After piling on the losses since its inception in 2014, the all-electric Formula E series has finally recorded its first profit, thanks to record revenue and sponsorship growth.
Formula E's fifth campaign produced a 50% increase in revenue, raking in $220.54 million while EBITDA (earnings before interest, tax, depreciation and amortization) was positive for the first time, with a little over $1 million going to the series' bottom line.
That contrasts with the massive €26.4 million loss registered in season 4, with the fiscal year ending on July 31, 2018.
According to an FE spokesman, sponsorship was up 25% in season 5 while the series' cumulative television audience grew 24% year-over-year to 411 million.
Formula E also enjoyed a strong presence on social media, with 72% of its fan base on the internet aged under 35.
"Like the next generation cars themselves, the speed of growth is getting faster and faster," said Formula E founder and chief executive Alejandro Agag.
"The progress we’ve made in such a short space of time is very pleasing and is also reflected in record revenues, which exceed over €200 million for the first time."
Formula E's 14-round sixth season will kick off at Al Diriyah in Saudi Arabia on November 22.
As a reminder, Porsche and Mercedes have joined the electric grid and will mix it up with manufacturers BMW, Audi, Nissan and Jaguar.
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