Benson Hill(US:BHIL)2022-08-09 16:00Financial Performance - Revenues for the three months ended June 30, 2022 were $110.7 million, an increase of $71.1 million or 179% compared to the same period in 2021 [202]. - For the six months ended June 30, 2022, revenues were $203.2 million, an increase of $131.7 million or 184% compared to the same period in 2021 [213]. - Ingredients revenues for the three and six months ended June 30, 2022 were $93.5 million and $159.6 million, representing increases of $70.8 million and $122.7 million compared to the same periods in 2021 [224]. - Fresh revenues for the three and six months ended June 30, 2022 were $17.1 million and $43.4 million, reflecting increases of $0.2 million and $9.0 million compared to the same periods in 2021 [225]. - Gross profit for the three months ended June 30, 2022 was $5.6 million, compared to a gross loss of $0.0 million for the same period in 2021 [204]. - The company incurred a net loss of $44.1 million for the six months ended June 30, 2022, with negative cash flows from operating activities of $58.7 million [236]. Expenses - Cost of sales for the same period was $105.2 million, representing an increase of $65.4 million compared to the prior year [203]. - Research and development expenses increased to $12.0 million, up $3.2 million from the same period in 2021, primarily due to higher payroll and technology costs [207]. - Selling, general and administrative expenses rose to $22.5 million, an increase of $6.7 million compared to the same period in 2021, driven by increased staffing and insurance costs [208]. - Research and development expenses for the six months ended June 30, 2022 were $24.3 million, an increase of $8.4 million compared to the same period in 2021 [219]. - Selling, general and administrative expenses for the six months ended June 30, 2022 were $45.6 million, an increase of $16.1 million compared to the same period in 2021 [220]. Liquidity and Financing - The company generated approximately $85.0 million from a private placement of 26,150 units at a price of $3.25 per unit, providing additional liquidity to fund operations [185]. - The company has borrowed an aggregate principal sum of $100.0 million under a Convertible Loan and Security Agreement to enhance liquidity [186]. - As of June 30, 2022, the company had liquidity of $209.9 million in cash and marketable securities, along with access to a revolving credit facility of up to $6.0 million [236]. - The company expects to require additional financing to support growth, capital expenditures, acquisitions, or other investments [240]. - Principal payments on debt total $126.9 million, with $26.5 million due within one year [246]. - Interest payments on debt total $17.6 million, with $10.7 million due within one year [246]. Operational Highlights - The company operates two reportable segments: Ingredients and Fresh, focusing on proprietary soy-based ingredients and fresh produce, respectively [183]. - The company utilizes its CropOS® technology platform to leverage genetic diversity for developing innovative food products [182]. - The company has not experienced a material impact on operations due to COVID-19, although it has implemented safety measures [184]. - The merger with Star Peak Corp II was completed on September 29, 2021, resulting in the company being listed on the NYSE [188]. - The company plans to complete capital expenditures associated with the expansion of farming operations in the third quarter of 2022 [236]. Adjusted EBITDA - Total Adjusted EBITDA for the three and six months ended June 30, 2022 was a loss of $15.7 million and $43.2 million, respectively, compared to losses of $15.8 million and $30.6 million in the same periods in 2021 [231]. - Adjusted EBITDA for the Ingredients segment was a loss of $1.1 million for the three months ended June 30, 2022, an improvement of $5.3 million compared to the same period in 2021 [231]. - Fresh Adjusted EBITDA was a loss of $0.3 million for the three months ended June 30, 2022, a decrease of $0.5 million compared to the same period in 2021 [232]. - Unallocated and other Adjusted EBITDA was a loss of $14.2 million for the three months ended June 30, 2022, a decrease of $4.7 million compared to the same period in 2021 [233]. Risk Management - The company has foreign currency risks related to operating expenses denominated in Canadian dollars and Brazilian reals [261]. - The company has engaged in hedging transactions to manage risks associated with fluctuations in agricultural commodity prices [258]. - The company has not entered into off-balance sheet arrangements as defined by SEC regulations [247]. - The company is classified as an "emerging growth company" and intends to take advantage of the extended transition period for new accounting standards [251]. Other Income - Total other income, net for the three months ended June 30, 2022 was $(1.4) million, an increase of $4.2 million compared to the same period in 2021 [209].