Benson Hill Inc

NYSE:BHILUnited States

May 9, 2024

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• Press Release: Benson Hill Transitions to Licensing Model, Improves Financial Profile in First Quarter, from 7:07AM ET on Thursday May 09, 2024 by Dow Jones

  7:07AM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: BHIL

• -- Earnings Flash (BHIL) BENSON HILL Posts Q1 Revenue $21.1M, from 7:03AM ET on Thursday May 09, 2024 by MT Newswires

  7:03AM ET on Thursday May 09, 2024 by MT Newswires
  Companies Mentioned: BHIL
  07:03 AM EDT, 05/09/2024 (MT Newswires) -- ...

• Benson Hill Transitions to Licensing Model, Improves Financial Profile in First Quarter, from 7:01AM ET on Thursday May 09, 2024 by Dow Jones

  7:01AM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: BHIL
  Net cash provided by investing activities 66,415 38,994 Financing activities Repayments of long-term debt (59,871) (843) Payments of debt issuance costs -- (2,000) Borrowing under revolving line of credit 1,708 -- Repayments under revolving line of credit (1,708) -- Payments of finance lease obligations (987) (794) Proceeds from exercise of stock awards, net of withholding taxes 95 122 ----------- ---------- Net cash used in financing activities (60,763) (3,515) ----------- ---------- Effect of exchange rate changes on cash (13) -- ----------- ---------- Net decrease in cash and cash equivalents (9,406) (2,214) Cash, cash equivalents and restricted cash, beginning of period 16,081 43,321 ----------- ---------- Cash, cash equivalents and restricted cash, end of period $ 6,675 $ 41,107 =========== ========== Supplemental disclosure of cash flow information Cash paid for interest $2,772 $4,698 Supplemental disclosure of non-cash activities Purchases of property and equipment included in liabilities $ 21 $ 326 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 March 31, -------------------------------------- 2024 2023 ----------- ---------- Net loss from continuing operations, net of income taxes $ (26,314) $ (6,785) Interest expense, net 8,596 6,372 Income tax expense -- 15 Depreciation and amortization 3,827 3,474 Stock-based compensation 1,276 2,814 Changes in fair value of warrants and conversion option 227 (21,696) Exit costs related to divestiture of Creston facility 2,888 -- Business transformation 324 -- Severance 1,074 112 Other 1,018 1,232 ----------- ---------- Total Adjusted EBITDA $ (7,084) $ (14,462) =========== ========== Adjustments to reconcile net loss from our continuing operations to free cash flow loss: Three Months Ended March 31, -------------------------------------- 2024 2023 ----------- ---------- Net loss from continuing operations, net of income taxes $ (26,314) $ (6,785) Depreciation and amortization 3,827 3,474 Stock-based compensation 1,276 2,814 Changes in fair value of warrants and conversion option 227 (21,696) Accretion and amortization related to financing activities 6,191 2,018 Change in working capital 3,452 (15,982) Other 1,099 1,646 ----------- ---------- Net cash used in operating activities (10,242) (34,511) Payments for acquisitions of property and equipment (409) (2,397) ----------- ---------- Free cash flow loss $ (10,651) $ (36,908) =========== ========== Adjustments to reconcile operating expenses to operating expenses, as adjusted: Three Months Ended March 31, -------------------------------------- 2024 2023 ---- ---------- --------- Operating expenses $ 21,769 $ 25,869 Exit costs related to divestiture of Creston facility (2,888) -- Expenses related to business transition (324) -- Severance (1,074) (112) ---- ---------- --------- Operating expenses, as adjusted $ 17,483 $ 25,757 ==== ========== =========
  

• Benson Hill Names Dan Cosgrove as Chief Administrative Officer and General Counsel, from 7:00AM ET on Thursday May 09, 2024 by Dow Jones

  7:00AM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: BHIL
  
  Former CEO of Growers Edge begins in role May 10
  ST. LOUIS--(BUSINESS WIRE)--May 09, 2024--
  Benson Hill, Inc. (NYSE: BHIL), an ag tech company unlocking the natural genetic diversity of plants, has named agriculture industry leader Dan Cosgrove as Chief Administrative Officer and General Counsel, effective May 10, 2024. He will assume responsibility for Benson Hill's day-to-day operations related to business development, compliance, and legal matters. Chief Legal Officer Yevgeny Fundler is leaving Benson Hill to pursue other opportunities.