$BHIL
Benson Hill, Inc.

2024 Q4 Form 10-Q Financial Statement

#000183021024000153 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $34.10M
YoY Change -69.84%
Cost Of Revenue $34.56M
YoY Change -68.28%
Gross Profit -$457.0K
YoY Change -111.04%
Gross Profit Margin -1.34%
Selling, General & Admin $12.29M
YoY Change -31.23%
% of Gross Profit
Research & Development $7.006M
YoY Change -33.43%
% of Gross Profit
Depreciation & Amortization $3.863M
YoY Change -29.25%
% of Gross Profit
Operating Expenses $19.30M
YoY Change -32.05%
Operating Profit -$19.76M
YoY Change -18.57%
Interest Expense -$1.849M
YoY Change -74.24%
% of Operating Profit
Other Income/Expense, Net $164.0K
YoY Change -96.74%
Pretax Income -$21.90M
YoY Change 13.82%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$22.94M
YoY Change 30.54%
Net Earnings / Revenue -67.26%
Basic Earnings Per Share -$4.14
Diluted Earnings Per Share -$4.14
COMMON SHARES
Basic Shares Outstanding 6.114M shares 6.120M shares
Diluted Shares Outstanding 5.544M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.41M
YoY Change -78.03%
Cash & Equivalents $6.986M
Short-Term Investments $7.421M
Other Short-Term Assets $15.08M
YoY Change -56.79%
Inventory $10.34M
Prepaid Expenses
Receivables $8.333M
Other Receivables $0.00
Total Short-Term Assets $48.17M
YoY Change -71.4%
LONG-TERM ASSETS
Property, Plant & Equipment $21.14M
YoY Change -78.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.930M
YoY Change -29.56%
Total Long-Term Assets $89.38M
YoY Change -51.45%
TOTAL ASSETS
Total Short-Term Assets $48.17M
Total Long-Term Assets $89.38M
Total Assets $137.5M
YoY Change -60.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.329M
YoY Change -62.3%
Accrued Expenses $8.688M
YoY Change -53.39%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.801M
YoY Change -94.94%
Total Short-Term Liabilities $21.77M
YoY Change -70.83%
LONG-TERM LIABILITIES
Long-Term Debt $13.84M
YoY Change -81.2%
Other Long-Term Liabilities $30.00K
YoY Change -87.01%
Total Long-Term Liabilities $13.87M
YoY Change -81.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.77M
Total Long-Term Liabilities $13.87M
Total Liabilities $110.7M
YoY Change -52.29%
SHAREHOLDERS EQUITY
Retained Earnings -$587.7M
YoY Change 20.94%
Common Stock $615.0M
YoY Change 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.84M
YoY Change
Total Liabilities & Shareholders Equity $137.5M
YoY Change -60.98%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$22.94M
YoY Change 30.54%
Depreciation, Depletion And Amortization $3.863M
YoY Change -29.25%
Cash From Operating Activities -$14.30M
YoY Change -51.68%
INVESTING ACTIVITIES
Capital Expenditures $83.00K
YoY Change -97.38%
Acquisitions
YoY Change
Other Investing Activities $13.63M
YoY Change -53.47%
Cash From Investing Activities $13.55M
YoY Change -48.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.539M
YoY Change 20.23%
NET CHANGE
Cash From Operating Activities -14.30M
Cash From Investing Activities 13.55M
Cash From Financing Activities -1.539M
Net Change In Cash -2.286M
YoY Change -51.67%
FREE CASH FLOW
Cash From Operating Activities -$14.30M
Capital Expenditures $83.00K
Free Cash Flow -$14.38M
YoY Change -56.1%

Facts In Submission

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us-gaap Income Taxes Paid Net
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Description of Business<div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Benson Hill is a seed innovation company that unlocks nature’s genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS® technology platform, and its Crop Accelerator. Benson Hill collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. We are headquartered in St. Louis, Missouri, where most of our research and development activities are managed. In February 2024, as part of our acceleration to an asset-light business model, we divested our soy crushing and food-grade white flake and soy flour manufacturing operation in Creston, Iowa, which followed the October 2023 divestiture of our soy crushing facility in Seymour, Indiana. We continue to process dry peas in North Dakota through our Dakota Ingredients facility, and we sell our products throughout North America, in Europe and in several countries globally. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Moving to an asset-light business model enables Benson Hill to focus on our research and development competitive advantage. We plan to participate across the value chain with partnerships that are more efficient to scale acreage, require less operating expense and are more capital efficient. This model will continue to enable us to solve end user challenges with seed innovation. As we analyze the asset-light business model across the value chain, there are three opportunities to monetize Benson Hill’s technology. First, licensing our germplasm to seed companies. Second, direct seed sales to farmers. And third, through technology access fees and value-based royalties from seed companies, processors and end users.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our commitment to environmental and social issues impacting our planet and our purpose-driven culture are fundamental to our ability to achieve our mission. Environmental, Social and Governance principles help guide our thinking and approach throughout the development and commercialization of our products, and our innovative culture is rooted in our Core Values of Be Bold, Be Inspired, and Be Real. We believe our technology platform, asset-light model, and purpose-driven culture will help bridge the divide between evolving preferences and quality traits already present within the genetic diversity of soy. We see nature as our partner; technology as our enabler; and innovators like us, like-minded stakeholders, stockholders and partners as the catalysts to create a Made from Better™ soybean.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity and Going Concern</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting and Securities and Exchange Commission (“SEC”) regulations.</span></div><div style="margin-top:8pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since our inception, we have incurred significant losses, primarily to fund investment into technology and costs associated with early-stage commercialization of our products. As of September 30, 2024 and December 31, 2023, the</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Company </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">had an accumulated deficit of $587,705 and $523,786</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">respectively, and term debt and notes payable of $15,637 and $60,451 respectively, which are subject to repayment terms and covenants further described in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"><a href="#i83b8c318515f42d782eac08ee50941a9_67" style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:none">Note 8, Debt</a></span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in this report. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three and nine months ended September 30, 2024, the Company incurred a net loss from continuing operations, net of income taxes, of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$21,896</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and $66,193, respectively, and for the nine months ended September 30, 2024, the Company had negative cash flows from operating activities of $40,759. As of September 30, 2024, we had cash and marketable securities of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$14,407. </span></div><div style="margin-top:8pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of the date of this report, we estimate that our existing cash and marketable securities of approximately $14,407 as of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">September 30, 2024</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> will last through December 31, 2024, but will not be sufficient to fund our operations or meet our contractual commitments and obligations as they came due in the ordinary course of business for 12 months after the date our consolidated financial statements are issued. Therefore, there is substantial doubt about our ability to continue as a going concern. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared on a basis that assumes that the Company will continue as a going concern, and do not include any adjustments that may result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of the Company’s liabilities and commitments in the normal course of business and does not include any adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We will need to raise additional capital to continue our operations and to execute our business plan, which capital may not be available on timely or acceptable terms, or at all. Likewise, as of the date of this report, management estimates that we will </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">comply with our debt covenants through December 31, 2024. However, we have based these estimates of our cash runway and covenant compliance on assumptions that may prove to be incorrect, and we could utilize our available capital resources or fail to comply with certain debt covenants sooner than we expect. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to generate sufficient cash to offset the costs of funding continued investment in technology and to fund operations more broadly, we will be required to raise additional capital and identify additional sources of revenue, including from collaborative arrangements or joint operating activities, partnerships and licensing opportunities.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have taken steps to mitigate the substantial doubt noted above. On February 13, 2024, we completed the sale of our soy crushing facility in Creston, Iowa, and used the proceeds to fully retire the Convertible Notes Payable. We paid an aggregate amount of $58,964, in full payment of our outstanding obligations under the Convertible Notes Payable. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Refer t</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 8, Debt</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in this report for further details. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are decreasing cash required for our operations by reducing operating costs and reducing staff levels. We incurred severance costs of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$113</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$1,868, respectively,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the three and nine months ended September 30, 2024, included within selling, general and administrative expenses and net income from discontinued operations, net of income taxes, on our consolidated statements of operations</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. On May 7, 2024, the Company’s indirect wholly-owned subsidiary Dakota Dry Bean Inc. (“DDB”) amended and restated its credit facility, including to increase its term loan to $15.8 million and to extend the maturity date to April 2029. Refer t</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 8, Debt</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in this report for further details. I</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">n addition, we are working to manage our current liabilities while we continue to make changes in operations to improve our cash flow and liquidity position.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our liquidity plans and operating budget include further actions aimed at improving operating efficiencies by reducing certain operating costs, restructuring certain parts of our organization, exploring strategic alternatives, divesting our assets, supplementing cash by selling additional shares of our common stock or securities convertible into common stock to the public through our shelf registration statement, or otherwise, or obtaining alternative forms of financing which may or may not be dilutive. There are no guarantees that we will achieve any of these plans, which involve risks and uncertainties, or that our achievement of any of these plans will sufficiently address our substantial doubt about our ability to continue as a going concern. In the event we are unable to secure additional financing to fund our obligations before the end of the fourth quarter of 2024, or to maintain covenant compliance, we will be required to seek other strategic alternatives, which may include, among others, scaling back or discontinuing certain or all operations to reduce costs, closure of operations, sale of certain of our assets, a sale of the entire company to strategic or financial investors, and/or seeking protection under the U.S. bankruptcy laws.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After market close on August 23, 2024, the Company transferred its stock exchange listing to The Nasdaq Stock Market LLC (“Nasdaq”) from the New York Stock Exchange. The Company’s common stock began trading on Nasdaq on August 26, 2024, and maintained the ticker symbol “BHIL.” The transfer to Nasdaq permits the Company to realize cost savings and facilitates the continued listing of our common stock on a national securities exchange.</span></div>
CY2024Q3 bhil Number Of Technology Monetization Opportunities
NumberOfTechnologyMonetizationOpportunities
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<div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant management estimates include those with respect to allowance for doubtful accounts, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill and the estimated value of our warrant liabilities and conversion option liabilities.</span></div>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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