- Reported revenues increased 16 percent year-over-year to
approximately $109 million, including a 53 percent increase in
proprietary revenues.
- Reported gross profit was $3 million ($6.1 million when
excluding an approximate $3.1 million impact from open
mark-to-market timing differences).
- Management announced an additional expected $10 million in
annualized operating cost reductions in 2024.
- The Company ended the second quarter with $118 million of cash
restricted cash, and marketable securities.
- Management modifies its 2023 guidance for lower operating
expenses, lower capital expenditures, and narrowing the range for
consolidated gross profit.
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 June 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230809343245/en/
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 June 30, 2023. (Graphic:
Business Wire)
“Our team performed well and delivered solid second quarter
results that support the outlook for a strong year in 2023,” said
Deanie Elsner, Interim Chief Executive Officer of Benson Hill.
“After nearly two months as interim CEO and more than four years on
the Company’s Board of Directors, I continue to be impressed with
our competitive advantages in technology, innovation pipeline, and
the strength of the talent here. However, in light of the evolving
market conditions, the time is right to initiate a broad strategic
review to identify the most effective ways to unlock the Company’s
full potential behind our technology platform and innovation
pipeline.”
Second 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 $109 million, an increase of $15.4
million, or 16.5 percent. Strong customer demand and greater
availability of proprietary soy ingredients, meal and edible oil
products resulted in a 52.8 percent increase in proprietary
revenues to $18.6 million. Non-proprietary revenues increased 11
percent due to a continuation of favorable soy and yellow pea
commodity prices and strong operational execution. Reported
revenues included an unfavorable $0.3 million impact from open
mark-to-market timing differences.
- Gross profit was $3 million, a decrease of $2.8 million.
Excluding an unfavorable impact of $3.1 million from open
mark-to-market timing differences, gross profit increased by $5.6
million to $6.1 million and gross margins were 5.6 percent.
Favorable top line growth was partially offset by continued
inflationary and supply chain pressures.
- Operating expenses were $40.4 million, an increase of $8.1
million. The increase was driven by a $19.2 million impairment of
the carrying value of goodwill. Excluding the recorded impairment,
operating expenses declined by $11.1 million to $21.2 million.
- Selling, general and administrative expenses were $10.9
million, a decrease of $9.4 million or 46.5 percent due to a $6.2
million decrease in non-cash stock-based compensation.
- R&D expenses were $10.3 million, a decrease of $1.7 million
or 14.1 percent.
- Inclusive of open mark-to-market timing differences and
impairment of goodwill, net loss from continuing operations, net of
income taxes, was $49.1 million, an increase in the reported loss
by $24 million. Adjusted EBITDA was a loss of $16.1 million
compared to a loss of $14 million. Excluding the impact of open
mark-to-market timing differences, the Adjusted EBITDA loss in the
quarter was $13 million compared to a loss of $19.2 million.
- Cash, restricted cash, and marketable securities of $117.9
million were on hand as of June 30, 2023.
First Six-Month Results Compared to the Same Period of
2022
- Revenues were $243.7 million, an increase of $83.9 million, or
52.5 percent. Proprietary revenues were $43.9 million, an increase
of 67.3 percent. Reported revenues included a favorable $6.5
million impact from open mark-to-market timing differences.
- Gross profit was $12.5 million, an increase in profitability of
$15.7 million, which includes a $2.1 million impact related to
favorable open mark-to-market timing differences.
- Operating expenses were $69.2 million, an increase of $4.4
million, or 6.7 percent, which includes a $19.2 million impairment
of the carrying value of goodwill and a one-time $6.2 million
decrease in non-cash stock-based compensation. Excluding these
one-time and non-cash items, operating expenses declined by 13.3
percent to $56.2 million and included cost reductions realized
through the Company’s Liquidity Improvement Plan.
- Inclusive of the mark-to-market timing differences and
impairment of goodwill, the reported net loss from continuing
operations, net of income taxes, was $54 million compared to a net
loss of $42.5 million. Adjusted EBITDA was a loss of $26.8 million
compared to a loss of $45.1 million.
2023 Outlook
Excludes the Fresh business which was divested on June 30, 2023
and was classified as discontinued operations until its
divestiture.
Management reaffirmed its guidance for proprietary revenues from
$100 million to $110 million, a 40 percent to 50 percent increase
over the prior year. Non-proprietary revenues are expected to
decline moderately on a year-over-year basis in favor of
proprietary products, which continues to set the expectation for
consolidated revenues to be in the range of $390 million to $430
million.
Consolidated gross profit is now expected to be $20 million to
$25 million compared to the prior guidance of $20 million to $30
million. This represents a more than doubling of gross profit
compared to the prior year, driven by anticipated increases in
proprietary sales, a greater contribution from partnership and
licensing agreements, and favorable soy commodity markets for
non-proprietary product sales. This outlook includes assumptions
for a continuation of inflationary pressures and challenges in
supply chain logistics.
The Company is taking additional actions to reduce operating
expenses by $10 million annually in 2024. The operating expense
savings from the Liquidity Improvement Plan are now expected to be
approximately $33 million, an increase in savings from the
previously disclosed $23 million target. Management now expects to
realize $15 million of operating expense savings in 2023 compared
to the original $10 million target announced earlier this year.
Including an unfavorable net impact of $12 million from one-time
and non-cash expenses in the second quarter, management expects
operating expenses in 2023 to be $122 million to $127 million and a
net loss from continuing operations of $127 million to $137
million. Guidance for Adjusted EBITDA loss remains unchanged at $53
million to $58 million. Capital expenditures are expected to
decline by approximately $5 million to a range of $15 million to
$20 million. Guidance for free cash flow loss remains unchanged at
$110 million to $118 million, given the uncertainty regarding the
use of cash during the fall harvest.
Elsner added, “We are taking steps from a position of strength
to ensure that we create the most value for shareholders and best
orient our business to capture the opportunities ahead.
Specifically, we are reducing additional costs across the
organization, and the Board has retained Lazard Frères & Co.
LLC to help the Company explore strategic alternatives. The Company
is also exploring joint venture opportunities, partnerships with
strategic and financial investors, asset sales, and licensing
opportunities. We are meeting the latest challenges head on and
continue to be adaptable in our approach to increasing shareholder
value.”
Webcast
An earnings conference call webcast will begin 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
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, anticipated
contribution from partnership and licensing agreements, margins,
consolidated gross profit, net loss from continuing operations,
Adjusted EBITDA, run rate cash savings, operating expenses, and
free cash flow; statements regarding the Company’s current
expectations and assumptions regarding the industries and markets
in which it operates, and macro-economic trends, including
regarding commodity markets and inflationary pressures; projections
of market opportunity and supply chain constraints; statements
regarding the Company’s Liquidity Improvement Plan and other
cost-saving measures, actions to implement such plan, and the
anticipated benefits of 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 plan 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; risks
associated with the Company’s ability to grow and achieve growth
profitably, including continued access to the capital resources
necessary for growth; the risk that the Company will be unable to
renegotiate or retire any of its existing debt by entering into an
amended or new facility in a timely manner, 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; risks
associated with the effects of global and regional economic,
agricultural, financial and commodities market, political, social
and health conditions; risks associated with the Company’s
transition to becoming a public company; 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:
Six Months Ended June 30,
2023
Open Mark-to-Market Timing
Differences
YTD Reported
Q1 Impact
Q2 Impact
YTD Impact
YTD Excluding
Revenues
$
243,681
$
6,725
$
(275
)
$
6,450
$
237,231
Gross profit
$
12,491
$
5,229
$
(3,110
)
$
2,119
$
10,372
Total operating expenses
$
69,199
$
—
$
—
$
—
$
69,199
Net loss from continuing operations, net
of income taxes
$
(53,960
)
$
5,229
$
(3,110
)
$
2,119
$
(56,079
)
Adjusted EBITDA
$
(26,822
)
$
5,229
$
(3,110
)
$
2,119
$
(28,941
)
- See Adjusted EBITDA reconciliation in the accompanying
financial tables.
Benson Hill, Inc.
Condensed Consolidated Balance
Sheets (Unaudited)
(In Thousands, Except Per
Share Data)
June 30, 2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
13,882
$
25,053
Marketable securities
80,514
132,121
Accounts receivable, net
36,456
28,591
Inventories, net
42,670
62,110
Prepaid expenses and other current
assets
28,941
29,346
Current assets of discontinued
operations
4,226
23,507
Total current assets
206,689
300,728
Property and equipment, net
99,658
99,759
Finance lease right-of-use assets, net
63,185
66,533
Operating lease right-of-use assets
5,628
1,660
Goodwill and intangible assets, net
7,774
27,377
Other assets
9,367
4,863
Total assets
$
392,301
$
500,920
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
20,607
$
36,717
Finance lease liabilities, current
portion
3,725
3,318
Operating lease liabilities, current
portion
1,310
364
Long-term debt, current portion
2,246
2,242
Accrued expenses and other current
liabilities
22,224
33,435
Current liabilities of discontinued
operations
4,031
16,441
Total current liabilities
54,143
92,517
Long-term debt, less current portion
105,185
103,991
Finance lease liabilities, less current
portion
75,746
76,431
Operating lease liabilities, less current
portion
6,512
1,291
Warrant liabilities
11,732
24,285
Conversion option liabilities
1,983
8,091
Deferred income taxes
155
283
Other non-current liabilities
242
129
Total liabilities
255,698
307,018
Stockholders’ equity:
Common stock, $0.0001 par value, 440,000
and 440,000 shares authorized, 207,467 and 206,668 shares issued
and outstanding at June 30, 2023 and December 31, 2022,
respectively
21
21
Additional paid-in capital
608,522
609,450
Accumulated deficit
(468,369
)
(408,474
)
Accumulated other comprehensive loss
(3,571
)
(7,095
)
Total stockholders’ equity
136,603
193,902
Total liabilities and stockholders’
equity
$
392,301
$
500,920
Benson Hill, Inc.
Condensed Consolidated
Statements of Operations (Unaudited)
(In Thousands, Except Per
Share Data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues
$
109,038
$
93,631
$
243,681
$
159,757
Cost of sales
106,070
87,889
231,190
162,950
Gross profit (loss)
2,968
5,742
12,491
(3,193
)
Operating expenses:
Research and development
10,313
12,006
22,955
24,301
Selling, general and administrative
expenses
10,851
20,281
27,018
40,536
Impairment of goodwill
19,226
—
19,226
—
Total operating expenses
40,390
32,287
69,199
64,837
Loss from operations
(37,422
)
(26,545
)
(56,708
)
(68,030
)
Other (income) expense:
Interest expense, net
6,874
3,442
13,246
9,830
Changes in fair value of warrants and
conversion option
3,036
(5,899
)
(18,660
)
(37,640
)
Other expense, net
1,921
954
2,789
2,285
Total other (income) expense, net
11,831
(1,503
)
(2,625
)
(25,525
)
Net loss from continuing operations before
income taxes
(49,253
)
(25,042
)
(54,083
)
(42,505
)
Income tax expense (benefit)
(138
)
56
(123
)
17
Net loss from continuing operations, net
of income taxes
(49,115
)
(25,098
)
(53,960
)
(42,522
)
Net (loss) income from discontinued
operations, net of tax
(7,726
)
(2,456
)
(5,935
)
(1,608
)
Net loss attributable to common
stockholders
$
(56,841
)
$
(27,554
)
$
(59,895
)
$
(44,130
)
Net loss per common share:
Basic and diluted net loss per common
share from continuing operations
$
(0.26
)
$
(0.14
)
$
(0.29
)
$
(0.24
)
Basic and diluted net loss per common
share from discontinued operations
$
(0.04
)
$
(0.01
)
$
(0.03
)
$
(0.01
)
Basic and diluted total net loss per
common share
$
(0.30
)
$
(0.15
)
$
(0.32
)
$
(0.25
)
Weighted average shares outstanding:
Basic and diluted weighted average shares
outstanding
187,725
185,530
187,421
173,189
Benson Hill, Inc.
Condensed Consolidated
Statements of Comprehensive Loss (Unaudited)
(In Thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net loss attributable to common
stockholders
$
(56,841
)
$
(27,554
)
$
(59,895
)
$
(44,130
)
Foreign currency:
Comprehensive income (loss)
—
20
—
(45
)
—
20
—
(45
)
Marketable securities:
Comprehensive income (loss)
4,662
(4,393
)
6,568
(8,159
)
Adjustment for net income (loss) realized
in net loss
(1,994
)
1,022
(3,044
)
2,229
2,668
(3,371
)
3,524
(5,930
)
Total other comprehensive income
(loss)
2,668
(3,351
)
3,524
(5,975
)
Total comprehensive loss
$
(54,173
)
$
(30,905
)
$
(56,371
)
$
(50,105
)
Benson Hill, Inc.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(In Thousands)
Six Months Ended June
30,
2023
2022
Operating activities
Net loss
$
(59,895
)
$
(44,130
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
10,596
10,942
Stock-based compensation expense
(1,214
)
11,359
Bad debt expense
(197
)
445
Changes in fair value of warrants and
conversion option
(18,660
)
(37,640
)
Accretion and amortization related to
financing activities
4,318
5,875
Realized losses on sale of marketable
securities
3,044
2,229
Impairment of goodwill
19,226
—
Other
2,593
3,521
Changes in operating assets and
liabilities:
Accounts receivable
(1,614
)
(5,469
)
Inventories
31,072
9,117
Other assets and other liabilities
909
5,293
Accounts payable
(23,708
)
(12,722
)
Accrued expenses
(10,751
)
(7,552
)
Net cash used in operating activities
(44,281
)
(58,732
)
Investing activities
Purchases of marketable securities
(75,050
)
(248,637
)
Proceeds from maturities of marketable
securities
41,759
9,549
Proceeds from sales of marketable
securities
84,385
170,217
Purchase of property and equipment
(6,956
)
(5,637
)
Acquisition, net of cash acquired
—
(1,034
)
Proceeds from divestiture of discontinued
operations
1,928
—
Other
36
—
Net cash provided by (used in) investing
activities
46,102
(75,542
)
Financing activities
Contributions from PIPE Investment, net of
transaction costs $3,761 in 2022
—
81,234
Repayments of long-term debt
(4,313
)
(4,576
)
Proceeds from issuance of long-term
debt
—
24,078
Payments of debt issuance costs
(2,000
)
(38
)
Borrowing under revolving line of
credit
—
12,491
Repayments under revolving line of
credit
—
(11,783
)
Payments of finance lease obligations
(1,595
)
(629
)
Proceeds from exercise of stock awards,
net of withholding taxes
140
1,351
Net cash (used in)/provided by financing
activities
(7,768
)
102,128
Effect of exchange rate changes on
cash
—
(45
)
Net decrease in cash and cash
equivalents
(5,947
)
(32,191
)
Cash, cash equivalents and restricted
cash, beginning of period
43,321
78,963
Cash, cash equivalents and restricted
cash, end of period
$
37,374
$
46,772
Supplemental disclosure of cash flow
information
Cash paid for taxes
$
2
$
1
Cash paid for interest
$
9,555
$
5,900
Supplemental disclosure of non-cash
activities
PIPE Investment issuance costs included in
accrued expenses and other current liabilities
$
—
$
362
Purchases of property and equipment
included in accounts payable and accrued expenses and other current
liabilities
$
333
$
2,255
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 option, 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 are as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net loss from continuing operations
$
(49,115
)
$
(25,098
)
$
(53,960
)
$
(42,522
)
Interest expense, net
6,874
3,442
13,246
9,830
Income tax expense (benefit)
(138
)
56
(123
)
17
Depreciation and amortization
5,333
5,048
10,596
9,940
Stock-based compensation
(4,073
)
5,676
(1,259
)
11,359
Changes in fair value of warrants and
conversion
3,036
(5,899
)
(18,660
)
(37,640
)
Impairment of goodwill
19,226
—
19,226
—
Severance
1,126
124
1,238
289
Other
1,642
2,649
2,874
3,584
Total Adjusted EBITDA
$
(16,089
)
$
(14,002
)
$
(26,822
)
$
(45,143
)
Adjustments to reconcile estimated 2023 net loss from continuing
operations to estimated Adjusted EBITDA are as follows:
2023 Estimate*
Consolidated net loss from continuing
operations
$
(127,000
)
to
$
(137,000
)
Interest expense, net
27,000
to
29,000
Depreciation and amortization
21,000
to
23,000
Stock-based compensation
7,000
to
8,000
Impairment of goodwill
19,000
to
19,000
Total Adjusted EBITDA
$
(53,000
)
to
$
(58,000
)
Adjustments to reconcile the estimated 2023 free cash flow are
as follows:
2023 Estimate*
Consolidated net loss from continuing
operations
$
(127,000
)
to
$
(137,000
)
Depreciation and amortization
21,000
to
23,000
Stock-based compensation
7,000
to
8,000
Impairment of goodwill
19,000
to
19,000
Changes in working capital
(17,000
)
to
(19,000
)
Other
2,000
to
8,000
Net Cash Used in Operating
Activities
$
(95,000
)
to
$
(98,000
)
Payments for the acquisition of property
and equipment
(15,000
)
to
(20,000
)
Free Cash Flow
$
(110,000
)
to
$
(118,000
)
* Categories such as income tax expense (benefit) and changes in
fair value of warrants and conversion option, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809343245/en/
Investors: Ruben Mella: (314) 714-6313 / rmella@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com
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