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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Benson Hill Inc | NYSE:BHIL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0028 | 1.53% | 0.1863 | 0.1987 | 0.18 | 0.1877 | 368,020 | 23:30:10 |
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.
Ingredients Segment
Fresh Segment
First Six-Month Results Compared to the Same Period of 2021
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:
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
)
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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