Exhibit 99
[Zoltek logo]
[PHOTO]
ZOLTEK COMPANIES, INC. [PHOTO]
THINK EQUITY CONFERENCE [PHOTO]
DECEMBER 2007 [PHOTO]
FORWARD-LOOKING STATEMENTS PHOTO PHOTO PHOTO
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THE FOLLOWING INFORMATION CONTAINS, OR MAY BE DEEMED TO CONTAIN,
"FORWARD-LOOKING STATEMENTS" (AS DEFINED IN THE U.S. PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995), WHICH MAY BE IDENTIFIED BY THE WORDS
"ANTICIPATE", "BELIEVE", "ESTIMATE", "PROJECT", "IMPLY", "INTEND", "FORESEE"
AND SIMILAR EXPRESSIONS. BY THEIR NATURE, FORWARD-LOOKING STATEMENTS INVOLVE
RISKS AND UNCERTAINTIES BECAUSE THEY RELATE TO EVENTS AND DEPEND ON
CIRCUMSTANCES THAT MAY OR MAY NOT OCCUR IN THE FUTURE. THE PROJECTIONS AND THE
FUTURE RESULTS OF THE ISSUER MAY VARY FROM THE PROJECTIONS AND RESULTS
EXPRESSED IN, OR IMPLIED BY, THE FORWARD-LOOKING STATEMENTS CONTAINED HERE IN,
POSSIBLY TO A MATERIAL DEGREE. FOR A DISCUSSION OF SOME OF THE IMPORTANT
FACTORS THAT COULD CAUSE THE ISSUER'S RESULTS TO DIFFER FROM THOSE EXPRESSED
IN, OR IMPLIED BY, THE FOLLOWING FORWARD-LOOKING STATEMENTS, PLEASE REFER TO
THE COMPANY'S RECENTLY RELEASED S-3, AND IN PARTICULAR, THE "RISK FACTORS"
SECTION THEREOF.
2
WHY ZOLTEK? PHOTO PHOTO PHOTO
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* STRONG DEMAND FOR COMMERCIAL GRADE CARBON FIBER WITH
SUBSTANTIAL GROWTH IN NEW APPLICATIONS
FAVORABLE
INDUSTRY * SIGNIFICANT INDUSTRY GROWTH EXPECTED
DYNAMICS
* FEW LARGE PLAYERS COMPETING IN ZOLTEK'S NICHE WITH
THE MAJORITY OF COMPETITORS LARGELY FOCUSED ON
AEROSPACE
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* TECHNOLOGICAL KNOW-HOW FOR LARGE SCALE PRODUCTION
CREATES A BARRIER TO ENTRY
TECHNOLOGICAL AND * WORLD-CLASS MANUFACTURING EXPERTISE WITH GLOBAL SCALE
MANUFACTURING
EXPERTISE * LOWEST CAPITAL AND OPERATING COSTS IN THE INDUSTRY
* ABILITY TO EXPAND RAPIDLY, DEMONSTRATED THROUGH
HUNGARIAN FACILITY BUILD-OUT
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DETAILED GROWTH * INCREASE PRECURSOR CAPACITY VIA FACILITY ACQUISITION
AND INVESTMENT IN MEXICO
PLAN
* ABILITY TO ADD 8 PRODUCTION LINES PER YEAR
3
ZOLTEK'S VISION PHOTO PHOTO PHOTO
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To lead the commercialization of
carbon fibers as a low-cost, but high
performance reinforcement for
composites used in everyday
commercial products
Note: Commercial Products refer to products for applications other than
aerospace.
4
THE 21ST CENTURY MATERIAL PHOTO PHOTO PHOTO
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[Specific Strength Chart] {Relative Stiffness Chart]
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SPECIFIC STRENGTH RELATIVE STIFFNESS
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Steel 100 lbs. Steel 1
Aluminum 200 lbs. Aluminum 1
Fiberglass 500 lbs. Fiberglass 1/2
Carbon Fiber Composite 600 lbs. Carbon Fiber Composite 5/3
Source: Zoltek management.
5
HIGH PERFORMANCE CARBON FIBERS PHOTO PHOTO PHOTO
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UNIQUE COMBINATION OF SIGNIFICANT STRENGTH AND LIGHT WEIGHT
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PYRON (R) - TECHNICAL FIBER
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* High temperature and flame resistance
* Significant market potential
* Performance competitive with higher cost materials, such as Nomax and
Kevlar at lower cost
* 10 mm pound capacity
* Markets: Aircraft brakes, automotive brake pads, protective clothing,
automotive flame protection
PHOTO PHOTO PHOTO
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PANEX (R) - COMMERCIAL(1) GRADE CARBON FIBER
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* Reinforcement fibers for advanced composites
* Less expensive to produce than aerospace grade
* #1 market position
* 20 mm pound capacity
* Expanding to 30+ mm pounds by 2008
* Markets: wind turbines, concrete reinforcements, automobile structural
parts, high pressure vessels, oil drilling equipment
PHOTO PHOTO PHOTO
<FN>
(1) Non-aerospace.
Source: Zoltek management.
6
ENABLING MATERIALS COMPANY PHOTO PHOTO PHOTO
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NEW COMMERCIAL APPLICATIONS ARE DRIVING DEMAND FOR CARBON FIBER
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ALTERNATIVE ENERGY * Wind turbines, compressed natural gas [PHOTO]
storage, transportation and fuel cells
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OIL EXPLORATION * Deep Sea drilling platforms, buoyancy, choke [PHOTO]
and kill lines, umbilical and drill pipes
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* Cars with the ability to get increased gas
FUEL EFFICIENT mileage; beginning with high-performance [PHOTO]
AUTOMOBILES vehicles and eventually moving toward
higher-volume fleets
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CONSTRUCTION AND * Light-weight, pre-cast architecture [PHOTO]
INFRASTRUCTURE reinforced with carbon fibers
7
WIND ENERGY EXPANSION PHOTO PHOTO PHOTO
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* FASTEST GROWING MARKET FOR CARBON FIBERS
* CARBON FIBER IS THE ENABLING MATERIAL FOR WIND TURBINES OVER 2.5 MEGAWATT
* IN 2006, 25%+ GROWTH IN NEWLY INSTALLED MEGAWATT CAPACITY WORLDWIDE
* SIGNIFICANTLY HIGHER DEMAND FOR THE HIGHER MEGAWATT PRODUCING TURBINES
* ECONOMIC AND TECHNICAL FORCES OVERWHELMINGLY FAVOR CARBON FIBERS
Source: Annual Report on U.S. Wind Power Installation, Cost and Performance
Trends: 2006.
8
WIND TURBINE PRODUCTION PHOTO PHOTO PHOTO
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INCREASING THE WIND SWEPT AREA LEADS TO GREATER POWER AT A LOWER COST
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[GRAPH]
Source: Zoltek Management.
9
ZOLTEK IS WELL POSITIONED... PHOTO PHOTO PHOTO
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ZOLTEK IS THE LEADING SUPPLIER TO THE TOP TWO WIND TURBINE PRODUCERS -- VESTAS
AND GAMESA
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[PIE CHART]
MITSUBISHI 2%
ECOTECNIA 2%
NORDEX 4%
OTHERS 7%
VESTAS 34%
GAMESA 14%
ENERCON 14%
GE WIND 12%
SIEMENS 7%
SULZON 2%
REPOWER 2%
PERCENTAGE OF WIND TURBINE MARKET
Source: BTM Consult.
10
OFF-SHORE OIL AND GAS EXPLORATION PHOTO PHOTO PHOTO
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CARBON FIBER IS THE ENABLING MATERIAL
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* OFFSHORE DEVELOPMENTS WILL CONTINUE MOVING TO DEEPER WATERS
* THE WEIGHT OF STEEL ELEMENTS UNDER EXTREME LOADS, HIGHER PRESSURES AND
DYNAMIC SERVICE ARE LIMITED
* STEEL BECOMES INEFFECTIVE AS A LOAD CARRYING ELEMENT DUE TO ELONGATION
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ZOLTEK EXPERIENCE
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* BUOYANCY PRODUCTS DEMAND HAS EXPLODED IN THE LAST 12 MONTHS
* CARBON FIBER UMBILICAL, TETHER AND RISER SOLUTIONS HAVE BECOME TRULY
ENABLING TO HARVEST OIL & GAS AT 8,000 FEET DEPTHS
* ZOLTEK HAS WORKED WITH AKER KVAERNER TO DEVELOP NEW SOLUTIONS BASED ON
CARBON FIBER RODS TO REPLACE STEEL
11
CARBON FIBER APPLICATIONS PHOTO PHOTO PHOTO
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[PHOTO] [PHOTO]
[PHOTO]
12
DEEP WATER UMBILICAL PRODUCTS PHOTO PHOTO PHOTO
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DEEP WATER UMBILICAL PRODUCT
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* AKER KVEARNER HAS WON FOUR SIGNIFICANT UMBILICAL PROJECTS IN [PHOTO]
THE GULF AT DEPTHS OF 2,600 METERS
* CARBON FIBER RODS WITH ZOLTEK PANEX35 WILL BE USED FOR
STIFFNESS ENHANCEMENT TO DYNAMIC SECTIONS
* ADDITIONAL TETHER PROJECTS ARE EXPECTED TO FOLLOW
13
COMPOSITE TETHERS PHOTO PHOTO PHOTO
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[PHOTO] [PHOTO]
14
KEY AUTOMOTIVE COST FINDINGS PHOTO PHOTO PHOTO
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KEY COST FINDINGS
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* THE MAJOR BARRIERS TO DEPLOYING CARBON FIBER IN SERIES OEM [BAR GRAPH]
PRODUCTION ARE MANUFACTURING AND ASSEMBLY COSTS AT THE OEM
IN A METAL ENVIRONMENT
* THE COST OF CARBON FIBER AS A RAW MATERIAL INPUT IS NOT THE
BARRIER
* UP TO 45% WASTE IS COMMON IN SOME PROCESSES
* NEW LOWER COST CONVERSION AND MOLDING PROCESSES RESULTING IN
LESS WASTE WILL BE REQUIRED
Source: Zoltek management.
15
THE FUTURE OF AUTOMOTIVE DESIGN PHOTO PHOTO PHOTO
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BMW M6 -- FRONT AND REAR BUMPERS AND RESIN TRANSFER MOLDING
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BMW M6
P0017467 BMW Group PressClub:www.press.bmwgroup.com
(c)BMW AG NUR FUR PRESSEZWECKE/FOR PRESS PURPOSES ONLY 12/2004
[PHOTO]
16
A HIGH GROWTH INDUSTRY PHOTO PHOTO PHOTO
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SHORT-TERM DEMAND PROJECTIONS ANNOUNCED CAPACITY EXPANSION
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[BAR GRAPH] [BAR GRAPH]
Source: Zoltek management estimates, company filings and press releases.
17
LONG-TERM CUSTOMER CONTRACTS PHOTO PHOTO PHOTO
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CARBON FIBER
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* Vestas Wind Systems AS (Denmark) [PHOTO]
- $300 mm contract through 2012
* Gamesa Group (Spain)
- $142 mm contract through 2012
* DeWind Incorporated (Germany)
- $30 mm contract through 2010
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TECHNICAL FIBER
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* Goodrich Corporation (USA)
- Supply contract through 2009 for airline brakes
* Messier-Bugatti (France)
- Three-year rolling supply agreement
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PRICING STRATEGY PHOTO PHOTO PHOTO
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* PRICE TO SUPPORT THE COMMERCIALIZATION OF CARBON FIBER
* PRICE TO MAINTAIN A REASONABLE MARGIN TO SUPPORT EXPANSION
* PRICE TO COMPETE WITH OTHER MATERIALS, SUCH AS STEEL, FIBERGLASS AND
ALUMINUM, NOT ONLY WITH CARBON FIBER COMPETITORS
* CONTINUE TO DEVELOP VALUE-ADDED PRODUCTS TO INCREASE PROFITABILITY
19
RAPID GROWTH POTENTIAL PHOTO PHOTO PHOTO
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NEW COMMERCIAL APPLICATIONS SHOULD DEMONSTRATE RAPID GROWTH SIMILAR TO WIND
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[GRAPH]
Source: Zoltek management estimates.
20
GROWTH STRATEGY PHOTO PHOTO PHOTO
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$500 MILLION REVENUE RUN RATE BY 2011 WITH CAPACITY IN PLACE BY 2010
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2007 - 2008
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1. Improve capacity scale-up
2. Facility enhancement to increase capacity
* Abilene facility operational improvement
* Expansion of Hungarian plant
* Retrofit new facility in Mexico to increase precursor capacity
3. Build research and development center
4. Build out sales organization
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2008 AND BEYOND
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1. Establish and execute operational improvement plans
2. Develop next major expansion program
3. Develop JV and technology transfer concept
21
TECHNOLOGICAL KNOW-HOW PHOTO PHOTO PHOTO
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PROPRIETARY PROCESS TO PRODUCE CARBON FIBER AT A COST
THAT SUPPORTS ITS COMMERCIALIZATION
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LOW COST PRECURSOR ACHIEVED THROUGH TEXTILE-TYPE PRODUCTION
PROCESS OF ACRYLIC FIBER
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* PROPRIETARY PROCESS FOR MASS PRODUCED RAW ACRYLIC FIBER VS. CUSTOM MADE
ACRYLIC FIBER FOR AEROSPACE GRADE
* HIGHER THROUGHPUT PROCESS
* DESIGN AND ASSEMBLE MOST OF OWN EQUIPMENT LEADING TO LOWER COSTS
* INCREASED FLEXIBILITY FOR CAPACITY EXPANSION
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LOW COST CARBON FIBER ACHIEVED THROUGH ZOLTEK'S PROPRIETARY
PROCESS AND EQUIPMENT DESIGN
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* PROPRIETARY CARBON FIBER MANUFACTURING PROCESS DESIGNED FOR HIGH THROUGHPUT
* PROPRIETARY EQUIPMENT COMPLETELY DESIGNED AND INSTALLED BY ZOLTEK
ENGINEERING
* LOWEST CAPITAL INVESTMENT IN THE INDUSTRY
* FASTER (SIX MONTH) INSTALLATION OF NEW LINES
22
SIGNIFICANT PRODUCTION CAPACITY PHOTO PHOTO PHOTO
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* NYERGESUJFALU, HUNGARY [PHOTO]
* $100 MILLION INVESTED
* SIGNIFICANT MODERNIZATION AND EXPANSION PROJECT IN PROGRESS
* 12 CARBON FIBER PRODUCTION LINES
* PRODUCE 13 MM POUNDS OF CARBON FIBER ANNUALLY
* 800+ EMPLOYEES
* 120 ACRES
23
MEXICO EXPANSION PHOTO PHOTO PHOTO
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* ACQUIRED FACILITY FROM CYDSA [PHOTO]
* EXPANSION OF PRECURSOR CAPACITY
* FORMERLY A TEXTILE ACRYLIC PRODUCTION FACILITY [PHOTO]
* CAPITAL EXPENDITURE PLAN TO CONVERT FACILITY FOR PRODUCTION
* CAPACITY TO INSTALL UP TO 40 CARBON FIBER PRODUCTION LINES
* CLOSED ACQUISITION IN OCTOBER 2007 AND BE OPERATIONAL WITHIN 9 MONTHS
* SUPPORT TECHNOLOGY TRANSFER
24
WHY ZOLTEK? PHOTO PHOTO PHOTO
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* STRONG DEMAND FOR COMMERCIAL GRADE CARBON FIBER WITH
SUBSTANTIAL GROWTH IN NEW APPLICATIONS
FAVORABLE
INDUSTRY * SIGNIFICANT INDUSTRY GROWTH EXPECTED
DYNAMICS
* FEW LARGE PLAYERS COMPETING IN ZOLTEK'S NICHE WITH
THE MAJORITY OF COMPETITORS LARGELY FOCUSED ON
AEROSPACE
- ------------------------------------------------------------------------------
* TECHNOLOGICAL KNOW-HOW FOR LARGE SCALE PRODUCTION
CREATES A BARRIER TO ENTRY
TECHNOLOGICAL AND * WORLD-CLASS MANUFACTURING EXPERTISE WITH GLOBAL SCALE
MANUFACTURING
EXPERTISE * LOWEST CAPITAL AND OPERATING COSTS IN THE INDUSTRY
* ABILITY TO EXPAND RAPIDLY, DEMONSTRATED THROUGH
HUNGARIAN FACILITY BUILD-OUT
- ------------------------------------------------------------------------------
DETAILED GROWTH * INCREASE PRECURSOR CAPACITY VIA POTENTIAL FACILITY
AND INVESTMENT ACQUISITION IN MEXICO
PLAN
* ABILITY TO ADD 8 PRODUCTION LINES PER YEAR
25
[ZOLTEK logo]
[PHOTO]
OPERATING AND FINANCIAL [PHOTO]
PERFORMANCE
[PHOTO]
[PHOTO]
26
THIRD QUARTER UPDATE PHOTO PHOTO PHOTO
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$ in Millions
3 MONTHS
YEAR ENDING YEAR ENDING ENDING % CHANGE
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, FROM PRIOR
2006(1) 2007(2) 2007(1) YEAR QUARTER
Revenue $92.4 $150.9 $43.6 83%
% Growth 67% 63% 83%
EBITDA 13.0 32.7 10.3 243%
% Margin 14% 22% 24%
EBIT 7.1 23.5 8.0 371%
% Margin 8% 16% 18%
<FN>
(1) Excludes $22.8 and $5.4 million of litigation charges in 2006 and 2007.
27
REVENUE & CAPACITY EXPANSION PHOTO PHOTO PHOTO
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NET REVENUES ($ IN MILLIONS) NUMBER OF CARBON FIBER LINES
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[BAR GRAPH] [BAR GRAPH]
2003 2004 2005 2006 2007
NET REVENUES ($ IN MILLIONS) $28.3 $34.5 $55.4 $92.4 $150.9
+22% +61% +67% +63%
NUMBER OF CARBON FIBER LINES 2 4 7 12 18
28
IMPROVEMENT IN GROSS MARGIN PHOTO PHOTO PHOTO
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INCREASED CAPACITY UTILIZATION AND NEW PRODUCTION LINES
DRIVING IMPROVEMENT IN GROSS MARGIN
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[BAR GRAPH]
14.6% 15.6% 4.6% 24.2% 28.8%
2003 2004 2005 2006 2007
29
HISTORICAL INCOME STATEMENT PHOTO PHOTO PHOTO
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$ in Millions
2004 2005 2006 2007
------ ------ ------ ------
Net Sales $34.5 $55.4 $92.4 $150.9
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Gross Profit 5.4 2.6 22.4 43.4
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% Margin 15.6% 4.6% 24.2% 28.8%
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Operating Profit (Loss)
from Continuing (5.5) (7.6) 7.1(1) 23.5(1)
Operations
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Loss from
Convertible (7.5) (25.0) (45.8) (18.2)
Debentures(2)
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Net Income (Loss) from
Continuing Operations (17.1) (38.2) (65.8) (2.2)
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Shareholders' Equity 44.2 40.6 111.7 320.8
<FN>
(1) Excludes $22.8 and $5.4 million of litigation charges for 2006 and 2007.
(2) Includes amortization of financing fees and debt discount, and loss on
value of warrants and conversion feature.
30
CAPITALIZATION PHOTO PHOTO PHOTO
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As of September 30, As of September 30,
($ in million) 2006 2007
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Cash $10.8 $121.7
Short-Term Debt 1.4 13.8
Long-Term Debt 32.0 6.9
----------------------------------------------
TOTAL DEBT $33.4 $20.7
Shareholders' Equity 111.7 320.8
TOTAL CAPITALIZATION $145.1 $341.5
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DEBT / EQUITY 29.9% 6.5%
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31