KiOR reports loss in 2011

by World Grain staff
Share This:

PASADENA, TEXAS, U.S. — KiOR, Inc., a next-generation renewable fuels company, announced on March 26 a net loss for 2011 of $64.1 million, or 87¢ per share, compared to a net loss of $45.9 million or 56¢ per share in 2010.

For the fourth quarter, the net loss was $14.9 million or 15¢ per share, compared to a net loss of $9.7 million or 11¢ per share, in the same period in 2010.

“During the fourth quarter we made significant progress toward bringing our first-in-kind Columbus plant on line on schedule and on budget,” said Fred Cannon, KiOR’s president and chief executive officer. “Today, the construction stands at over 75% complete, and we remain on target to meet our goal of first production in the second half of the year.”

KiOR said it did not recognize revenue during 2011, as its activities remained focused on construction of its first commercial facility in Columbus, Mississippi, U.S., research and development (R&D) designed to improve production yields and obtaining necessary financing for its expansion plan.

Research and development (R&D) expenses were $8.5 million in the fourth quarter of 2011, a slight increase from $8.3 million recorded in the third quarter of 2011 and a $1.5 million increase over the fourth quarter of 2010, primarily due to the expansion of R&D staff and increased testing activities. Expenses for the full year 2011 totaled $31.7 million, an increase from the $22.0 million recorded in 2010 primarily as a result of a continuous R&D expansion and a higher level of testing activities.

Capital investment during the fourth quarter was $44.2 million, substantially all of which was related to KiOR's initial-scale commercial production facility in Columbus, Mississippi. Capital investment for the full year totaled $148.3 million, an increase from the $23.5 million recorded in 2010, as KiOR transitioned from construction of its demonstration unit to construction of its Columbus facility.

KiOR had cash and cash equivalents of $131.6 million at Dec. 31, 2011, which represents an $80.3 million increase over the Dec. 31, 2010 amount. During 2011, KiOR raised over $278 million in debt and equity, $148.6 million relates from its initial public offering (IPO), $75 million to a loan from the state of Mississippi and a $55.0 million equity contribution from pre-IPO investors.

 

Partners