Cricket Australia (CA) says it lost $5.1 million in the past financial year, largely due to COVID restrictions and a changing media rights landscape.
That is despite a 2021-22 that included victorious men's and women's Ashes series at home, a women's 50-over World Cup win, and a men's T20 world title.
CA chalked up the net deficit to "the costs of staging cricket throughout the pandemic and a challenging UK media rights market impacting this result".
CA reported a $151,000 deficit during the height of the COVID-19 pandemic in 2020-21, but the national teams barely played during that time and also made a large number of staff redundant to cut costs.
The CA directors said teams being forced to tour with heightened biosecurity measures "had impacts on both revenues and costs".
"We acknowledge that this is a time of considerable change for cricket with the emergence of different formats and competitions across the world, as well as new commercial and partnership opportunities," CA chair Lachlan Henderson said.
"As an organisation we will confidently embrace the future, while ensuring all our decisions benefit everyone from our elite players through to grassroots participants and volunteers.
"We are enormously proud of the incredible success our women's and men's teams have enjoyed over the past year and, particularly, the way they have embraced their roles as ambassadors for Australian cricket."
CA chief executive Nick Hockley thanked those involved for delivering strong results "in the most challenging of circumstances".
"While cricket suffered some financial headwinds with added biosecurity costs and reduced match revenue, our partnerships with the players, broadcasters, commercial and government partners again demonstrated what can be achieved when we work together and we believe a great platform has been set for future collaboration," Hockley said.
"Entering a summer that features the ICC Men's T20 World Cup, a record six international touring teams and the energised W/BBL, I am confident the hard work done over the past season, as well as our new five-year strategic plan, has us well placed to achieve our goal of making cricket a sport for all that makes Australians proud."
