Formula E lost $11.6 million during its fifth season

Photo by Sean O’Kane / The Verge

Electric racing series Formula E posted a loss of €10.6 million on record revenues of €161.5 million across its fifth season, or about $11.6 million and $177.6 million, respectively, based on the exchange rate at the time. The new financial figures were disclosed in a previously unreported filing with the United Kingdom’s Companies House Registry, and they cover the company’s fiscal year that ended on July 31st, 2019, just a few weeks after the fifth season came to a close.

Formula E has now posted a loss in each year of its existence, but the new figures show the series came as close as it ever has to turning a profit — meaning it was on relatively solid financial ground before its sixth season was completely disrupted by the COVID-19…

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