HAAS F1 posts modest revenue growth despite 2023 struggles
Turnover increased by three percent from 2022, when the American outfit reported revenue of nearly £110m.
American Formula One team HAAS F1 reported a marginal increase in revenue, according to its latest accounts.
HAAS Formula UK Limited declared revenue of £113.4 million for 2023 in its annual report and financial statements for the year ended 31 December 2023.
Turnover increased by three percent from 2022, when the American outfit reported revenue of nearly £110m.
HAAS' revenue, for a team that finished last (10th) in the World Constructors' Championship, is nearly a third of that of the 2023 champions Red Bull Racing (£307.4m).
Runners-up Mercedes made half a billion pounds in revenue, which is the highest among Formula One teams for 2023.
Teams that finish lower in the Constructors' Championship receive limited financial incentives from Formula One. In comparison to top-tier teams, HAAS also has fewer sponsorship opportunities to draw commercial revenue.
HAAS saw a £315,000 decline in operating profit, from nearly £7m in 2022 to £6.8m in 2023.
Profit after tax was £5.6 million.
Another poor season
The American outfit had a poor 2023 according to its own Key Performance Indicators (KPIs) that it uses to measure its progress.
The company evaluates its performance based on the team’s total expenditure and World Constructors' Championship finish.
HAAS spent £106.8m in 2023, compared to £103.7m the previous year.
An increase in research and development (R&D), as well as staff wages, contributed to the increase in total expenditure.
R&D spending was up 754%, with the team spending £111,000 in 2023 compared to a meagre £13,000 in 2022.
Wages increased by 7%, from £9.4m in 2022 to £10m in 2023.
HAAS dropped two places last season (2022: 8th), which resulted in the departure of team principal Guenther Steiner, a Formula One fan favourite.
Owner Gene Haas stated that Steiner’s contract wasn’t renewed due to the team’s performance.
"Here we are in our eighth year, over 160 races - we have never had a podium," Gene Haas told Formula One’s website.
"The last couple of years, we've been 10th or ninth," he added.
Strong performance in 2024
Steiner was replaced by Ayao Komatsu, the team's former trackside engineering director, for the 2024 campaign.
Under Komatsu's leadership, HAAS has surprised the paddock by frequently finishing in Q3 of qualifying and earning points on race day.
The team has already surpassed its 2022 points tally by a considerable margin, currently at 31 points.
With six races remaining, the Ferrari-powered HAAS team sits in seventh place in the Constructors' Championship.
Despite a disappointing 2023, the American team is on track to finish the year on a stronger note under new leadership.