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Aug. 8, 2024 Source: Benson Hill news release ST. LOUIS, MO - 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. •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. 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. To read the entire report click here. Tweet |
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