Losses almost doubled at Stockport County in the season they were promoted to League Two.
The club, who are owned by businessman Mark Stott, have posted operating losses of £4.9m for the 12 months to the end of June 2022, compared to £2.6m in the prior year.
The losses come despite County's income surging from £2.1m to £4.8m over the same period.
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During the year The Hatters received a £1m loan from Sport England and a £6,000 Bounce Back Loan.
In June 2022, Mr Stott cleared the £7.7m debt the club owed him that was used to invest in the then National League side following his takeover in January 2020.
The now League Two club said at the time that the investment has been converted into equity.
County said the increase in their turnover was "mainly driven by a significant increase in non-match day revenues and matchday revenues generated as a result of supporters returning post-Covid".
Chief executive Jonathan Vaughan said: "The 21/22 season will go down in the history books as one of Stockport County’s most successful.
"The return of fans to Edgeley Park provided the passion and support that drove the club to a record-breaking winning run and delivered the ultimate prize of a league title and a return to the EFL.
"This year’s loss is in line with expectations based on our ambitious seven-year plan to return to the Championship.
"A significant proportion of the loss can be attributed to investment in the football operation and associated infrastructure, along with the development of the youth academy setup which is a major step towards making the club sustainable in the medium term.
"Continued investment at Edgeley Park delivered a significant improvement in the fan experience and helped drive increased revenues on non-match days.
"Mark Stott’s continued commitment to convert his investment in the club into equity ensures that the club is not burdened with debt while we are in the growth stage of our ambitious plans.
"I would like to take this opportunity to thank all fans and sponsors who supported the club throughout the season."
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