The Scottish National Investment Bank (SNIB) has reported a significant net loss of £138 million for the 2025-26 financial year, primarily attributed to the failure of three early investments. The state-owned institution, established in 2020 to foster economic growth and innovation in Scotland, revealed the figures in its latest report.
Among the investments that collapsed were M Squared Lasers, the bank's very first investment, alongside electric car charging firm Trojan Energy and satellite company Krucial. These account for £65 million in realized losses. An additional £85 million in unrealized losses stems from rocket manufacturer Orbex and medical technology firm Pneumowave entering administration.
Despite these substantial setbacks, the bank generated £32 million in income, which comfortably covered its operating costs of £20 million. SNIB Chairman Willie Watt described the losses as "painful" but emphasized that the bank had learned valuable lessons from these experiences.
The bank, operating independently from the government, invested a record £374 million in Scottish ventures during the reporting period, with operating costs remaining below budget. The SNIB's mandate is to provide funding for businesses and drive innovation to stimulate the Scottish economy.