KiOR Reports First Quarter 2013 Results

KiOR Reports First Quarter 2013 Results

            Run Times at Columbus Increasing Quarter-Over-Quarter

                        Technology Working as Designed

PASADENA, Texas, May 9, 2013 (GLOBE NEWSWIRE) -- KiOR, Inc. (Nasdaq:KiOR),
announced today its financial results for the first quarter ended March 31,

"Building on the first gallons of cellulosic diesel we shipped in March, we
continue to make progress with operations at our Columbus facility," said Fred
Cannon, KiOR's President and Chief Executive Officer. "The on-stream
percentage of our core technology in the first quarter improved approximately
500 percent over the fourth quarter. Most of our individual run times are
longer than the previous runs, and we are working toward taking the facility
into a steady state of operations."

"Most significantly," Cannon continued, "our core technology is continuing to
operate as designed, and the facility is producing high quality oil and
cellulosic fuel. With these positive trends, we expect that our fuel shipments
will increase and become more frequent."

Financial Results

First quarter 2013 net loss was $31.3 million, or $0.30 per share, compared to
a net loss of $29.7 million, or $0.28 per share, for the fourth quarter of
2012. Net loss for the first quarter of 2012 totaled $16.8 million, or $0.16
per share.

During the first quarter of 2013, total revenues were $71 thousand, of which
$52 thousand was related to the sale of finished blended diesel fuel
containing cellulosic diesel from our research and development facility and
the remainder of which was related to production from our first commercial
scale facility in Columbus, Mississippi. Total revenues for the fourth quarter
of 2012 were $87 thousand, compared to none in the first quarter of 2012.

Cost of product revenue recorded during the first quarter of 2013 totaled $5.4
million, which include production costs of Columbus plus incremental cost
incurred in connection with our efforts to achieve steady state operations
starting in March 2013, compared to $68 thousand for the fourth quarter of
2012 and none for the first quarter of 2012.

Research and development (R&D) expenses for the first quarter 2013 totaled
$9.2 million, representing a $0.3 million decrease from the $9.5 million
recorded in the fourth quarter of 2012. First quarter 2013 R&D expenses
increased $0.8 million from $8.4 million recorded in the first quarter 2012,
mainly due to higher payroll and related expenses.

General and administrative (G&A) expenses for the first quarter of 2013 were
$14.7 million, a decrease of $5.5 million from the $20.2 million recorded in
the fourth quarter of 2012, primarily due to start-up activities related to
the Columbus facility reported as part of G&A through February 2013. First
quarter 2013 G&A expenses increased $6.6 million from $8.1 million reported in
the first quarter 2012, due to $4.7 million higher start-up related activities
at the Columbus facility and $1.9 million higher payroll and related expenses.

Capital investments during the first quarter were $4.8 million, primarily
related to front end engineering and design of KiOR's 1,500 bone dry ton per
day project in Natchez, Mississippi.

KiOR had cash and cash equivalents of $11.1 million at March 31, 2013, which
represents a $29.8 million decrease from the December 31, 2012 balance. This
decrease was primarily driven by operating uses of cash and capital
expenditures on the Natchez facility. Net long-term debt stood at $120
million as of quarter-end.During the first quarter of 2013, the Company
amended its 4-year-term loan to, among other things, extend KiOR's ability to
pay interest in kind, defer principal amortizations, and increase the facility
to $125 million to provide additional operating liquidity. As of the end of
the first quarter of 2013, $50 million of this expanded facility remained
undrawn and available upon the Company's request.

Conference Call Information

The Company will discuss these results on a conference call scheduled for
today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Participants may
join the conference call by dialing (877) 468-8808 (for U.S. and Canada) or
(832) 412-2302 (International). The conference access code is 35924813 for all
participants. To listen via live webcast, please visit the investors section
of the Company's website: An audio
replay will remain available for seven days until Thursday, May 16, 2013 at
11:59 p.m. Eastern Time (10:59 p.m. Central Time) and can be accessed by
dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406
(International). The conference call replay access code is 35924813 for all
participants. The replay will also be available in the investors section of
the Company's website approximately two hours after the conclusion of the call
and remain available for approximately 90 calendar days.

About KiOR

KiOR, a global leader in cellulosic gasoline and diesel transportation fuels,
has developed a unique proprietary technology platform to convert abundant and
sustainable non-food biomass into fuels for use in vehicles on the road today.
KiOR's cellulosic fuels, which may be transported using existing distribution
networks, help ease dependence on foreign oil, reduce lifecycle greenhouse gas
emissions and create high-quality jobs and economic benefit across rural

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

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                      
(In thousands, except shareand per share amounts)                  
                                                        Three Months Ended
                                                        2013       2012
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    $(0.30)   $(0.16)
Net loss per share of Class B common stock, basic and    $(0.30)   $(0.16)
Weighted-average Class A and B common shares             105,572   103,139
outstanding, basic and diluted

KiOR, Inc.                                                       
Condensed Consolidated Balance Sheets                            
(In thousands)                                                   
                                                       March31, December31,
                                                       2013      2012
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 78,942    79,843
of discount
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'    $273,316  $296,037

CONTACT: For Investors:
         Max Kricorian
         For Media:
         Kate Perez
         Director of Corporate Communications & Public Relations

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