendar, Formula E claimed its audience and fan base grew significantly, with a 35 per cent increase in cumulative viewers to 491 million and a 23 per cent rise in fans to 371 million.
The series reaffirmed that its shareholders are ‘supportive’ of its overall growth plan. However, its solvency remains dependent on support from its parent company.
During its tenth season, Formula E noted that its gross emissions increased from 32,569 tCO2e to 33,529 tCO2e YoY. It achieved a 33 per cent reduction on 2023’s equivalent total in absolute Scope 1 and 2 emissions, with 100 per cent sustainable power used for all races except in Tokyo.
Comment:
Formula E said: ‘The long-term financial performance of the series is expected to improve as the championship builds its fan base and expands media following. Given the stage of growth, the main emphasis of the group continues to be on revenue and achieving profitability.’
Coming next:
Formula E has two cities left to visit in its 2025 season, with Berlin hosting rounds 13 and 14 on 12th and 13th July.
Go deeper:
- Idris Elba, MrBeast, and untapped potential: How Cupra Kiro plan to transcend Formula E
- ‘Women don’t lack talent, they lack opportunity’: Why Formula E is running the first all-female test
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