Benson Hill Announces Second Quarter Financial Results

  • Second quarter revenues of approximately $33.8 million, an increase compared to $23.5 million in the same period of 2023, reflect the Company’s ongoing transition to an asset-light business model.
  • Net loss from continuing operations, net of income taxes, was $18 million in the quarter, an improvement of $18.5 million in reported loss from the same period of the prior year. Adjusted EBITDA was a loss of $12.4 million, compared to a loss of $15.2 million in the same period of 2023, due primarily to expense reductions.
  • Free cash flow loss in the first half of 2024 was $31.8 million, which was approximately 50 percent of the free cash flow loss in the first half of 2023.
  • The Company ended the second quarter with $29.5 million of cash and marketable securities, expected to be sufficient to fund operations through the end of 2024.
  • 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)

ST. LOUIS--()--Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a seed innovation company, today announced operating and financial results for the quarter ended June 30, 2024.

“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 Seymour, Indiana, and Creston, Iowa, processing facilities reported in discontinued operations. The reconciliation of non-GAAP financial measures can be found in the accompanying financial tables. The combined results of the Company’s divested businesses have been reclassified and presented as discontinued operations, resulting in a significant reduction in reported revenues and related expenses.

  • Reported revenues increased by $10.3 million in the second quarter of 2024, driven by higher grain sales of proprietary soybeans and higher revenue from partnerships and licensing agreements.
  • R&D expenses were $7.5 million, a decrease of $2.9 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.
  • Selling, general, and administrative expenses were $10.2 million, an increase of $3.6 million, or 56 percent. The increase was due to a non-recurring $6.2 million reversal to stock-based compensation expense in 2023. Excluding this non-recurring expense decrease in 2023, there was a decrease of $2.6 million to other selling, general and administrative expenses driven by reduced personnel-related costs in connection with implementing the expanded Liquidity Improvement Plan.
  • Net loss from continuing operations, net of income taxes, was $18 million, a decrease of $18.5 million in reported loss. Adjusted EBITDA was a loss of $12.4 million, compared to a loss of $15.2 million in the same period of the prior year, which represents a reduction in loss of $2.8 million.
  • Cash and marketable securities of $29.5 million were on hand as of June 30, 2024.

First Six-Months Results Compared to the Same Period of 2023

The following financial results exclude the former Fresh Segment and Seymour, Indiana, and Creston, Iowa, processing facilities reported in discontinued operations. The reconciliation of non-GAAP financial measures can be found in the accompanying financial tables. The combined results of the Company’s divested businesses have been reclassified and presented as discontinued operations, resulting in a significant reduction in reported revenues and related expenses.

  • Reported revenues in the first half of 2024 were $54.9 million, a decrease of $17.2 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 $5.8 million compared to the same period in 2023 due to higher grain sales of proprietary soybeans.
  • R&D expenses were $14.4 million, a decrease of $8.6 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.
  • Selling, general, and administrative expenses were $25 million, an increase of $5.2 million, or 26.6 percent. Excluding a non-recurring $6.2 million reversal to stock-based compensation expense in 2023, these expenses decreased by $1 million, driven by reduced personnel-related costs in connection with implementing the Company’s expanded Liquidity Improvement Plan.
  • Net loss from continuing operations, net of income taxes, was $44.3 million, an increase in reported loss of $1 million. Adjusted EBITDA was a loss of $19.5 million, compared to a loss of $29.7 million in the same period of the prior year which represents a reduction in loss of $10.2 million. Free cash flow loss in the first half of 2024 was $31.8 million, which was approximately 50 percent of the free cash flow loss in the first half of 2023.

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 U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. By referencing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company’s definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry. In addition, the Company has and may in the future modify how it calculates non-GAAP performance measures. 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 condensed consolidated financial statements and publicly filed reports in their entirety. 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 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,
2024

 

December 31,
2023

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, $0.0001 par value, 440,000 and 440,000 shares authorized, 6,085 and 5,954 shares issued and outstanding at June 30, 2024, and December 31, 2023, respectively(1)

 

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 Creston facility

 

(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

)

 

Contacts

Investors: Tana Murphy: (314) 579-3184 / investors@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com

Release Summary

Benson Hill Announces Second Quarter Financial Results

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Contacts

Investors: Tana Murphy: (314) 579-3184 / investors@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com