Benson Hill, Inc., a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the quarter ended June 30, 2022.
“We continue to validate our proprietary soy ingredients portfolio as well as our go-to-market approach through a new strategic partnership with ADM while also delivering another quarter of strong financial performance,” said Matt Crisp, Chief Executive Officer of Benson Hill. “The momentum we see in the business is real and building, and current macro challenges continue to require innovation to evolve to a more customized and resilient food system.”
Second Quarter Results Compared to the Same Period of 2021
The impact of mark-to-market timing differences on the profit and loss statement and reconciliation of non-GAAP financial measures can be found on pages 6 and 10, respectively.
- Revenues were $110.7 million, an increase of $71.1 million, or 179 percent led by robust growth in the Ingredients segment.
- Gross profit was $5.6 million, an increase in profitability of $5.6 million, which includes a realized $5.2 million gain related to mark-to-market timing differences that partially offset losses in the first quarter.
- Operating expenses were $34.5 million, an increase of $9.9 million, which included $5.7 million for non-cash items. The increase was primarily driven by higher wages, insurance costs to run expanded operations, and requirements associated with being a public company.
- Inclusive of the mark-to-market timing differences, the reported net loss was $27.6 million compared to a net loss of $27.4 million. Adjusted EBITDA was a loss of $15.7 million compared to a loss of $15.8 million.
- Cash and marketable securities on hand were $209.9 million as of June 30, 2022.
- Revenues for the segment were $17.1 million, an increase of $0.2 million, or 1 percent. The modest increase was the result of a crop failure due to a pest infestation impacting farmed peppers.
- Gross loss was $0.2 million, partially driven by a $1.6 million loss due to the crop failure noted above.
- Adjusted EBITDA was a loss of $0.3 million, which was a decrease in segment profitability of $0.5 million.
First Six-Month Results Compared to the Same Period of 2021
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Benson Hill, Inc.,
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