Benson Hill, Inc. · OTC:BHILQ
Benson Hill — FY2021 Earnings Presentation
26 slides from Benson Hill's earnings presentation, Mar 28, 2022
Slide 1: FY 2021 Earnings
FY 2021 Earnings March 28, 2022 Exhibit 99.2
Slide 2: Disclaimers: Cautionary Note Regarding Forward-Looking Statements
2 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 and Section 21E of the Securities Exchange Act of 1934. Forward- looking statement
Slide 3: Benson Hill is Delivering on its Growth Opportunity
Benson Hill is Delivering on its Growth Opportunity Strong financial performance is being driven by execution and strengthening macro tailwinds • Integrated business model capabilities • Scaling proprietary ingredients • Robust product pipeline Strong Execution • Supply chain challenges favor BH • F
Slide 4: Strong Execution Across Technology and AgriFood Value Chain
Strong Execution Across Technology and AgriFood Value Chain • CropOS® data acquisition in 2021 doubled with addition of new data layers • CropTrak data system enabled, resulting in field-level tracking throughout the season • Crop Accelerator commissioned for seed and ingredient prototyping, breedin
Slide 5: Differentiating Data Library That Doubles Every Year
DIFFERENTIATING DATA LIBRARY THAT DOUBLES, ON AVERAGE, EVERY YEAR 20 Of high-performance soy breeding data Years 6.5bn+ Environmental observations 1.3K Field Level Commercial Protein Samples 194bn SNP variants and 98m SNP Loci in Soy and Yellow Pea 13M Measured gene expression values 5 Actioning Ins
Slide 6: Robust Production Footprint
6 Production Fields 268 Production Sites >170K Cumulative commercial acres 1.3K Commercial protein samples >80% of 70,000 commercial acres with extensive data collection using CropTrak for items such as protein, yield, and oil Robust Production Footprint Agronomic Recommendations for Yield and Prote
Slide 7: Plant Assembly in Crop Accelerator Changes the Game
✓ Fully operational (47,000 ft2 facility with dynamically adaptive growth chambers) ✓ Completed ahead of schedule and under budget ✓ World-leading high-throughput phenotyping and automation capabilities Increases genetic gain and expands plant assembly options to deliver 2-2.5x more crop cycles annu
Slide 8: Validated PPC from Pre-Commercial Lines in Breeding
8 Validated PPC from Pre- Commercial Lines in Breeding Benson Hill advantage • Lower costs through high protein productivity • Reduce or eliminate capital intensive processing • Improved sustainability benefits • Validated pea protein concentrate in the range of 61% to 65% without concentrate proces
Slide 9: Partnering With Progressive Farmers Changing the Game On-farm
Innovation on Farm Farmer "How do I manage for protein?" "How do I optimize fields and harvest to maximize protein?" "How do I participate beyond the farmgate?" On-Farm Segregation Enacted "Beyond farm gate" rewarding farmers for protein production Closed-loop production to preserve identity and max
Slide 10: Made From Better: Product Features & Benefits
Made From Better™ PRODUCT FEATURES & BENEFITS High-protein Soy Flour, Textured Flour Less Processed, Soy Protein Concentrate (SPC), Textured Soy Protein Concentrate 60%+ 65%+ • Provides a high-quality plant-based protein (PDCAAS(2) = 1.0) • Desirable performance in key food applications • Compatible
Slide 11: Aquaculture Similar to Plant-Based Foods Market
Performance Sustainability Value Fat Anti- Nutrients Protein* 1% <1% Soybean Commodity Meal 1% >5% Soy Protein Concentrate <1% <1% *Typical values on an as-is basis >50% Aquaculture to overtake capture production in 2027 and account for 52% of all fish production for all
Slide 12: Recent Macro Trends Favor Benson Hill's Business and Value Proposition
SUPPLY CHAIN FOOD INFLATION INTENSE FOCUS ON SUSTAINABILITY 80 of companies are passing on rising supplier costs to consumers(1) Innovations can be deflationary Benson Hill is reducing cost structure, helping mitigate food inflation - currently 2x historical levels 7.0 inflation on food YoY Jan ’21
Slide 13: Creston Acquisition Expected to Accelerate Go-to-Market
Creston Acquisition Expected to Accelerate Go-to-Market for Proprietary Soy Protein Ingredients $130 mm $102 mm 2021 2020 Benson Hill Proprietary Soy Legacy Revenue Est. $90-$100mm 2022 CRESTON (ZFS) HISTORICAL REVENUE CORPORATE STRATEGY • Finalizes ability to convert proprietary soybeans into value
Slide 14: Drivers of Growth
Drivers of Growth • Market share capture with proprietary product • Proprietary revenue growth from integrated model • Partnership interest in soy and yellow pea innovations • Margins expansion alongside proprietary product growth • Expected to be EBITDA and free cash flow positive in 2025 • Equity
Slide 15: Why We Win
Why We Win 15 Others Benson Hill Advantage Substantial scale ~3 years Nearly 200k acres contracted to date Limited or no quality trait focus Minimum 6-10 Years Advantage With Multiple Differentiators Data advantage ~2-3 years Proprietary data sets for protein, yield, agronomics, genomics, expression
Slide 16: Financial Performance and Outlook
Financial Performance and Outlook (in $mm) 2020 (Actual)(1) 2021 (Original Guidance)(2) 2021 (Actual) Total Revenue $100 $127 $147 Ingredients $44 $60 $91 Fresh $56 $64 $56 Total Gross Profit $10 $12 $1.9(3) OpEx $72(4) $99 $122(4) Total Adjusted EBITDA ($46) ($73) ($80) Capex $10 $60 $31 Free Cash
Slide 17: 2022 Financial Outlook
2022 Financial Outlook (in $mm) 2022 (Original Guidance)(1) 2022 (Current Guidance) Total Revenue $161 $315-$350 Ingredients $91 $250-$275 Fresh $66 $65-$75 Total Gross Profit $2 $9-$13 OpEx $111 $135-$140(2) Total Adjusted EBITDA ($87) ($80-$85) Capex $41 $12-$16 Free Cash Flow N/A ($120-$130) 17 2
Slide 18: Benson Hill Ingredients – Revenue Evolution
Benson Hill Ingredients – Revenue Evolution 18 (1) Defined as revenue less direct product costs (determined on a non-GAAP basis), which excludes plant costs (labor, utilities, R&M, depreciation). 2022 Guidance for Total Ingredients Contribution Margin is 8% - 11%, which excludes 8% - 9% of facility
Slide 19: Benson Hill Ingredients – Proprietary Closed-Loop
Benson Hill Ingredients – Proprietary Closed-Loop 19 (1) Defined as revenue less direct product costs (determined on a non-GAAP basis), which excludes facility overhead costs (labor, utilities, R&M, depreciation). Crop performance improvements anticipated to result in elimination of isolate spiking
Slide 20: Appendix
Appendix Mag
Slide 21: Consolidated Statements of Operation
Consolidated Statements of Operation 21 (In Thousands, Except Per Share Information) Year Ended December 31, 2021 2020 Revenues $ 147,212 $ 114,348 Cost of sales 148,157 102,430 Gross (loss) profit (945) 11,918 Operating expenses 122,130 71,735 Loss from operations (123,075) (59,817) Other expense (
Slide 22: Consolidated Balance Sheet
Consolidated Balance Sheet 22 (In Thousands USD) December 31, 2021 2020 Assets Current assets: Cash and cash equivalents $ 78,963 $ 9,743 Marketable securities 103,689 100,334 Accounts receivable, net 31,729 14,271 Inventories, net 48,724 13,040 Prepaid expenses and other current assets 20,253 3,061
Slide 23: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows 23 (In Thousands USD) Year Ended December 31, 2021 2020 Operating activities Net loss $ (126,247) $ (67,159) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 12,817 7,504 Share-based compensation expense 7,
Slide 24: 2021 Segment Information and Non-GAAP Reconciliation
2021 Segment Information and Non-GAAP Reconciliation 24 Adjustments to reconcile consolidated net loss to Adjusted EBITDA: (In Thousands USD) The Company defines and calculates adjusted EBITDA as consolidated net loss before net interest expense, income tax provision and depreciation and amortizatio
Slide 25: 2020 Segment Information and Non-GAAP Reconciliation
2020 Segment Information and Non-GAAP Reconciliation 25 Adjustments to reconcile consolidated net loss to Adjusted EBITDA: (In Thousands USD) The Company defines and calculates adjusted EBITDA as consolidated net loss before net interest expense, income tax provision and depreciation and amortizatio
Slide 26: 2022 Segment Information and Non-GAAP Reconciliation
2022 Segment Information and Non-GAAP Reconciliation 26 Adjustments to reconcile estimated 2022 consolidated net loss to Adjusted EBITDA: (In Thousands USD) The Company defines and calculates adjusted EBITDA as consolidated net loss before net interest expense, income tax provision and depreciation