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What: Shares of KiOR (NAS: KIOR) jumped as much as 19% today before settling down to close out the day with an 11% gain after the company reported earnings.
So what: The company didn't recognize any revenue in the first quarter, as its activities are still focused on construction of its first commercial facility, R&D, and the obtaining of financing for its expansion plans. Operating expenses totaled $16.6 million, and the company saw a net loss of $16.8 million, or $0.16 per share.
Now what: CEO Fred Cannon said: "I am pleased to announce that our first commercial facility is 100% mechanically complete, on budget, and significantly ahead of schedule. We are now well into the commissioning phase in preparation for commencing production of cellulosic gasoline and diesel in the months to come." The renewable-fuels company invested $34.7 million in capital during the quarter, primarily in the Columbus, Miss., facility Cannon was referring to. Investors are cheering on news that the company is ahead of schedule.
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