KiOR, Inc. (NASDAQ: KiOR), a next-generation renewable fuels company, today announced financial results for the third quarter ended September 30, 2011.
For the third quarter of 2011, KiOR reported a net loss of $14.8 million, or $0.15 per share, compared to $10.6 million, or $0.13 per share, for the third quarter of 2010. KiOR's third quarter 2011 loss includes $1.6 million of non-cash stock-based compensation expense.
KiOR did not recognize revenue during the third quarter of 2011, as its activities remained focused on construction of its first commercial facility in Columbus, Mississippi and research and development (R&D) designed to improve production yields.
R&D expenses were $8.3 million in the third quarter of 2011, an increase from $6.5 million for the same period in 2010, due primarily to the expansion of R&D staff and increased testing activities.General and administrative expenses for the third quarter of 2011 increased to $5.9 million from $2.8 million for the same period in 2010, primarily due to an increase in non-cash stock-based compensation expense of approximately $1.0 million, with the remaining increase the result of increased headcount and compliance related expenses. Depreciation and amortization expenses in the third quarter of 2011 increased to $0.6 million, from $0.5 million for the same period in 2010. Capital investment during the quarter was $53.4 million, substantially all of which related to KiOR's Columbus facility. “We have completed more than 40% of the construction of our initial-scale production facility in Columbus, Mississippi, with engineering and procurement work essentially complete,” said Fred Cannon, KiOR's President and Chief Executive Officer. "The Columbus plant is on track and, as previously communicated, we expect Columbus to commence production during the second half of 2012. We are focused on completing the construction and commissioning of our Columbus facility, investing in R&D and laying the groundwork for our next commercial production facility in Newton, Mississippi, including securing necessary financing,” concluded Cannon.