The ABB FIA Formula E Championship is set to make a profit for the first time in its short history when it lodges its accounts for the 2018-19 period.
The all-electric single-seater series, that launched in 2014, is set to exceed revenues of €200m ($219.4m) after facing operating losses of €26.4m and €20.8m in the 2016-17 and 2017-18 periods.
The introduction of a number of new sponsors including Bosch, Heineken and Saudi Arabian Airlines has aided the series in particular, with sponsorship contributing almost 50% to all of Formula E's revenues while also seeing a 25% yearly increase.
Formula E's revenues from ticket sales, hospitality, media rights and host city fees have also grown over the course of the last 12 months, with over 400,000 spectators and ticket holders attending races while also seeing viewing figures rise by 24% to reach a cumulative TV audience of 411 million over the course of the 2018/19 season.
"It’s incredibly positive to again see a significant increase in our growing audience across the board, as well as the number of young fans choosing to watch and follow the ABB FIA Formula E Championship," said Alejandro Agag, Formula E Founder and CEO.
"Like the next generation cars themselves, the speed of growth is getting faster and faster. 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.
"After strategically re-investing in other areas of the business over the first five-year cycle and continuing to do so for the foreseeable future, the rising level of revenue is a testament to the health of our company for many more years to come.
"Reaching new young fans, the excitement of Formula E is helping to inspire future generations to embrace clean energy and in turn bringing them one step closer to buying an electric car. This ties in with Formula E’s vision of moving towards a cleaner future, faster."
Pre-season testing for Formula E's impending Season 6 campaign will take place from October 15-18 at the Ricardo Tormo Circuit in Valencia ahead of the first races of the season in Ad Diriyah on November 22 and 23.
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