Formula E Operations’ annual losses were reduced from €65 million to €42.4 million. (Warren Little/Getty Images)

Formula E Operations, a subsidiary of the all-electric motor racing series, saw its revenue increase and its overall losses fall in the 2022-23 financial year.

The subsidiary, which acts as the operational body for Formula E, secured income of €219.9 million ($237.9 million) in the 12 months up to September 30, 2023, up from €181.4 million for 2021-22. The rise was primarily attributed to the growth in the series’ sponsorship revenue across the relevant 12 months.

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Meanwhile, the annual losses were reduced from €65 million to €42.4 million.

In terms of the revenue breakdown, the combined sponsorship and race hosting fee income amounted to €125.4 million, while the equivalent number for media rights and logistics came to €92.8 million.

The former of those two sectors (covering sponsorship revenue) only brought in €100 million in 2021-22.

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Accounted-for staff members, meanwhile, rose by around 20 during the 2022-23 financial year.

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These results have been disclosed following the sale of a stake in Formula E by media and entertainment Warner Bros. Discovery (WBD) in late June.

Liberty Global, which bought the stake, now holds a controlling interest in the series.

The deal, which still needs to pass through the usual regulatory approvals, will leave the remaining 35% of the series – now into its 10th season – under the control of various minority shareholders. Approval is expected by the end of 2024.

WBD will continue to cover Formula E action from a broadcast perspective, through a multi-year deal across 50 European markets unveiled in early January. WBD (at that time Discovery) initially invested in Formula E in 2015.

Last month also saw Formula E unveil a record race calendar for its 11th season and several new locations. The series will have a 17-race season for the first time across 11 venues.

Most notably, Monaco will debut on the Formula E calendar with separate back-to-back races on the full Circuit de Monaco.