Benson Hill Announces Second Quarter 2022 Financial Results
Benson Hill's consolidated revenues surged 179% year-over-year to $110.7 million, driven by a remarkable 312% increase in the Ingredients segment. The company's strategic partnership with ADM marks a significant milestone for scaling proprietary soy innovations. While management is assessing strategic alternatives for the Fresh business, they raised revenue guidance for 2022. The company's strong performance supports its goal of achieving $500 million in revenue by 2025, with an expected net loss of $148 million to $153 million for this year.
- Revenues increased 179% year-over-year to $110.7 million.
- Ingredients segment revenues rose 312% to $93.5 million.
- Strategic partnership with ADM enhances scaling of proprietary soy innovations.
- Raised full-year revenue guidance for the Ingredients segment to $275 million to $325 million.
- Net loss of $27.6 million reported includes mark-to-market timing differences.
- Operating expenses increased by $9.9 million, driven by higher costs.
- Fresh segment revenues only increased 1%, impacted by a crop failure.
-
Consolidated revenues increased 179 percent year-over-year to
.7 million driven by a 312 percent increase in Ingredients segment revenues.$110 -
Strategic partnership with
ADM represents a significant milestone in the planned scaling of proprietary soy innovations through an asset-light licensing model. - Management is assessing strategic alternatives for the Fresh business.
- Strong performance in the Ingredients segment raises revenue guidance for 2022.
- Continued rapid growth and execution of the strategic plan further enables achievement of previously stated 2025 financial targets.
“We continue to validate our proprietary soy ingredients portfolio as well as our go-to-market approach through a new strategic partnership with
“We continue to validate our proprietary soy ingredients portfolio as well as our go-to-market approach through a new strategic partnership with
Second Quarter Results Compared to the Same Period of 2021
The impact of mark-to-market timing differences on the profit and loss statement and reconciliation of non-GAAP financial measures can be found on pages 6 and 10, respectively.
-
Revenues were
, an increase of$110.7 million , or 179 percent led by robust growth in the Ingredients segment.$71.1 million -
Gross profit was
, an increase in profitability of$5.6 million , which includes a realized$5.6 million gain related to mark-to-market timing differences that partially offset losses in the first quarter.$5.2 million -
Operating expenses were
, an increase of$34.5 million , which included$9.9 million for non-cash items. The increase was primarily driven by higher wages, insurance costs to run expanded operations, and requirements associated with being a public company.$5.7 million -
Inclusive of the mark-to-market timing differences, the reported net loss was
compared to a net loss of$27.6 million . Adjusted EBITDA was a loss of$27.4 million compared to a loss of$15.7 million .$15.8 million -
Cash and marketable securities on hand were
as of$209.9 million June 30, 2022 .
Ingredients Segment
-
Revenues for the segment were
, an increase of$93.5 million , or 312 percent. Proprietary soy revenues were$70.8 million , an increase of approximately 60 percent, due to increased availability and customer demand for food ingredients, meal, and oil products. In addition, revenues increased for non-proprietary soy ingredients, which was attributable to the acquisition of two soy processing facilities in the prior year.$12.2 million -
Gross profit was
, which includes a$5.7 million realized gain related to mark-to-market timing differences that partially offset losses in the first quarter. Strong operating performance in the quarter was the result of demand for proprietary soy products, and non-proprietary soy and yellow pea products. The positive upside from the strong sales has temporarily placed stress on the current supply chain structure, which in addition to inflationary pressures, negatively impacted freight, logistics and factory overhead costs.$5.2 million -
Inclusive of the mark-to-market timing differences, Adjusted EBITDA for the segment was a loss of
, a decrease in loss of$1.1 million .$5.3 million
Fresh Segment
-
Revenues for the segment were
, an increase of$17.1 million , or 1 percent. The modest increase was the result of a crop failure due to a pest infestation impacting farmed peppers.$0.2 million -
Gross loss was
, partially driven by a$0.2 million loss due to the crop failure noted above.$1.6 million -
Adjusted EBITDA was a loss of
, which was a decrease in segment profitability of$0.3 million .$0.5 million
First Six-Month Results Compared to the Same Period of 2021
-
Revenues were
, an increase of$203.2 million , or 184 percent, led by robust growth in the Ingredients segment.$131.7 million -
Ingredients segment revenues were
, an increase of$159.6 million , or 332 percent. Proprietary revenues were$122.7 million , an increase of 93 percent.$26.3 million -
Fresh segment revenues were
, an increase of$43.4 million , or 26 percent.$9.0 million
-
Ingredients segment revenues were
-
Gross profit was
, a decline in profitability of$0.4 million , which includes$0.2 million related to the remaining losses in the first quarter from mark-to-market timing differences, cost pressures in the Ingredients segment supply chain, and the write-down of inventory in the Fresh segment. When considering the effect of the timing of the mark-to-market adjustments, gross profit was$2.9 million .$3.3 million -
Operating expenses were
, an increase of$69.9 million , which includes higher costs to operate as a public company as well as$24.5 million for non-cash stock compensation and non-recurring costs including the PIPE transaction closed in March of this year.$11.4 million -
Inclusive of the mark-to-market timing differences, the reported net loss was
compared to a net loss of$44.1 million . Adjusted EBITDA was a loss of$49.8 million compared to a loss of$43.2 million .$30.6 million -
Ingredients segment Adjusted EBITDA was a loss of
.$16.0 million -
Fresh segment Adjusted EBITDA was
.$1.9 million
-
Ingredients segment Adjusted EBITDA was a loss of
Strategic Update
Today, the Company announced a long-term strategic partnership with
Management believes the movement to improve the food system is a once-in-a-generation opportunity to advance the adoption of plant-based foods. With this belief, the Company is exploring strategic options for the Fresh business, which will allow management to focus its time and resources solely on the tremendous market opportunity for soy and yellow pea protein ingredients.
As previously stated, the Company continues to explore options to further extend its cash position, which is currently sufficient to fund the business into 2024. Last month, the Company completed the drawdown of the remaining
These and other strategic accomplishments over the past year demonstrate the progress the Company is making to execute its strategic plan and achieve its previously stated financial targets in 2025:
-
Consolidated revenue in excess of
, including$500 million or more of proprietary Ingredients revenue;$350 million - Gross profit margin greater than 25 percent; and
- Positive EBITDA and free cash flow.
2022 Outlook
As a result of the strong demand for non-proprietary ingredient products, management expects full year revenues for the Ingredients segment of
Gross profit guidance remains in the range of
The Company maintains the expectation of a net loss of
Finally, the Company expects use of cash to moderate in 2022 due to higher gross margins, lower Capex requirements and cost management efforts.
Webcast
A webcast of the earnings conference call will begin at
About
Use of Non-GAAP Financial Measures
In this press release, the Company includes 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
Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures and the Company’s definition of these non-GAAP measures is included in the tables accompanying this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s currently expected guidance regarding its full year 2022 consolidated revenues, revenues for its proprietary soy portfolio, segment revenues, gross profit, gross margins, contribution margins, net loss, Adjusted EBITDA, and cash usage; the sufficiency of the Company’s cash position to fund the business in future periods; the anticipated benefits and other aspects of the Company’s strategic partnership with
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 derivatives and contract assets and liabilities:
|
Six Months Ended |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Open Mark-to-Market Timing Differences |
|||||||||||||||
|
YTD Reported |
|
Q1 Impact |
|
Q2 Impact |
|
YTD Impact |
|
YTD Excluding |
|||||||||
Revenues |
$ |
203,192 |
|
|
$ |
(5,002 |
) |
|
$ |
3,885 |
|
$ |
(1,117 |
) |
|
$ |
204,309 |
|
Ingredients Segment |
|
159,618 |
|
|
|
(5,002 |
) |
|
|
3,885 |
|
|
(1,117 |
) |
|
|
160,735 |
|
Fresh Segment |
|
43,435 |
|
|
|
— |
|
|
|
|
|
|
|
43,400 |
|
|||
Unallocated Other |
|
139 |
|
|
|
— |
|
|
|
|
|
|
|
139 |
|
|||
Gross profit |
$ |
354 |
|
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
(2,954 |
) |
|
$ |
3,308 |
|
Total operating expenses |
$ |
69,941 |
|
|
$ |
— |
|
|
|
|
|
|
$ |
69,700 |
|
|||
Reported net loss |
$ |
(44,130 |
) |
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
(2,954 |
) |
|
$ |
(41,176 |
) |
Adjusted EBITDA |
$ |
(43,198 |
) |
|
$ |
(8,181 |
) |
|
$ |
5,227 |
|
$ |
(2,954 |
) |
|
$ |
(40,244 |
) |
-
First quarter of 2022: The net temporary unrealized period-end loss on revenues and cost of sales was
and$5.0 million , respectively. The amortization of acquired sales and purchase contracts was$3.2 million .$0.6 million -
Second quarter of 2022: The net temporary unrealized period-end gain on revenues and cost of sales was
and$3.9 million , respectively. Management expects the remaining unrealized period-end loss of$1.3 million to reverse in the coming quarters.$2.9 million - See Adjusted EBITDA reconciliation on page 10.
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In Thousands) |
|||||||
|
|
|
|
||||
|
2022 |
|
2021 |
||||
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
46,772 |
|
|
$ |
78,963 |
|
Marketable securities |
|
163,135 |
|
|
|
103,689 |
|
Accounts receivable, net |
|
36,753 |
|
|
|
31,729 |
|
Inventories, net |
|
47,766 |
|
|
|
48,724 |
|
Prepaid expenses and other current assets |
|
14,544 |
|
|
|
20,253 |
|
Total current assets |
|
308,970 |
|
|
|
283,358 |
|
Property and equipment, net |
|
124,762 |
|
|
|
126,885 |
|
Right of use asset, net |
|
74,337 |
|
|
|
77,452 |
|
|
|
42,665 |
|
|
|
42,664 |
|
Other assets |
|
4,541 |
|
|
|
4,538 |
|
Total assets |
$ |
555,275 |
|
|
$ |
534,897 |
|
|
|
|
|
||||
|
2022 |
|
2021 |
||||
|
(Unaudited) |
|
|
||||
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
21,826 |
|
|
$ |
35,508 |
|
Revolving line of credit |
|
755 |
|
|
|
47 |
|
Current lease liability |
|
3,039 |
|
|
|
2,422 |
|
Current maturities of long-term debt |
|
25,776 |
|
|
|
6,934 |
|
Accrued expenses and other current liabilities |
|
27,423 |
|
|
|
26,771 |
|
Total current liabilities |
|
78,819 |
|
|
|
71,682 |
|
Long-term debt |
|
83,458 |
|
|
|
77,170 |
|
Long-term lease liability |
|
79,599 |
|
|
|
79,154 |
|
Warrant liabilities |
|
32,857 |
|
|
|
46,051 |
|
Conversion option liability |
|
10,940 |
|
|
|
8,783 |
|
Deferred tax liabilities |
|
304 |
|
|
|
294 |
|
Other non-current liabilities |
|
318 |
|
|
|
316 |
|
Total liabilities |
|
286,295 |
|
|
|
283,450 |
|
Stockholders’ equity: |
|
|
|
||||
Redeemable convertible preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
21 |
|
|
|
18 |
|
Additional paid-in capital |
|
600,736 |
|
|
|
533,101 |
|
Accumulated deficit |
|
(324,699 |
) |
|
|
(280,569 |
) |
Accumulated other comprehensive loss |
|
(7,078 |
) |
|
|
(1,103 |
) |
Total stockholders’ equity |
|
268,980 |
|
|
|
251,447 |
|
Total liabilities and stockholders’ equity |
$ |
555,275 |
|
|
$ |
534,897 |
|
|
|||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
(In Thousands, Except Per Share Information) |
|||||||||||||||
|
Three Months |
|
Six Months |
||||||||||||
Ended |
Ended |
||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenues |
$ |
110,747 |
|
|
$ |
39,692 |
|
|
$ |
203,192 |
|
|
$ |
71,494 |
|
Cost of sales |
|
105,171 |
|
|
|
39,722 |
|
|
|
202,838 |
|
|
|
70,955 |
|
Gross profit (loss) |
|
5,576 |
|
|
|
(30 |
) |
|
|
354 |
|
|
|
539 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
12,017 |
|
|
|
8,818 |
|
|
|
24,323 |
|
|
|
15,945 |
|
Selling, general and administrative expenses |
|
22,494 |
|
|
|
15,761 |
|
|
|
45,618 |
|
|
|
29,494 |
|
Total operating expenses |
|
34,511 |
|
|
|
24,579 |
|
|
|
69,941 |
|
|
|
45,439 |
|
Loss from operations |
|
(28,935 |
) |
|
|
(24,609 |
) |
|
|
(69,587 |
) |
|
|
(44,900 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
3,524 |
|
|
|
1,277 |
|
|
|
9,912 |
|
|
|
2,535 |
|
Change in fair value of warrants |
|
(5,899 |
) |
|
|
1,703 |
|
|
|
(37,640 |
) |
|
|
2,719 |
|
Other expense (income), net |
|
938 |
|
|
|
(170 |
) |
|
|
2,254 |
|
|
|
(388 |
) |
Total other (income) expense, net |
|
(1,437 |
) |
|
|
2,810 |
|
|
|
(25,474 |
) |
|
|
4,866 |
|
Net loss before income tax |
|
(27,498 |
) |
|
|
(27,419 |
) |
|
|
(44,113 |
) |
|
|
(49,766 |
) |
Income tax expense (benefit) |
|
56 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Net loss |
$ |
(27,554 |
) |
|
$ |
(27,419 |
) |
|
$ |
(44,130 |
) |
|
$ |
(49,766 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted loss per common share |
$ |
(0.15 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.46 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted average shares outstanding |
|
185,530 |
|
|
|
109,222 |
|
|
|
173,189 |
|
|
|
108,989 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) |
|||||||||||||||
(In Thousands) |
|||||||||||||||
|
Three Months |
|
Six Months |
||||||||||||
Ended |
Ended |
||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net loss |
$ |
(27,554 |
) |
|
$ |
(27,419 |
) |
|
$ |
(44,130 |
) |
|
$ |
(49,766 |
) |
Foreign currency: |
|
|
|
|
|
|
|
||||||||
Comprehensive loss |
|
20 |
|
|
|
70 |
|
|
|
(45 |
) |
|
|
(1 |
) |
Marketable securities: |
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income |
|
(4,393 |
) |
|
|
358 |
|
|
|
(8,159 |
) |
|
|
271 |
|
Adjustments for net income (losses) realized in net loss |
|
1,022 |
|
|
|
(300 |
) |
|
|
2,229 |
|
|
|
(347 |
) |
Total other comprehensive (loss) income |
|
(3,351 |
) |
|
|
128 |
|
|
|
(5,975 |
) |
|
|
(77 |
) |
Total comprehensive loss |
$ |
(30,905 |
) |
|
$ |
(27,291 |
) |
|
$ |
(50,105 |
) |
|
$ |
(49,843 |
) |
|
|||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
(In Thousands) |
|||||||
|
Six Months Ended |
||||||
|
2022 |
|
2021 |
||||
Operating activities |
|
|
|
||||
Net loss |
$ |
(44,130 |
) |
|
$ |
(49,766 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
10,942 |
|
|
|
5,430 |
|
Stock-based compensation expense |
|
11,359 |
|
|
|
1,356 |
|
Bad debt expense |
|
445 |
|
|
|
— |
|
Change in fair value of warrants and conversion option |
|
(37,640 |
) |
|
|
2,719 |
|
Accretion and amortization related to financing activities |
|
5,875 |
|
|
|
805 |
|
Other |
|
5,750 |
|
|
|
149 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(5,469 |
) |
|
|
(8,173 |
) |
Inventories |
|
9,117 |
|
|
|
63 |
|
Prepaid expenses and other current assets |
|
5,293 |
|
|
|
(4,520 |
) |
Accounts payable |
|
(12,722 |
) |
|
|
3,799 |
|
Accrued expenses |
|
(7,552 |
) |
|
|
881 |
|
Net cash used in operating activities |
|
(58,732 |
) |
|
|
(47,257 |
) |
Investing activities |
|
|
|
||||
Purchases of marketable securities |
|
(248,637 |
) |
|
|
(81,604 |
) |
Proceeds from maturities of marketable securities |
|
9,549 |
|
|
|
2,050 |
|
Proceeds from sales of marketable securities |
|
170,217 |
|
|
|
150,006 |
|
Payments for acquisitions of property and equipment |
|
(5,637 |
) |
|
|
(21,128 |
) |
Payment made in connection with business acquisitions |
|
(1,034 |
) |
|
|
— |
|
Net cash (used in) provided by investing activities |
|
(75,542 |
) |
|
|
49,324 |
|
Financing activities |
|
|
|
||||
Principal payments on debt |
|
(4,576 |
) |
|
|
(1,794 |
) |
Proceeds from issuance of debt |
|
24,040 |
|
|
|
— |
|
Borrowing under revolving line of credit |
|
12,491 |
|
|
|
14,451 |
|
Repayments under revolving line of credit |
|
(11,783 |
) |
|
|
(11,481 |
) |
Repayments of financing lease obligations |
|
(629 |
) |
|
|
(165 |
) |
Payment of deferred offering costs |
|
— |
|
|
|
(322 |
) |
Contributions from |
|
81,234 |
|
|
|
— |
|
Proceeds from the exercise of stock options and warrants |
|
1,351 |
|
|
|
494 |
|
Net cash provided by financing activities |
|
102,128 |
|
|
|
1,183 |
|
Effect of exchange rate changes on cash |
|
(45 |
) |
|
|
(1 |
) |
Net increase in cash and cash equivalents |
|
(32,191 |
) |
|
|
3,249 |
|
Cash and cash equivalents, beginning of period |
|
78,963 |
|
|
|
9,743 |
|
Cash and cash equivalents, end of period |
$ |
46,772 |
|
|
$ |
12,992 |
|
|
|
|
|
||||
Supplemental disclosure of cash flow information |
|
|
|
||||
Cash paid for taxes |
$ |
1 |
|
|
$ |
— |
|
Cash paid for interest |
$ |
5,900 |
|
|
$ |
2,990 |
|
Supplemental disclosure of non-cash activities |
|
|
|
||||
|
$ |
362 |
|
|
$ |
— |
|
Purchases of property and equipment included in accounts payable and accrued expenses and other current |
|||||||
liabilities |
$ |
2,255 |
|
|
$ |
2,995 |
|
Purchases of inventory included in accounts payable and accrued expenses and other current liabilities |
$ |
10,013 |
|
|
$ |
2,170 |
|
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities |
$ |
— |
|
|
$ |
2,139 |
|
Financing leases commencing in the period |
$ |
806 |
|
|
$ |
— |
|
Supplemental Schedules - Segment Information and Non-GAAP Reconciliation
(Dollar Amounts in Thousands)
The Company defines and calculates Adjusted EBITDA as consolidated net loss before net interest expense, income tax provision, and depreciation and amortization, further adjusted to exclude stock-based compensation, other income and expense, and the impact of significant non-recurring items.
Three Months Ended |
Revenue |
|
Adjusted
|
|||
Ingredients |
|
93,545 |
|
|
(1,145 |
) |
Fresh |
|
17,116 |
|
|
(304 |
) |
Unallocated and other |
|
86 |
|
|
(14,217 |
) |
Total segment results |
$ |
110,747 |
|
$ |
(15,666 |
) |
Adjustments to reconcile consolidated net loss to Adjusted EBITDA: |
||||||
Consolidated net loss |
$ |
(27,554 |
) |
|||
Interest expense, net |
|
3,524 |
|
|||
Income tax (benefit) expense |
|
56 |
|
|||
Depreciation and amortization |
|
5,538 |
|
|||
Stock-based compensation |
|
5,676 |
|
|||
Other expense (income), net |
|
938 |
|
|||
Change in fair value of warrants and conversion option |
|
(5,899 |
) |
|||
Other nonrecurring costs, including acquisition, transaction, and integration costs |
|
294 |
|
|||
Non-recurring SOX readiness costs |
|
70 |
|
|||
Severance expense |
|
124 |
|
|||
Fresh segment crop failure costs |
|
1,567 |
|
|||
Total Adjusted EBITDA |
$ |
(15,666 |
) |
Three Months Ended |
Revenue |
|
Adjusted
|
|||
Ingredients |
$ |
22,724 |
|
$ |
(6,409 |
) |
Fresh |
|
16,906 |
|
|
165 |
|
Unallocated and other |
|
62 |
|
|
(9,530 |
) |
Total segment results |
$ |
39,692 |
|
$ |
(15,774 |
) |
Adjustments to reconcile consolidated net loss to Adjusted EBITDA: |
||||||
Consolidated net loss |
$ |
(27,419 |
) |
|||
Interest expense, net |
|
1,277 |
|
|||
Income tax (expense) benefit |
|
— |
|
|||
Depreciation and amortization |
|
2,839 |
|
|||
Stock-based compensation |
|
709 |
|
|||
Other expense (income), net |
|
(170 |
) |
|||
Change in fair value of warrants |
|
1,703 |
|
|||
Other non-recurring costs, including acquisition costs |
|
527 |
|
|||
Non-recurring public company readiness costs |
|
1,955 |
|
|||
|
|
2,805 |
|
|||
Total Adjusted EBITDA |
$ |
(15,774 |
) |
Six Months Ended |
Revenue |
|
Adjusted
|
|||
Ingredients |
$ |
159,618 |
|
$ |
(16,040 |
) |
Fresh |
|
43,435 |
|
|
1,925 |
|
Unallocated and other |
|
139 |
|
|
(29,083 |
) |
Total segment results |
$ |
203,192 |
|
$ |
(43,198 |
) |
Adjustments to reconcile consolidated net loss to Adjusted EBITDA: |
||||||
Consolidated net loss |
$ |
(44,130 |
) |
|||
Interest expense, net |
|
9,912 |
|
|||
Income tax (expense) benefit |
|
17 |
|
|||
Depreciation and amortization |
|
10,942 |
|
|||
Stock-based compensation |
|
11,359 |
|
|||
Other expense (income), net |
|
2,254 |
|
|||
Change in fair value of warrants and conversion options |
|
(37,640 |
) |
|||
Other nonrecurring costs, including acquisition, transaction, and integration costs |
|
312 |
|
|||
Non-recurring SOX readiness costs |
|
282 |
|
|||
Severance expense |
|
289 |
|
|||
Fresh segment crop failure costs |
|
1,567 |
|
|||
|
|
705 |
|
|||
Fresh segment restructuring expenses |
|
933 |
|
|||
Total Adjusted EBITDA |
$ |
(43,198 |
) |
Six Months Ended |
Revenue |
|
Adjusted
|
|||
Ingredients |
$ |
36,919 |
|
$ |
(13,197 |
) |
Fresh |
|
34,470 |
|
|
(172 |
) |
Unallocated and other |
|
105 |
|
|
(17,252 |
) |
Total segment results |
$ |
71,494 |
|
$ |
(30,621 |
) |
Adjustments to reconcile consolidated net loss to Adjusted EBITDA: |
||||||
Consolidated net loss |
$ |
(49,766 |
) |
|||
Depreciation and amortization |
|
5,430 |
|
|||
Stock-based compensation |
|
1,356 |
|
|||
Other expense (income), net |
|
(388 |
) |
|||
Change in fair value of warrants and conversion options |
|
2,719 |
|
|||
Interest expense, net |
|
2,535 |
|
|||
Other nonrecurring items, including acquisition costs |
|
527 |
|
|||
|
|
2,805 |
|
|||
Non-recurring public company readiness costs |
|
4,161 |
|
|||
Income tax expense |
|
— |
|
|||
Total Adjusted EBITDA |
$ |
(30,621 |
) |
|
|
Supplemental Schedules – 2022 Non-GAAP Reconciliation |
|
(Dollar Amounts in Thousands) |
|
Adjustments to reconcile estimated 2022 consolidated net loss to estimated Adjusted EBITDA: |
|
|
2022 Estimate |
Consolidated net loss |
|
Interest expense, net |
23,000 |
Depreciation and amortization |
23,000 |
Stock-based compensation |
21,000 |
Other non-recurring costs |
1,000 |
Total Adjusted EBITDA |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005187/en/
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FAQ
What were Benson Hill's earnings results for the second quarter of 2022?
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