Start Time: 08:30 January 1, 0000 9:00 AM ET Benson Hill, Inc. (NYSE:BHIL) Q1 2022 Earnings Conference Call May 16, 2022, 08:30 AM ET Company Participants Matt Crisp - CEO Dean Freeman - CFO Ruben Mella - Senior Director, IR Conference Call Participants Adam Samuelson - Goldman Sachs Benjamin Theurer - Barclays Kristen Owen - Oppenheimer Brian Wright - ROTH Capital Partners Operator Good morning. Thank you for attending Benson Hill's First Quarter 2022 Earnings Call. My name is Harry, and I will be your ope ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company's future finan ...

Financial Performance - Revenues for Q1 2022 were $92.4 million, an increase of $60.6 million or 191% compared to Q1 2021[181]. - Revenues for the three months ended March 31, 2022, were $92.4 million, a significant increase of 190% compared to $31.8 million in the same period in 2021[194]. - Ingredients segment revenues for Q1 2022 were $66.1 million, a 366% increase from $14.2 million in Q1 2021, driven by higher sales volumes from acquisitions[194]. - Fresh segment revenues for Q1 2022 were $26.3 million, an increase of 50% from $17.6 million in Q1 2021, attributed to increased volumes and pricing from expanded farming operations[195]. - The company reported a gross loss of $5.2 million for Q1 2022, compared to a gross profit of $0.6 million in Q1 2021, largely due to $12.5 million in losses from hedging activities[186]. - The net loss for Q1 2022 was $16.6 million, an improvement from a net loss of $22.3 million in Q1 2021[200]. - Adjusted EBITDA for Q1 2022 was a loss of $28.8 million, compared to a loss of $14.8 million in Q1 2021, with significant losses attributed to derivative activities[201]. Expenses - The company incurred losses of $7.2 million from exchange-traded futures used for hedging in Q1 2022, compared to gains of $0.5 million in Q1 2021[181]. - Research and development expenses increased to $12.3 million in Q1 2022, up $5.2 million from $7.1 million in Q1 2021, driven by higher staffing and technology costs[189]. - Selling, general and administrative expenses rose to $23.1 million in Q1 2022, an increase of $9.4 million compared to $13.7 million in Q1 2021, due to increased staffing and insurance costs[190]. - Total other net expenses for Q1 2022 were $24.0 million, an increase of $26.1 million from the same period in 2021, primarily due to a $31.7 million change in fair value of warrants and conversion options[191]. Liquidity and Financing - The company completed a PIPE Investment on March 24, 2022, raising net proceeds of $80.8 million to enhance liquidity[168]. - As of March 31, 2022, the company's liquidity comprised cash and marketable securities of $209.9 million and access to a revolving credit facility of up to $6.0 million[205]. - For the three months ended March 31, 2022, the company incurred a net loss of $16.6 million and had negative cash flows from operating activities of $53.2 million, an increase of $25.6 million compared to the same period in 2021[212]. - Net cash used in investing activities was $11.6 million for the three months ended March 31, 2022, an increase of $41.1 million compared to the same period in 2021[213]. - Net cash provided by financing activities was $89.9 million for the three months ended March 31, 2022, an increase of $86.6 million compared to the same period in 2021[214]. - The company expects to require additional financing beyond its current liquidity position to support future growth and capital expenditures[209]. - As of March 31, 2022, the company's total contractual obligations included principal payments on debt of $111.25 million, with $15.76 million due within one year[215]. Business Operations - The merger with Star Peak Corp II was finalized on September 29, 2021, resulting in the company being listed on the NYSE[169]. - The company operates two segments: Ingredients and Fresh, focusing on plant-based food innovations and fresh produce distribution[166]. - The company has a soy crushing facility in Indiana and a yellow pea processing operation in North Dakota, serving North America and select international markets[164]. - The company aims to leverage its CropOS® technology platform to enhance food options through plant genetic diversity[165]. - The company experienced increased working capital needs of $13.2 million driven by the growth of its Ingredients business, including derivative losses from the acquisition of two soy processing plants[212]. Regulatory and Risk Factors - The company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[170]. - The company is classified as an "emerging growth company" and intends to take advantage of the extended transition period for new financial accounting standards[220]. - The company has not entered into off-balance sheet arrangements as defined by SEC regulations[216]. - The company does not hold financial instruments for trading purposes and has limited credit risk due to a low carrying balance of accounts receivable[226][229]. - Company expenses are primarily denominated in U.S. dollars, with foreign currency risks related to Canadian dollars and Brazilian reals[230]. - Foreign currency transaction gains and losses have not been material to the financial statements to date[230]. - The company has not engaged in hedging foreign currency transactions but may consider it in the future[230].

INVESTOR DAY APRIL 5TH, 2022 Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 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," "estima ...

Financial Data and Key Metrics Changes - Revenue for 2021 grew by 47% year-over-year to $147 million, excluding the divested barley business [5][23] - Ingredients segment revenue reached $91 million, a 55% increase year-over-year, and a 104% increase when excluding the divested barley business [23] - Consolidated gross profit was a loss of just under $1 million, a decline of $12.9 million compared to 2020 [24] - Adjusted EBITDA was a loss of $80 million in 2021 [26] - For 2022, revenue is expected to be in the range of $315 million to $350 million, with gross margins projected between $9 million to $13 million [28][29] Business Line Data and Key Metrics Changes - The ingredients segment is expected to drive growth in 2022, with revenues projected between $250 million to $275 million [28] - Proprietary soy revenues are anticipated to nearly double to $70 million to $80 million, constituting about 30% of total ingredients revenue [28] - Fresh segment revenues are expected to recover to $65 million to $75 million in 2022 [28] Market Data and Key Metrics Changes - The aquaculture market is identified as a rapidly growing segment, with significant demand for high-protein soy products [14] - The company is positioned to capture a portion of the $245 billion total addressable market (TAM) in aquaculture, although specific capture rates remain uncertain [39] Company Strategy and Development Direction - The company aims to expand its proprietary product portfolio and capture market share through innovative solutions [19][20] - A focus on sustainability and traceability is emphasized, with plans to leverage data for carbon credit programs [8][46] - The acquisition of the Creston facility is seen as a strategic move to enhance production capabilities and control over the supply chain [16][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges inflationary pressures but believes current macro trends can serve as tailwinds for growth [25][15] - The company is optimistic about achieving EBITDA and free cash flow positivity by 2025 [18][30] - Management highlights the importance of adapting to market demands and geopolitical events to optimize production and sales strategies [60][62] Other Important Information - The company has a strong cash position with $183 million in cash and marketable securities at the end of 2021 [27] - A definitive agreement for a PIPE offering has raised $85 million in gross proceeds, strengthening the company's financial position [18] Q&A Session Summary Question: How have conversations with proprietary ingredients customers changed since the Creston facility acquisition? - Management noted that having the facility in-house has changed the dynamic of conversations, providing more assurance to customers regarding consistent food-grade material production [35] Question: Can you discuss the data advantage from the Creston acquisition? - The acquisition has expanded the range of product offerings and allowed for better data collection and feedback into the CropOS platform [37] Question: What unique feed conversion benefits does your product offer in aquaculture? - Management indicated that their products may offer better feed conversion ratios compared to incumbent products, with ongoing studies to validate these claims [39] Question: How should we think about the legacy revenue contribution from the Creston facility going forward? - Management expects to gradually shift from legacy revenues to proprietary ingredient solutions, aiming for a significant majority of capacity to be dedicated to proprietary products [43] Question: How relevant is the carbon capture initiative within the broader offering? - Management believes that while monetization of carbon credits is not currently accounted for, the initiative is integral to their mission and provides differentiation in the market [49]

BENSON ® HILL " FY 2021 Earnings March 28, 2022 Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forwardlooking 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 ...

Financial Position - As of December 31, 2021, the company had cash and cash equivalents of $182.7 million and an accumulated deficit of $280.6 million, with a net loss of $126.2 million for the year[92]. - The company had total current assets of $283,358,000 as of December 31, 2021, compared to $140,449,000 in 2020, representing a growth of about 102%[364]. - Cash and cash equivalents increased significantly to $78,963,000 in 2021 from $9,743,000 in 2020, showing a growth of approximately 711%[364]. - Total assets reached $534,897,000 in 2021, up from $231,785,000 in 2020, indicating an increase of about 131%[366]. - The accumulated deficit as of December 31, 2021, was $(280,569,000), compared to $(154,322,000) in 2020, reflecting a worsening of the deficit by approximately 82%[366]. - The company had cash and cash equivalents of $78,963 and marketable securities of $103,689 as of December 31, 2021, requiring additional financing prior to becoming profitable[383]. - The combined cash and marketable securities position was $182,652 as of December 31, 2021, sufficient to meet capital and liquidity requirements for at least the next 12 months[384]. Operating Performance - The company incurred negative cash flows from operating activities amounting to $117.8 million[92]. - Total revenues for 2021 were $147,212,000, an increase from $114,348,000 in 2020, representing a growth of approximately 29%[368]. - The company reported a gross loss of $945,000 in 2021, compared to a gross profit of $11,918,000 in 2020, indicating a significant decline in profitability[368]. - Total operating expenses rose to $122,130,000 in 2021, up from $71,735,000 in 2020, marking an increase of about 70%[368]. - The net loss for 2021 was $126,247,000, compared to a net loss of $67,159,000 in 2020, which is an increase in losses of approximately 88%[370]. - The company reported a net cash used in operating activities of $117,750,000 in 2021, compared to $52,678,000 in 2020[374]. Research and Development - Research and development expenses were $40.6 million for the year ended December 31, 2021, compared to $29.5 million in 2020 and $24.8 million in 2019[110]. - Research and development expenses increased to $40,578,000 in 2021 from $29,457,000 in 2020, reflecting a rise of approximately 38%[368]. Competition and Market Risks - The company expects to face significant competition in the plant-based products market, which may impact its ability to achieve market acceptance for its products[102]. - The successful commercialization of products may be challenged by public perceptions and regulatory environments regarding gene-edited products[122][124]. - The company is exposed to fluctuations in agricultural commodity prices, which could impact financial performance[140]. - The company may experience fluctuations in agricultural commodity prices, affecting its costs for purchasing soybeans for processing[350]. Legal and Regulatory Risks - The company is subject to numerous environmental, health, and safety laws, which could be costly and time-consuming to comply with, potentially impairing research and development efforts[180]. - The company faces regulatory challenges that could arise from the inadvertent sale of products in jurisdictions where they are not approved for distribution, leading to significant expenses and management attention[176]. - The company is subject to food safety regulations, and failure to comply could result in substantial fines and penalties, adversely affecting financial condition and operations[181]. - The regulatory environment for the company's products is uncertain and evolving, which could increase development time and costs[171]. Management and Personnel - The company relies on key management personnel, and losing them could adversely affect business operations and growth[142]. - Competition for skilled employees in research and development is intense, and failure to attract and retain such talent could hinder growth[144]. - The company may face challenges in attracting and retaining qualified personnel due to increased compliance costs and regulatory requirements[148]. Financing and Capital Structure - The company expects to need to raise additional funding to achieve strategic goals and execute its business plan[92]. - The company anticipates that it may seek additional funds through public or private equity or debt financings, which could result in dilution to stockholders[96]. - The company borrowed $80 million under a new debt facility to finance the purchase price of the Creston acquisition, with the potential to access an additional $20 million if certain milestones are achieved[158]. - The Avenue Capital Loan amounts to an aggregate of $80 million, with an additional $20 million contingent on achieving certain milestones[212]. - The Loan Agreement requires maintaining a "remaining months liquidity" of at least six months[215]. - The company may issue additional securities for investments or acquisitions, which could lead to dilution for existing stockholders[241]. Acquisitions and Growth - The company acquired a food-grade white flake and soy flour manufacturing operation in Creston, Iowa, in December 2021, and a soy crushing facility in Seymour, Indiana, in September 2021[154]. - The merger with Star Peak Corp II was completed on September 29, 2021, enhancing the company's capital structure[379]. - The company raised $285,378,000 from merger and PIPE financing, net of transaction costs[374]. Internal Controls and Compliance - A material weakness in internal control over financial reporting was identified, which could lead to misstatements in financial statements[132]. - The company is implementing a remediation plan for identified material weaknesses, including hiring additional accounting personnel[138]. Future Outlook - Future profitability is dependent on obtaining adequate financing, building customer relationships, and executing business strategies[386]. - The company may not be able to fund its longer-term capital and liquidity needs based solely on current cash balances and operating cash flow[95]. - Failure to generate sufficient revenues or achieve planned gross margins may require the company to modify or abandon planned expansions[387].

Benson Hill, Inc. (NYSE:BHIL) Q3 2021 Earnings Conference Call November 15, 2021 8:30 AM ET Corporate Participants Ruben Mella - Senior Director, Investor Relations Matt Crisp - Chief Executive Officer Deann Brunts - Chief Financial Officer Conference Call Participants Ben Theurer - Barclays Ruben Mella Good morning and welcome to Benson Hill's Third Quarter Earnings Call, our first as a publicly traded company. I am Ruben Mella's Senior Director of Investor Relations. We are excited to have the opportunity ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission file number 001-39835 Benson Hill, Inc. (Exact name of registrant as specified in its charter) Delaware 85-33 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to STAR PEAK CORP II (847) 905-4500 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last repo ...