Formula E turns profitable in Season 5!

©FormulaE

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.

Vandoorne and de Vries lead Mercedes' electric charge

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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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.