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KiOR Reports Second Quarter 2012 Results

KiOR's shares are traded on NASDAQ under the symbol "KiOR." For more information, please visit www.KiOR.com .

The KiOR logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13767

Forward-Looking Statements

This release contains "forward looking" statements regarding future results and events, including, without limitation, statements about: our potential to be the first U.S. commercial cellulosic diesel/gas producer in 2012, the timing and success of our commissioning phase, R&D improvements in our nameplate capacity and capital intensity, the timing of our commencement of production of cellulosic gasoline and diesel, the construction of and commercialization at our biomass-to-fuel facility in Columbus, Mississippi, potential future sales of our fuels products, and our anticipated future operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," intends," "appears," "estimates," "projects," "would," "could," "should," "targets," and similar expressions are intended to identify forward looking statements. The forward looking statements in this press release involve a number of important risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward looking statements contained in this press release. Such factors and others are discussed more fully in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 as filed with the United States Securities and Exchange Commission, and in the Company's other filings with the Securities and Exchange Commission. The "Risk Factors" discussion in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 is incorporated by reference in this press release. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results, levels of activity, performance or achievement may vary significantly from what we have projected. The Company specifically disclaims any obligation to update these forward looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.

         
KiOR, Inc.        
Condensed Consolidated Statement of Operations      
(Unaudited)        
(In thousands, except share and per share amounts)      
         
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2012 2011 2012 2011
         
Operating expenses:        
Research and development expenses $ (8,559)  $ (7,723)  $ (16,410)  $ (14,994)
General and administrative expenses  (13,718)  (7,161)  (21,734)  (11,350)
Depreciation and amortization expenses  (697)  (563)  (1,380)  (1,085)
         
Loss from operations  (22,974)  (15,447)  (39,524)  (27,429)
Other income (expense), net:        
Interest income  7  —   9  — 
Interest expense, net of amounts capitalized  —   —   (274)  — 
Loss from change in fair value of warrant liability  —   (5,504)  —   (6,914)
         
Other expense, net  7  (5,504)  (265)  (6,914)
         
Loss before income taxes   (22,967)   (20,951)  (39,789)   (34,343)
         
Income tax expense - current  —   —   —   — 
         
Net loss $ (22,967) $ (20,951) $  (39,789) $ (34,343)
Deemed dividend related to the beneficial conversion feature of Series C convertible preferred stock  —   (19,669)  —   (19,669)
Net loss attributable to stockholders  $ (22,967)  $ (40,620)  $ (39,789)  $ (54,012)
Net loss per share of Class A common stock, basic and diluted  $ (0.22) $ (0.43) $ (0.38) $ (0.60)
Net loss per share of Class B common stock, basic and diluted  $ (0.22)  $ (0.43) $ (0.38) $ (0.60)
Weighted-average Class A and B common shares outstanding, basic and diluted  104,318  19,208  103,722  17,820
     
     
KiOR, Inc.    
Condensed Consolidated Balance Sheets    
(Unaudited)    
(In thousands)    
     
     
  June 30, December 31,
  2012 2011
   
Assets    
Current assets:    
Cash and cash equivalents $ 107,032 $ 131,637
Inventories 846  —
Prepaid expenses and other current assets  718  1,000
Total current assets 108,596 132,637
Property, plant and equipment, net 224,836 169,923
Intangible assets, net 2,136 2,233
Other assets  1,721 471
Total assets $ 337,289 $ 305,264
     
Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit)    
Current liabilities:    
Current portion of long-term debt, net of discount $ 5,275 $ 5,506
Accounts payable 3,011 6,496
Accrued capital expenditures 2,419 14,571
Accrued liabilities 6,596 2,648
Total current liabilities 17,301 29,221
Long-term debt, less current portion, net of discount 113,329 47,304
Total liabilities 130,630 76,525
Total stockholders' equity (deficit) 206,659 228,739
Total liabilities, convertible preferred stock and stockholders' equity (deficit) $ 337,289 $ 305,264
CONTACT: For Investors:
         Max Kricorian
         Director of Finance
         281-694-8811
         Investor.relations@kior.com
         
         For Media:
         Kate Perez
         Director of Corporate Communications & Public Relations
         281-694-8831
         Media.relations@kior.com

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