NEWS: Benson Hill Announces Second Quarter Financial Results
• Second quarter revenues of approximately $33.8 million, an increase compared to $23.5 million in the same period of 2023, reflect the Company’s ongoing transition to an asset-light business model.
• Net loss from continuing operations, net of income taxes, was $18 million in the quarter, an improvement of $18.5 million in reported loss from the same period of the prior year. Adjusted EBITDA was a loss of $12.4 million, compared to a loss of $15.2 million in the same period of 2023, due primarily to expense reductions.
• Free cash flow loss in the first half of 2024 was $31.8 million, which was approximately 50 percent of the free cash flow loss in the first half of 2023.
• The Company ended the second quarter with $29.5 million of cash and marketable securities, expected to be sufficient to fund operations through the end of 2024.
• The Company provides updates on business milestones related to animal feeding trials, innovation pipeline advancements, and genetic market share in its Q2 Shareholder Letter.
ST. LOUIS, MO – August 8, 2024 - Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a seed innovation company, today announced operating and financial results for the quarter ended June 30, 2024.
“The Benson Hill team showed focus and financial discipline and delivered significantly better operating results this quarter, while making strides in our transition to an asset-light licensing model. We also strengthened strategic partnerships that are crucial for our future growth,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “Our highly advanced technology core has led to the development of what we believe to be the industry’s broadest and deepest R&D pipeline for soy quality traits. Our next priority is to implement several animal feeding trials with both commercial and academic partners, further validating the value our seed innovations deliver to end users.”
For the full release, visit https://lnkd.in/g3NMs_b9.