Benson Hill Announces Full Year 2022 Financial Results and Expectations for Strong Proprietary Product Growth in 2023
Benson Hill, Inc. (NYSE: BHIL) reported a remarkable 319% revenue increase to $381 million for 2022, with proprietary revenues nearly doubling to $73 million. Gross profit stood at $3.5 million, impacted by a $4.9 million loss from mark-to-market timing differences. The company anticipates proprietary revenues to grow to $100-$110 million in 2023, driving gross profit to $20-$30 million. Despite a projected net loss of $125-$135 million in 2023 and further capital expenditures, management remains committed to achieving positive Adjusted EBITDA by 2025, supported by strategic investments in high-margin products.
- Revenue increased by 319% to $381 million.
- Proprietary revenues nearly doubled to $73 million.
- Expected proprietary revenue growth to $100-$110 million in 2023.
- Projected gross profit increase to $20-$30 million in 2023.
- Plans to retire $100 million high-cost debt early.
- Net loss from continuing operations was $99.7 million.
- Adjusted EBITDA loss expected between $63 million to $68 million.
- Free cash flow loss expected in 2023 between $120 million to $128 million.
- Higher operating expenses, totaling $128.5 million.
-
Revenues increased 319 percent to
, including a near doubling of proprietary revenues to$381 million .$73 million -
Gross profit was
($3.5 million when excluding an approximate$8.5 million loss from open mark-to-market timing differences).$4.9 million -
2023 proprietary revenues are expected to grow to an estimated range of
to$100 million and help drive a more than doubling of gross profit in the range of$110 million to$20 million .$30 million - 2023 Adjusted EBITDA loss is expected to narrow and use of free cash is expected to increase due primarily to planned investments to enable additional, higher margin food-grade manufacturing capabilities.
- In 2025, management remains committed to the target of positive Adjusted EBITDA and free cash flow as it focuses on the highest-margin proprietary products in response to persistent high costs across the supply chain.
- The Company expects to execute a plan to optimize its capital structure and actions to increase return on capital.
Benson Hill, Inc., a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the year ended
“2022 was an exceptional year for
Full Year 2022 Results as Compared to The Same Period of 2021
The financial results discussed in this press release exclude the Fresh business, which was divested in a two-part transaction announced on
-
Revenues were
, an increase of$381.2 million , or 319 percent. Strong demand from customers and greater availability of proprietary soy ingredients, meal and edible oil products resulted in a near doubling of proprietary revenues to$290.3 million . Non-proprietary revenues increased significantly due to favorable soy and yellow pea commodity prices and operational excellence associated with the startup of two soy production facilities.$72.6 million -
Gross profit was
, an increase of$3.5 million . Excluding approximately$9.4 million in losses due to open mark-to-market timing differences, gross profit was$4.9 million and gross margins were 2.2 percent. Favorable top line growth, proprietary revenue mix, and contributions from partnership and licensing agreements were partially offset by cost pressures in the supply chain as well as the impact from adverse weather in the month of December.$8.5 million -
Operating expenses were
, a$128.5 million increase, which includes$16.0 million for non-cash items primarily related to stock compensation and depreciation.$34.0 million -
Selling, general and administrative expenses were
, an increase of$81.0 million or 13 percent.$9.1 million -
R&D expenses were
, an increase of$47.5 million or 17 percent.$6.9 million - All year-over-year operating expense increases were related to non-cash items.
-
Selling, general and administrative expenses were
-
Inclusive of open mark-to-market timing differences, net loss from continuing operations was
, a decrease in loss of$99.7 million or 18 percent. Adjusted EBITDA was a loss of$22.5 million , or a loss of$81.6 million , excluding the impact from open mark-to-market timing differences, which was in line with the prior year.$76.7 million -
Cash, restricted cash, and marketable securities of
were on hand as of$175.0 million December 31, 2022 .
Fourth Quarter 2022 Results as Compared to The Same Period of 2021
-
Revenues were
, an increase of$99.2 million , or 223 percent. The performance was driven by sales for both proprietary and non-proprietary soy and yellow pea products.$68.4 million -
Gross profit was
, an increase in profitability of$0.8 million , and includes an approximately$4.0 million loss due to open mark-to-market timing difference. Gross margins were approximately 4 percent when excluding open mark-to-market timing differences.$3.3 million -
Inclusive of mark-to-market timing differences, net loss from continuing operations was
, a decrease in loss of$30.8 million or 25.3 percent. Adjusted EBITDA was a loss of$10.4 million compared to a loss of$21.4 million .$29.1 million
Outlook
Excludes the Fresh segment which is now classified as discontinued operations.
Management expects continued strong demand for its proprietary products in 2023 resulting in a 40 percent to 50 percent increase in proprietary revenues to a range of
Consolidated gross profit is expected to be in the range of
The Company expects a net loss of
Capital expenditures are expected to be in the range of
Management is in the advanced stages of finalizing a plan designed to lower the cost of capital, increase return on capital, and reduce costs. During the back half of this year, the Company expects to retire the existing
Management remains committed to its objective of achieving positive Adjusted EBITDA and positive free cash flow in 2025. The adoption of the targeted growth strategy is expected to result in proprietary revenues in 2025 of at least
Webcast
A webcast of the conference call will begin at
About
Use of Non-GAAP Financial Measures
In this press release, the Company includes references to non-GAAP performance measures. The Company uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results. The Company’s management believes these non-GAAP measures are useful in evaluating the Company’s operating performance and are similar measures reported by publicly listed
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company’s plans to improve its capital structure; the Company’s current guidance regarding certain expected 2023 financial and operating results, including guidance regarding consolidated, proprietary and non-proprietary revenues and revenues from partnership and licensing agreements, margins, consolidated gross profit, net loss, Adjusted EBITDA, capital expenditures and use of free cash flow; expectations regarding actions intended to lower the cost of capital, increase return on capital, and reduce costs, including plans to retire its existing debt early and replace it with a conventional lending facility, including expectations regarding pre-payment penalties and other costs in connection therewith, plans regarding equity financing to supplement the cash needed to fully fund the business to profitability in 2025, and statements regarding the Company’s plans to explore strategic options for its
Material Items Included in Consolidated Revenues and Cost of Sales
(In Thousands)
Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings.
Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of futures contracts associated with the Company’s committed future operating capacity. These mark-to-market timing differences are not indicative of the Company’s operating performance.
The Company recorded the fair value of acquired sales and purchase contracts in the acquisition of the Company’s
The table below summarizes the pre-tax gains and losses related to derivatives and contract assets and liabilities:
|
Fiscal Year 2022 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Open Mark-to-Market Timing Differences |
||||||||||||||||||
|
2022
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
2022
|
||||||||||
Revenues |
$ |
381,233 |
|
|
$ |
(5,002 |
) |
|
$ |
3,885 |
|
$ |
3,267 |
|
$ |
(4,534 |
) |
|
$ |
383,617 |
|
Gross profit |
$ |
3,527 |
|
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
1,381 |
|
$ |
(3,353 |
) |
|
$ |
8,453 |
|
Total operating expenses |
$ |
128,534 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
128,534 |
|
Net loss from continuing operations |
$ |
(99,700 |
) |
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
1,381 |
|
$ |
(3,353 |
) |
|
$ |
(94,774 |
) |
Adjusted EBITDA |
$ |
(81,645 |
) |
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
1,381 |
|
$ |
(3,353 |
) |
|
$ |
(76,719 |
) |
-
2022: The net temporary unrealized period-end loss on revenues and cost of sales was
and$2.4 million , respectively. Management expects the open mark-to-market timing differences to unwind in the coming months.$4.9 million - See Adjusted EBITDA reconciliation on page 12.
Consolidated Balance Sheets (Unaudited) (In Thousands) |
|||||||
|
|
||||||
|
2022 |
|
2021 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
25,053 |
|
$ |
78,940 |
||
Marketable securities |
|
132,121 |
|
|
103,689 |
||
Accounts receivable, net |
|
28,591 |
|
|
22,128 |
||
Inventories, net |
|
62,110 |
|
|
37,004 |
||
Prepaid expenses and other current assets |
|
29,346 |
|
|
16,806 |
||
Current assets held for sale |
|
23,507 |
|
|
24,791 |
||
Total current assets |
|
300,728 |
|
|
283,358 |
||
Property and equipment, net |
|
99,759 |
|
|
98,076 |
||
Right of use asset, net |
|
68,193 |
|
|
73,712 |
||
|
|
27,377 |
|
|
35,397 |
||
Other assets |
|
4,863 |
|
|
4,538 |
||
Noncurrent assets held for sale |
|
— |
|
|
39,816 |
||
Total assets |
$ |
500,920 |
|
$ |
534,897 |
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
36,717 |
|
|
$ |
20,288 |
|
Current lease liability |
|
3,682 |
|
|
|
1,831 |
|
Current maturities of long-term debt |
|
2,242 |
|
|
|
6,901 |
|
Accrued expenses and other liabilities |
|
33,435 |
|
|
|
25,608 |
|
Current liabilities held for sale |
|
16,441 |
|
|
|
17,054 |
|
Total current liabilities |
|
92,517 |
|
|
|
71,682 |
|
Long-term debt |
|
103,991 |
|
|
|
77,035 |
|
Long-term lease liability |
|
77,722 |
|
|
|
77,152 |
|
Warrant liabilities |
|
24,285 |
|
|
|
46,051 |
|
Conversion option liability |
|
8,091 |
|
|
|
8,783 |
|
Deferred tax liabilities |
|
283 |
|
|
|
294 |
|
Other non-current liabilities |
|
129 |
|
|
|
316 |
|
Noncurrent liabilities held for sale |
|
— |
|
|
|
2,137 |
|
Total liabilities |
|
307,018 |
|
|
|
283,450 |
|
Stockholders’ equity: |
|
|
|
||||
Redeemable convertible preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
21 |
|
|
|
18 |
|
Additional paid-in capital |
|
609,450 |
|
|
|
533,101 |
|
Accumulated deficit |
|
(408,474 |
) |
|
|
(280,569 |
) |
Accumulated other comprehensive loss |
|
(7,095 |
) |
|
|
(1,103 |
) |
Total stockholders’ equity |
|
193,902 |
|
|
|
251,447 |
|
Total liabilities and stockholders’ equity |
$ |
500,920 |
|
|
$ |
534,897 |
|
Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Information) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
$ |
99,180 |
|
|
$ |
30,732 |
|
|
$ |
381,233 |
|
|
$ |
90,945 |
|
Cost of sales |
|
98,391 |
|
|
|
33,972 |
|
|
|
377,706 |
|
|
|
96,846 |
|
Gross profit (loss) |
|
789 |
|
|
|
(3,240 |
) |
|
|
3,527 |
|
|
|
(5,901 |
) |
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
11,761 |
|
|
|
14,171 |
|
|
|
47,500 |
|
|
|
40,574 |
|
Selling, general and administrative expenses |
|
21,586 |
|
|
|
21,534 |
|
|
|
81,034 |
|
|
|
71,947 |
|
Total operating expenses |
|
33,347 |
|
|
|
35,705 |
|
|
|
128,534 |
|
|
|
112,521 |
|
Loss from operations |
|
(32,558 |
) |
|
|
(38,945 |
) |
|
|
(125,007 |
) |
|
|
(118,422 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
5,414 |
|
|
|
611 |
|
|
|
21,444 |
|
|
|
4,481 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,742 |
|
Change in fair value of warrants and conversion |
|
(7,387 |
) |
|
|
398 |
|
|
|
(49,063 |
) |
|
|
(12,127 |
) |
Other (income) expense, net |
|
149 |
|
|
|
1,226 |
|
|
|
2,253 |
|
|
|
(549 |
) |
Total other (income) expense, net |
|
(1,824 |
) |
|
|
2,235 |
|
|
|
(25,366 |
) |
|
|
3,547 |
|
Net loss from continuing operations before income tax |
|
(30,734 |
) |
|
|
(41,180 |
) |
|
|
(99,641 |
) |
|
|
(121,969 |
) |
Income tax expense |
|
29 |
|
|
|
13 |
|
|
|
59 |
|
|
|
231 |
|
Net loss from continuing operations, net of tax |
|
(30,763 |
) |
|
|
(41,193 |
) |
|
|
(99,700 |
) |
|
|
(122,200 |
) |
Net loss from discontinued operations, net of tax |
|
(22,843 |
) |
|
|
(1,014 |
) |
|
|
(28,205 |
) |
|
|
(4,047 |
) |
Net loss |
$ |
(53,606 |
) |
|
$ |
(42,207 |
) |
|
$ |
(127,905 |
) |
|
$ |
(126,247 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per common share from continuing operations |
$ |
(0.17 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.55 |
) |
|
$ |
(1.00 |
) |
Basic and diluted net loss from discontinued operations, net of tax |
$ |
(0.12 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.04 |
) |
Basic and diluted net loss per common share |
$ |
(0.29 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.04 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted average shares outstanding |
|
186,787 |
|
|
|
158,323 |
|
|
|
179,867 |
|
|
|
121,838 |
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Loss (Unaudited) (In Thousands) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(53,606 |
) |
|
$ |
(42,207 |
) |
|
$ |
(127,905 |
) |
|
$ |
(126,247 |
) |
Foreign currency: |
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income |
|
37 |
|
|
|
(26 |
) |
|
|
(9 |
) |
|
|
4 |
|
|
|
37 |
|
|
|
(26 |
) |
|
|
(9 |
) |
|
|
4 |
|
Marketable securities: |
|
|
|
|
|
|
|
||||||||
Comprehensive loss |
|
6,240 |
|
|
|
(1,963 |
) |
|
|
(3,678 |
) |
|
|
(1,813 |
) |
Adjustments for net (losses) income realized in net loss |
|
(4,437 |
) |
|
|
1,234 |
|
|
|
(2,305 |
) |
|
|
1,031 |
|
|
|
1,803 |
|
|
|
(729 |
) |
|
|
(5,983 |
) |
|
|
(782 |
) |
Total other comprehensive (loss) income |
|
1,840 |
|
|
|
(755 |
) |
|
|
(5,992 |
) |
|
|
(778 |
) |
Total comprehensive loss |
$ |
(51,766 |
) |
|
$ |
(42,962 |
) |
|
$ |
(133,897 |
) |
|
$ |
(127,025 |
) |
Consolidated Statements of Cash Flows (Unaudited) (In Thousands) |
|||||||
|
Year Ended |
||||||
|
|
2022 |
|
|
|
2021 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(127,905 |
) |
|
$ |
(126,247 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
22,836 |
|
|
|
12,817 |
|
Stock-based compensation expense |
|
19,520 |
|
|
|
7,183 |
|
Bad debt expense |
|
863 |
|
|
|
309 |
|
Change in fair value of warrants and conversion options |
|
(49,063 |
) |
|
|
(12,127 |
) |
Amortization related to financing activities |
|
9,279 |
|
|
|
1,389 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
11,742 |
|
Loss on divestiture of discontinued operations |
|
10,246 |
|
|
|
— |
|
Impairment |
|
11,579 |
|
|
|
— |
|
Loss on investments and amortization on premiums |
|
4,755 |
|
|
|
— |
|
Other |
|
4,579 |
|
|
|
(65 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(3,070 |
) |
|
|
(7,038 |
) |
Inventories |
|
(4,663 |
) |
|
|
(11,690 |
) |
Other assets |
|
6,542 |
|
|
|
(13,149 |
) |
Accounts payable |
|
(5,313 |
) |
|
|
11,293 |
|
Accrued expenses |
|
6,419 |
|
|
|
7,539 |
|
Other liabilities |
|
— |
|
|
|
294 |
|
Net cash used in operating activities |
|
(93,396 |
) |
|
|
(117,750 |
) |
Investing activities |
|
|
|
||||
Purchases of marketable securities |
|
(372,170 |
) |
|
|
(648,923 |
) |
Proceeds from maturities of marketable securities |
|
139,063 |
|
|
|
2,499 |
|
Proceeds from sales of marketable securities |
|
193,250 |
|
|
|
639,612 |
|
Payments for acquisitions of property and equipment |
|
(16,486 |
) |
|
|
(31,490 |
) |
Payments made in connection with business acquisitions |
|
(1,034 |
) |
|
|
(116,287 |
) |
Proceeds from divestitures of discontinued operations |
|
17,131 |
|
|
|
— |
|
Net cash used in investing activities |
|
(40,246 |
) |
|
|
(154,589 |
) |
Financing activities |
|
|
|
||||
Net contributions from Merger, at-the-market offering and PIPE financing, net of transaction costs of |
|
81,109 |
|
|
|
285,378 |
|
Payments for extinguishment of debt |
|
— |
|
|
|
(43,082 |
) |
Principal payments on debt |
|
(7,288 |
) |
|
|
(4,400 |
) |
Proceeds from issuance of debt |
|
23,540 |
|
|
|
103,634 |
|
Borrowing under revolving line of credit |
|
19,774 |
|
|
|
20,954 |
|
Repayments under revolving line of credit |
|
(19,821 |
) |
|
|
(20,907 |
) |
Proceeds from issuance of redeemable convertible preferred stock, net of costs |
|
— |
|
|
|
— |
|
Retirement of redeemable convertible preferred stock |
|
— |
|
|
|
— |
|
Repayments of financing lease obligations |
|
(1,630 |
) |
|
|
(703 |
) |
Proceeds from the exercise of stock options and warrants |
|
2,325 |
|
|
|
681 |
|
Net cash provided by financing activities |
|
98,009 |
|
|
|
341,555 |
|
Effect of exchange rate changes on cash |
|
(9 |
) |
|
|
4 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(35,642 |
) |
|
|
69,220 |
|
Cash, cash equivalents and restricted cash, beginning of year |
|
78,963 |
|
|
|
9,743 |
|
Cash, cash equivalents and restricted cash, end of year |
$ |
43,321 |
|
|
$ |
78,963 |
|
Supplemental disclosure of cash flow information |
|
|
|
||||
Cash paid for taxes |
$ |
57 |
|
$ |
53 |
||
Cash paid for interest |
$ |
14,398 |
|
$ |
6,591 |
||
Supplemental disclosure of non-cash activities |
|
|
|
||||
Issuance of Notes Payable Warrants and Convertible Notes Payable Warrants |
$ |
— |
|
$ |
6,663 |
||
Conversion of Notes Payable Warrants upon Merger |
$ |
— |
|
$ |
4,576 |
||
Public Warrants and Private Placement Warrants acquired in Merger |
$ |
— |
|
$ |
50,850 |
||
Issuance of conversion option |
$ |
— |
|
$ |
8,783 |
||
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities |
$ |
3,058 |
|
$ |
3,578 |
||
Purchases of inventory included in accounts payable and accrued expenses and other current liabilities |
$ |
1,553 |
|
$ |
1,854 |
||
Financing leases |
$ |
806 |
|
$ |
46,021 |
||
Non-GAAP Reconciliation
(Dollar Amounts in Thousands)
This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, and the impact of significant non-recurring items.
Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA for the years ended
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
(in thousands) |
|
2022
|
|
2021
|
|
2022
|
|
2021
|
||||||||
Adjustments to reconcile net loss from continuing operations to Adjusted EBITDA |
||||||||||||||||
Net loss from continuing operations |
|
$ |
(30,763 |
) |
|
$ |
(41,193 |
) |
|
$ |
(99,700 |
) |
|
$ |
(122,200 |
) |
Interest expense, net |
|
|
5,414 |
|
|
|
611 |
|
|
|
21,444 |
|
|
|
4,481 |
|
Income tax expense (benefit) |
|
|
29 |
|
|
|
13 |
|
|
|
59 |
|
|
|
231 |
|
Depreciation and amortization |
|
|
5,909 |
|
|
|
3,444 |
|
|
|
20,513 |
|
|
|
10,478 |
|
Stock-based compensation |
|
|
3,749 |
|
|
|
4,414 |
|
|
|
19,520 |
|
|
|
7,183 |
|
Change in fair value of warrants |
|
|
(7,389 |
) |
|
|
398 |
|
|
|
(49,063 |
) |
|
|
(12,127 |
) |
Other non-recurring costs, including acquisitions |
|
|
1,619 |
|
|
|
3,193 |
|
|
|
5,582 |
|
|
|
4,688 |
|
Employee retention credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,550 |
) |
Merger transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,693 |
|
Non-recurring public company readiness costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,265 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,742 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,805 |
|
Adjusted EBITDA |
|
$ |
(21,432 |
) |
|
$ |
(29,120 |
) |
|
$ |
(81,645 |
) |
|
$ |
(77,311 |
) |
Adjustments to reconcile estimated 2023 net loss from continuing operations to estimated Adjusted EBITDA are as follows:
|
2023 Estimate |
|||||
Net loss from continuing operations |
$ |
(125,000 |
) |
- |
(135,000 |
) |
Interest expense, net |
|
27,000 |
|
- |
29,000 |
|
Depreciation and amortization |
|
21,000 |
|
- |
23,000 |
|
Stock-based compensation |
|
14,000 |
|
- |
15,000 |
|
Total Adjusted EBITDA |
$ |
(63,000 |
) |
- |
(68,000 |
) |
|
|
Adjustments to reconcile estimated free cash flow: |
|
|
2023 Estimate |
Net loss from continuing operations |
|
Depreciation and amortization |
21,000 – 23,000 |
Stock-based compensation |
14,000 – 15,000 |
Changes in working capital |
(12,000) – (14,000) |
Other |
2,000 – 8,000 |
|
|
Payments for acquisition of property and equipment |
(20,000) – (25,000) |
Free Cash Flow |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005303/en/
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FAQ
What are Benson Hill's 2023 revenue projections?
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