First Commercial Shipment of Cellulosic Diesel in March
Obtains EPA Gasoline Pathway and 25% Gasoline Blend Approval
Closes $50 Million Additional Operating LiquidityPASADENA, Texas, March 18, 2013 (GLOBE NEWSWIRE) -- KiOR, Inc. (Nasdaq:KiOR), announced today its financial results for the fourth quarter and fiscal year ended December 31, 2012. "KiOR hit its most significant milestone to date with the Company's first commercial shipment of cellulosic diesel from its newly commissioned production facility in Columbus, Mississippi," said Fred Cannon, KiOR's President and Chief Executive Officer. "Commencement of commercial shipments from Columbus validates the efficacy of KiOR's biomass-to-hydrocarbon-fuels technology at scale and goes a long way toward dispelling concerns about the renewable fuels industry's ability to make a meaningful contribution to the US's fuel supply needs," Mr. Cannon continued. "This very positive development, along with EPA's recent actions qualifying our cellulosic gasoline for the RFS2 market and increasing our gasoline blend rate to 25%, de-risk our business strategy and creates a market for KiOR's hydrocarbon fuels nearly twice the size of the current ethanol market." Financial Results Fourth quarter 2012 net loss was $29.7 million, or $0.28 per share, compared to a net loss of $27.0 million, or $0.26 per share, for the third quarter of 2012. Net loss for the fourth quarter of 2011 totaled $14.9 million, or $0.15 per share. Net loss for the full year 2012 was $96.4 million, or $0.92 per share, compared to a net loss of $64.1 million, or $0.87 per share in 2011. During the fourth quarter of 2012 KiOR recorded its first revenues since inception, totaling $87 thousand which relate to the sale of blended cellulosic diesel produced from the research and development facility and fossil diesel. Cost of product revenue recorded during the fourth quarter of 2012 totaled $68 thousand. These are related to KiOR's first sale and include production, shipping and blending costs.