KiOR reports loss, but plant still on schedule
by MBJ Staff
Published: August 14,2011
KiOR Inc., for the second quarter of 2011, reported a net loss of $21.0 million, or $0.43 per share, compared to $19.4 million, or $0.27 per share, for the second quarter of 2010.
KiOR’s second quarter 2011 loss includes $5.5 million of non-cash mark-to-market expense relating to KiOR’s warrant liabilities and $2.6 million of non-cash stock-based compensation expense.
COLUMBUS — Pasadena, Texas-based KiOR did not recognize revenue during the second quarter of 2011, as its activities have been focused on construction of its first commercial facility in Columbus and research and development (R&D) designed to improve production yields.
“During the second quarter we made significant construction progress on our first commercial production facility in Columbus, Miss. We also signed commercial offtake and feedstock arrangements covering 100 percent of the facility’s anticipated offtake capacity and feedstock requirements,” said Fred Cannon, KiOR’s president and CEO. “With construction at Columbus on schedule, we believe that KiOR is on track to commence production in the second half of 2012.”
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