Haas reports a profit of 6.7 million euros for the 2023 season
For the third consecutive year, the Haas F1 Team has posted a profit for the 2023 Formula 1 season. The American team reported a profit of £5.6 million, or €6.7 million.
Haas’s accounts are doing well, at least in Formula 1. The American Haas Formula UK entity, based in the United Kingdom, announced a turnover of 136 million euros for the year 2023, slightly higher than the 2022 figure (127 million euros). Most importantly, the American manufacturer has reported a profit for the third consecutive year, amounting to 6.7 million euros in 2023 (a slight decrease of 4.5% compared to 2022). Haas notably benefited from its 8th place in the 2022 constructors’ championship to generate additional cash flow.
In its financial report, Haas indicates total expenses slightly increasing. These reached 128.4 million euros in 2023, compared to 124.7 million in 2022. The team’s cost of sales remained rather stable, decreasing from 1.56 million to 1.5 million euros. It is also mentioned a slight decrease in overall emissions, decreasing from 155.6 tCO2e to 155.4 tCO2e.
A workforce constantly inferior to the competition
The American team stands out for its always smaller staff compared to that of the competition. When McLaren, Red Bull, or Alpine have around 1,000 employees each, Haas only has 129 (UK Factory). A figure slightly higher compared to 2022 (116) but which remains derisory in the paddock.
Esteban Ocon, who will join Haas in 2025, recently praised the work of his future team. They are about three hundred employees working at the moment, but they are outperforming teams twice, three times, four times their size, which is remarkable, the Frenchman declared to RacingNews365 last August.
What to expect for 2024?
Haas could have more difficulties to stay in the green for the 2024 season. The American team finished 10th and last in the constructors’ championship in 2023 and therefore received less liquidity. Also, the legal problems encountered by Haas during this year with its former title sponsor Uralkali and its former team principal Günther Steiner could have an impact on the team’s balance sheet.
Haas could rely on the various commercial partnerships recently formed. The American team has signed contracts with MGM Resorts International, Play’n Go, TravisMathew, Oakberry, New Era, Chipotle Mexican Grill, as well as Hantec Markets. More significantly, Haas has secured a sponsorship deal of nearly 18 million euros per season with MoneyGram.
