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Mar. 15, 2024 Source: Benson Hill news release ST. LOUIS, MO - 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. "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. To read the entire report click here. Tweet |
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