Norwich City have announced a pre-tax loss of £23.6m for the 12-month period ending 30 June 2022.
The figure was largely the result of transfer activities, with an operating profit of £3m before they were taken into account.
A revised version of the club's annual report says turnover was up to £133.9m from £57.2m as a result of promotion to the Premier League in May 2021.
The Canaries were relegated back to the Championship last season.
Despite that, executive director Zoe Webber said: "We are proud of our progressive approach, and we remain committed to fulfilling our ambition to become a stable, sustainable, and successful Premier League club.