Rebranded to RB this season, the Faenza squad has typically been used as a breeding ground for young drivers.
However, a change in approach last season saw Daniel Ricciardo promoted for the Hungarian Grand Prix ahead of a broader repositioning of the operation.
This year, it took on external branding for the first time with title sponsorship from Visa and Cash App, replacing Red Bull’s in-house fashion brand.
The intent is that the operation is more capable of operating without the need for Red Bull GmbH funding, or at very least a reduced reliance on the parent company going forward.
The foundation for that change was laid last year, with a significant upturn in both revenue and investment from Red Bull GmbH.
According to the team’s accounts, it boasted a 46 percent revenue increase from 2022 to 2023, totalling AUD $218 million (€131.3m).
By comparison, its total revenue was AUD $149 million (€89,8m) the year before.
The bulk of the increase came courtesy of investment from Red Bull GmbH.
In 2022, it tipped in AUD $81.3 million (€49m), rising to AUD $139.9 million (€84.3m) last year.
The revenue increase from Red Bull GmbH accounted for 85 percent of the team’s revenue growth, while the accounts note a payable of $70.6 million (€42.5m) incurred in 2023, up from AUD $58.9 million (€35.5m)
Curiously, though the team has rebranded for 2024 and taken on title sponsorship, Red Bull GmbH’s investment remains a critical factor.
“Specifically for the financial statements as at the end of the year ended 31 December 2023, the directors obtained formal confirmation of Red Bull GmbH’s intention to continue as main sponsor in 2024.”
That suggests strong ongoing investment in the organisation despite its publicly stated intention to scale back that reliance.
The increased Red Bull GmbH investment coincided with a significant reduction in prize money payments from Formula 1.
AlphaTauri finished sixth in the constructors’ championship in 2021, the prize money for which was paid out during the course of 2022.
However, that season it slipped to ninth, meaning it had the second-smallest slice of the commercial pie throughout 2023.
There were reduced costs to other Red Bull companies, including Red Bull Power Trains, Red Bull Racing, and Red Bull Technology.
Those costs came to a total of AUD $60.4 million (€36.6) in 2023, down from $76.8 million (€46.5m) in 2022.
RB enjoys a close technical relationship with Red Bull Racing, buying in key components where permitted under the regulations, and sharing facilities.
In terms of net profit, it remained largely stable, with a AUD $5.5 million (€3.3m) after tax figure equating to 2.51 percent, compared with 2.52 percent a year prior.
