It was revealed at the New Zealand Rugby Union annual meeting last week that the national union had underwritten a $340,000 loss recorded by the southern franchise last year.
Highlanders chairman Ross Laidlaw said having more people through the gate was helping, but it was hard to make a profit under the current model.
A loss had been budgeted for, but he declined to say what it was. However, he said it would be well below that which occurred last year.
"It is very tough for any of the franchises out there. The Crusaders have taken a huge whack with what has happened to them, being forced to move games out of their home base. And the other franchises are struggling too," Laidlaw said.
"The Highlanders, out of all the franchises, has the lowest expenditure by far. But the way the financial model is set up by the NZRU there are only two main sources of income for a franchise. And that is through gate money for home games and sponsorship."
Laidlaw said the income from gate money for the Highlanders was running above budget, while income from sponsorship was below budget.
"The gate money is reasonably well ahead of budget, which has been helped by the gate from the Crusaders game, which was significantly above budget."
The franchise had budgeted for 13,000 to go to the game, but more than 20,000 had turned up.
"I would like to think we can get a similar sized crowd for the game this week. But there is no way you can make any predictions.
"If it was all about making money then we wouldn't be playing the Hurricanes in Invercargill. We'd be playing them at Carisbrook, where we can sell more tickets, and the games against the two bottom ranked South African teams would be in Invercargill. But you can't do that."
The Highlanders have two more games at Carisbrook after Friday night, against the Lions on May 28 and the Force on June 3. They play the Hurricanes in Invercargill on May 13.
Laidlaw said variables such as the weather had a huge bearing on the ability to draw crowds and a franchise only had to get two or three wet nights for home games and it would have a major impact on the bottom line.
"The thinking has always been that the only way you are able to make money was if you got a home semifinal. We are not sure about that now under the new competition, but it would certainly help."
Laidlaw said under the model operated by the national body, it was always going to be difficult for franchises to make money.
"The franchises do not get any of the money from the broadcasting agreement. It gets none of the money from the shirt sponsorship from the likes of BNZ. So in effect the NZRU says it costs us so much money to run Super rugby and we'll take a loss from that.
"Their business is very much the All Blacks and that is just the way the NZRU cuts the pie."
Laidlaw said fans had no excuse for not turning up on Friday night against the Blues.
"You can't ask more from Jamie and the team. Everyone told me once the team started winning everything will be fine. Well, they're doing that, so now it is time to turn out."
