BHIL Benson Hill Inc

• 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.

Benson Hill, Inc. (Nasdaq: BHIL, the “Company” or “Benson Hill”), a seed innovation company, today 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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241112633131/en/

Benson Hill, Inc. (Nasdaq: BHIL, the “Company” or “Benson Hill”), a seed innovation company, today 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. (Graphic: Business Wire)

“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.

Use of Non-GAAP Financial Measures

In this press release, the Company includes references to non-GAAP performance measures. The Company’s management uses these non-GAAP financial measures to facilitate 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, as amended. 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. 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 progress toward an asset-light business model, and the anticipated pace of such transition; the Company’s financial and operating performance during its business transition; the Company’s cost-cutting measures under its expanded Liquidity Improvement Plan and other cost-saving measures, actions to implement such plan, and the anticipated benefits of and timeline to implement such plans; the Company’s current expectations and assumptions regarding the industries and markets in which it operates; potential strategic partnership and licensing opportunities; the Company’s anticipated liquidity, path to profitability, and runway for growth; expectations regarding the sources of expected revenues, costs, profit and earnings; projections of market opportunity; the anticipated advantages, potential and capabilities of the Company’s seed portfolio and innovation pipeline and the expected timeline for the commercialization of the Company’s current and anticipated innovations; anticipated demand for quality soy traits and the Company’s seed innovations; the expected timeline for the expansion of the Company’s seed portfolio; the expected timing and results of planned academic studies and commercial feeding trails; current projections and assumptions regarding the Company’s business and the industries and markets in which the Company currently operates or plans to operate; expectations regarding the Company’s ability to continue as a going concern; execution of the Company’s business plan and the strategic review of the Company’s business; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; 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; and management’s strategy and plans for growth. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks associated with the Company’s ability to generally execute on its business strategy, including its transition to an asset-light business model in a timely manner with sufficient liquidity; risks relating to acreage acquisition; risks associated with developing and maintaining partnering and licensing relationships in an asset-light business model, and maintaining relationships with customers and suppliers; risks associated with realizing the anticipated advantages of the Company’s seed innovations and products; the risk that the Company will not realize the anticipated benefits of the divestiture of its soy processing facilities; risks associated with the loss of revenues from the Company’s divestiture of its soy processing facilities; risks associated with growing and managing capital resources; risks associated with changing industry conditions and consumer preferences; risks associated with the Company’s cost-cutting measures under its expanded 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 cost-cutting measures under its expanded 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; 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 failure to raise additional financing to satisfy the Company’s cash needs; risks relating to maintaining key employee, customer, partner and supplier relationships; risks relating to the Company’s exploration of strategic alternatives; risks associated with the failure to realize the anticipated commercial or nutritional benefits of the Company’s UHP-LO soybeans; risks that the benefits validated by the recent trial may not be able to be repeated or improved upon in the future; risks associated with the accuracy and repeatability of feeding trials generally; 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. The Company can make no assurances that it will be able to raise additional financing, improve its liquidity position, or continue as a going concern. 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. 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.

Condensed Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Per Share Data)

​

September 30, 2024

 

December 31, 2023

Assets

​

​

​

Current assets:

​

​

​

Cash and cash equivalents

$

6,986

 

$

8,934

Marketable securities

 

7,421

 

 

32,852

Accounts receivable, net

 

8,333

 

 

6,810

Inventories, net

 

10,343

 

 

14,860

Prepaid expenses and other current assets

 

13,847

 

 

8,121

Current assets of discontinued operations

 

1,235

 

 

103,177

Total current assets

 

48,165

 

 

174,754

Property and equipment, net

 

21,143

 

 

26,533

Finance lease right-of-use assets, net

 

53,813

 

 

59,245

Operating lease right-of-use assets

 

2,683

 

 

2,934

Intangible assets, net

 

4,808

 

 

5,226

Other assets

 

6,930

 

 

6,072

Total assets

$

137,542

 

$

274,764

 

 

 

 

Liabilities and stockholders’ equity

​

​

​

Current liabilities:

​

​

​

Accounts payable

$

5,329

 

$

4,397

Finance lease liabilities, current portion

 

4,331

 

 

3,705

Operating lease liabilities, current portion

 

726

 

 

842

Long-term debt, current portion

 

1,801

 

 

55,201

Accrued expenses and other current liabilities

 

8,688

 

 

21,352

Current liabilities of discontinued operations

 

893

 

 

18,802

Total current liabilities

 

21,768

 

 

104,299

Long-term debt, less current portion

 

13,836

 

 

5,250

Finance lease liabilities, less current portion

 

69,907

 

 

73,682

Operating lease liabilities, less current portion

 

3,799

 

 

4,299

Warrant liabilities

 

1,361

 

 

1,186

Conversion option liabilities

 

—

 

 

5

Other non-current liabilities

 

30

 

 

—

Total liabilities

 

110,701

 

 

188,721

Stockholders’ equity:

​

 

​

Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, 5,580 and 5,954 shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively (1)

 

1

 

 

1

Additional paid-in capital

 

615,009

 

 

611,497

Accumulated deficit

 

(587,705)

 

 

(523,786)

Accumulated other comprehensive loss

 

(464)

 

 

(1,669)

Total stockholders’ equity

 

26,841

 

 

86,043

Total liabilities and stockholders’ equity

$

137,542

 

$

274,764

 

(1) Amounts have been adjusted to reflect the 1-for-35 reverse stock split that became effective on July 18, 2024.

 

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,

​

 

2024

 

 

2023

 

 

2024

 

 

2023

Revenues

$

34,098

 

$

23,464

 

$

89,004

 

$

95,615

Cost of sales

 

34,555

 

 

21,808

 

 

85,047

 

 

88,046

Research and development

 

7,006

 

 

10,526

 

 

21,403

 

 

33,480

Selling, general and administrative expenses

 

12,292

 

 

13,723

 

 

37,275

 

 

33,460

Impairment of goodwill

 

—

 

 

—

 

 

—

 

 

9,260

Interest expense, net

 

1,849

 

 

7,155

 

 

12,153

 

 

20,401

Changes in fair value of warrants and conversion

 

456

 

 

(12,001)

 

 

170

 

 

(30,661)

Other (income) expense, net

 

(164)

 

 

(201)

 

 

(857)

 

 

2,588

Net loss from continuing operations before income taxes

 

(21,896)

 

 

(17,546)

 

 

(66,187)

 

 

(60,959)

Income tax expense (benefit)

 

—

 

 

6

 

 

6

 

 

(117)

Net loss from continuing operations, net of income taxes

 

(21,896)

 

 

(17,552)

 

 

(66,193)

 

 

(60,842)

Net (loss) income from discontinued operations, net of

 

(1,040)

 

 

(18)

 

 

2,274

 

 

(16,623)

Net loss attributable to common stockholders

$

(22,936)

 

$

(17,570)

 

$

(63,919)

 

$

(77,465)

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted net loss per common share from continuing operations (1)

$

(3.95)

 

$

(3.26)

 

$

(12.03)

 

$

(11.34)

Basic and diluted net (loss) income per common share from discontinued operations (1)

$

(0.19)

 

$

(0.01)

 

$

0.41

 

$

(3.10)

Basic and diluted total net loss per common share (1)

$

(4.14)

 

$

(3.27)

 

$

(11.62)

 

$

(14.44)

Weighted average shares outstanding:

​

 

​

 

​

 

​

Basic and diluted weighted average shares outstanding (1)

 

5,544

 

 

5,378

 

 

5,499

 

 

5,363

 

(1) Amounts have been adjusted to reflect the 1-for-35 reverse stock split that became effective on July 18, 2024.

 

Benson Hill, Inc.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

(In Thousands)

​

Three Months Ended September 30,

 

Nine Months Ended September 30,

​

 

2024

 

 

2023

 

 

2024

 

 

2023

Net loss attributable to common stockholders

$

(22,936)

 

$

(17,570)

 

$

(63,919)

 

$

(77,465)

Other comprehensive income (loss):

​

 

​

 

​

 

​

Foreign currency translation adjustment

 

—

 

 

—

 

 

(12)

 

 

—

Change in fair value of available-for-sale marketable securities, net of deferred taxes

 

33

 

 

409

 

 

1,217

 

 

3,933

Total other comprehensive income

 

33

 

 

409

 

 

1,205

 

 

3,933

Total comprehensive loss

$

(22,903)

 

$

(17,161)

 

$

(62,714)

 

$

(73,532)

 

Benson Hill, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In Thousands)

​

Nine Months Ended September 30,

​

 

2024

 

 

2023

Operating activities

 

 

 

Net loss

$

(63,919)

 

$

(77,465)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

11,924

 

 

16,056

Stock-based compensation expense

 

3,373

 

 

(347)

Bad debt expense

 

1,180

 

 

(263)

Changes in fair value of warrants and conversion option

 

170

 

 

(30,661)

Accretion and amortization related to financing activities

 

6,191

 

 

6,624

Realized losses on sale of marketable securities

 

1,108

 

 

3,058

Impairment of goodwill

 

—

 

 

19,226

Other

 

(4,630)

 

 

1,815

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

6,749

 

 

(3,073)

Inventories

 

12,446

 

 

43,323

Other assets and other liabilities

 

5,290

 

 

(4,170)

Accounts payable

 

(6,831)

 

 

(32,306)

Accrued expenses

 

(13,810)

 

 

(15,685)

Net cash used in operating activities

 

(40,759)

 

 

(73,868)

Investing activities

 

 

 

Purchases of marketable securities

 

(46,840)

 

 

(87,619)

Proceeds from maturities of marketable securities

 

36,201

 

 

66,193

Proceeds from sales of marketable securities

 

36,240

 

 

99,838

Purchase of property and equipment

 

(541)

 

 

(10,127)

Proceeds from divestiture of discontinued operations

 

58,405

 

 

2,378

Proceeds from an insurance claim from a prior business acquisition

 

—

 

 

1,533

Proceeds from a corporate-owned life insurance policy

 

2,173

 

 

—

Other

 

28

 

 

41

Net cash provided by investing activities

 

85,666

 

 

72,237

Financing activities

 

 

 

Repayments of long-term debt

 

(66,806)

 

 

(4,874)

Proceeds from issuance of long-term debt

 

15,800

 

 

—

Payments of debt issuance costs

 

—

 

 

(2,000)

Borrowing under revolving line of credit

 

3,562

 

 

—

Repayments under revolving line of credit

 

(3,562)

 

 

—

Payments of finance lease obligations

 

(3,042)

 

 

(2,428)

Proceeds from exercise of stock awards, net of withholding taxes

 

58

 

 

249

Net cash used in financing activities

 

(53,990)

 

 

(9,053)

Effect of exchange rate changes on cash

 

(12)

 

 

—

Net decrease in cash and cash equivalents

 

(9,095)

 

 

(10,684)

Cash, cash equivalents and restricted cash, beginning of period

 

16,081

 

 

43,321

Cash, cash equivalents and restricted cash, end of period

$

6,986

 

$

32,637

Supplemental disclosure of cash flow information

 

 

 

 

Cash paid for taxes

 

$

—

 

$

35

Cash paid for interest

 

$

6,604

 

$

14,523

Supplemental disclosure of non-cash activities

 

 

 

 

Purchases of property and equipment included in liabilities

 

$

165

 

$

125

 

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.

 

Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Net loss from continuing operations, net of income taxes

$

(21,896)

 

$

(17,552)

 

$

(66,193)

 

$

(60,842)

Interest expense, net

 

1,849

 

 

7,155

 

 

12,153

 

 

20,401

Income tax expense (benefit)

 

—

 

 

6

 

 

6

 

 

(117)

Depreciation and amortization

 

3,863

 

 

3,648

 

 

11,536

 

 

10,651

Stock-based compensation

 

959

 

 

867

 

 

3,373

 

 

(392)

Changes in fair value of warrants and conversion option

 

456

 

 

(12,001)

 

 

170

 

 

(30,661)

Impairment of goodwill

 

—

 

 

—

 

 

—

 

 

9,260

Exit costs related to divestiture of Creston facility

 

—

 

 

—

 

 

2,881

 

 

—

Business transformation

 

—

 

 

—

 

 

732

 

 

—

Proceeds from a corporate-owned life insurance policy

 

—

 

 

—

 

 

(2,173)

 

 

—

Severance

 

35

 

 

3,338

 

 

1,511

 

 

4,576

Other

 

2,106

 

 

180

 

 

3,879

 

 

3,054

Total Adjusted EBITDA

$

(12,628)

 

$

(14,359)

 

$

(32,125)

 

$

(44,070)

Adjustments to reconcile net loss from our continuing operations to free cash flow loss:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Net loss from continuing operations, net of income taxes

$

(21,896)

 

$

(17,552)

 

$

(66,193)

 

$

(60,842)

Depreciation and amortization

 

3,863

 

 

3,648

 

 

11,536

 

 

10,651

Stock-based compensation

 

959

 

 

867

 

 

3,373

 

 

(392)

Changes in fair value of warrants and conversion option

 

456

 

 

(12,001)

 

 

170

 

 

(30,661)

Impairment of goodwill

 

—

 

 

—

 

 

—

 

 

9,260

Accretion and amortization related to financing activities

 

—

 

 

2,306

 

 

6,191

 

 

6,624

Change in working capital

 

(74)

 

 

(2,159)

 

 

(2,931)

 

 

(19,911)

Other

 

(320)

 

 

1,010

 

 

(483)

 

 

6,775

Net cash used in operating activities

 

(17,012)

 

 

(23,881)

 

 

(48,337)

 

 

(78,496)

Payments for acquisitions of property and equipment

 

(83)

 

 

100

 

 

(541)

 

 

(6,213)

Free cash flow loss

$

(17,095)

 

$

(23,781)

 

$

(48,878)

 

$

(84,709)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112633131/en/

Investors: Tana Murphy: (314) 579-3184 / investors@bensonhill.com

Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com