Ownership and Corporate Structure
Haas F1 Team is a wholly owned subsidiary of Haas Automation, a U.S.-based machine tool manufacturer founded by Gene Haas. The team is registered as a limited company in the United Kingdom and operates from its factory in Kannapolis, North Carolina. Gene Haas retains full ownership and funds the operation through Haas Automation profits and parent-company capital allocation. The team holds a valid FIA Formula 1 World Championship entry and competes under the American license. Forbes
Haas Automation Inc. is publicly traded on the New York Stock Exchange under the ticker HAS. The company's annual revenues are driven primarily by CNC machine sales, and a portion of those earnings is directed to the F1 operation. Haas F1 is one of the few teams with direct factory backing from a manufacturing firm rather than a diversified conglomerate or investment group. The team's financial model relies on cost-cap compliance, factory sponsorship, and commercial revenues distributed by the F1 commercial rights holder.
Budget, Revenue, and Cost Cap Compliance
The FIA Formula 1 budget cap for the 2024 season was set at $135 million, excluding top-line driver and team manager salaries, marketing spend, and certain operational costs. Haas F1 operates within this framework, allocating funds to aerodynamics, powertrain development, and logistics. The team generates revenue from prize money distributed by Formula 1 based on championship standings, historical performance, and a fixed share of the commercial pool. Sponsorship deals with companies such as MoneyGram and Haas Automation provide additional direct income.
Haas F1 has publicly reported that it prioritizes cost efficiency and lean operations. The team's small size allows it to maintain a lean workforce compared to larger constructors. Financial reports and statements filed by Haas Automation with the U.S. Securities and Exchange Commission provide indirect insight into the parent company's spending allocation for the racing division. The team's financial sustainability depends on continued sponsor commitments and stable prize-money distribution.
Performance and Championship Standing
Haas F1 Team entered Formula 1 in 2016 and has competed for eight full seasons. The team's best Constructors' Championship finish was fifth place in the 2018 and 2019 seasons. The team uses Ferrari power units under a customer supply agreement and runs a two-car entry with a mix of experienced and rookie drivers. Haas F1's technical operations are based in North Carolina, with a secondary wind-tunnel and simulation facility supporting aerodynamic development.
Haas F1's performance has been affected by changes in the technical regulations introduced in 2022, which shifted the aerodynamic philosophy toward ground effect. The team adapted its car design to the new rules but struggled with consistent points-scoring results in the early seasons of the regulation cycle. Haas F1 continues to develop its aerodynamic package and powertrain integration within the cost-cap limits, aiming to improve its championship position in subsequent seasons. Formula 1 Official Website