Benson Hill, Inc. · OTC:BHILQ
Benson Hill — Q2 2023 Earnings Presentation
30 slides from Benson Hill's earnings presentation, Aug 9, 2023
Slide 1: Second Quarter 2023 Financial Results and Outlook
SECOND QUARTER 2023 FINANCIAL RESULTS AND OUTLOOK August 9, 2023 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For
Slide 3: Our Mission to Lead the Pace of Innovation in the Food System
OUR MISSION TO LEAD THE PACE OF INNOVATION IN .THE FOOD SYSTEM.
Slide 4: Data Science / Plant Science / Food Science
DATA SCIENCE / PLANT SCIENCE / FOOD SCIENCE
Slide 5: Estimated 6-10 Years Advantage With Multiple Differentiators
Others Advantage Source: Benson Hill internal estimates as of August 2023 Time Advantage World-leading ultra-high protein & high yield commercial germplasm No commercial ultra-high protein germplasm ~6-10 years R&D Advantage Limited or no protein testing Significant AI- breeding ~2-3 years Data Adva
Slide 6: Trifecta of Data, Plant & Food Science
Crop B { BUILD ceclerator Prescriptive Growing Recipes HUMAN — IN-THE-LOOP y ARTIFICIAL Yg INTELLIGENCE V fa Creates value inflection in three to four years netic traits _ DESIGN eu BS Digitized Product Spec / Simulation Paral Field & Food Tertng Digital Twin / Prescriptive Breeding = op ‘ood System
Slide 7: Wave of Next-Generation Products
Wave of Next-Generation Products IN THE WORKS GEN2: >60% PPC GEN1.1: +Better Carbs GEN2.1:+ Improved Flavor UP NEXT GEN1: 60% PPC GEN2: +60% White Flake Protein GEN1.1: +Herbicide Tolerance WHERE WE ARE Commercial: 60% White Flake Protein, Better Carbohydrate Commercial: 60% Meal Protein, Low Antinu
Slide 8: Growth Playbook Relies on Partnerships and Licensing
• Market entry • Build relationships across the value chain • Low capital investment Step 1 The Foundation • Prove proprietary product concept • Ensure traceability • Capital investment and strategic partnerships Step 2 Integrated Route to Market • Pursue broad acre opportunity through partnerships/
Slide 9: Successful Closed Loop Model Execution
Successful Closed Loop Model Execution Incubation Scalability Targeted acceleration
Slide 10: Evolution Through Technology
IP ROBUST PARTNERSHIP MODELS EXISTING MARKETS NEW LARGE MARKET ADJACENCIES INTERNATIONAL MARKETS LARGE-ACRE LIVESTOCK FEED Evolution Through Technology
Slide 11: Attractive Market Fit
Attractive Market Fit UHP LO UHP Enlist E3® Ultra-High Protein with low oligosaccharides currently in market Ultra-High Protein with Enlist E3® varieties expected in 2025
Slide 12: Proven Proprietary Products are Well Suited for Global Expansion
Proven Proprietary Products are Well Suited for Global Expansion P lant-bas ed meat AquaBenson Hill U.S. and International headquarters
Slide 13: Strategic Levers for Value Creation
Strategic Levers for Value Creation Unique Seed to Ingredient Capabilities Effectively Validate and Rapidly Scale High-Value Innovative Ingredients License Powerful Platform into New Crops
Slide 14: Market Dynamics Impacting Specialty Industry
Moderation in the specialty oils market from exceptional high-levels in 2022 and 2023 Market Dynamics Impacting Specialty Industry Bumper crop in Brazil are pressuring export prices into the EU for aquaculture Weaker demand in premium markets such as plant-based meat Reversal of supply chain disloca
Slide 15: Exploring a Broad Range of Strategic Alternatives
Platform Products Pipeline People Partners Next Evolution of Benson Hill’s Winning Combination EXPLORING A BROAD RANGE OF STRATEGIC ALTERNATIVES The Board has engaged Lazard Frères & Co. LLC to assist in exploring strategic alternatives. The Company is also exploring joint venture opportunities, par
Slide 16: Our Mission to Lead the Pace of Innovation in the Food System
OUR MISSION TO LEAD THE PACE OF INNOVATION IN .THE FOOD SYSTEM.
Slide 17: Company Milestones
Company Milestones Established Infrastructure and Scaling Capability Source: Company filings, press releases. 20222021 April 5, 2022 Announced strategic alliance with Scandinavian protein producer Denofa to scale sustainable soy protein ingredients in the Northern European aquafeed sector August 8,
Slide 18: Executing Liquidity Improvement Plan
MINIMIZE WORKING CAPITAL REQUIREMENTS REDUCE OPEX WHILE RETAINING VALUE FOCUSED ASSET BASE Executing Liquidity Improvement Plan • Explore strategic options for Seymour, IN, facility • Drive capacity utilization in Creston, IA, and with strategic partner assets • Expect ~$33 million of run rate savin
Slide 19: Second Quarter 2023 Results
Second Quarter 2023 Results Second Quarter Ended June 30, 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 Differences 2Q’22 Results4 2Q’23 vs 2Q’
Slide 20: First Six Months 2023 Results
First Six Months 2023 Results First Six Months Ended June 30, 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 Differences 1H’22 Results3 1H’23 vs
Slide 21: Modified 2023 Guidance
Modified 2023 Guidance 2023 Guidance (USD in millions) Excludes Fresh Business1 Revised Prior Consolidated Revenue $390 - $430 $390 - $430 Proprietary $100 - $110 $100 - $110 Consolidated Gross Profit $20 - $25 $20 - $30 Operating Expense w/o Adj. $110 - $115 $115 - $120 Non-Cash stock-based Comp $(
Slide 22: On Track for Strong Performance in 2023
On Trac k for S trong P erformanc e in 2023 SECOND QUARTER Strong proprietary and non-proprietary revenue growth Favorable gross profit result Realized savings from the Liquidity Improvement Plan One-time non-cash items recorded in operating expense SECOND HALF OUTLOOK Well-positioned at the halfway
Slide 23: Benson Hill
BENSON @HILL
Slide 24: Benson Hill
BENSON @HILL
Slide 25: Second Quarter 2022 Results
Second Quarter 2022 Results Second Quarter Ended June 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 $93.6 $(3.9) $89.7 Proprietary $12.1 $12.1 Consolidated Gros
Slide 26: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations (unaudited) (USD in thousands, except per share information) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ 109,038 $ 93,631 $ 243,681 $ 159,757 Cost of sales 106,070 87,889 231,190 162,950 Gross profit (loss) 2,96
Slide 27: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (unaudited) (USD in thousands) June 30, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 13,882 $ 25,053 Marketable securities 80,514 132,12 Accounts receivable, net 36,456 28,591 Inventories, net 42,670 62,11 Prepaid expenses and other
Slide 28: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited) (USD in thousands) Six Months Ended June 30, 2023 2022 Operating activities Net loss $ (59,895) $ (44,130) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 10,596 10,942 Stock-based c
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation1 (USD in thousands) 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 gener
Slide 30: Non-GAAP Reconciliation (2023E)
Non-GAAP Reconciliation1 (USD in millions) 2023E Consolidated net loss from continuing operations $ (127) – (137) Interest expense, net 27 – 29 Depreciation and amortization 21 – 23 Stock-based compensation 7 – 8 Impairment of goodwill 19 Total Adjusted EBITDA $ (53) – (58) 2023E Consolidated net lo