Benson Hill, Inc. · OTC:BHILQ
Benson Hill — Q1 2022 Earnings Presentation
16 slides from Benson Hill's earnings presentation, May 16, 2022
Slide 1: First Quarter 2022 Earnings Presentation
First Quarter 2022 Earnings Presentation May 16, 2022 Exhibit 99.2
Slide 2: Disclaimers: Cautionary Note Regarding Forward-Looking Statements
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 statements g
Slide 3: First Quarter 2022 Highlights
FIRST QUARTER 2022 HIGHLIGHTS • Technology innovation and integrated go-to-market model uniquely positions Benson Hill in the sustainable food and plant-based food markets • Dynamic market conditions and macro tailwinds driving demand for Benson Hill’s proprietary soy portfolio • Building on the mom
Slide 4: Existing food system has no feedback from consumer back to seed breeder
Existing food system has no feedback from consumer back to seed breeder Disconnected, Different Objectives and Too Slow High yield Breeder, Seed Producer, Farmer Consistency & cost Processor/ Wholesale Supplier Cost and flavor (processing & additives) Food, Beverage Co Cheap, convenientConsumer Bens
Slide 5: 3-step technology strategy unlocks the natural genetic diversity in plants
3-step technology strategy unlocks the natural genetic diversity in plants Connecting data across the value chainGenomics is a proven lever for innovation CropOS® technology stack
Slide 6: Market dynamics and macro tailwinds help drive demand for Benson Hill's products
Market dynamics and macro tailwinds help to drive and even accelerate demand for Benson Hill’s innovative products ACCELERATING FOOD INFLATION ENVIRONMENTAL IMPACT OF THE FOOD SYSTEM FOOD SUPPLY CHAIN DISRUPTION FOOD-DRIVEN HEALTH IMPLICATIONS
Slide 7: Growing Interest from Customers
Growing Interest from Customers CleanCRUSH™ Ingredients (1) Per kg of protein, Internal estimated impact of using de-fatted soybean from Ultra-High Protein (UHP) soybeans compared to conventional soy protein concentrate, based on preliminary Life Cycle Assessment results conducted by Blonk Consultan
Slide 8: First Quarter 2022 Financial Highlights
First Quarter 2022 Financial Highlights Q1 2022 (in $M) Reported Versus Q1 2021 Impact of Open Mark- to-Market Timing Differences(2) Excl Open Mark-to- Market Timing Differences(2) Revenues $92.4 +191% $5.0 $97.4 Ingredients $66.1 +365% $5.0 $71.1 Fresh $26.3 +50% $ -- $26.3 Gross (loss) profit $(5.
Slide 9: 2022 Financial Outlook
2022 Financial Outlook (in $M) 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)(3) Capex $41 $12-$16 Free Cash Flow N/A ($120-$130)(3)
Slide 10: Why Benson Hill wins
Why Benson Hill wins Data advantage ~2-3 yearsLimited or no protein data Business model ~3 yearsTraditional, siloed business model Substantial scale ~3 yearsLimited or no quality focus ~2-3 yearsR&D advantage Limited or no protein testing Minimum 6-10 Years Advantage With Multiple Differentiators Ti
Slide 11: Our Technology Appendix
OUR TECHNOLOGY APPENDIX
Slide 12: Consolidated Statements of Operation
Consolidated Statements of Operation (In Thousands, Except Per Share Information) Three Months Ended March 31, 2022 2021 Revenues $ 92,445 $ 31,802 Cost of sales 97,667 31,233 Gross (loss) profit (5,222) 569 Operating expenses: Research and development 12,306 7,127 Selling, general and administrativ
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet (In Thousands USD) March 31, December 31, 2022 2021 (Unaudited) Assets Current assets: Cash and cash equivalents $ 103,977 $ 78,963 Marketable securities 105,934 103,689 Accounts receivable, net 34,818 31,729 Inventories, net 54,700 48,724 Prepaid expenses and other curren
Slide 14: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows (In Thousands USD) Three Months Ended March 31, 2022 2021 Operating activities Net loss $ (16,576) $ (22,347) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,404 2,591 Stock-based compensation expense 5,
Slide 15: First Quarter 2022 Segment Information and Non-GAAP Reconciliation
First Quarter 2022 Segment Information and Non-GAAP Reconciliation 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
Slide 16: 2022 Non-GAAP Reconciliations
2022 Non-GAAP Reconciliations Adjustments to reconcile estimated 2022 Adjusted EBITDA (In Thousands USD) 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 EBIT