Benson Hill(US:BHIL)2024-08-08 11:12Financial Performance - Second quarter revenues were approximately $33.8 million, an increase of 43.5% compared to $23.5 million in the same period of 2023[1]. - Reported revenues in the first half of 2024 were $54.9 million, a decrease of $17.2 million, or 23.9%, compared to the same period in 2023[10]. - Revenues for the three months ended June 30, 2024, were $33.77 million, up 43.8% from $23.48 million for the same period in 2023[22]. Net Loss and Adjusted EBITDA - Net loss from continuing operations was $18 million, an improvement of $18.5 million from the same period last year, with adjusted EBITDA loss reduced to $12.4 million from $15.2 million[1][8]. - Net loss attributable to common stockholders for the three months ended June 30, 2024, was $19.70 million, compared to a loss of $56.84 million for the same period in 2023, indicating an improvement of approximately 65.3%[24]. - Adjusted EBITDA for the first half of 2024 was a loss of $19.5 million, improved from a loss of $29.7 million in the same period of the prior year, representing a reduction in loss of $10.2 million[11]. - Adjusted EBITDA for Q2 2024 was $(12,413,000), an improvement from $(15,249,000) in Q2 2023, indicating a 18.5% reduction in losses[29]. Cash Flow and Liquidity - Free cash flow loss in the first half of 2024 was $31.8 million, approximately 50% of the free cash flow loss in the first half of 2023[1][11]. - The company ended the second quarter with $29.5 million in cash and marketable securities, expected to fund operations through the end of 2024[1][8]. - The company reported a net cash used in operating activities of $26.46 million for the six months ended June 30, 2024, an improvement from $44.28 million for the same period in 2023[26]. - Net cash used in operating activities for Q2 2024 was $(21,083,000), slightly higher than $(20,104,000) in Q2 2023[30]. Expenses - R&D expenses decreased by $2.9 million, or 27.7%, to $7.5 million, driven by reduced personnel-related costs[7]. - Selling, general, and administrative expenses increased by $3.6 million, or 56%, to $10.2 million, primarily due to a non-recurring stock-based compensation reversal in 2023[7]. - Research and development expenses for the three months ended June 30, 2024, were $7.46 million, down 27.3% from $10.31 million in the same period of 2023[22]. Assets and Liabilities - Total assets decreased from $274.76 billion on December 31, 2023, to $171.31 billion on June 30, 2024, representing a decline of approximately 37.5%[19]. - Current liabilities decreased significantly from $104.30 billion to $32.42 billion, a reduction of about 68.9%[19]. - Total stockholders' equity decreased from $86.04 million at the end of 2023 to $48.75 million by June 30, 2024, a decline of approximately 43.4%[20]. Other Financial Metrics - Free cash flow loss for Q2 2024 was $(21,132,000), compared to $(24,020,000) in Q2 2023, reflecting a 12.3% improvement[30]. - Interest expense for Q2 2024 decreased to $1,708,000 from $6,874,000 in Q2 2023, a reduction of 75.2%[29]. - Total cash paid for interest in the first half of 2024 was $10,304,000, down from $13,246,000 in the first half of 2023, a decrease of 22.1%[29]. Future Plans - The company plans to conduct nearly a dozen academic studies and commercial feeding trials over the next 9 to 12 months, targeting market segments that represent over 80% of the 30 million U.S. soybean acres used in animal feed[4]. - The company aims to expand its seed portfolio to more than 35 varieties by 2025, including herbicide-tolerant versions of its Ultra-High Protein, Low Oligosaccharide soybean by 2026[5].