Virginia Innovation Partnership Authority FY2026 Q1 Quarterly Report
Summary
Virginia Innovation Partnership Authority FY2026 Q1 Quarterly Report, prepared by the Virginia Innovation Partnership Corporation for the period ended September 30, 2025. The budget analysis for the three months ended September 30, 2025, in thousands, shows Commonwealth Appropriation - General Fund revenue of $13,434 and total expenses and transfers of 13,439. Virginia Venture Partners (VVP) made investments in 6 companies of $834,999, and the Commonwealth Commercialization Fund (CCF) made 10 grants and 1 promissory note to 11 recipients of $650,000 against a budget of $1,350,000. The Regional Innovation Fund (RIF) made 2 grants to 2 recipients of $200,000 against a budget of $700,000.
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“Virginia Innovation Partnership Authority FY2026 Q1 Quarterly Report.”
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Virginia Innovation Partnership Authority
FY2026 Q1 Quarterly Report
Prepared by the Virginia Innovation Partnership Corporation
For the Period Ended September 30, 2025
115.C.2.a Quarterly Financial Performance
Budgeted and actual revenues and expenditures to planned revenues and expenditures for the
fiscal year
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Three Months Ended September 30, 2025
in thousands in thousands
Fiscal Year 2026 (September 30) FORECAST - Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 13,434 $ 13,434 $ - $ 42,486 $ 42,486 $ -
Interest & Misc. Income 31 31 - 125 125 -
Total Revenue 13,465 13,465 - 42,611 42,611 -
Expenses
VIPA Administrative Expense 5 4 1 5 4 1
Appropriation Transfers to VIPC 4,284 4,284 - 17,136 17,136 -
Appropriation Disbursements to Centers of Excellence 9,150 9,150 - 25,350 25,350 -
Total Expenses & Transfers 13,439 13,438 1 42,491 42,490 1
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 13,465 13,465 - 13,465 42,611 -
Expenses 13,439 13,438 1 13,439 42,490 1
Change in Net Position 26 27 (1) 26 121 (1)
Beginning Net Position 2,918 2,916 2 2,918 2,916 2
Ending Net Position $ 2,944 $ 2,943 $ 1 $ 2,944 $ 3,037 $ 1
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Three Months Ended September 30, 2025
in thousands in thousands
Fiscal Year 2026 (September 30) FORECAST - Fiscal Year 2026 (June 30)
Actual Budget Variance Forecast Budget Variance
Commonwealth Projects Funded by Appropriation & Other Revenue
Revenue
Commonwealth Appropriation - General Fund $ 4,284 $ 4,284 $ - $ 17,136 $ 17,136 $ -
Interest, Sponsorship, Return on Investments & Misc. Income 993 944 49 4,335 3,650 685
Total Revenue 5,277 5,228 49 21,471 20,786 685
Expenses
Commercialization Division 816 1,000 (184) 8,719 12,657 (3,938)
Investment Division 2,357 1,676 681 6,460 6,758 (298)
Entrepreneurial Ecosystems Division 495 769 (274) 3,127 3,122 5
Strategic Initiatives 296 284 12 1,109 1,185 (76)
Unmanned Systems 91 287 (196) 1,116 1,134 (18)
Corporate and Other 890 608 282 2,242 2,370 (128)
Activities Funded by Building Sale Proceeds - - - 7,212 5,066 2,146
Total Expenses 4,945 4,624 321 29,985 32,292 (2,307)
332 604 (272) (8,514) (11,506) 2,992
Contracts & Grants
Program Revenue - SSBCI 1,761 2,010 (249) 10,870 12,185 (1,315)
Program Expense 1,761 2,010 (249) 10,870 12,185 (1,315)
Profit/(Loss) - - - - - -
Program Revenue - SBA FAST 44 44 - 136 44 92
Program Expense 44 44 - 136 44 92
Profit/(Loss) - - - - - -
Program Revenue - DOAV Advanced Air Mobility Site Selection 149 150 (1) 574 300 274
Program Expense 149 150 (1) 574 300 274
Profit/(Loss) - - - - - -
Program Revenue 1,954 2,204 (250) 11,580 12,229 (649)
Program Expenses 1,954 2,204 (250) 11,580 12,229 (649)
Net - - - - - -
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 7,231 7,432 (201) 33,051 33,015 36
Expenses 6,899 6,828 71 41,565 44,521 (2,956)
Change in Net Position 332 604 (272) (8,514) (11,506) 2,992
Beginning Net Position 78,720 75,394 3,326 78,720 75,394 3,326
Ending Net Position $ 79,052 $ 75,998 $ 3,054 $ 70,206 $ 63,888 $ 6,318
VIPC | FY2026 Q1 Forecast (3 mos actual + 9 mos forecast)
Operating Funds Designated Funds
COV Other COV
Investment Division Entrepreneurial Strategic Unmanned Building Sale
Discretionary Grants & SSBCI VVP Commercialization Ecosystems Initiatives Systems Proceeds for
Operating Contracts Division Division Fund Fund Opportunity Fund Total
115.U
(In Thousands)
Beginning Balance at 7/1/2025 $ 1,987 $ 1,543 $ - $ 15,862 $ 29,794 $ 8,909 $ 459 $ 303 $ 19,863 $ 78,720
REVENUE
General Fund Appropriation 4,036 3,100 5,000 3,000 1,000 1,000 17,136
Interest, Sponsorship, Return on Investment 1,791 685 1,501 358 - - 4,335
Federal and State Grants & Contracts 710 10,870 11,580
Total Revenue 5,827 710 10,870 3,785 6,501 3,358 1,000 1,000 - 33,051
EXPENSES AND TRANSFERS
Operating and Designated Programs 5,993 3,304 785 795 1,000 1,000 12,877
Investments/Grants 10,870 1,361 7,048 2,000 6,700 27,979
Federal and State Grants & Contracts Operating Expenses 710 710
Transfers and Indirect Application to Designated Programs (50) 20 30 -
Total Expenses 5,943 710 10,870 4,685 7,863 2,795 1,000 1,000 6,700 41,566
Net Change (116) - - (900) (1,362) 563 - - (6,700) (8,515)
Forecasted Ending Balance at 6/30/2026 1,871 1,543 - 14,962 28,432 9,472 459 303 13,163 70,206
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
VVP reflects administrative recovery of SSBCI program activity 1
Ending Balance includes obligations associated with out-year program commitments
115.C.2.b Investments and Grants
Budgeted and actual grant and investment closings, return on prior investments and grants, including all
gains and losses.
Virginia Innovation Partnership Corporation
Investments & Grants
For the three months ended September 30, 2025
Actual Budget Variance
Convertible Debt and Equity Investments
Virginia Venture Partners (VVP)
Investment in 6 companies $ 834,999 $ 732,641 $ 102,358
State Small Business Credit Initiative (SSBCI)
4 direct investments in companies, 3 capital calls by 3 funds $ 1,761,115 $ 1,169,997 $ 591,118
Each SSBCI direct investment is a co-investment with VVP
90% SSBCI funds 10% VVP Funds
Grants and Convertible Debt
Commonwealth Commercialization Fund (CCF)
10 grants and 1 promissory note made to 11 recipients $ 650,000 $ 1,350,000 $ (700,000)
Regional Innovation Fund (RIF)
2 grants made to 2 recipients $ 200,000 $ 700,000 $ (500,000)
Virginia Innovation Partnership Corporation
Return on Prior Investments
For the three months ended September 30, 2025
Return on Prior Investments, including realized gains and losses Actual Budget Variance
Returns from 1 company $ 235 $ - $ 235
115.C.2.c Financial and Programmatic Performance of Operating Entities Owned
by VIPC
No Operating Entities Owned During FY2026 Q1
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