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The Scottish National Investment Bank has revealed it made a net loss of £138m last year.
The state-owned body cited the collapse of three of its early investments - including its first, Glasgow-based laser company M Squared.
However, the bank also generated an income of £32m, comfortably covering its operating costs of £20m.
Chairman Willie Watt called the losses "painful" but said the bank had learned lessons.
The Scottish National Investment Bank, which is independent from government, was set up by ministers in 2020 with a mission to fund business and innovation to boost economic growth.
Its report for the 2025-26 financial year, external revealed a net loss of £138m, including £65m of realised losses from the failure of three early investments - M Squared Lasers, the electric car charging firm Trojan Energy and the satellite and digital company Krucial.
There was a further £85m of unrealised losses after rocket manufacturer Orbex and medical technology firm Pneumowave entered administration.
The bank also invested a record £374m in Scottish ventures, while its operating costs were below budget.
