Slide 1: Third Quarter Earnings Update
NOVEMBER 9, 2023 THIRD QUARTER EARNINGS UPDATE Exhibit 99.2
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 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. Forward-looki
Slide 3: Addressing Key Global Nutrition Security and Climate Goals Presents Opportunity for Plant-Based Proteins
The current ag industry model cannot address the increase in demand More efficient sources of nutrition are needed across the food chain Failing to leverage more efficient sources of nutrition will have significant emissions implications Plant-based proteins will play a pivotal role in providing sus
Slide 4: Partners enable instant market access and global reach
Partners enable instant market access and global reach Genetic Innovation has a Multiplier Effect on Value 4
Slide 5: Benson Hill is taking proactive action to retire debt, ensure liquidity, and extend runway
5 Benson Hill is taking proactive action to retire debt, ensure liquidity, and extend runway…These measures will fully fund the business for 24-36 months Product-market fit / value proposition Poultry - Broiler Poultry - Layer Turkey Swine - Grower Swine - Nursery Aqua Pet SPC - Meat extension Soy F
Slide 6: UHP-LO is a game-changer for animal producers and ready today
6 * UHP-LO’s value proposition is particularly pronounced for mono-gastric animals (not ruminants) including turkey, chicken, and swine UHP-LO is a game-changer for animal producers and ready today Source: Expert Interviews, UHP-LO trials with animal producers Reduced cost of feed – less soybean mea
Slide 7: Leader in AI driven seed innovation utilizing proprietary genetics
At its core, Benson Hill is a leader in AI driven seed innovation utilizing proprietary genetics Proprietary protein, genomic, and strategic data layers for predictive breeding using Artificial Intelligence (AI) and Machine Learning (ML) World-leading eMerge soy and proprietary yellow-pea protein ge
Slide 8: Actions expected over the coming months
8 Actions expected over the coming months 1 DIVEST MANUFACTURING ASSETS Sold Seymour, IN soy crush facility for $36M in total gross proceeds, subject to adjustments 2 CREATE 12-MONTH+ LIQUIDITY RUNWAY Expect $170M-$200M of cash from Liquidity Improvement actions to retire senior convertible debt and
Slide 9: 2023 harvest nearly complete
Confidential Information – Not For Distribution 9 2023 harvest nearly complete
Slide 10: Acre adoption outlook for Benson Hill genetics to enter animal feed
10 2.0 0.5 1.0 1.5 3.5 4.0 2.5 3.0 4.5 5.0 5.5 6.0 6.5 7.0 2024 2025 2026 2027 2028 2029 2030 Licensing parter for animal feed1 Licensing partner for food ingredients BH direct sale for food ingedients BH direct sale for animal feed Commercial piloting in turkey and “all-veg” chicken “Inflection poi
Slide 11: Benson Hill's obtainable acres long term
11 Benson Hill’s obtainable acres long term End market value creation per acre 6.5M acres $100-230 per acre3 1. Includes US end markets for broilers, layers, turkey, swine, salmon, pet food, human ingredients, and high-oleic oil 2. E.g., based on share of production under consolidated, commercial-sc
Slide 12: 3Q'23 Financial Results
12 3Q’23 Financial Results 3Q’23 Performance Adequate liquidity position as of 9/30/23 Revenue Proprietary revenues increased because of soybean sales into the commodity markets, while non- proprietary revenues declined approximately 17% due to an unfavorable comparison to peak crush margins in 3Q’2
Slide 13: Liquidity Improvement actions enable efficient cash utilization
13 Liquidity Improvement actions enable efficient cash utilization * Subject to the timing of facility sales and excludes one-time costs in 2023 $102M $92M - $97M $55M - $60M (includes ~$10M in annual public company costs) Cash OPEX + CAPEX 2022 2023 2024 $64M $60M - $65M $35M - $40MNet Working Capi
Slide 14: Improved 2023 Guidance
14 Improved 2023 Guidance 2023 Guidance ($ USD millions) Excludes Fresh Business1 November 9 August 9 Consolidated Revenue $440 - $450 $390 - $430 Proprietary $100 - $110 $100 - $110 Consolidated Gross Profit $20 - $25 $20 - $25 Operating Expenses $122 - $127 $122 - $127 Operating Expenses, as Adjus
Slide 15: Closing comments: Improved guidance for 2023
15 Closing comments: Improved guidance for 2023 Paying down approximately 50% of senior convertible debt in November, 2023 Market headwinds reinforce the strategy to accelerate the transition to an asset-light business and entry into the attractive animal feed markets
Slide 16: Appendix
APPENDIX BENSON @ HILL
Slide 17: Nine Months Financial Results
17 Nine Months Financial Results 1. The Fresh business was divested on June 30, 2023. 2. See the reconciliation table in the Appendix. First Nine Months Performance Revenue Year-over-year increase driven by proprietary sales into aquaculture market and grain sales into the commodity markets in respo
Slide 18: Third Quarter 2022 Results
18 Third Quarter 2022 Results Third Quarter Ended September 30, 2022 (Unaudited) (USD in millions) Excludes Fresh Business Reported Impact of Open Mark-to-Market Timing difference Excl Open Mark-to- Market Timing Differences Consolidated Revenue $122.3 $(3.3) $119.0 Proprietary $26.0 $26.0 Consolida
Slide 19: Condensed Consolidated Statements of Operations
• 19 Condensed Consolidated Statements of Operations (unaudited) (USD in thousands, except per share information) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues $ 113,066 $ 122,296 356,747 282,053 Cost of sales 108,927 116,365 340,117 279,315 Gross prof
Slide 20: Condensed Consolidated Balance Sheets
20 Condensed Consolidated Balance Sheets (unaudited) September 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 12,041 $ 25,053 Restricted cash 20,438 17,912 Marketable securities 53,524 132,121 Accounts receivable, net 37,553 28,591 Inventories, net 30,419 62,110 Prepai
Slide 21: Condensed Consolidated Statements of Cash Flows
21 Condensed Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 30, 2023 2022 Operating activities Net loss $ (77,465) $ (74,299) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 16,056 16,504 Stock-based compensatio
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation1 1 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. The following financial measures used in this presentation are not derived in accordance with generally accepted accou
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation1 1 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. (USD in thousands) The following financial measures used in this presentation are not derived in accordance with gener
Slide 24: Non-GAAP Reconciliation
2023E Consolidated net loss from continuing operations $ (100) – $ (105) Interest expense, net 36 – 38 Depreciation and amortization 21 – 25 Stock-based compensation 3 – 5 Change in fair value of warrants and conversion option (31) -31 Impairment of goodwill 19 19 Severance 2 – 4 Other — – (10) Tota
Slide 25: Non-GAAP Reconciliation
2023E Consolidated net loss from continuing operations $ (100) – $ (105) Depreciation and amortization 21 – 25 Stock-based compensation 3 – 5 Impairment of goodwill 19 – 19 Change in fair value of warrants and conversion option (31) – (31) Changes in working capital (1) -5 Other (3) – 0 Net Cash Use