• Third quarter revenues of approximately $34.1 million, an increase compared to $23.5 million in the same period of 2023, reflect residual grain sales in the Company’s transition to a licensing business model.
  • Net loss from continuing operations, net of income taxes, was $21.9 million in the quarter. Adjusted EBITDA was a loss of $12.6 million, compared to a loss of $14.4 million in the same period of 2023, due primarily to expense reductions.
  • Free cash flow loss in the first nine months of 2024 was $48.9 million, which was approximately 57.7 percent of the free cash flow loss in the same period of 2023.
  • The company ended the third quarter with $14.4 million of cash and marketable securities.
  • Third quarter Shareholder Letter provides updates on Benson Hill’s strategic transformation, sustainability approach, and early progress on 2025 seed portfolio advancements.

St. Louis, MO (November 12, 2024) - Benson Hill, Inc., a seed innovation company, announced operating and financial results for the quarter ended September 30, 2024. The company’s focus on cost discipline, strategic partnerships, and its shift to an asset-light business model continue to improve the quality of earnings and position the company for long-term growth.

“Our third-quarter results reflect Benson Hill’s financial discipline and focus as we transform our business from a closed-loop manufacturing model to an asset-light licensing model,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “There is true and measurable potential for our proprietary seeds portfolio, and collaborations with farmers, seed dealers, poultry producers, soy processors, and academic partners illustrate the industry-wide demand for quality soy traits. As we continue our transformation, strategic partnerships will be pivotal to delivering market-driven demand for our seed innovations - which create value across the supply chain and deliver a clear sustainability advantage.”

During the third quarter, Benson Hill began shipping the remainder of the 2023 Ultra-High Protein, Low-Oligosaccharide (“UHP-LO”) soybeans into the poultry market. In addition, two additional feeding studies were initiated with major broiler producers who, in total, represent more than 40 percent of the U.S. broiler market (6 million acres of the total 14 million acres of soy dedicated to broilers). Additional feeding studies in turkeys (representing 4 million acres of soy) are planned in the first quarter of 2025. The expansion of poultry producers testing UHP-LO, combined with current aquaculture customers, demonstrates the value that Benson Hill’s proprietary soybeans can bring to the large and attractive animal feed market.

For the 2025 planting season, the Company has expanded its proprietary soybean seed portfolio offering. With more than 30 varieties spanning six distinct and differentiated product platforms, Benson Hill soybeans have proven results across multiple growing regions and are now available for the 2025 planting season.

Finally, Benson Hill is delivering on its commitment to launch innovations that enable lower-carbon agriculture. The Company’s proprietary soybeans offer downstream partners a seamless solution to help achieve Scope 3 (value chain) emissions reductions. Benson Hill’s track record with business partners demonstrates an ability to create significant ripple effects across the entire value chain, from farming to food production.

Third Quarter Results Compared to the Same Period of 2023

The following financial results exclude the former Fresh Segment and Seymour, Indiana, and Creston, Iowa, processing facilities reported in discontinued operations. The reconciliation of non-GAAP financial measures can be found in the accompanying financial tables. The combined results of the Company’s divested businesses have been reclassified and presented as discontinued operations, resulting in a significant reduction in reported revenues and related expenses.

  • Reported revenues increased by $10.6 million, or 45.3 percent, in the third quarter of 2024, driven by higher grain sales of proprietary soybeans, higher revenue from partnerships and licensing agreements, including revenue recognized from cancellations, and higher yellow pea revenue.
  • R&D expenses were $7.0 million, a decrease of $3.5 million, or 33.4 percent. The decrease was driven by reduced personnel-related costs and other technology costs in connection with implementing the expanded Liquidity Improvement Plan. Benson Hill continues to invest in critical technology costs, facilities expenses (primarily related to the Crop Accelerator facility) and workforce-related expenses to drive innovation in feed, food, and fuel with its CropOS® technology platform.
  • Selling, general, and administrative expenses were $12.3 million, a decrease of $1.4 million, or 10.4 percent, driven by reduced personnel-related and other costs in connection with implementing the expanded Liquidity Improvement Plan.
  • Net loss from continuing operations, net of income taxes, was $21.9 million. Adjusted EBITDA was a loss of $12.6 million, compared to a loss of $14.4 million in the same period of the prior year, which represents a reduction in loss of $1.8 million, driven by expense reductions.
  • Cash and marketable securities of $14.4 million were on hand as of September 30, 2024.

First Nine-Months Results Compared to the Same Period of 2023

The following financial results exclude the former Fresh Segment and Seymour, Indiana, and Creston, Iowa, processing facilities reported in discontinued operations. The reconciliation of non-GAAP financial measures can be found in the accompanying financial tables. The combined results of the Company’s divested businesses have been reclassified and presented as discontinued operations, resulting in a significant reduction in reported revenues and related expenses.

  • Reported revenues were $89.0 million, a decrease of $6.6 million, or 6.9 percent. The decrease was driven by recognition of revenue in 2023 from low-margin trading volumes generated by business development efforts that did not repeat in 2024, partially offset by higher revenue from partnerships and licensing agreements, including revenue recognized from cancellations, during the nine months ended September 30, 2024, compared to the same period in 2023. Revenue from domestic sales increased $16.5 million compared to the same period in 2023 due to higher grain sales of proprietary soybeans.
  • R&D expenses were $21.4 million, a decrease of $12.1 million, or 36.1 percent. The decrease was driven by reduced personnel-related costs and other technology costs in connection with implementing the expanded Liquidity Improvement Plan. We continue to invest in critical technology costs, facilities expenses (primarily related to the Crop Accelerator facility) and workforce-related expenses to drive innovation in feed, food, and fuel with its CropOS® technology platform.
  • Selling, general, and administrative expenses were $37.3 million, an increase of $3.8 million, or 11.4 percent. Excluding a non-recurring $7.8 million reversal to stock-based compensation expense in 2023, these expenses decreased by $4.0 million, driven by reduced personnel-related costs and professional fees.
  • Net loss from continuing operations, net of income taxes, was $66.2 million. Adjusted EBITDA was a loss of $32.1 million, compared to a loss of $44.1 million in the same period of the prior year, which represents a reduction in loss of $12.0 million. Free cash flow loss in 2024 was $48.9 million, which was approximately 57.7 percent of the free cash flow loss in 2023.

Additional Information

Additional information about Benson Hill’s financial and operating results can be found in the Company’s latest Shareholder Letter and in the Quarterly Report on Form 10-Q filed today with the Securities and Exchange Commission. Those documents are downloadable at investors.bensonhill.com.

About Benson Hill

Benson Hill is a seed innovation company that unlocks nature’s genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS® technology platform, and its Crop Accelerator. Benson Hill collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. For more information, visit bensonhill.com or on X, formerly known as Twitter at @bensonhillinc.