Slide 1: 2022 Earnings Presentation
2022 EARNINGS PRESENTATION MARCH 13, 2023 Exhibit 99.2
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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-looking
Slide 3: A year of milestones
NYSE: BHIL - A year of milestones
Slide 4: Expect continued proprietary revenue growth in 2023
Expect continued proprietary revenue growth in 2023 Proprietary Soy Portfolio • 2022 revenues grew nearly 100 percent over 2021 • Establishing important strategic and commercial relationships • Operational excellence $38 $73 2021 2022 2023 Guidance Pr op rie ta ry R ev en ue s $100-$110 $ Millions U
Slide 5: Future product development projected timeline
Benson Hill’s future product development projected timeline Platform Innovation (~3-4 yrs) GEN3: +Improved Flavor GEN2: +10g Protein/Serving, Heart Healthy Oil, Improved Flavor GEN3: +13g Protein/serving GEN2: +65% Pea Protein Concentrate, Improved Flavor GEN3: +Clean Flavor GEN3: +Better Nutrition
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Slide 7: Veri Delivers Superior Performance
*preliminary LCA results from Blonk Consultants 2021 based on economic allocation and industry averages for expeller pressed oil. Veri™ Delivers Superior Performance Veri™ Oil Commodity Soy Oil Heart Healthy Omega-9(1) X Less polymer buildup on fryer X Long fry life X Cost effective X X Non-GMO Proj
Slide 8: Engaging with strategic partner ADM
Engaging with strategic partner ADM to build an exciting new frontier of food (1) Access to ADM’s current and planned protein processing capacity for food ingredients Joint farmer recruitment program Leverage ADM’s product application and formulation expertise Focus: Alternative meat, meat extension
Slide 9: Adapting to persistent high supply chain costs
Adapting to persistent high supply chain costs HIGH SOY COMMODITY PRICES • Benefits non-proprietary products • Requires significantly higher farmer premiums to secure proprietary acres, especially with new farmers INFLATIONARY AND SUPPLY CHAIN DISLOCATIONS • Higher than planned operational and logis
Slide 10: 2025 Anticipated Growth Drivers and Targets
10 MARGIN EXPANSION 2025 Anticipated Growth Drivers • Proprietary revenues of $300M+ vs. previous $350M+ target o Scale highest margin proprietary products o Temporarily de-emphasize lower margin product categories o Temper revenue recognition for ADM strategic partnership and timing to secure new p
Slide 11: Benson Hill
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Slide 12: Financial Results and Outlook
FINANCIAL RESULTS AND OUTLOOK
Slide 13: 2022 financial results and 2023 outlook
2022 financial results and 2023 outlook(1) 2022 Financial Results (in $ Millions USD) Reported ( Excludes Fresh Business) Impact of Open Mark-to-Market Timing difference Excluding Open Mark-to-Market Timing Differences 2023 Guidance(3) Consolidated Revenue $381 $(3) $384 $390 - $430 Proprietary $73
Slide 14: Enhancing capital structure to provide liquidity
Enhancing capital structure to provide liquidity needed to achieve target for positive Adjusted EBITDA and positive free cash flow in 2025 (1) Liquidity needed to achieve 2025 financial targets depends on planned revenue growth, margin expansion, and cash management discipline • 12/31/2022: Cash, re
Slide 15: Summary
Summary • 2022 was an exceptional year for Benson Hill • Benson Hill is adapting to market realities while continuing to execute the strategic plan for significant yet responsible growth • Expect 2023 to be a strong year to continue scaling the proprietary portfolio • Executing on the plan announced
Slide 16: Benson Hill
BENSON @HILL 4 L
Slide 17: Our Technology Appendix
OUR TECHNOLOGY APPENDIX
Slide 18: Consolidated Statements of Operation
Consolidated Statements of Operation (In Thousands USD, Except Per Share Information) Three Months Ended December 31, Year Ended December 31, 2022 (unaudited) 2021 (unaudited) 2022 (unaudited) 2021 Revenues $ 99,180 $ 30,732 $ 381,233 $ 90,945 Cost of sales 98,391 33,972 377,706 96,846 Gross profit
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet (In Thousands USD) December 31, 2022 (unaudited) 2021 Assets Current assets: Cash and cash equivalents $ 25,053 $ 78,940 Marketable securities 132,121 103,689 Accounts receivable, net 28,591 22,128 Inventories, net 62,110 37,004 Prepaid expenses and other current assets 29
Slide 20: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows (In Thousands USD) Year Ended December 31, 2022 2021 Operating activities Net loss $ (127,905) $ (126,247) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 22,836 12,817 Stock-based compensation expense 19,
Slide 21: 2022 non-GAAP Reconciliations
2022 non-GAAP Reconciliations(1) Adjustments to reconcile 2022 consolidated net loss from continuing operations to adjusted EBITDA (In Millions USD) Consolidated net loss from continuing operations $ (100) Interest expense, net 21 Depreciation and amortization 21 Stock-based compensation 20 Other no
Slide 22: 2023 non-GAAP Reconciliations
2023 non-GAAP Reconciliations(1) Adjustments to reconcile 2023 consolidated net loss to Adjusted EBITDA (In Millions USD) Consolidated net loss from continuing operations $ (125) – (135) Interest expense, net 27 – 29 Depreciation and amortization 21 –23 Stock-based compensation 14 – 15 Total Adjuste