Benson Hill, Inc. · OTC:BHILQ
Benson Hill — Q1 2023 Earnings Presentation
23 slides from Benson Hill's earnings presentation, May 10, 2023
Slide 1: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK May 10, 2023 Exhibit 99.2
Slide 2: Disclaimers
Disclaimers CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For
Slide 3: Off to a Solid Start in 2023
EXPERIENCE THE FUTURE OF FOOD • Financial results in line with expectations for a strong year in 2023 • On track to deliver 2023 proprietary revenues in the range of $100 million to $110 million (~40 percent to 50 percent year-over-year growth) and consolidated gross profit in the range of $20 milli
Slide 4: Need to increase food production and protein supply
EXPERIENCE THE FUTURE OF FOOD Sources: 1 Zintinus, Bain & Co. “Food Tech: Turning Promise into Opportunity”, JUNE 2022 2 Henchion et. al., “Future Protein Supply and Demand”, Foods 2017, 6, 53; doi:10.3390/foods6070053 3 Good Food Institute, Plant-Based Meat for a Growing World Innovation is Key to
Slide 5: Shifting from Food Security to Nutrition Security Helps Scale Value-Added Markets
EXPERIENCE THE FUTURE OF FOOD Shifting from Food Security to Nutrition Security Helps Scale Value-Added Markets 5 PLANT-BASED PROTEIN • Market expected to broaden, with diverse applications • Soy & yellow pea are versatile and powerful • Processing is a drawback AQUACULTURE • Fast-growing food produ
Slide 6: Genetic Innovation has a Multiplier Effect on Value
Partners enable instant market access and global reach Genetic Innovation has a Multiplier Effect on Value
Slide 7: Pipeline On Track: Key Advancements Made and New Product Candidates Added
Pipeline On Track: Key Advancements Made and New Product Candidates Added Expected launch timelines are all approximate. Commercialization is dependent on multiple factors. Enlist E3® is a trademark of Corteva Agriscience and its affiliated companies. The transgenic soybean event in Enlist E3® soybe
Slide 8: Serviceable Obtainable Market Size of ~$6B
Serviceable Obtainable Market Size of ~$6B* Cost Advantage Premium Products ~20% Market Share 8-10 Years Benson Hill has opportunity to obtain this market either through closed loop or partnerships ANIMAL FEED BIODIESEL FOOD OILS PROCESSED MEAT DAIRY ALTERNATIVES CEREALS MEAT ALTERNATIVES AQUACULTUR
Slide 9: Land and Expand Proprietary Portfolio Strategy 2023 to 2025
Land and Expand Proprietary Portfolio Strategy 2023 to 2025 NEW SOY VARIETIES Expect to double the number of varieties over the next few years from 12 today AQUACULTURE Expand share in European salmon market with proprietary Ultra-High Protein meal containing low oligosaccharides Continue scaling hi
Slide 10: Introduce New Innovations 2025 to 2028
Introduce New Innovations 2025 to 2028 NEW MARKETS Target introduction of Ultra-High Protein with Enlist E3® technology to access the poultry feed market CRISPR-Enabled Target introduction of next generation soy varieties with benefits beyond current Benson Hill non-GMO products Target introduction
Slide 11: Leverage CropOS Platform for Expected Step Change in Innovations Beyond 2028
Leverage CropOS® Platform for Expected Step Change in Innovations Beyond 2028 RAISING THE BAR Expect to further increase protein and oil content to access new markets NEW SOLUTIONS Use CropOS® to find ways to improve flavor profiles in yellow pea and soy ingredients Develop Dual Premium Plus soybean
Slide 12: Why Benson Hill is Winning
EXPERIENCE THE FUTURE OF FOOD Why Benson Hill is Winning 2023 Year of the Customer Diverse Proprietary Portfolio Talented & Experienced Management Team CropOS® Technology Platform Setting the Pace of Innovation in Food Relentless focus on penetrating various markets Meeting key trends impacting cons
Slide 13: 1Q'23 Results Extend Current Momentum
EXPERIENCE THE FUTURE OF FOOD 1Q’23 Results Extend Current Momentum First Quarter Ended March 31, 2023 Prior Year Comparison (Excluding Timing Differences) (Unaudited) (USD in Millions) Excludes Fresh Business1 Reported Impact of Open Mark-to-Market Timing difference Excl Open Mark- to-Market Timing
Slide 14: Implementation of Liquidity Improvement Plan Expected to Reduce 2023 OPEX
EXPERIENCE THE FUTURE OF FOOD Implementation of Liquidity Improvement Plan Expected to Reduce 2023 OPEX (USD in Millions) Excludes Fresh Business1 2023 Guidance (Revised) 2023 Guidance (as of March 13, 2023) Consolidated Revenue $390 - $430 $390 - $430 Proprietary $100 - $110 $100 - $110 Consolidate
Slide 15: On Track for Strong Performance in 2023
EXPERIENCE THE FUTURE OF FOOD SCALING PROPRIETARY PORTFOLIO Leveraging operating and commercial infrastructure 2023 is the year of the customer On Track for Strong Performance in 2023 SECOND QUARTER Expect strong financial performance Locked-in crush margins in line with first quarter 2023 Monitorin
Slide 16: Benson Hill
BENSON @HILL
Slide 17: Benson Hill
BENSON @HILL
Slide 18: Condensed Consolidated Statements of Operations
EXPERIENCE THE FUTURE OF FOOD Condensed Consolidated Statements of Operations (unaudited) (USD in thousands, except per share information) Three Months Ended March 31, 2023 2022 Revenues $ 134,643 $ 66,126 Cost of sales 125,120 75,061 Gross profit (loss) 9,523 (8,935) Operating expenses: Research an
Slide 19: Condensed Consolidated Balance Sheets
EXPERIENCE THE FUTURE OF FOOD Condensed Consolidated Balance Sheets (unaudited) (USD in thousands) March 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 20,399 $ 25,053 Marketable securities 89,873 132,121 Accounts receivable, net 28,986 28,591 Inventories, net 54,549 6
Slide 20: Condensed Consolidated Statements of Cash Flows
EXPERIENCE THE FUTURE OF FOOD Three Months Ended March 31, 2023 2022 Operating activities Net loss $ (3,054) $ (16,576) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,263 5,404 Stock-based compensation expense 2,814 5,683 Bad debt expense
Slide 21: 1Q'22 Results
EXPERIENCE THE FUTURE OF FOOD 1Q’22 Results First Quarter Ended March 31, 2022 (Unaudited) (USD in Millions) Excludes Fresh Business1 Reported Impact of Open Mark- to-Market Timing difference Excl Open Mark-to- Market Timing Differences Consolidated Revenue $66.1 $5.0 $71.1 Proprietary $14.1 $14.1 C
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation1 (USD in thousands) 1 The expected and actual results 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
Slide 23: Non-GAAP Reconciliation (2023E)
Non-GAAP Reconciliation1 (USD in Millions) 2023E Consolidated net loss from continuing operations $ (115) – (125) Interest expense, net 27 – 29 Depreciation and amortization 21 – 23 Stock-based compensation 14 – 15 Other Total Adjusted EBITDA $ (53) – (58) 1 The expected and actual results exclude t