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KiOR Reports First Quarter 2013 Results

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

Forward-Looking Statements

This release contains "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future results and events, including, without limitation, statements about: our potential to be the first U.S. commercial cellulosic diesel/gas producer, the performance of our next generation catalyst platform and the levels of our yield of gallons per bone dry ton of biomass, the amount of risk related to our business strategy; the timing of commercialization of our cellulosic gasoline and diesel at our biomass-to-fuel facility in Columbus, Mississippi, potential future sales of our fuels products, the size of the potential market for our 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 also intended to identify forward looking statements. The forward looking statements in this press release involve a number of important risks and uncertainties, which could cause our actual future results to differ significantly from the results discussed in the forward looking statements contained in this press release. Such factors include our ability to raise the additional capital we need in order to expand our business and begin construction on our Natchez facility; the ability of our Columbus facility to produce cellulosic hydrocarbon fuel on time, on a continuous and cost-efficient basis and at expected yields; the availability of cash to invest in the ongoing needs of our business; our ability to successfully commercialize our cellulosic gasoline, diesel and fuel oil; our ability to effectively scale our proprietary technology platform and process design; the cost of constructing, operating and maintaining facilities necessary to produce our cellulosic gasoline, diesel and fuel oil in commercial volumes; the ability of our initial-scale commercial production facility, in which we are in the start-up phase, to satisfy the technical, commercial and production requirements under offtake agreements relating to the sale of cellulosic gasoline, diesel and fuel oil; market acceptance of our cellulosic gasoline, diesel and fuel oil; our ability to obtain and maintain intellectual property protection for our products and processes, and other factors that are discussed more fully in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012 as filed with the United States Securities and Exchange Commission and in our other filings with the Securities and Exchange Commission. The "Risk Factors" discussion in the filings listed above 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. We specifically disclaim any obligation to update these forward looking statements in the future. These forward-looking statements should not be relied upon as representing our 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
  March 31,
  2013 2012
Revenues:    
     
Product revenue $68  $— 
Renewable identification number revenue  3  — 
     
Total revenues  71  — 
     
Operating expenses:    
     
Cost of product revenue  $(5,408) $ — 
     
Research and development expenses  (9,166)  (8,431)
     
General and administrative expenses  (14,676)  (8,119)
     
Loss from operations  (29,179)  (16,550)
Other income (expense), net:    
Interest income  1  2
Beneficial conversion feature expense related to convertible promissory note  —   — 
Interest expense, net of amounts capitalized  (2,157)  (274)
Foreign currency gain (loss)  —   — 
Loss from change in fair value of warrant liability  —   — 
     
Other expense, net  (2,156)  (272)
     
Loss before income taxes  (31,335)  (16,822)
     
Income tax expense - current  —   — 
     
Net loss  $(31,335)  $(16,822)
Net loss per share of Class A common stock, basic and diluted  $(0.30)  $(0.16)
Net loss per share of Class B common stock, basic and diluted  $(0.30)  $(0.16)
Weighted-average Class A and B common shares outstanding, basic and diluted  105,572  103,139
     
     
KiOR, Inc.    
Condensed Consolidated Balance Sheets    
(Unaudited)    
(In thousands)    
     
     
  March 31, December 31,
  2013 2012
   
Assets    
Current assets:    
Cash and cash equivalents $11,111 $40,887
Inventories 2,856 3,239
Prepaid expenses and other current assets  1,993  1,528
Total current assets 15,960 45,654
Property, plant and equipment, net 253,507 246,410
Intangible assets, net 2,280 2,332
Other assets  1,569  1,641
Total assets $273,316 $296,037
     
Liabilities, Preferred Stock and Stockholders' Equity     
Current liabilities:    
Current portion of long-term debt $5,307 $5,124
Accounts payable 3,247 4,175
Accrued capital expenditures 867 953
Accrued liabilities 7,280 5,753
Total current liabilities 16,701 16,005
Related party long-term debt, less current portion, net of discount 78,942 79,843
Long-term debt, less current portion, net of discount 41,059 41,035
Other Liabilities 119 146
Total liabilities 136,821 137,029
Total stockholders' equity 136,495 159,008
Total liabilities, preferred stock and stockholders' equity $273,316 $296,037
CONTACT: For Investors:
         Max Kricorian
         Treasurer
         281-694-8811
         Investor.relations@kior.com
         
         For Media:
         Kate Perez
         Director of Corporate Communications & Public Relations
         281-694-8831
         Media@kior.com

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