Wolves have announced that the club made a pre-tax loss of £57.16m during last season's successful Championship title winning campaign.
The loss - which equates to losses of around £1m per week during the 2017/18 season - surpasses the amount lost the season before by more than double, with the club reporting losses of £23.18m during the 2016/17 campaign.
Part of the reason behind the huge increase is due to the success of the club since Nuno Espirito Santo's arrival last summer - as well as an influx of Portuguese talent brought to the club thanks to a favourable relationship between the club's owners and super agent Jorge Mendes.
A statement about the results on Wolves' official website said: "This [amount of loss] can be attributed largely to increased expenditure on players, wages, additional amounts payable on promotion as part of existing transfer fees and individual staff and player promotion bonuses.
"In summary, Wolves’ owners are committed to continuously improving the club, from both a footballing and wider operational and strategic perspective.
"Their aim, through the continued application of the footballing philosophy which has been so successful during the 2017/18 season and first half of the 2018/19 season, is for the club is to become an established competitor in the Premier League."
The period in which the financial data was collected included the club's permanent transfer of Portuguese international Ruben Neves, as well as loan deals for Diogo Jota and Willy Boly.
Wolves did however announce that they had achieved a turnover of £26.4m during their title winning campaign, with an income increase of £1.3m from ticket sales.
In the club's first campaign in the English top flight since 2012, they currently occupy the final Europa League qualification - lying in seventh place in the Premier League.