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KiOR, Inc. (NASDAQ: KiOR), a next-generation renewable fuels company, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2011.
“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.”
Fourth quarter 2011 net loss was $14.9 million, or $0.15 per share, compared to a net loss of $14.8 million, or $0.15 per share, for the third quarter of 2011. Net loss for the fourth quarter of 2010 totaled $9.7 million, or $0.11 per share. Net loss for the full year 2011 was $64.1 million, or $0.87 per share, compared to a net loss of $45.9 million, or $0.56 per share in 2010.
KiOR did not recognize revenue during 2011, as its activities remained focused on construction of its first commercial facility in Columbus, Mississippi, 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.
General and administrative (G&A) expenses for the fourth quarter of 2011 were $5.8 million, a decrease of $0.1 million from the third quarter of 2011, and an increase from $1.9 million for the fourth quarter of 2010, mainly driven by increased headcount and compliance related expenses associated with being a public company, with the remaining increase related to non-cash stock-based compensation expense. G&A expenses for the full year 2011 totaled $23.1 million, a $15.0 million increase over 2010. This increase includes higher non-cash stock-based compensation expense of approximately $4.7 million, with the remaining variance related to increased headcount and compliance related expenses.