Haas F1 Team Financial Performance in 2023
**Profit and Turnover Growth**
The Haas Formula One team reported a steady profit of UK£5.6 million for the 2023 season, a slight decline of 4.35% compared to the previous year. Turnover increased by 3.4% year-over-year, reaching UK£113.4 million, demonstrating the team’s resilience amid challenges.
**Expenditure and Cost Management**
Total expenditure rose to UK£106.8 million, up from UK£103.7 million in 2022. However, the cost of sales saw a minor decrease, indicating effective cost management despite increased administrative expenses, which reached UK£105.5 million.
**Commercial Success and Sponsorships**
Haas secured lucrative partnerships, including a significant US$20 million-per-season title sponsorship with MoneyGram. Other deals were made with MGM Resorts International and Chipotle, enhancing the team’s commercial footprint.
**Sustainability Efforts**
The team maintained a strong focus on ESG initiatives, particularly through their partnership with the American International School of Jeddah, aiming to support female students in STEM fields.
**Looking Ahead**
As Haas prepares for the United States Grand Prix, their financial stability and commercial agreements position them well for future challenges in Formula 1.
