Benson Hill(US:BHIL)2022-05-15 16:00Financial 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].