Benson Hill (BHIL) investor relations material

Executive summary

• Transitioned to an asset-light business model, divesting soy processing facilities and retiring debt to focus on seed innovation and technology partnerships.

• Entered a non-binding letter of intent for a potential acquisition by Argonautic Ventures, with ongoing evaluation of strategic alternatives.

• Terminated exclusive collaboration with ADM, replacing it with a non-exclusive seed supply agreement to expand commercialization of proprietary soybean varieties.

• Strategic roadmap includes streamlining operations, expanding partnerships, improving margins, IP growth, and capital structure optimization.

• Commercial ramp-up underway, with a robust 2025 seed portfolio spanning over 30 soybean varieties and six product platforms.

Financial highlights

• Q3 2024 revenue rose 45% year-over-year to $34.1 million, mainly from proprietary soybean grain sales and licensing revenue.

• Q3 2024 net loss from continuing operations was $21.9 million, up from $17.6 million in Q3 2023.

• Adjusted EBITDA loss for Q3 2024 was $12.6 million, an improvement of $1.7 million year-over-year.

• Free cash flow loss narrowed to $17.1 million from $23.8 million year-over-year.

• Cash and marketable securities totaled $14.4 million as of September 30, 2024.

Outlook and guidance

• Management expects existing cash and marketable securities to last through December 2024, but not sufficient for 12 months; additional capital is required.

• Confident outlook for 2025, expecting to plant genetics on over 450,000 acres and expand UHP-LO soybean acreage and commercial varieties.

• Ultra-High Oil soybean varieties targeted for 2028 launch to support renewable biodiesel markets.

• Ongoing cost reductions, staff reductions, and strategic alternatives are being pursued to improve liquidity.

• Substantial doubt remains about the company's ability to continue as a going concern without new financing.