Le Lézard
Classified in: Business
Subjects: EARNINGS, Photo/Multimedia, Conference Call, Webcast

Benson Hill Announces Second Quarter 2022 Financial Results


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.

"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)

 


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