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 Mar. 30, 2023 Source: Benson Hill news release ST. LOUIS, MO - Benson Hill, Inc. (NYSE: BHIL, the "Company" the "Company" or "Benson Hill"), a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the year ended December 31, 2022. "2022 was an exceptional year for Benson Hill, and we expect 2023 to bring continued proprietary revenue growth and gross margin expansion led by our soy ingredient products," said Matt Crisp, Chief Executive Officer of Benson Hill. "Demand for our innovations remains strong, although persistent high supply chain costs are impacting our profitability in certain food ingredient categories, which we believe will continue for the foreseeable future. "To meet the needs of our customers, we will execute a more targeted growth strategy focused on the highest-margin proprietary products and one that de-emphasizes lower margin products. In addition, we are finalizing and expect to implement capital management changes designed to reduce debt, interest and operating expenses, and increase return on capital, while maintaining our commitment to fully fund the business. "Our team demonstrated its ability to meet our strategic objectives, and we remain steadfast in our commitment to shareholders to achieve significant yet disciplined growth, as well as our target of profitability in 2025." Full Year 2022 Results as Compared to The Same Period of 2021 The financial results discussed in this press release exclude the Fresh business, which was divested in a two-part transaction announced on January 3, 2023, the initial portion of which was consummated on December 29, 2022, and the second portion of which is expected to close in the second quarter of 2023. The Company recorded the Fresh business as discontinued operations as of December 31, 2022. The impact of open 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 12, respectively. Revenues were $381.2 million, an increase of $290.3 million, or 319 percent. Strong demand from customers and greater availability of proprietary soy ingredients, meal and edible oil products resulted in a near doubling of proprietary revenues to $72.6 million. Non-proprietary revenues increased significantly due to favorable soy and yellow pea commodity prices and operational excellence associated with the startup of two soy production facilities. Gross profit was $3.5 million, an increase of $9.4 million. Excluding approximately $4.9 million in losses due to open mark-to-market timing differences, gross profit was $8.5 million and gross margins were 2.2 percent. Favorable top line growth, proprietary revenue mix, and contributions from partnership and licensing agreements were partially offset by cost pressures in the supply chain as well as the impact from adverse weather in the month of December. Operating expenses were $128.5 million, a $16.0 million increase, which includes $34.0 million for non-cash items primarily related to stock compensation and depreciation. Selling, general and administrative expenses were $81.0 million, an increase of $9.1 million or 13 percent. R&D expenses were $47.5 million, an increase of $6.9 million or 17 percent. All year-over-year operating expense increases were related to non-cash items. Inclusive of open mark-to-market timing differences, net loss from continuing operations was $99.7 million, a decrease in loss of $22.5 million or 18 percent. Adjusted EBITDA was a loss of $81.6 million, or a loss of $76.7 million, excluding the impact from open mark-to-market timing differences, which was in line with the prior year. Cash, restricted cash, and marketable securities of $175.0 million were on hand as of December 31, 2022. To read the entire report click here. Tweet |
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