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Electric racing series Formula E lost $29 million in its fourth season

Formula E racing in Rome last month. The series is currently in the middle of its fifth season.

Electric racing series Formula E posted a €26.4 million (about $29 million) loss during its fiscal year ending July 31st, 2018, despite generating a record €133.4 million (about $149 million) of revenue, according to a new financial statement filed with the United Kingdom’s Companies House registry.

The results for the fiscal year Formula E reported in this filing cover the racing series’ fourth season, which began in late 2017 and ended with a pair of races in New York City in July 2018. Formula E had lost €20.8 million (about $23.2 million) on €94.5 million (about $105.7 million) worth of revenue in the previous year. It lost €35.2 million (about $39 million) on revenues of €56.6 million (about $63 million) the year before that.

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