Everton have announced losses of £44.7m in the 2021/22 season - a week after the club was referred to an independent commission for allege breach of financial fair play rules.
The regulations allow clubs to lose a maximum £105 million over a three-year period or face penalties, which can include points deductions.
But clubs were allowed to discount losses caused by the coronavirus pandemic with Everton claiming that player trading was affected by the crisis as well as matchday income.
Everton's losses for the three years prior to last season were £371.8 million.
Everton are at risk of a damaging points deduction this season as the Premier League have told clubs they are confident of completing their investigation before the end of this campaign.