Formula Kite is an Olympic sport that mainly differs from other kitesurfing modalities for the use of a hydrofoil. It is considered an extreme sport due to the great technical ability required. Regarding performance, the variables that determine performance in a real competition situation have not been studied, and even less so with Olympic sailors. Therefore, the objective of this study was to determine the technical and tactical variables that differentiate elite sailors. The sample consisted of 42 Olympic sailors of the Formula Kite class, who were evaluated in three World Cups. Using a GPS device, the speed, distance traveled, maneuvers, and time spent on the courses of upwind, downwind, and beam reach were recorded. The highest-level sailors presented a higher speed in upwind/downwind/beam reach and a shorter time in upwind and beam reach. Performance seems to be more strongly influenced by technical variables, such as speed, than by tactical variables.