Formula E nearly turned a profit during the pandemic – Sean O’Kane

Photo by Sean O’Kane / The Verge

All-electric racing series Formula E very nearly turned its first profit during the 2019–2020 season, its sixth, despite canceling nine of the 14 races originally scheduled in response to the coronavirus pandemic. Six of those races were eventually made up at a single track in Berlin, Germany, which — along with other internal changes — ultimately helped bring the series’s total costs down.

All told, Formula E lost just €38,514 before taxes during its sixth season, down from a €10.6 million loss in season five (about $45,700 and $11.6 million, respectively), according to a new filing with the UK’s Companies House Registry. That’s despite the series bringing in less money — revenue dropped to €143 million down from €161.5 million in…

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