- Reported revenues decreased 8 percent year-over-year to
approximately $113.1 million. Proprietary revenues increased by 27
percent year-over-year.
- Reported gross profit was $4.1 million (gross loss of $0.2
million when excluding an approximate $4.3 million impact from open
mark-to-market timing differences).
- The Company ended the third quarter with $86.2 million of cash,
restricted cash, and marketable securities.
- Management improves its 2023 financial guidance.
- The Company expects to pay down approximately 50 percent of the
senior convertible debt in November.
Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”),
a food tech company unlocking the natural genetic diversity of
plants, today announced operating and financial results for the
quarter ended September 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231109972823/en/
Benson Hill Announces Third Quarter 2023
Financial Results, Improves 2023 Outlook, and Pays Down Debt
(Graphic: Business Wire)
“Our team effectively managed a challenging third quarter,
addressing some softness in soy crush margins and reduced demand
for proprietary products because of market headwinds,” said Deanie
Elsner, Chief Executive Officer of Benson Hill. “The combination of
the sale of certain non-core licensing technologies and
higher-than-planned soy white flake ingredient sales expected in
the fourth quarter positions us to end 2023 consistent with our
prior guidance for gross profit. We expect these market challenges
to persist, further supporting our decision to accelerate the shift
to an asset-light business model designed to serve broadacre animal
feed markets with our seed innovations enabled through the CropOS®
platform.”
Third Quarter Results Compared to the Same Period of
2022
The following financial results exclude the completed
divestiture of the Fresh business on June 30, 2023. The impact of
open mark-to-market timing differences on the statement of
operations and reconciliation of non-GAAP financial measures can be
found in the accompanying financial tables.
- Reported revenues were $113.1 million, a decrease of $9.2
million, or 7.5 percent, driven by a 17 percent decline in
non-proprietary revenues due to record-level crush margins for soy
and yellow pea in the third quarter of last year. Proprietary
revenues were $33.1 million, a 27.2 percent increase, driven by
greater availability of products compared to the prior year and the
sale of proprietary soybeans into the commodity market. Reported
revenues included an unfavorable $0.1 million impact from open
mark-to-market timing differences.
- Gross profit was $4.1 million, a decrease of $1.8 million.
Excluding a favorable impact of $4.3 million from open
mark-to-market timing differences, gross profit decreased by $4.7
million to a loss of $0.2 million due to the sale of proprietary
products into the commodity markets at unfavorable margins and
non-recurring factors affecting the supply chain, including
logistics and unscheduled maintenance costs at our processing
facilities.
- Operating expenses were $28.4 million, a decrease of $2
million. The decrease was driven by the Liquidity Improvement Plan
actions to deliver an expected $15 million run rate reduction in
2023 partially offset by $2.5 million of non-recurring expenses.
Excluding the non-recurring items, operating expenses declined by
approximately 14.7 percent to $25.9 million.
- Selling, general, and administrative expenses were $17.9
million, a decrease of $1 million or 5.5 percent inclusive of
non-recurring costs.
- R&D expenses were $10.5 million, a decrease of $0.9 million
or 8 percent.
- Inclusive of open mark-to-market timing differences, net loss
from continuing operations, net of income taxes, was $19.2 million,
a decrease in reported loss of $7.2 million. Adjusted EBITDA was a
loss of $14.2 million compared to a loss of $14.7 million in the
prior year. Excluding the impact of open mark-to-market timing
differences, the Adjusted EBITDA loss in the quarter was $18.5
million compared to a loss of $16.1 million for the same period
last year.
- Cash, restricted cash, and marketable securities of $86.2
million were on hand as of September 30, 2023.
First Nine-Months Results Compared to the Same Period of
2022
The following financial results exclude the completed
divestiture of the Fresh business on June 30, 2023. The impact of
open mark-to-market timing differences on the statement of
operations and reconciliation of non-GAAP financial measures can be
found in the accompanying financial tables.
- Reported revenues were $356.7 million, an increase of $74.7
million, or 26.5 percent. Proprietary revenues were $77 million, an
increase of 47.3 percent, driven by proprietary product sales into
the aquaculture market and some limited soybean sales into the
commodity markets. Reported revenues included a $6.3 million gain
from open mark-to-market timing differences.
- Gross profit was $16.6 million, an increase in profitability of
$13.9 million, and includes a $6.4 million gain related to open
mark-to-market timing differences. Overall profitability increased
in dollar and margin percentage terms due to the combination of
partnership and licensing agreements and improved operating results
compared to start-up costs incurred in the prior year.
- Operating expenses were $97.6 million, an increase of $2.4
million, or 2.5 percent, which include approximately $17.3 million
of non-recurring costs, including a $19.2 million impairment of the
carrying value of goodwill. Excluding these non-recurring items,
operating expenses declined by 15.6 percent to $80.3 million due to
cost reductions realized through the Company’s Liquidity
Improvement Plan.
- Inclusive of the mark-to-market timing differences and goodwill
impairment, the reported net loss from continuing operations, net
of income taxes, was $73.2 million compared to a net loss of $68.9
million. Adjusted EBITDA was a loss of $41 million compared to a
loss of $59.8 million.
2023 Outlook
Excludes the Fresh business which was divested on June 30,
2023.
Management improved its guidance for 2023, driven by
expectations for improved performance in the fourth quarter and
continued benefits from the Liquidity Improvement Plan.
2023 Guidance1
$ USD Millions
November 9
August 9
Consolidated revenues
$440 - $450
$390 - $430
Proprietary revenues
$100 - $110
$100 - $110
Gross profit
$20 - $25
$20 - $25
Operating expenses
$122 - $127
$122 - $127
Operating expenses, as adjusted2
$101 - $106
$110 - $115
Net loss from continuing operations, net
of income taxes
$(100) - $(105)
$(127) - $(137)
Adjusted EBITDA2
$(50) - $(55)
$(53) - $(58)
Capital expenditures
$10 - $15
$15 - $20
Free cash flow2
$(102) - $(107)
$(110) - $(118)
1 Categories such as income tax expense (benefit) and changes in
fair value of warrants and conversion option, stock-based
compensation and significant non-recurring items may impact the
actual full-year non-GAAP reconciliation for both Adjusted EBITDA
and Free Cash Flow. These amounts cannot be estimated at this
time.
2 Reconciliation of non-GAAP financial measures can be found in
the accompanying financial tables.
Webcast
Management will hold an earnings conference call webcast at 8:30
a.m. ET today. The link to participate is available on the Investor
Relations page of the Company’s website.
About Benson Hill
Benson Hill moves food forward with the CropOS® platform, a
cutting-edge food innovation engine that combines data science and
machine learning with biology and genetics. Benson Hill empowers
innovators to unlock nature’s genetic diversity from plant to
plate, with the purpose of creating nutritious, great-tasting food
and ingredient options that are both widely accessible and
sustainable. More information can be found at bensonhill.com or on
X, formerly known as Twitter at @bensonhillinc.
Use of Non-GAAP Financial Measures
In this press release, the Company includes references to
non-GAAP performance measures. The Company uses these non-GAAP
financial measures to facilitate management’s financial and
operational decision-making, including evaluation of the Company’s
historical operating results. The Company’s management believes
these non-GAAP measures are useful in evaluating the Company’s
operating performance and are similar measures reported by publicly
listed U.S. competitors, and regularly used by securities analysts,
institutional investors, and other interested parties in analyzing
operating performance and prospects. These non-GAAP financial
measures reflect an additional way of viewing aspects of the
Company’s operations that, when viewed with GAAP results and the
reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends
affecting the Company’s business. By referencing these non-GAAP
measures, the Company’s management intends to provide investors
with a meaningful, consistent comparison of the Company’s
performance for the periods presented. These non-GAAP financial
measures should be considered supplemental to, and not a substitute
for, financial information prepared in accordance with GAAP. The
Company’s definition of these non-GAAP measures may differ from
similarly titled measures of performance used by other companies in
other industries or within the same industry. In addition, the
Company has and may in the future modify how it calculates non-GAAP
performance measures. Because non-GAAP financial measures exclude
the effect of items that will increase or decrease the Company’s
reported results of operations, management strongly encourages
investors to review the Company’s condensed consolidated financial
statements and publicly filed reports in their entirety.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
tables accompanying this press release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release 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. Forward-looking statements
generally relate to future events or the Company’s future financial
or operating performance and may be identified by words such as
“may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” or similar words, as well as
the negative of such statements. These forward-looking statements
are based upon assumptions made by the Company as of the date
hereof and are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements include, among other things, statements
regarding the Company’s current guidance regarding certain expected
2023 financial and operating results, including guidance regarding
consolidated, proprietary and non-proprietary revenues,
consolidated gross profit, net loss from continuing operations,
Adjusted EBITDA, run rate cash savings, operating expenses and
operating expenses adjustments, and free cash flow; statements
regarding the Company’s current expectations and assumptions
regarding the industries and markets in which it operates,
including its transition to an asset-light business model to serve
broadacre animal feed markets; macro-economic trends, including
regarding commodity and proprietary markets and inflationary
pressures; projections of market opportunity; statements regarding
asset sales; statements regarding the Company’s Liquidity
Improvement Plan and other cost-saving measures, actions to
implement such plan, and the anticipated benefits of and timeline
to implement such plans; expectations regarding revenue and gross
profit mix; the Company’s ability to identify and evaluate its
strategic alternatives and effect potential strategic opportunities
in ways that maximize shareholder value; expectations regarding the
Company’s ability to continue as a going concern; statements
regarding the execution of the Company’s business plan, the
strategic review of the Company’s business, and the Company’s
executive leadership transition; expectations regarding future
costs and uses of free cash flow; expectations regarding the
unwinding of mark-to-market timing differences and the Company’s
assessment of its futures contracts; any financial or other
information based upon or otherwise incorporating judgments or
estimates relating to future performance, events or expectations;
expectations regarding the Company’s hedging and other risk
management strategies, including expectations about future sales
and purchases that relate to the Company’s mark-to-market
adjustments and the fair valuation of futures contracts; the
Company’s strategies, positioning, resources, capabilities, and
expectations for future performance; estimates and forecasts of
financial and other performance metrics; the Company’s outlook and
financial and other guidance. Factors that may cause actual results
to differ materially from current expectations and guidance
include, but are not limited to: risks associated with the
Company’s Liquidity Improvement Plan and other cost saving
measures, including potentially adverse impacts on the Company’s
business and prospects even if such plans are successful; the risk
that the Company’s actions relating to its Liquidity Improvement
Plan and other cost saving measures may be insufficient to achieve
the objectives of such plans; liquidity and other risks relating to
the Company’s ability to continue as a going concern; the risk that
the Company may fail to achieve its guidance; risks associated with
the Company’s ability to grow and achieve growth profitably,
including continued access to the capital resources necessary for
growth; risks relating to the Company’s plans to sell certain
assets; the risk that the Company will be unable to renegotiate or
retire any of its existing debt on favorable terms, or at all;
risks relating to the failure to realize the anticipated benefits
of the Company’s shelf registration statement, including its
at-the-market facility, or otherwise failing to raise equity or
other capital to supplement its cash needs; risks associated with
the Company’s execution of its executive leadership transition,
including, among others, risks relating to maintaining key
employee, customer, partner and supplier relationships; risks
relating to the Company’s hedging and other risk management
strategies, including expectations about future sales and purchases
that relate to the Company’s mark-to-market adjustments and the
fair valuation of futures contracts; the risk that the Company will
not realize the anticipated benefits of the divestiture of the
Fresh business; risks associated with managing capital resources;
risks associated with maintaining relationships with customers and
suppliers and developing and maintaining partnering and licensing
relationships; risks associated with changing industry conditions
and consumer preferences; risks associated with the Company’s
ability to generally execute on its business strategy, including
its transition to an asset-light business model to serve broadacre
animal feed markets; risks associated with the effects of global
and regional economic, agricultural, financial and commodities
market, political, social and health conditions; the effectiveness
of the Company’s risk management strategies; and other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in our
filings with the SEC, which are available on the SEC’s website at
www.sec.gov. Forward-looking
statements are also subject to the risks and other issues described
above under “Use of Non-GAAP Financial Measures,” which could cause
actual results to differ materially from current expectations
included in the Company’s forward-looking statements included in
this press release. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved, including without limitation, any expectations about our
operational and financial performance or achievements. There may be
additional risks about which the Company is presently unaware or
that the Company currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. The Company expressly disclaims any duty to
update these forward-looking statements, except as otherwise
required by law.
Benson Hill, Inc. Material Items
Included in Consolidated Revenues and Cost of Sales (In
Thousands)
Currently, the Company does not seek cash flow hedge accounting
treatment for its derivative financial instruments; thus changes in
fair value are reflected in current earnings.
Mark-to-market timing difference comprises the estimated net
temporary impact resulting from unrealized period-end gains/losses
associated with the fair valuation of futures contracts associated
with the Company’s committed future operating capacity. These
mark-to-market timing differences are not indicative of the
Company’s operating performance.
The table below summarizes the pre-tax gains and losses related
to derivatives and contract assets and liabilities:
Nine Months Ended September
30, 2023
Open Mark-to-Market Timing
Differences
In Thousands
YTD Reported
Q1 Impact
Q2 Impact
Q3 Impact
YTD Impact
YTD Excluding
Revenues
$
356,747
$
6,725
$
(275
)
$
(131
)
$
6,319
$
350,428
Gross profit
$
16,630
$
5,229
$
(3,110
)
$
4,298
$
6,417
$
10,213
Total operating expenses
$
97,598
$
—
$
—
$
—
$
—
$
97,598
Net loss from continuing operations, net
of income taxes
$
(73,203
)
$
5,229
$
(3,110
)
$
4,298
$
6,417
$
(79,620
)
Adjusted EBITDA
$
(40,981
)
$
5,229
$
(3,110
)
$
4,298
$
6,417
$
(47,398
)
- See Adjusted EBITDA reconciliation in the accompanying
financial tables.
Benson Hill, Inc.
Condensed Consolidated Balance
Sheets (Unaudited)
(In Thousands, Except Per
Share Data)
September 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
12,041
$
25,053
Restricted cash
20,438
17,912
Marketable securities
53,524
132,121
Accounts receivable, net
37,553
28,591
Inventories, net
30,419
62,110
Prepaid expenses and other current
assets
13,883
11,434
Current assets of discontinued
operations
555
23,507
Total current assets
168,413
300,728
Property and equipment, net
99,628
99,759
Finance lease right-of-use assets, net
61,511
66,533
Operating lease right-of-use assets
5,542
1,660
Goodwill and intangible assets, net
7,587
27,377
Other assets
9,838
4,863
Total assets
$
352,519
$
500,920
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
14,134
$
36,717
Finance lease liabilities, current
portion
3,935
3,318
Operating lease liabilities, current
portion
1,456
364
Long-term debt, current portion
35,581
2,242
Accrued expenses and other current
liabilities
18,639
33,435
Current liabilities of discontinued
operations
871
16,441
Total current liabilities
74,616
92,517
Long-term debt, less current portion
73,596
103,991
Finance lease liabilities, less current
portion
75,399
76,431
Operating lease liabilities, less current
portion
6,333
1,291
Warrant liabilities
1,694
24,285
Conversion option liabilities
21
8,091
Deferred income taxes
155
283
Other non-current liabilities
231
129
Total liabilities
232,045
307,018
Stockholders’ equity:
Common stock, $0.0001 par value, 440,000
and 440,000 shares authorized, 207,981 and 206,668 shares issued
and outstanding at September 30, 2023 and December 31, 2022,
respectively
21
21
Additional paid-in capital
609,554
609,450
Accumulated deficit
(485,939
)
(408,474
)
Accumulated other comprehensive loss
(3,162
)
(7,095
)
Total stockholders’ equity
120,474
193,902
Total liabilities and stockholders’
equity
$
352,519
$
500,920
Benson Hill, Inc.
Condensed Consolidated
Statements of Operations (Unaudited)
(In Thousands, Except Per
Share Data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
$
113,066
$
122,296
$
356,747
$
282,053
Cost of sales
108,927
116,365
340,117
279,315
Gross profit (loss)
4,139
5,931
16,630
2,738
Operating expenses:
Research and development
10,525
11,438
33,480
35,739
Selling, general and administrative
expenses
17,874
18,912
44,892
59,448
Impairment of goodwill
—
—
19,226
—
Total operating expenses
28,399
30,350
97,598
95,187
Loss from operations
(24,260
)
(24,419
)
(80,968
)
(92,449
)
Other (income) expense:
Interest expense, net
7,179
6,200
20,425
16,030
Changes in fair value of warrants and
conversion option
(12,001
)
(4,036
)
(30,661
)
(41,676
)
Other expense, net
(201
)
(181
)
2,588
2,104
Total other (income) expense, net
(5,023
)
1,983
(7,648
)
(23,542
)
Net loss from continuing operations before
income taxes
(19,237
)
(26,402
)
(73,320
)
(68,907
)
Income tax expense (benefit)
6
13
(117
)
30
Net loss from continuing operations, net
of income taxes
(19,243
)
(26,415
)
(73,203
)
(68,937
)
Net (loss) income from discontinued
operations, net of tax
1,673
(3,754
)
(4,262
)
(5,362
)
Net loss attributable to common
stockholders
$
(17,570
)
$
(30,169
)
$
(77,465
)
$
(74,299
)
Net loss per common share:
Basic and diluted net loss per common
share from continuing operations
$
(0.10
)
$
(0.14
)
$
(0.39
)
$
(0.39
)
Basic and diluted net loss per common
share from discontinued operations
$
0.01
$
(0.02
)
$
(0.02
)
$
(0.03
)
Basic and diluted total net loss per
common share
$
(0.09
)
$
(0.16
)
$
(0.41
)
$
(0.42
)
Weighted average shares outstanding:
Basic and diluted weighted average shares
outstanding
188,223
186,097
187,691
177,539
Benson Hill, Inc.
Condensed Consolidated
Statements of Comprehensive Loss (Unaudited)
(In Thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss attributable to common
stockholders
$
(17,570
)
$
(30,169
)
$
(77,465
)
$
(74,299
)
Foreign currency:
Comprehensive income (loss)
—
(1
)
—
(46
)
—
(1
)
—
(46
)
Marketable securities:
Comprehensive income (loss)
395
(1,759
)
875
(9,918
)
Adjustment for net loss (income) realized
in net loss
14
(97
)
3,058
2,132
409
(1,856
)
3,933
(7,786
)
Total other comprehensive income
(loss)
409
(1,857
)
3,933
(7,832
)
Total comprehensive loss
$
(17,161
)
$
(32,026
)
$
(73,532
)
$
(82,131
)
Benson Hill, Inc.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In Thousands)
Nine Months Ended September
30,
2023
2022
Operating activities
Net loss
$
(77,465
)
$
(74,299
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
16,056
16,504
Stock-based compensation expense
(347
)
15,771
Bad debt expense
(263
)
724
Changes in fair value of warrants and
conversion option
(30,661
)
(41,676
)
Accretion and amortization related to
financing activities
6,624
8,481
Realized losses on sale of marketable
securities
3,058
2,132
Impairment of goodwill
19,226
—
Other
1,815
4,180
Changes in operating assets and
liabilities:
Accounts receivable
(3,073
)
(7,208
)
Inventories
43,323
6,441
Other assets and other liabilities
(4,170
)
8,052
Accounts payable
(32,306
)
(6,093
)
Accrued expenses
(15,685
)
2,604
Net cash used in operating activities
(73,868
)
(64,387
)
Investing activities
Purchases of marketable securities
(87,619
)
(350,333
)
Proceeds from maturities of marketable
securities
66,193
109,514
Proceeds from sales of marketable
securities
99,838
170,217
Purchase of property and equipment
(10,127
)
(11,835
)
Acquisition, net of cash acquired
—
(1,044
)
Proceeds from divestiture of discontinued
operations
2,378
—
Proceeds from an insurance claim from a
prior business acquisition
1,533
—
Other
41
—
Net cash provided by (used in) investing
activities
72,237
(83,481
)
Financing activities
Contributions from PIPE Investment, net of
transaction costs $3,761 in 2022
—
80,825
Repayments of long-term debt
(4,874
)
(6,736
)
Proceeds from issuance of long-term
debt
—
24,078
Payments of debt issuance costs
(2,000
)
(38
)
Borrowing under revolving line of
credit
—
18,970
Repayments under revolving line of
credit
—
(19,017
)
Payments of finance lease obligations
(2,428
)
(1,103
)
Proceeds from exercise of stock awards,
net of withholding taxes
249
1,950
Net cash (used in)/provided by financing
activities
(9,053
)
98,929
Effect of exchange rate changes on
cash
—
(46
)
Net decrease in cash and cash
equivalents
(10,684
)
(48,985
)
Cash, cash equivalents and restricted
cash, beginning of period
43,321
78,963
Cash, cash equivalents and restricted
cash, end of period
$
32,637
$
29,978
Supplemental disclosure of cash flow
information
Cash paid for taxes
$
35
$
1
Cash paid for interest
$
14,523
$
9,864
Supplemental disclosure of non-cash
activities
PIPE Investment issuance costs included in
accrued expenses and other current liabilities
Purchases of property and equipment
included in liabilities
$
125
$
2,710
Financing leases commencing in the
period
$
—
$
806
Benson Hill, Inc. Non-GAAP
Reconciliation (In Thousands)
This press release contains financial measures not derived in
accordance with generally accepted accounting principles (“GAAP”).
Reconciliations to the most comparable GAAP measures are provided
below. The Company defines Adjusted EBITDA as net loss from
continuing operations excluding income taxes, interest,
depreciation, amortization, stock-based compensation, changes in
fair value of warrants and conversion options, realized (gains)
losses on marketable securities, goodwill, and long-lived asset
impairment, restructuring-related costs (including severance costs)
and the impact of significant non-recurring items. The Company
defines free cash flow as net cash used in (provided by) operating
activities minus capital expenditures. The Company defines
operating expenses, as adjusted as operating expenses excluding
expenses incurred in relation to the transition to an asset-light
business model and significant non-recurring items.
Adjustments to reconcile net loss from our continuing operations
to Adjusted EBITDA:
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss from continuing operations, net
of income taxes
$
(19,243
)
$
(26,415
)
$
(73,203
)
$
(68,937
)
Interest expense, net
7,179
6,200
20,425
16,030
Income tax expense (benefit)
6
13
(117
)
30
Depreciation and amortization
5,460
5,052
16,056
14,992
Stock-based compensation
867
4,412
(392
)
15,771
Changes in fair value of warrants and
conversion
(12,001
)
(4,036
)
(30,661
)
(41,676
)
Impairment of goodwill
—
—
19,226
—
Severance
386
185
1,624
474
Other
3,187
(95
)
6,061
3,489
Total Adjusted EBITDA
$
(14,159
)
$
(14,684
)
$
(40,981
)
$
(59,827
)
Adjustments to reconcile estimated 2023 net loss from continuing
operations to the estimated Adjusted EBITDA:
2023 Estimate*
Consolidated net loss from continuing
operations
$
(100,000
)
to
$
(105,000
)
Interest expense, net
36,000
to
38,000
Depreciation and amortization
21,000
to
25,000
Stock-based compensation
3,000
to
5,000
Change in fair value of warrants and
conversion option
(31,000
)
to
(31,000
)
Impairment of goodwill
19,000
to
19,000
Severance
2,000
4,000
Other
—
(10,000
)
Total Adjusted EBITDA
$
(50,000
)
to
$
(55,000
)
Adjustments to reconcile the estimated 2023 free cash flow:
2023 Estimate*
Consolidated net loss from continuing
operations
$
(100,000
)
to
$
(105,000
)
Depreciation and amortization
21,000
to
25,000
Stock-based compensation
3,000
to
5,000
Impairment of goodwill
19,000
to
19,000
Change in fair value of warrants and
conversion option
(31,000
)
(31,000
)
Changes in working capital
(1,000
)
to
(5,000
)
Other
(3,000
)
to
—
Net Cash Used in Operating
Activities
$
(92,000
)
to
$
(92,000
)
Payments for the acquisition of property
and equipment
(10,000
)
to
(15,000
)
Free Cash Flow
$
(102,000
)
to
$
(107,000
)
* Categories such as income tax expense (benefit) and changes in
fair value of warrants and conversion option, stock-based
compensation and significant non-recurring items may impact the
actual full-year non-GAAP reconciliation for both Adjusted EBITDA
and Free Cash Flow. These amounts cannot be estimated at this
time.
Adjustments to reconcile operating expenses to operating
expenses, as adjusted:
2023 Estimate
Operating expenses
$
122,000
to
$
127,000
Non-cash stock-based compensation
8,000
to
8,000
Goodwill impairment
(19,000
)
to
(19,000
)
Exit costs related to divestiture of
Seymour facility
(4,000
)
to
(4,000
)
Advisory fees related to business
evolution
(4,000
)
to
(4,000
)
Severance and other
(2,000
)
to
(2,000
)
Operating expenses, as adjusted
$
101,000
to
$
106,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109972823/en/
Investors: Ruben Mella: (314) 714-6313 / rmella@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com
Grafico Azioni Benson Hill (NYSE:BHIL)
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Grafico Azioni Benson Hill (NYSE:BHIL)
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