KiOR, Inc. (NASDAQ: KiOR), a next-generation renewable fuels company, today announced its financial results for the first quarter ended March 31, 2012.
“I am pleased to announce that our first commercial facility is 100% mechanically complete, on budget and significantly ahead of schedule,” said Fred Cannon, KiOR’s President and Chief Executive Officer. “We are now well into the commissioning phase in preparation for commencing production of cellulosic gasoline and diesel in the months to come.”
First quarter 2012 net loss was $16.8 million, or $0.16 per share, compared to a net loss of $14.9 million, or $0.15 per share, for the fourth quarter of 2011. Net loss for the first quarter of 2011 totaled $13.4 million, or $0.16 per share.
KiOR did not recognize revenue during the first quarter of 2012; its activities remained focused on construction of its first commercial facility in Columbus, Mississippi, research and development designed to improve production yields, and obtaining necessary financing for its expansion plan.
Research and development (R&D) expenses for the first quarter of 2012 totaled $7.9 million, a $0.6 million decrease from the $8.5 million recorded in the fourth quarter of 2011 primarily as a result of lower maintenance expenses incurred in its demonstration facility. First quarter 2012 R&D expenses increased $0.6 million from first quarter 2011 mainly due to continuous R&D expansion.
General and administrative (G&A) expenses for the first quarter of 2012 were $8.0 million, an increase of $2.2 million from the fourth quarter of 2011, primarily due to a full quarter of Columbus labor force salary, training and related pre-start-up expenses, and $0.8 million higher non-cash stock-based compensation. Year-over-year expenses increased $3.8 million from the first quarter of 2011, mainly driven by higher Columbus related expenses, $1.3 million higher non-cash stock-based compensation expense, and increased headcount and compliance-related expenses associated with being a public company.