Benson Hill, Inc. · OTC:BHILQ
Benson Hill — FY2023 Earnings Presentation
14 slides from Benson Hill's earnings presentation, Mar 14, 2024
Slide 1: 2023 Earnings Presentation
CONFIDENTIAL 2023 EARNINGS PRESENTATION MARCH 14 , 2024 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- look
Slide 3: Transformation of Benson Hill
3 Transformation of Benson Hill Retired Debt Announced CEO Transition Announced Exploration of Strategic Alternatives Built New Business Model Framed New Business Model Reshaped Organization Announced CFO Transition JUNE 2023 Q3 2023 Q4 2023 Q1 2024 Revalidated Technology Pipeline Launched Animal Fe
Slide 4: Full Year 2023 Performance
4 Full Year 2023 Performance Revenue Year-over-year increase driven by operational performance improvement, compared to the start-up period in 2022 and higher sales of proprietary grain to third parties and related non-proprietary processing volumes Gross Profit Gross profit increase was driven by p
Slide 5: Benson Hill Key Success Factors 2024
5 Successful transition from legacy business model Continued improvement of operating expenses and margins Acquisition of strategic partnerships and licensing deals Optimization of capital structure Expansion of intellectual property and advancement of technology pipeline Benson Hill Key Success Fac
Slide 6: Appendix
CONFIDENTIAL APPENDIX
Slide 7: We Partner with Independent Universities to Validate Our Soybean Genetics
7 Underscoring our dedication to delivering top-performing soybeans with proven quality traits, Benson Hill is collaborating with multiple independent third-party testing centers in 2024 to validate the performance of our future commercial varieties across multiple growing regions. We Partner with I
Slide 8: 4Q'23 Performance
8 4Q’23 Performance Revenue Proprietary revenues increased due to non-core technology license sales and higher proprietary grain sales and higher non-proprietary processing volumes Gross Profit Gross profit increase was driven by high margin license sales and operational efficiency gains and commerc
Slide 9: Consolidated Statements of Operations
9 (USD in thousands, except per share information) Three Months Ended December 31, Full Year Ended December 31, 2023 2022 2023 2022 Revenues $ 116,589 $ 99,180 473,336 381,233 Cost of sales 109,593 98,391 449,710 377,706 Gross profit 6,996 789 23,626 3,527 Operating expenses: Research and developmen
Slide 10: Consolidated Balance Sheets
10 December 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $ 15,828 $ 25,053 Restricted cash — 17,912 Marketable securities 32,852 132,121 Accounts receivable, net 33,222 28,591 Inventories, net 25,500 62,110 Prepaid expenses and other current assets 10,915 11,434 Curren
Slide 11: Consolidated Statements of Cash Flows
11 (USD in thousands) Consolidated Statements of Cash Flows (Unaudited) Year Ended December, 31 2023 2022 Operating activities Net loss $ (115,312) $ (127,905) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 21,610 22,836 Share-based compensa
Slide 12: Non-GAAP Reconciliation: Adjusted EBITDA
12 (USD in thousands) 1 The 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 accounting principles
Slide 13: Non-GAAP Reconciliation: Free Cash Flow
13 (USD in thousands) 1 The 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 accounting principles
Slide 14: Non-GAAP Reconciliation: Operating Expenses, as Adjusted
14 (USD in thousands) 1 The 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 accounting principles