- Consolidated revenues increased 179 percent year-over-year
to $110.7 million driven by a 312 percent increase in
Ingredients segment revenues.
- 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.
Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”),
a food tech company unlocking the natural genetic diversity of
plants, today announced operating and financial results for the
quarter ended June 30, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220808005187/en/
“We continue to validate our proprietary
soy ingredients portfolio as well as our go-to-market approach
through a new strategic partnership with ADM while also delivering
another quarter of strong financial performance,” said Matt Crisp,
Chief Executive Officer of Benson Hill. “The momentum we see in the
business is real and building, and current macro challenges
continue to require innovation to evolve to a more customized and
resilient food system.” (Graphic: Business Wire)
“We continue to validate our proprietary soy ingredients
portfolio as well as our go-to-market approach through a new
strategic partnership with ADM while also delivering another
quarter of strong financial performance,” said Matt Crisp,
Chief Executive Officer of Benson Hill. “The momentum we see in the
business is real and building, and current macro challenges
continue to require innovation to evolve to a more customized and
resilient food system.”
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 $110.7 million, an increase of $71.1 million, or
179 percent led by robust growth in the Ingredients segment.
- Gross profit was $5.6 million, an increase in profitability of
$5.6 million, which includes a realized $5.2 million gain related
to mark-to-market timing differences that partially offset losses
in the first quarter.
- Operating expenses were $34.5 million, an increase of $9.9
million, which included $5.7 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.
- Inclusive of the mark-to-market timing differences, the
reported net loss was $27.6 million compared to a net loss of $27.4
million. Adjusted EBITDA was a loss of $15.7 million compared to a
loss of $15.8 million.
- Cash and marketable securities on hand were $209.9 million as
of June 30, 2022.
Ingredients Segment
- Revenues for the segment were $93.5 million, an increase of
$70.8 million, or 312 percent. Proprietary soy revenues were $12.2
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.
- Gross profit was $5.7 million, which includes a $5.2 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.
- Inclusive of the mark-to-market timing differences, Adjusted
EBITDA for the segment was a loss of $1.1 million, a decrease in
loss of $5.3 million.
Fresh Segment
- Revenues for the segment were $17.1 million, an increase of
$0.2 million, or 1 percent. The modest increase was the result of a
crop failure due to a pest infestation impacting farmed
peppers.
- Gross loss was $0.2 million, partially driven by a $1.6 million
loss due to the crop failure noted above.
- Adjusted EBITDA was a loss of $0.3 million, which was a
decrease in segment profitability of $0.5 million.
First Six-Month Results Compared to the Same Period of
2021
- Revenues were $203.2 million, an increase of $131.7 million, or
184 percent, led by robust growth in the Ingredients segment.
- Ingredients segment revenues were $159.6 million, an increase
of $122.7 million, or 332 percent. Proprietary revenues were $26.3
million, an increase of 93 percent.
- Fresh segment revenues were $43.4 million, an increase of $9.0
million, or 26 percent.
- Gross profit was $0.4 million, a decline in profitability of
$0.2 million, which includes $2.9 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 $3.3 million.
- Operating expenses were $69.9 million, an increase of $24.5
million, which includes higher costs to operate as a public company
as well as $11.4 million for non-cash stock compensation and
non-recurring costs including the PIPE transaction closed in March
of this year.
- Inclusive of the mark-to-market timing differences, the
reported net loss was $44.1 million compared to a net loss of $49.8
million. Adjusted EBITDA was a loss of $43.2 million compared to a
loss of $30.6 million.
- Ingredients segment Adjusted EBITDA was a loss of $16.0
million.
- Fresh segment Adjusted EBITDA was $1.9 million.
Strategic Update
Today, the Company announced a long-term strategic partnership
with ADM to process and commercialize a portfolio of ingredients
derived from Benson Hill’s innovative Ultra-High Protein soybeans.
The collaboration will serve a variety of plant-based food and
beverage markets to meet savory, sweet and dairy customer needs. In
some cases, the innovative ingredients enabled by Benson Hill
genetics feature less processed proteins with significant
sustainability benefits, representing a new frontier in taste,
texture, nutrition, and functionality for alternative protein
solutions.
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 $20 million available in its $100
million debt facility, which is included in the $209.9 million
balance for cash and marketable securities as of June 30, 2022. As
part of its partnership with ADM, the expected revenues include
payments for access to Benson Hill genetics through technology
access fees during the life of the agreement, as well as milestone
payments upon achievement of certain agreed upon performance
objectives.
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 $500 million, including $350
million or more of proprietary Ingredients revenue;
- 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 $275 million to $325 million, above the previous
guidance of $250 million to $275 million. Full year expectations
for proprietary revenues remain in the range of $70 million to $80
million. There is no change in the expectations for the Fresh
segment with revenues of $65 million to $75 million. On a
consolidated basis, 2022 revenues are now expected to be $340
million to $400 million.
Gross profit guidance remains in the range of $9 million to $13
million as higher expected revenues are offset by higher costs.
Contribution margins for the proprietary portfolio remain in the
range of 1 percent to 3 percent as the Company continues to focus
on its near-term objective to increase market share. The Company
expects high-single digit gross margins for the Fresh segment.
The Company maintains the expectation of a net loss of $148
million to $153 million and an Adjusted EBITDA loss of $80 million
to $85 million, which is in line with the Adjusted EBITDA loss in
2021.
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 8:00
a.m. ET today. The link to participate is available on the Investor
Relations page of the Company’s website.
About Benson Hill
Benson Hill moves food forward with the CropOS® platform, a
cutting-edge food innovation engine that combines data science and
machine learning with biology and genetics. Benson Hill empowers
innovators to unlock nature’s genetic diversity from plant to
plate, with the purpose of creating nutritious, great-tasting food
and ingredient options that are both widely accessible and
sustainable. More information can be found at bensonhill.com
or on Twitter at @bensonhillinc.
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 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
providing 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.
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 ADM and the revenue expected to be generated thereby,
including revenue from licensing fees and milestone payments; the
markets expected to be served by the Company’s strategic
partnership with ADM; management’s plans to explore strategic
options for the Company’s Fresh business segment; financial or
other information based upon or otherwise incorporating judgments
or estimates relating to future performance, events or
expectations; expectations regarding the Company’s hedging and
other risk management strategies, including expectations about
future sales and purchases that relate to the Company’s
mark-to-market adjustments; the Company’s strategies and plans for
growth; the Company’s, positioning, resources, capabilities, and
expectations for future performance; estimates and forecasts of
financial and other performance metrics; projections of market
opportunity, including with respect to market opportunity expected
to result from the Company’s strategic partnership with ADM; the
Company’s outlook and financial and other guidance; and
management’s strategy and plans for growth. In some cases, the
reader can identify forward-looking statements by words such as
“may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” or similar words. Such
forward-looking statements are based upon assumptions made by
Benson Hill 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. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to, the Company’s ability to achieve anticipated benefits
of recent business combinations, which may be affected by, among
other things, competition, the ability of the combined company to
grow and achieve growth profitably, maintain relationships with
customers and suppliers, and retain its management and key
employees; the risk that the anticipated benefits and results of
the Company’s strategic partnership with ADM will not be realized,
including the risk that certain related milestones and performance
objectives will not be achieved; risks related to the effect of the
announcement of management’s plans to explore strategic options for
the Fresh business segment on the Company’s business relationships,
operating results, stock price and business generally; the ability
to generate and deploy capital, including capital from operations,
capital drawn from the Company’s debt facility and capital expected
to result from the Company’s strategic partnership with ADM, in a
manner that furthers the Company’s growth strategy, as well as the
general ability to execute the Company’s business plans; industry
conditions, including fluctuations in supply, demand and prices for
agricultural commodities; the effects of weather conditions and the
outbreak of crop disease on our business; global and regional
economic, agricultural, financial and commodities market,
political, social and health conditions; the effectiveness of our
risk management strategies; the transition to becoming a public
company; and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s filings with the
Securities and Exchange Commission (“SEC”), which are available on
the SEC’s website at www.sec.gov. Forward-looking statements are
also subject to the risks and other issues described above under
“Use of Non-GAAP Financial Measures,” which could cause actual
results to differ materially from current expectations included in
the Company’s forward-looking statements included in this press
release. Nothing in this press release 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,
including without limitation any expectations about our operational
and financial performance or achievements through and including
2024. 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
anticipates that subsequent events and developments will cause its
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, it expressly disclaims any duty to update these
forward-looking statements, except as otherwise required by
law.
Benson Hill, Inc. 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 Creston,
Iowa location, which are amortized, not marked-to-market, to
revenues and cost of sales to the physical contracts.
The table below summarizes the pre-tax gains and losses related
derivatives and contract assets and liabilities:
Six Months Ended June 30,
2022
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 $5.0 million and $3.2 million,
respectively. The amortization of acquired sales and purchase
contracts was $0.6 million.
- Second quarter of 2022: The net
temporary unrealized period-end gain
on revenues and cost of sales was $3.9 million and $1.3 million,
respectively. Management expects the remaining unrealized
period-end loss of $2.9 million to
reverse in the coming quarters.
- See Adjusted EBITDA reconciliation on page 10.
Benson Hill, Inc.
Condensed Consolidated Balance
Sheets
(In Thousands)
June 30,
December 31,
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
Goodwill and intangible assets, net
42,665
42,664
Other assets
4,541
4,538
Total assets
$
555,275
$
534,897
June 30,
December 31,
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,
$0.0001 par value; 1,000 and 1,000 shares authorized, 0 shares
issued and outstanding as of June 30, 2022 and December 31, 2021,
respectively
—
—
Common stock, $0.0001 par value, 440,000
and 440,000 shares authorized, 205,626 and 178,089 shares issued
and outstanding as of June 30, 2022 and December 31, 2021,
respectively
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
Benson Hill, Inc.
Condensed Consolidated
Statements of Operations (Unaudited)
(In Thousands, Except Per
Share Information)
Three Months
Six Months
Ended June 30,
Ended June 30,
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
Benson Hill, Inc.
Condensed Consolidated
Statements of Comprehensive Loss (Unaudited)
(In Thousands)
Three Months
Six Months
Ended June 30,
Ended June 30,
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
)
Benson Hill, Inc.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In Thousands)
Six Months Ended June
30,
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 PIPE Investment, net of
transaction costs of $3,761
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
PIPE Investment issuance costs included in
accounts payable and accrued expenses and other current
liabilities
$
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
$
—
Benson Hill, Inc. 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 June 30,
2022
Revenue
Adjusted EBITDA
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 June 30,
2021
Revenue
Adjusted EBITDA
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
South America seed production costs
2,805
Total Adjusted EBITDA
$
(15,774
)
Six Months Ended June 30, 2022
Revenue
Adjusted EBITDA
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
PIPE Investment transaction costs
705
Fresh segment restructuring expenses
933
Total Adjusted EBITDA
$
(43,198
)
Six Months Ended June 30, 2021
Revenue
Adjusted EBITDA
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
South America seed production costs
2,805
Non-recurring public company readiness
costs
4,161
Income tax expense
—
Total Adjusted EBITDA
$
(30,621
)
Benson Hill, Inc.
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
$ (148,000) – (153,000)
Interest expense, net
23,000
Depreciation and amortization
23,000
Stock-based compensation
21,000
Other non-recurring costs
1,000
Total Adjusted EBITDA
$ (80,000) – (85,000)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220808005187/en/
Investors: Ruben Mella: (314) 714-6313 /
rmella@bensonhill.com Media: Christi Dixon: (636) 359-0797 /
cdixon@bensonhill.com
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