Aston Martin’s 2022 financial year was seemingly not a good one, as the Silverstone-based team declared a loss of £53 million, compared to their 2021 financial loss of £44 million.
The British outfit lost more money in 2022 despite having actually increased its turnover by £32 million, with the team having turned over £188,728,000 last year, according to figures released to the public, as reported by Motorsport.com.
The new aerodynamic regulations are largely to blame for the outfit’s loss, who now operate under the AMR GP Limited name, a subsidiary of AMR GP Holdings Limited.
In order to race in every round of Formula 1 last season, Aston Martin spent an astonishing £152,046,00, whereas in 2021 they only spent £107,735,000.
Want to work in Formula 1? Browse the latest F1 job vacancies
With administrative expenses and government grants also taken into account, the current fourth-placed team spent lost £52,915,000 last year, compared with a loss of £43,332,000 in 2021.
This certainly is far from ideal for the team, who are owned by Lance Stroll’s father Lawrence Stroll, who has recently ploughed significant money into the side for a new factory to be built, to the extent that they’ll have the best facilities on the grid.
Staff costs in 2022 were also up 10% compared to 2021, with the team having spent £54,983,000 on their employees.
Based on their continued expansion this isn’t a complete shock, with the team having had 401 employees in 2021, compared to a headcount of 504 in 2022.
Going from being a comfortable midfield team in F1 into a frontrunner clearly comes at a significant cost, as has their new campus which was heavily invested in.
On that matter, the team said, “as of December 31 2021 the group was committed to capital expenditure of $64,985,490 relating to the development of the Aston Martin F1 Campus.”
READ: Why ‘fired up’ Max Verstappen wanted to embarrass everyone
The team are pulling out all the stops to become not only race winners but World Champions, something which is clearly quite far away based on their recent performances.
Whilst Fernando Alonso started his debut Aston Martin season in supreme fashion, the side as a whole have struggled in recent races and look set to fall behind McLaren in the Constructors’ Championship.
Whether it’s a case of incorrect upgrades or not upgrading the AMR23 enough, the side have been overtaken by Mercedes, Ferrari and McLaren when it comes to both performance and development.