Benson Hill Announces Second Quarter Financial Results
Benson Hill (NYSE: BHIL) reported second-quarter 2024 revenues of $33.8 million, up from $23.5 million in the same period of 2023, driven by higher grain sales and increased revenue from partnerships. The company’s net loss from continuing operations improved to $18 million, a decrease of $18.5 million compared to the previous year. Adjusted EBITDA loss was reduced to $12.4 million from $15.2 million. Free cash flow loss for the first half of 2024 was $31.8 million, a 50% improvement from 2023. Benson Hill ended the quarter with $29.5 million in cash and marketable securities. Key initiatives included advancements in their innovation pipeline, animal feeding trials, and strategic partnerships. The company reiterated its focus on cash management and expects to fund operations through the end of 2024.
Benson Hill (NYSE: BHIL) ha riportato ricavi per il secondo trimestre del 2024 pari a 33,8 milioni di dollari, in aumento rispetto ai 23,5 milioni dello stesso periodo del 2023, grazie a maggiori vendite di cereali e un incremento dei ricavi derivanti da collaborazioni. La perdita netta delle operazioni continuative è migliorata a 18 milioni di dollari, con una diminuzione di 18,5 milioni rispetto all'anno precedente. La perdita di EBITDA rettificato è stata ridotta a 12,4 milioni di dollari rispetto ai 15,2 milioni. La perdita di flussi di cassa liberi per il primo semestre del 2024 è stata di 31,8 milioni di dollari, con un miglioramento del 50% rispetto al 2023. Benson Hill ha chiuso il trimestre con 29,5 milioni di dollari in contante e titoli di mercato. Le iniziative chiave includevano progressi nella loro pipeline di innovazione, prove di alimentazione animale e partnership strategiche. L'azienda ha ribadito il proprio impegno nella gestione della liquidità e prevede di finanziare le operazioni fino alla fine del 2024.
Benson Hill (NYSE: BHIL) reportó ingresos de 33.8 millones de dólares en el segundo trimestre de 2024, un aumento desde los 23.5 millones de dólares en el mismo período de 2023, impulsado por mayores ventas de granos y un aumento en los ingresos por asociaciones. La pérdida neta de las operaciones continuas mejoró a 18 millones de dólares, una disminución de 18.5 millones en comparación con el año anterior. La pérdida de EBITDA ajustado se redujo a 12.4 millones de dólares desde 15.2 millones. La pérdida de flujo de efectivo libre para la primera mitad de 2024 fue de 31.8 millones de dólares, una mejora del 50% en comparación con 2023. Benson Hill terminó el trimestre con 29.5 millones de dólares en efectivo y valores negociables. Las iniciativas clave incluyeron avances en su pipeline de innovación, ensayos de alimentación animal y asociaciones estratégicas. La empresa reiteró su enfoque en la gestión del efectivo y espera financiar las operaciones hasta finales de 2024.
Benson Hill (NYSE: BHIL)은 2024년 2분기 매출이 3,380만 달러에 달했다고 보고했으며, 이는 2023년 같은 기간의 2,350만 달러에서 증가한 수치입니다. 이는 곡물 판매 증가와 파트너십을 통한 수익 증가에 힘입은 것입니다. 회사의 지속 운영에서의 순손실은 1,800만 달러로 개선되어, 전년 대비 1,850만 달러 감소했습니다. 조정된 EBITDA 손실은 1,240만 달러로 줄어들었으며, 이는 1,520만 달러에서 감소한 겁니다. 2024년 상반기 자유 현금 흐름 손실은 3,180만 달러로 2023년 대비 50% 개선되었습니다. Benson Hill은 2분기를 현금 및 유통 가능한 유가증권 2,950만 달러로 마감했습니다. 주요 이니셔티브에는 혁신 파이프라인의 발전, 동물 사료 시험, 전략적 파트너십이 포함되었습니다. 회사는 현금 관리에 대한 집중을 재확인하며, 2024년 말까지 운영 자금을 조달할 것으로 예상하고 있습니다.
Benson Hill (NYSE: BHIL) a annoncé des revenus de 33,8 millions de dollars au deuxième trimestre de 2024, en hausse par rapport à 23,5 millions de dollars pour la même période en 2023, soutenus par des ventes de grains plus élevées et une augmentation des revenus provenant de partenariats. La perte nette des opérations continues s'est améliorée pour s'établir à 18 millions de dollars, soit une diminution de 18,5 millions de dollars par rapport à l'année précédente. La perte ajustée d'EBITDA a été réduite à 12,4 millions de dollars contre 15,2 millions de dollars. La perte de flux de trésorerie disponible pour le premier semestre de 2024 s'élevait à 31,8 millions de dollars, soit une amélioration de 50 % par rapport à 2023. Benson Hill a terminé le trimestre avec 29,5 millions de dollars en liquidités et titres négociables. Les initiatives clés comprenaient des avancées dans leur pipeline d'innovation, des essais d'alimentation animale, et des partenariats stratégiques. L'entreprise a réitéré son engagement en matière de gestion de la trésorerie et prévoit de financer ses opérations jusqu'à la fin de 2024.
Benson Hill (NYSE: BHIL) meldete für das zweite Quartal 2024 einen Umsatz von 33,8 Millionen US-Dollar, ein Anstieg von 23,5 Millionen US-Dollar im selben Zeitraum 2023, verursacht durch höhere Getreideverkäufe und gestiegene Einnahmen aus Partnerschaften. Der Nettoverlust aus fortgeführten Tätigkeiten verbesserte sich auf 18 Millionen US-Dollar, was einem Rückgang von 18,5 Millionen US-Dollar im Vergleich zum Vorjahr entspricht. Der Verlust beim bereinigten EBITDA wurde auf 12,4 Millionen US-Dollar von 15,2 Millionen US-Dollar reduziert. Der Verlust beim freien Cashflow für das erste Halbjahr 2024 betrug 31,8 Millionen US-Dollar, was eine Verbesserung von 50 % im Vergleich zu 2023 darstellt. Benson Hill schloss das Quartal mit 29,5 Millionen US-Dollar in Bargeld und handelbaren Wertpapieren ab. Zu den Schlüsselinitiativen gehörten Fortschritte in ihrer Innovationspipeline, Fütterungsversuche an Tieren und strategische Partnerschaften. Das Unternehmen bekräftigte seinen Fokus auf das Cash-Management und erwartet, die Betriebsabläufe bis Ende 2024 zu finanzieren.
- Second-quarter revenue increased by $10.3 million to $33.8 million.
- Net loss from continuing operations improved by $18.5 million, standing at $18 million.
- Adjusted EBITDA loss reduced by $2.8 million to $12.4 million.
- Free cash flow loss decreased by 50% in the first half of 2024, totaling $31.8 million.
- Ended the quarter with $29.5 million in cash and marketable securities.
- Reported net loss from continuing operations was $18 million.
- Adjusted EBITDA was a loss of $12.4 million.
- Free cash flow loss for the first half of 2024 was $31.8 million.
Insights
Benson Hill's Q2 results show mixed signals. Revenues increased to
However, cash position is concerning at
Benson Hill's strategic pivot towards an asset-light licensing model is noteworthy. The company's broad R&D pipeline for soy quality traits could be a game-changer if successful. The planned feeding trials across various animal segments covering
The accelerated timeline for introducing herbicide-tolerant Ultra-High Protein, Low Oligosaccharide soybean varieties by 2026 is particularly interesting. If these trials yield positive results, Benson Hill could secure a significant competitive advantage. However, the path from R&D to commercial success in agbiotech is often long and uncertain. Investors should watch for concrete results from these trials and subsequent market adoption rates.
-
Second quarter revenues of approximately
, an increase compared to$33.8 million in the same period of 2023, reflect the Company’s ongoing transition to an asset-light business model.$23.5 million -
Net loss from continuing operations, net of income taxes, was
in the quarter, an improvement of$18 million in reported loss from the same period of the prior year. Adjusted EBITDA was a loss of$18.5 million , compared to a loss of$12.4 million in the same period of 2023, due primarily to expense reductions.$15.2 million -
Free cash flow loss in the first half of 2024 was
, which was approximately 50 percent of the free cash flow loss in the first half of 2023.$31.8 million -
The Company ended the second quarter with
of cash and marketable securities, expected to be sufficient to fund operations through the end of 2024.$29.5 million - The Company provides updates on business milestones related to animal feeding trials, innovation pipeline advancements, and genetic market share in its Q2 Shareholder Letter.
Benson Hill Announces Second Quarter Financial Results (Photo: Business Wire)
“The Benson Hill team showed focus and financial discipline and delivered significantly better operating results this quarter, while making strides in our transition to an asset-light licensing model. We also strengthened strategic partnerships that are crucial for our future growth,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “Our highly advanced technology core has led to the development of what we believe to be the industry’s broadest and deepest R&D pipeline for soy quality traits. Our next priority is to implement several animal feeding trials with both commercial and academic partners, further validating the value our seed innovations deliver to end users.”
Progress Points
Progress across key initiatives in the second quarter included accelerations in the Company’s innovation pipeline, expanded feeding trials with the proprietary soybean portfolio, advancements with strategic partners, and exploration of new capital structures.
- The Company continued its rigorous focus on cash management, expecting to deliver cash runway through the end of 2024.
-
Following a Q1 feeding trial, management reported that it will continue to validate the value of its seed innovations with end users. Nearly a dozen academic studies and commercial feeding trials are planned over the next 9 to 12 months in broiler chickens, turkey, swine, dairy, and salmon. These end-user market segments represent more than 80 percent of the 30 million
U.S. soybean acres used in animal feed.1 - Management reiterated the competitive edge delivered by the innovation pipeline it announced last month. Seed advancements over the next decade are expected to feature herbicide-tolerant soybean varieties, varieties designed to meet end-user needs in animal feed, versions for soybean oil, and soybeans for future use in biofuel. The Company is on track to significantly expand its seed portfolio to more than 35 varieties by 2025 and introduce herbicide-tolerant versions of its Ultra-High Protein, Low Oligosaccharide soybean in 2026, a year earlier than expected.
________________________ |
1 United Soybean Board Market View Database, 2022 |
Second Quarter Results Compared to the Same Period of 2023
The following financial results exclude the former Fresh Segment and
-
Reported revenues increased by
in the second quarter of 2024, driven by higher grain sales of proprietary soybeans and higher revenue from partnerships and licensing agreements.$10.3 million -
R&D expenses were
, a decrease of$7.5 million , or 27.7 percent. The decrease was driven by reduced personnel-related costs and other technology costs in connection with implementing the expanded Liquidity Improvement Plan. Benson Hill continues to invest in critical technology costs, facilities expenses (primarily related to the Crop Accelerator facility) and workforce-related expenses as it did in 2023, to drive innovation in feed, food, and fuel with its CropOS® technology platform.$2.9 million -
Selling, general, and administrative expenses were
, an increase of$10.2 million , or 56 percent. The increase was due to a non-recurring$3.6 million reversal to stock-based compensation expense in 2023. Excluding this non-recurring expense decrease in 2023, there was a decrease of$6.2 million to other selling, general and administrative expenses driven by reduced personnel-related costs in connection with implementing the expanded Liquidity Improvement Plan.$2.6 million -
Net loss from continuing operations, net of income taxes, was
, a decrease of$18 million in reported loss. Adjusted EBITDA was a loss of$18.5 million , compared to a loss of$12.4 million in the same period of the prior year, which represents a reduction in loss of$15.2 million .$2.8 million -
Cash and marketable securities of
were on hand as of June 30, 2024.$29.5 million
First Six-Months Results Compared to the Same Period of 2023
The following financial results exclude the former Fresh Segment and
-
Reported revenues in the first half of 2024 were
, a decrease of$54.9 million , or 23.9 percent. The decrease was driven by recognition of revenue in 2023 from low margin trading volumes generated by business development efforts that did not repeat in 2024, partially offset by higher revenue from partnerships and licensing agreements during the six months ended June 30, 2024, compared to the same period in 2023. Revenue from domestic sales increased$17.2 million compared to the same period in 2023 due to higher grain sales of proprietary soybeans.$5.8 million -
R&D expenses were
, a decrease of$14.4 million , or 37.3 percent. The decrease was driven by reduced personnel-related costs and other technology costs in connection with implementing the expanded Liquidity Improvement Plan.$8.6 million -
Selling, general, and administrative expenses were
, an increase of$25 million , or 26.6 percent. Excluding a non-recurring$5.2 million reversal to stock-based compensation expense in 2023, these expenses decreased by$6.2 million , driven by reduced personnel-related costs in connection with implementing the Company’s expanded Liquidity Improvement Plan.$1 million -
Net loss from continuing operations, net of income taxes, was
, an increase in reported loss of$44.3 million . Adjusted EBITDA was a loss of$1 million , compared to a loss of$19.5 million in the same period of the prior year which represents a reduction in loss of$29.7 million . Free cash flow loss in the first half of 2024 was$10.2 million , which was approximately 50 percent of the free cash flow loss in the first half of 2023.$31.8 million
Additional Information
Additional information about Benson Hill’s financial and operating results can be found in the Company’s latest Shareholder Letter and in the Current Report on Form 8-K filed today with the Securities and Exchange Commission. Those documents are downloadable at investors.bensonhill.com.
About Benson Hill
Benson Hill is a seed innovation company that unlocks nature’s genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS® technology platform, and its Crop Accelerator. Benson Hill collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. For more information, visit bensonhill.com or on X, formerly known as Twitter at @bensonhillinc.
Use of Non-GAAP Financial Measures
In this press release, the Company includes references to non-GAAP performance measures. The Company’s management uses these non-GAAP financial measures to facilitate 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
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this letter 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 progress toward an asset-light business model, and the anticipated pace of such transition; the Company’s financial and operating performance during its business transition; the Company’s cost-cutting measures under its expanded Liquidity Improvement Plan and other cost-saving measures, actions to implement such plan, and the anticipated benefits of and timeline to implement such plans; the Company’s current expectations and assumptions regarding the industries and markets in which it operates; strategic partnership and licensing opportunities; the Company’s anticipated liquidity, path to profitability, and runway for growth; expectations regarding the sources of expected revenues, costs, profit and earnings; projections of market opportunity; the potential and capabilities of its innovation pipeline and the expected timeline for the commercialization of the Company’s current and anticipated innovations; the expected timeline for the expansion of the Company’s seed portfolio; the expected timing and results of planned academic studies and commercial feeding trails; potential strategic partnership and licensing opportunities; current projections and assumptions regarding the Company’s business and the industries and markets in which the Company currently operates or plans to operate expectations regarding the Company’s ability to continue as a going concern; execution of the Company’s business plan, the strategic review of the Company’s business, and the Company’s executive leadership transition; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; the Company’s strategies, positioning, resources, capabilities, and expectations for future performance; estimates and forecasts of financial and other performance metrics; the Company’s outlook, and financial and other guidance; and management’s strategy and plans for growth. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks associated with the Company’s ability to generally execute on its business strategy, including its transition to an asset-light business model in a timely manner with sufficient liquidity; risks relating to acreage acquisition; risks associated with developing and maintaining partnering and licensing relationships in an asset-light business model, and maintaining relationships with customers and suppliers; the risk that the Company will not realize the anticipated benefits of the divestiture of its soy processing facilities; risks associated with the loss of revenues from such facilities; risks associated with growing and managing capital resources; risks associated with changing industry conditions and consumer preferences; risks associated with the Company’s cost-cutting measures under its expanded Liquidity Improvement Plan and other cost saving measures, including potentially adverse impacts on the Company’s business and prospects even if such plans are successful; the risk that the Company’s actions relating to cost-cutting measures under its expanded Liquidity Improvement Plan and other cost saving measures may be insufficient to achieve the objectives of such plans; liquidity and other risks relating to the Company’s ability to continue as a going concern; risks associated with the Company’s ability to grow and achieve growth profitably, including continued access to the capital resources necessary for growth; risks relating to the failure to raise additional financing to satisfy the Company’s cash needs; risks associated with the Company’s execution of its executive leadership transition, including, among others, risks relating to maintaining key employee, customer, partner and supplier relationships; risks relating to the Company’s exploration of strategic alternatives; risks associated with the failure to realize the anticipated commercial or nutritional benefits of the Company’s UHP-LO soybeans; risks that the benefits validated by the recent trial may not be able to be repeated or improved upon in the future; risks associated with the accuracy and repeatability of feeding trials generally; risks associated with the effects of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. The Company can make no assurances that it will be able to raise additional financing, improve its liquidity position, or continue as a going concern. Nothing in this letter should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.
Benson Hill, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In Thousands, Except Per Share Data) |
|||||||
|
June 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
9,272 |
|
|
$ |
8,934 |
|
Marketable securities |
|
20,247 |
|
|
|
32,852 |
|
Accounts receivable, net |
|
9,640 |
|
|
|
6,810 |
|
Inventories, net |
|
16,826 |
|
|
|
14,860 |
|
Prepaid expenses and other current assets |
|
15,270 |
|
|
|
8,121 |
|
Current assets of discontinued operations |
|
5,909 |
|
|
|
103,177 |
|
Total current assets |
|
77,164 |
|
|
|
174,754 |
|
Property and equipment, net |
|
22,643 |
|
|
|
26,533 |
|
Finance lease right-of-use assets, net |
|
55,465 |
|
|
|
59,245 |
|
Operating lease right-of-use assets |
|
2,800 |
|
|
|
2,934 |
|
Intangible assets, net |
|
4,947 |
|
|
|
5,226 |
|
Other assets |
|
8,289 |
|
|
|
6,072 |
|
Total assets |
$ |
171,308 |
|
|
$ |
274,764 |
|
|
|
|
|
||||
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
11,151 |
|
|
$ |
4,397 |
|
Finance lease liabilities, current portion |
|
4,263 |
|
|
|
3,705 |
|
Operating lease liabilities, current portion |
|
872 |
|
|
|
842 |
|
Long-term debt, current portion |
|
1,900 |
|
|
|
55,201 |
|
Accrued expenses and other current liabilities |
|
13,114 |
|
|
|
21,352 |
|
Current liabilities of discontinued operations |
|
1,121 |
|
|
|
18,802 |
|
Total current liabilities |
|
32,421 |
|
|
|
104,299 |
|
Long-term debt, less current portion |
|
14,236 |
|
|
|
5,250 |
|
Finance lease liabilities, less current portion |
|
71,013 |
|
|
|
73,682 |
|
Operating lease liabilities, less current portion |
|
3,949 |
|
|
|
4,299 |
|
Warrant liabilities |
|
906 |
|
|
|
1,186 |
|
Conversion option liabilities |
|
— |
|
|
|
5 |
|
Other non-current liabilities |
|
30 |
|
|
|
— |
|
Total liabilities |
|
122,555 |
|
|
|
188,721 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
614,018 |
|
|
|
611,497 |
|
Accumulated deficit |
|
(564,769 |
) |
|
|
(523,786 |
) |
Accumulated other comprehensive loss |
|
(497 |
) |
|
|
(1,669 |
) |
Total stockholders’ equity |
|
48,753 |
|
|
|
86,043 |
|
Total liabilities and stockholders’ equity |
$ |
171,308 |
|
|
$ |
274,764 |
|
(1) Amounts have been adjusted to reflect the 1-for-35 reverse stock split that became effective on July 18, 2024. |
Benson Hill, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In Thousands, Except Per Share Data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
33,773 |
|
|
$ |
23,484 |
|
|
$ |
54,906 |
|
|
$ |
72,151 |
|
Cost of sales |
|
34,597 |
|
|
|
22,214 |
|
|
|
50,492 |
|
|
|
66,238 |
|
Research and development |
|
7,456 |
|
|
|
10,312 |
|
|
|
14,397 |
|
|
|
22,954 |
|
Selling, general and administrative expenses |
|
10,155 |
|
|
|
6,510 |
|
|
|
24,983 |
|
|
|
19,737 |
|
Impairment of goodwill |
|
— |
|
|
|
9,260 |
|
|
|
— |
|
|
|
9,260 |
|
Interest expense, net |
|
1,708 |
|
|
|
6,874 |
|
|
|
10,304 |
|
|
|
13,246 |
|
Changes in fair value of warrants and conversion option |
|
(513 |
) |
|
|
3,036 |
|
|
|
(286 |
) |
|
|
(18,660 |
) |
Other (income) expense, net |
|
(1,653 |
) |
|
|
1,921 |
|
|
|
(693 |
) |
|
|
2,789 |
|
Net loss from continuing operations before income taxes |
|
(17,977 |
) |
|
|
(36,643 |
) |
|
|
(44,291 |
) |
|
|
(43,413 |
) |
Income tax expense (benefit) |
|
6 |
|
|
|
(138 |
) |
|
|
6 |
|
|
|
(123 |
) |
Net loss from continuing operations, net of income taxes |
|
(17,983 |
) |
|
|
(36,505 |
) |
|
|
(44,297 |
) |
|
|
(43,290 |
) |
Net (loss) income from discontinued operations, net of tax |
|
(1,717 |
) |
|
|
(20,336 |
) |
|
|
3,314 |
|
|
|
(16,605 |
) |
Net loss attributable to common stockholders |
$ |
(19,700 |
) |
|
$ |
(56,841 |
) |
|
$ |
(40,983 |
) |
|
$ |
(59,895 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per common share from continuing operations(1) |
$ |
(3.27 |
) |
|
$ |
(6.81 |
) |
|
$ |
(8.09 |
) |
|
$ |
(8.08 |
) |
Basic and diluted net (loss) income per common share from discontinued operations(1) |
$ |
(0.31 |
) |
|
$ |
(3.79 |
) |
|
$ |
0.61 |
|
|
$ |
(3.10 |
) |
Basic and diluted total net loss per common share(1) |
$ |
(3.58 |
) |
|
$ |
(10.60 |
) |
|
$ |
(7.48 |
) |
|
$ |
(11.18 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic and diluted weighted average shares outstanding(1) |
|
5,496 |
|
|
|
5,364 |
|
|
|
5,477 |
|
|
|
5,355 |
|
(1) Amounts have been adjusted to reflect the 1-for-35 reverse stock split that became effective on July 18, 2024. |
Benson Hill, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (In Thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss attributable to common stockholders |
$ |
(19,700 |
) |
|
$ |
(56,841 |
) |
|
$ |
(40,983 |
) |
|
$ |
(59,895 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment |
|
1 |
|
|
|
— |
|
|
|
(12 |
) |
|
|
— |
|
Change in fair value of available-for-sale marketable securities, net of deferred taxes |
|
73 |
|
|
|
2,668 |
|
|
|
1,184 |
|
|
|
3,524 |
|
Total other comprehensive income |
|
74 |
|
|
|
2,668 |
|
|
|
1,172 |
|
|
|
3,524 |
|
Total comprehensive loss |
$ |
(19,626 |
) |
|
$ |
(54,173 |
) |
|
$ |
(39,811 |
) |
|
$ |
(56,371 |
) |
Benson Hill, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In Thousands) |
|||||||
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(40,983 |
) |
|
$ |
(59,895 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
8,061 |
|
|
|
10,596 |
|
Stock-based compensation expense |
|
2,414 |
|
|
|
(1,214 |
) |
Bad debt expense |
|
1,077 |
|
|
|
(197 |
) |
Changes in fair value of warrants and conversion option |
|
(286 |
) |
|
|
(18,660 |
) |
Accretion and amortization related to financing activities |
|
6,191 |
|
|
|
4,318 |
|
Realized losses on sale of marketable securities |
|
1,164 |
|
|
|
3,044 |
|
Impairment of goodwill |
|
— |
|
|
|
19,226 |
|
Other |
|
(4,043 |
) |
|
|
2,593 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
1,302 |
|
|
|
(1,614 |
) |
Inventories |
|
5,962 |
|
|
|
31,072 |
|
Other assets and other liabilities |
|
2,710 |
|
|
|
909 |
|
Accounts payable |
|
(1,008 |
) |
|
|
(23,708 |
) |
Accrued expenses |
|
(9,022 |
) |
|
|
(10,751 |
) |
Net cash used in operating activities |
|
(26,461 |
) |
|
|
(44,281 |
) |
Investing activities |
|
|
|
||||
Purchases of marketable securities |
|
(36,560 |
) |
|
|
(75,050 |
) |
Proceeds from maturities of marketable securities |
|
22,933 |
|
|
|
41,759 |
|
Proceeds from sales of marketable securities |
|
26,287 |
|
|
|
84,385 |
|
Purchase of property and equipment |
|
(458 |
) |
|
|
(6,956 |
) |
Proceeds from divestiture of discontinued operations |
|
57,713 |
|
|
|
1,928 |
|
Proceeds from a corporate-owned life insurance policy |
|
2,173 |
|
|
|
— |
|
Other |
|
27 |
|
|
|
36 |
|
Net cash provided by investing activities |
|
72,115 |
|
|
|
46,102 |
|
Financing activities |
|
|
|
||||
Repayments of long-term debt |
|
(66,307 |
) |
|
|
(4,313 |
) |
Proceeds from issuance of long-term debt |
|
15,800 |
|
|
|
— |
|
Payments of debt issuance costs |
|
— |
|
|
|
(2,000 |
) |
Borrowing under revolving line of credit |
|
3,562 |
|
|
|
— |
|
Repayments under revolving line of credit |
|
(3,562 |
) |
|
|
— |
|
Payments of finance lease obligations |
|
(2,003 |
) |
|
|
(1,595 |
) |
Proceeds from exercise of stock awards, net of withholding taxes |
|
59 |
|
|
|
140 |
|
Net cash used in financing activities |
|
(52,451 |
) |
|
|
(7,768 |
) |
Effect of exchange rate changes on cash |
|
(12 |
) |
|
|
— |
|
Net decrease in cash and cash equivalents |
|
(6,809 |
) |
|
|
(5,947 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
16,081 |
|
|
|
43,321 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
9,272 |
|
|
$ |
37,374 |
|
Supplemental disclosure of cash flow information |
|
|
|
|
||
Cash paid for taxes |
|
$ |
— |
|
$ |
2 |
Cash paid for interest |
|
$ |
4,674 |
|
$ |
9,555 |
Supplemental disclosure of non-cash activities |
|
|
|
|
||
Purchases of property and equipment included in liabilities |
|
$ |
30 |
|
$ |
333 |
Benson Hill, Inc. Non-GAAP Reconciliation (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, changes in fair value of warrants and conversion options, realized (gains) losses on marketable securities, goodwill and long-lived asset impairment, restructuring-related costs (including severance costs) and the impact of significant non-recurring items. The Company defines free cash flow as net cash (used in) provided by operating activities minus capital expenditures.
Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA: |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss from continuing operations, net of income taxes |
$ |
(17,983 |
) |
|
$ |
(36,505 |
) |
|
$ |
(44,297 |
) |
|
$ |
(43,290 |
) |
Interest expense, net |
|
1,708 |
|
|
|
6,874 |
|
|
|
10,304 |
|
|
|
13,246 |
|
Income tax expense (benefit) |
|
6 |
|
|
|
(138 |
) |
|
|
6 |
|
|
|
(123 |
) |
Depreciation and amortization |
|
3,846 |
|
|
|
3,529 |
|
|
|
7,673 |
|
|
|
7,003 |
|
Stock-based compensation |
|
1,138 |
|
|
|
(4,073 |
) |
|
|
2,414 |
|
|
|
(1,259 |
) |
Changes in fair value of warrants and conversion option |
|
(513 |
) |
|
|
3,036 |
|
|
|
(286 |
) |
|
|
(18,660 |
) |
Impairment of goodwill |
|
— |
|
|
|
9,260 |
|
|
|
— |
|
|
|
9,260 |
|
Exit costs related to divestiture of |
|
(7 |
) |
|
|
— |
|
|
|
2,881 |
|
|
|
— |
|
Business transformation |
|
408 |
|
|
|
— |
|
|
|
732 |
|
|
|
— |
|
Proceeds from a corporate-owned life insurance policy |
|
(2,173 |
) |
|
|
— |
|
|
|
(2,173 |
) |
|
|
— |
|
Severance |
|
402 |
|
|
|
1,126 |
|
|
|
1,476 |
|
|
|
1,238 |
|
Other |
|
755 |
|
|
|
1,642 |
|
|
|
1,773 |
|
|
|
2,874 |
|
Total Adjusted EBITDA |
$ |
(12,413 |
) |
|
$ |
(15,249 |
) |
|
$ |
(19,497 |
) |
|
$ |
(29,711 |
) |
Adjustments to reconcile net loss from our continuing operations to free cash flow loss: |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss from continuing operations, net of income taxes |
$ |
(17,983 |
) |
|
$ |
(36,505 |
) |
|
$ |
(44,297 |
) |
|
$ |
(43,290 |
) |
Depreciation and amortization |
|
3,846 |
|
|
|
3,529 |
|
|
|
7,673 |
|
|
|
7,003 |
|
Stock-based compensation |
|
1,138 |
|
|
|
(4,073 |
) |
|
|
2,414 |
|
|
|
(1,259 |
) |
Changes in fair value of warrants and conversion option |
|
(513 |
) |
|
|
3,036 |
|
|
|
(286 |
) |
|
|
(18,660 |
) |
Impairment of goodwill |
|
— |
|
|
|
9,260 |
|
|
|
— |
|
|
|
9,260 |
|
Accretion and amortization related to financing activities |
|
— |
|
|
|
2,300 |
|
|
|
6,191 |
|
|
|
4,318 |
|
Change in working capital |
|
(6,309 |
) |
|
|
(1,770 |
) |
|
|
(2,857 |
) |
|
|
(17,752 |
) |
Other |
|
(1,262 |
) |
|
|
4,119 |
|
|
|
(163 |
) |
|
|
5,765 |
|
Net cash used in operating activities |
|
(21,083 |
) |
|
|
(20,104 |
) |
|
|
(31,325 |
) |
|
|
(54,615 |
) |
Payments for acquisitions of property and equipment |
|
(49 |
) |
|
|
(3,916 |
) |
|
|
(458 |
) |
|
|
(6,313 |
) |
Free cash flow loss |
$ |
(21,132 |
) |
|
$ |
(24,020 |
) |
|
$ |
(31,783 |
) |
|
$ |
(60,928 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808408679/en/
Investors: Tana Murphy: (314) 579-3184 / investors@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com
Source: Benson Hill, Inc.
FAQ
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