- The Company fully retired its senior convertible debt in
February 2024 after paying down approximately 50 percent in
November 2023.
- The Company ended the year with $48.9 million in cash and
marketable securities.
- Reported revenues increased 24 percent to $473.3 million.
- Reported gross profit increased $20.1 million to $23.6
million.
- Net loss from continuing operations, net of income taxes, was
$111.3 million and $99.7 million for the years ended December 31,
2023, and 2022, respectively. Adjusted EBITDA loss improved more
than 40 percent year-over-year.
- Management is delivering its cost-cutting goals under the
expanded Liquidity Improvement Plan and accelerating progress
toward an asset-light business model focused on broadacre animal
feed markets.
Benson Hill, Inc. (NYSE:BHIL, the “Company” or “Benson Hill”),
an ag-tech company unlocking the natural genetic diversity of
plants, today announced operating and financial results for the
year ended December 31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240314010732/en/
Benson Hill, Inc. (NYSE:BHIL), an ag-
tech company unlocking the natural genetic diversity of plants,
today announced operating and financial results for the year ended
December 31, 2023. For more information, visit
https://investors.bensonhill.com. (Graphic: Business Wire)
“2023 marked a year of significant progress and change for
Benson Hill,” said Deanie Elsner, Chief Executive Officer of Benson
Hill. “We successfully demonstrated our ability to deliver our
financial commitments in addition to taking the necessary steps to
strengthen our balance sheet. To increase focus on our competitive
advantage, we shifted our business model and diversified our
portfolio to penetrate new market opportunities in animal
feed.”
“Benson Hill’s transformation is well underway and has been
accelerated through the divestitures of our soy processing assets,
the retirement of our corporate debt and cost reductions. We are
now rapidly evolving to an asset-light business model designed to
serve broadacre animal feed markets. As we execute on our near-term
plans, we remain committed to creating a runway for growth and
delivering value for shareholders,” Elsner added.
Full Year 2023 Results as Compared to the Same Period of
2022
The following financial results exclude the completed
divestiture of the Fresh business on June 30, 2023. The impact of
open mark-to-market timing differences on the statement of
operations and reconciliation of non-GAAP financial measures can be
found in the accompanying financial tables.
- Reported revenues were $473.3 million, an increase of $92.1
million, or 24 percent. Proprietary revenues were $110.0 million,
an increase of 52 percent, driven by stronger operational
performance at the Company’s soybean processing facilities and some
proprietary soybean sales directly to third parties. Reported
revenues included a $1.5 million gain from open mark-to-market
timing differences.
- Gross profit was $23.6 million, an increase of $20.1 million,
or 570 percent, and includes a $0.3 million gain related to open
mark-to-market timing differences. Overall profitability increased
in dollar and margin percentage due to a combination of operational
efficiency gains at the Company’s soybean processing facilities and
favorable contributions from partnership and patent sales compared
to the prior year.
- Operating expenses were $128.1 million, a decrease of $0.4
million, or 0.3 percent, which include approximately $23.8 million
of non-recurring costs, including an impairment of the carrying
value of goodwill of $19.2 million, a gain on the sale of the
Seymour, Indiana, facility of $19.0 million, an impairment loss on
the Creston, Iowa, facility of $18.5 million and other items.
Operating expenses, as adjusted, which exclude these non-recurring
items, declined by 18 percent to $104.3 million for the year due to
cost reductions realized through the Company’s expanded Liquidity
Improvement Plan.
- Selling, general and administrative expenses were $69.1
million, a decrease of $12.0 million or 15 percent.
- R&D expenses were $40.3 million, a decrease of $7.2 million
or 15 percent.
- Inclusive of open mark-to-market timing differences, net loss
from continuing operations, net of income taxes, was $111.2
million, an increase in loss of $11.5 million or 12 percent.
Adjusted EBITDA was a loss of $47.7 million, a decrease in loss of
$33.9 million or 42 percent compared to the prior year. The
improvement in Adjusted EBITDA loss in 2023 was driven by higher
gross profit from operational performance improvements and
reductions in operating expenses realized through the Company’s
expanded Liquidity Improvement Plan.
- Cash and marketable securities of $48.7 million from continuing
operations were on hand as of December 31, 2023.
Fourth Quarter 2023 Results as Compared to the Same Period of
2022
- Revenues were $116.6 million, an increase of $17.4 million, or
18 percent. The performance was driven by higher sales for both
proprietary and non-proprietary soy and yellow pea products
combined with favorable contributions from partnership and patent
sales compared to the prior period.
- Gross profit was $7.0 million, an increase in profitability of
$6.2 million, and includes an approximately $6.2 million loss due
to open mark-to-market timing differences. Gross margins were
approximately 11 percent when excluding open mark-to-market timing
differences. The increase in gross profit is driven by favorable
contributions from partnership and patent sales compared to the
prior period.
- Inclusive of mark-to-market timing differences, net loss from
continuing operations, net of income taxes, was $38.0 million, an
increase in loss of $7.3 million or 23.7 percent. Adjusted EBITDA
was a loss of $6.7 million compared to a loss of $21.8 million in
the fourth quarter 2022.
Outlook
With the recent divestitures of the Seymour, Indiana, and
Creston, Iowa, facilities, the Company has made significant
progress in its evolution to an asset-light business model. In
doing so, management expects to see a reduction in the revenue and
related costs associated with those soy processing operations.
The Company is now fully focused on its competitive advantages
in differentiated genetics, technology, and research and
development to deliver revenues across the value chain by securing
licensing agreements and partnerships that are expected to be more
profitable and capital efficient.
“Benson Hill finished 2023 on track and delivered on our
projected financial commitments for the year,” said Dean Freeman,
Chief Financial Officer of Benson Hill. “2024 will be a year of
transition. We believe the steps we have taken to reduce costs and
pay down debt will position the Company to successfully execute on
its strategic plans in 2024.”
Webcast
A webcast of the conference call will begin at 8:30 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 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,
feed and ingredient options that are both widely accessible and
sustainable. More information can be found at 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 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 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 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 press release may be considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or the Company’s
future financial or operating performance and may be identified by
words such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” or similar words.
These forward-looking statements are based upon assumptions made by
the Company as of the date hereof and are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements
include, among other things, statements regarding the Company’s
progress toward an asset-light business model, and the anticipated
pace of such transition; statements regarding the Company’s
cost-cutting measures under its Liquidity Improvement Plan and
other cost-saving measures, actions to implement such plan, and the
anticipated benefits of and timeline to implement such plans;
statements regarding strategic partnership and licensing
opportunities; statements regarding anticipated liquidity and
runway for growth; expectations regarding the sources of expected
consolidated revenue; statements regarding delivering value for
shareholders; expectations regarding additional business
transitions in 2024 and beyond; expectations regarding the
Company’s ongoing ability to generate revenue; statements regarding
the Company’s current expectations and assumptions regarding the
industries and markets in which it operates, including its
transition to an asset-light business model to serve broadacre
animal feed markets; projections of market opportunity, including
the animal feed market; expectations regarding the Company’s
ability to serve a broadacre strategy through partnerships and
licensing; expectations regarding macro-economic trends and the
Company’s anticipated responses to macroeconomic changes; the
Company’s ability to identify and evaluate its strategic
alternatives and effect potential strategic opportunities in ways
that maximize shareholder value; expectations regarding the
Company’s ability to continue as a going concern; statements
regarding execution of the Company’s business plan, the strategic
review of the Company’s business, and the Company’s executive
leadership transition; expectations regarding the unwinding of
mark-to-market timing differences and the Company’s assessment of
its futures contracts; any 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 and the fair valuation
of futures contracts; statements regarding 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,
including those intended to lower the cost of capital, increase
return on capital and reduce costs. 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 to serve broadacre
animal feed markets 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
Company’s plans to sell certain assets; 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 relating to 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 and the fair valuation of futures
contracts; 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 equity or debt financing, improve its
liquidity position, or continue as a going concern. 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. 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. Material Items
Included in Consolidated Revenues and Cost of Sales (In
Thousands USD)
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
to derivatives and contract assets and liabilities:
Fiscal Year 2023
Open Mark-to-Market Timing
Differences
2023 Reported
(Unaudited)
Q1 Impact
Q2 Impact
Q3 Impact
Q4 Impact
2023 Excluding Impact
Revenues
$
473,336
$
6,725
$
(275
)
$
(131
)
$
(4,784
)
$
471,801
Gross profit
$
23,626
$
5,229
$
(3,110
)
$
4,298
$
(6,167
)
$
23,376
Total operating expenses
$
128,110
$
—
$
—
$
—
$
—
$
128,110
Net loss from continuing operations
$
(111,247
)
$
5,229
$
(3,110
)
$
4,298
$
(6,167
)
$
(111,497
)
Adjusted EBITDA
$
(47,715
)
$
5,229
$
(3,110
)
$
4,298
$
(6,167
)
$
(47,965
)
- 2023: The net temporary unrealized period-end loss on revenues and cost of sales was $1.5
million and $0.3 million, respectively. Management expects the open
mark-to-market timing differences to unwind in the coming
months.
- See Adjusted EBITDA reconciliation on page 12.
Benson Hill, Inc.
Consolidated Balance Sheets
(Unaudited)
(In Thousands USD)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
15,828
$
25,053
Restricted cash
—
17,912
Marketable securities
32,852
132,121
Accounts receivable, net
33,222
28,591
Inventories, net
25,500
62,110
Prepaid expenses and other current
assets
10,915
11,434
Current assets of discontinued
operations
601
23,507
Total current assets
118,918
300,728
Property and equipment, net
79,043
99,759
Finance lease right-of-use assets, net
59,245
66,533
Operating lease right-of-use assets
2,934
1,660
Goodwill and intangible assets, net
5,226
27,377
Other assets
9,398
4,863
Total assets
$
274,764
$
500,920
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
17,132
$
36,717
Finance lease liabilities, current
portion
3,705
3,318
Operating lease liabilities, current
portion
1,489
364
Long-term debt, current portion
55,201
2,242
Accrued expenses and other current
liabilities
23,837
33,435
Current liabilities of discontinued
operations
559
16,441
Total current liabilities
101,923
92,517
Long-term debt, less current portion
5,250
103,991
Operating lease liabilities, less current
portion
6,503
1,291
Finance lease liabilities, less current
portion
73,682
76,431
Warrant liabilities
1,186
24,285
Conversion option liabilities
5
8,091
Deferred income taxes
—
283
Other non-current liabilities
172
129
Total liabilities
188,721
307,018
Stockholders’ equity:
Common stock, $0.0001 par value, 440,000
and 440,000 shares authorized; 208,395 and 206,668 shares issued
and outstanding as of December 31, 2023 and 2022, respectively
21
21
Additional paid-in capital
611,477
609,450
Accumulated deficit
(523,786
)
(408,474
)
Accumulated other comprehensive loss
(1,669
)
(7,095
)
Total stockholders’ equity
86,043
193,902
Total liabilities and stockholders’
equity
$
274,764
$
500,920
Benson Hill, Inc.
Consolidated Statements of
Operations (Unaudited)
(In Thousands USD, Except Per
Share Information)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenues
$
116,589
$
99,180
$
473,336
$
381,233
Cost of sales
109,593
98,391
449,710
377,706
Gross profit
6,996
789
23,626
3,527
Operating expenses:
Research and development
6,790
11,761
40,270
47,500
Selling, general and administrative
expenses
24,171
21,586
69,063
81,034
Impairment of goodwill
—
—
19,226
—
Gain on sale of Seymour facility
(18,970
)
—
(18,970
)
—
Impairment loss on Creston facility
18,521
—
18,521
—
Total operating expenses
30,512
33,347
128,110
128,534
Loss from operations
(23,516
)
(32,558
)
(104,484
)
(125,007
)
Other (income) expense:
Interest expense, net
14,639
5,414
35,064
21,444
Change in fair value of warrants and
conversion
(523
)
(7,387
)
(31,184
)
(49,063
)
Other expense, net
487
149
3,075
2,253
Total other (income) expense, net
14,603
(1,824
)
6,955
(25,366
)
Net loss from continuing operations before
income tax
(38,119
)
(30,734
)
(111,439
)
(99,641
)
Income tax (benefit) expense
(75
)
29
(192
)
59
Net loss from continuing operations, net
of tax
(38,044
)
(30,763
)
(111,247
)
(99,700
)
Net (income) loss from discontinued
operations, net of tax
197
(22,843
)
(4,065
)
(28,205
)
Net loss
$
(37,847
)
$
(53,606
)
$
(115,312
)
$
(127,905
)
Net loss per common share:
Basic and diluted net loss per common
share from continuing operations
$
(0.20
)
$
(0.17
)
$
(0.59
)
$
(0.55
)
Basic and diluted net loss from
discontinued operations
$
—
$
(0.12
)
$
(0.02
)
$
(0.16
)
Basic and diluted net loss per common
share
$
(0.20
)
$
(0.29
)
$
(0.61
)
$
(0.71
)
Weighted average shares outstanding:
Basic and diluted weighted average shares
outstanding
188,625
186,787
187,927
179,867
Benson Hill, Inc. Consolidated
Statements of Comprehensive Loss (Unaudited) (In Thousands
USD)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss attributable to common
stockholders
$
(37,847
)
$
(53,606
)
$
(115,312
)
$
(127,905
)
Other comprehensive income (loss):
Foreign currency translation
adjustment
—
37
—
(9
)
Change in fair value of available-for-sale
marketable securities, net of deferred taxes
1,493
1,803
5,426
(5,983
)
Total other comprehensive income
(loss)
1,493
1,840
5,426
(5,992
)
Total comprehensive loss
$
(36,354
)
$
(51,766
)
$
(109,886
)
$
(133,897
)
Benson Hill, Inc.
Consolidated Statements of
Cash Flows (Unaudited)
(In Thousands USD)
Year Ended December
31,
2023
2022
Operating activities
Net loss
$
(115,312
)
$
(127,905
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
21,610
22,836
Share-based compensation expense
1,466
19,520
Bad debt expense
(6
)
863
Change in fair value of warrants and
conversion options
(31,184
)
(49,063
)
Accretion and amortization related to
financing activities
17,344
9,279
Amortization of premiums related to
marketable securities
591
2,450
Realized losses on sale of marketable
securities
3,573
2,305
Loss on divestiture of discontinued
operations
172
10,246
Impairment
37,747
11,579
Gain on sale of Seymour facility
(18,970
)
—
Other
2,300
4,579
Changes in operating assets and
liabilities:
Accounts receivable
1,047
(3,070
)
Inventories
47,864
(4,663
)
Other assets and other liabilities
73
6,542
Accounts payable
(30,649
)
(5,313
)
Accrued expenses
(10,797
)
6,419
Net cash used in operating activities
(73,131
)
(93,396
)
Investing activities
Purchases of marketable securities
(111,241
)
(372,170
)
Proceeds from maturities of marketable
securities
82,067
139,063
Proceeds from sales of marketable
securities
128,994
193,250
Proceeds from sale of a plant
25,868
—
Payments for acquisitions of property and
equipment
(11,760
)
(16,486
)
Payments made in connection with business
acquisitions
—
(1,034
)
Proceeds from divestitures of discontinued
operations
2,378
17,131
Proceeds from an insurance claim from a
prior business acquisition
1,533
—
Other
192
—
Net cash used in investing activities
118,031
(40,246
)
Financing activities
Net contributions from Merger,
at-the-market offering and PIPE financing, net of transaction costs
of $34,940 for 2022
—
81,109
Principal payments on debt
(63,823
)
(7,288
)
Proceeds from issuance of debt
(2,496
)
23,540
Borrowing under revolving line of
credit
—
19,774
Repayments under revolving line of
credit
—
(19,821
)
Repayments of financing lease
obligations
(6,126
)
(1,630
)
Proceeds from the exercise of stock
options and warrants
305
2,325
Net cash provided by financing
activities
(72,140
)
98,009
Effect of exchange rate changes on
cash
—
(9
)
Net decrease in cash, cash equivalents and
restricted cash
(27,240
)
(35,642
)
Cash, cash equivalents and restricted
cash, beginning of year
43,321
78,963
Cash, cash equivalents and restricted
cash, end of year
$
16,081
$
43,321
Supplemental disclosure of cash flow
information
Cash paid for taxes
$
11
$
57
Cash paid for interest
$
18,991
$
14,398
Supplemental disclosure of non-cash
activities
Purchases of property and equipment
included in accounts payable and accrued expenses and other current
liabilities
$
1,468
$
3,058
Financing leases
$
4,703
$
806
Benson Hill, Inc. Non-GAAP
Reconciliation (in Thousands USD)
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. The Company defines operating expenses, as adjusted
as operating expenses excluding expenses incurred in relation to
the transition to an asset-light business model and significant
non-recurring items.
Adjustments to reconcile net loss from our
continuing operations to Adjusted EBITDA:
Three Months Ended December
31,
Year Ended December
31,
(in thousands)
2023
2022
2023
2022
Net loss from continuing operations, net
of income taxes
$
(38,044
)
$
(30,763
)
$
(111,247
)
$
(99,700
)
Interest expense, net
14,639
5,414
35,064
21,444
Income tax (benefit) expense
(75
)
29
(192
)
59
Depreciation and amortization
5,554
5,521
21,610
20,513
Stock-based compensation
1,813
3,749
1,421
19,520
Changes in fair value of warrants and
conversion option
(523
)
(7,387
)
(31,184
)
(49,063
)
Impairment of goodwill
—
—
19,226
—
Gain on sale of Seymour facility
(18,970
)
—
(18,970
)
—
Impairment loss on Creston facility
18,521
—
18,521
—
Severance
2,188
202
4,019
676
Exit costs related to divestiture of
Seymour facility
4,262
—
4,262
—
Expenses related to business
transition
3,967
—
4,696
—
Other
(67
)
1,417
5,059
4,906
Total Adjusted EBITDA
$
(6,734
)
$
(21,818
)
$
(47,715
)
$
(81,645
)
Benson Hill, Inc.
Non-GAAP
Reconciliation
(in Thousands USD)
Adjustments to reconcile net loss from our
continuing operations to free cash flow loss:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss from continuing operations, net
of income taxes
$
(38,044
)
$
(30,763
)
$
(111,247
)
$
(99,700
)
Depreciation and amortization
5,554
5,521
21,610
20,513
Share-based compensation expense
1,813
3,749
1,421
19,520
Change in fair value of warrants and
conversion options
(523
)
(7,387
)
(31,184
)
(49,063
)
Accretion and amortization related to
financing activities
10,720
798
17,344
9,279
Gain on sale of Seymour facility
(18,970
)
—
(18,970
)
—
Impairment
18,521
—
37,747
—
Change in working capital
19,395
(4,561
)
(397
)
(2,969
)
Other
2,020
2,929
7,983
8,946
Net cash used in operating activities
486
(29,714
)
(75,693
)
(93,474
)
Payments for acquisitions of property and
equipment
(1,633
)
504
(11,760
)
(6,983
)
Free cash flow loss
$
(1,147
)
$
(29,210
)
$
(87,453
)
$
(100,457
)
Benson Hill, Inc. Non-GAAP
Reconciliation (in Thousands USD)
Adjustments to reconcile operating
expenses to operating expenses, as adjusted:
Three Months Ended December
31,
Year Ended December
31,
(in thousands)
2023
2022
2023
2022
Operating expenses
$
30,512
$
33,347
$
128,110
$
128,534
Stock-based compensation reversal
120
—
7,920
—
Impairment of goodwill
—
—
(19,226
)
—
Gain on sale of Seymour facility
18,970
—
18,970
—
Impairment loss on Creston facility
(18,521
)
—
(18,521
)
—
Exit costs related to divestiture of
Seymour facility
(4,262
)
—
(4,262
)
—
Expenses related to business
transition
(638
)
—
(4,696
)
—
Severance
(2,188
)
(676
)
(4,019
)
(676
)
Operating expenses, as adjusted
$
23,993
$
32,671
$
104,276
$
127,858
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314010732/en/
Investors: Tana Murphy: (314) 579-3184 /
investors@bensonhill.com Media: Christi Dixon: (636) 359-0797 /
cdixon@bensonhill.com
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