St. Louis, Missouri, USA
February 3, 2023
Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a food tech company unlocking the natural genetic diversity of plants, today announced preliminary, unaudited 2022 financial results.
2022 Preliminary Unaudited Results from Continuing Operations1
(Dollar Amounts in Millions USD)
| |
Reported(Excludes Fresh Segment) |
Impact of Open
Mark-to-Market Timing Differences2 |
Excluding Open Mark-to-Market Timing Differences1 |
| Consolidated Revenues |
$379 to $383 |
$(2.5) |
$382 to $386 |
| Proprietary Revenues |
$71 to $73 |
|
$71 to $73 |
| Consolidated Gross Profit |
$2 to $5 |
$(5.0) |
$7 to $10 |
| Net Loss from Continuing Operations |
$(98) to $(102) |
$(5.0) |
$(93) to $(97) |
| Adjusted EBITDA2 |
$(82) to $(86) |
$(5.0) |
$(77) to $(81) |
| Cash, Restricted Cash and Marketable Securities as of December 31, 2022 |
$175 |
|
|
The expected financial results include the benefits of favorable soy commodity markets and strong demand for Benson Hill’s proprietary soy portfolio of products in the food ingredients, edible oil and aquaculture markets. However, higher than planned costs of sales related to logistics and operations in December, as well as measurement period adjustments related to purchase price accounting, will impact full-year gross profit from previous expectations.
“Our preliminary 2022 results are indicative of the tremendous progress we have made to advance our strategic objectives and sharpen our focus,” said Benson Hill Chief Executive Officer Matt Crisp. “We expect 2023 will be another year of significant growth for our proprietary soy portfolio as we expand availability with the 2022 harvest and look to capitalize on demand for our climate-conscious, seed-to-fork food and feed ingredients.”
2023 Outlook
2023 Preliminary Guidance4
(Dollar Amounts in Millions USD)
| Consolidated Revenues |
$390 to $430 |
| Proprietary Revenues |
$100 to $110 |
| Consolidated Gross Profit |
$20 to $30 |
| Net Loss from Continuing Operations |
$(125) to $(135) |
| Adjusted EBITDA Loss3 |
$(63) to $(68) |
The expected increase in proprietary revenue and consolidated gross profit growth result from anticipated increased availability of proprietary products, greater contribution from partnerships and licensing, and continued strong execution in the closed loop business model. As a result, management expects a higher proportion of the revenue and gross profit mix to come from the proprietary soy portfolio.
Consistent with the Company’s strategic plan, management expects a greater use of free cash flow in 2023 versus the prior year due to the start of a two-year capital investment to produce texturized soy flour and an expected increased use of working capital to support the expansion of proprietary planted acres.
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