(06 Jun 2026, 8:18 am)tvd wrote Does anyone have any theories over just why Redcar depot is unprofitable?

It runs the X4 which has recently got new buses and it busy.  The 63 was always a core high frequency route.
The X2 and X3 serve parts of the area with no other services so presumably are fairly busy.  Likewise the 64.

The depot is fairly newish, without much dead mileage.

What am I missing, where is the money being lost?

It might not be unprofitable, it might just be that they've looked at the costs of one bigger depot compared to two and they have shown it makes business sense to close Redcar.