p strong Benson Hill Inc Announces Second Quarter 2024 Financial Results strongpp Benson Hill Inc N
Intellectia.AI Updated: 1970-01-01
Benson Hill, Inc. Announces Second Quarter 2024 Financial Results
Benson Hill, Inc. (NYSE:BHIL), a seed innovation company, today announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $33.8M | $23.5M | +43.8% | $24.3M |
| Net Loss from Continuing Ops | -$18M | -$36.5M | +50.7% | |
| Adjusted EBITDA | -$12.4M | -$15.2M | +18.4% | |
| Free Cash Flow Loss (6 Mo.) | -$31.8M | -$63.6M | +50% | |
| Cash and Marketable Securities | $29.5M | N/A | N/A |
Interpretation: Benson Hill demonstrated a strong revenue performance in Q2 2024, achieving a 43.8% year-over-year increase, outpacing the Wall Street consensus estimate of $24.3 million. The notable improvement in net loss and adjusted EBITDA suggests the company's cost reduction initiatives are having the intended effect.
Revenue Performance Across Segments:
Note: Specific revenue figures for segments were not provided.
Interpretation: The company’s emphasis on proprietary soybeans and strategic partnerships reflects its transition to an asset-light model, though more detailed segment data would provide clearer insights.
Comments from Company Officers: Chief Executive Officer Deanie Elsner stated, "The Benson Hill team showed focus and financial discipline, delivering significantly better operating results this quarter while advancing our transition to an asset-light licensing model. Strategic partnerships remain crucial for our future growth."
Dividends or Share Repo Program: No information on dividends or share repurchase programs was provided.
Forward Guidance: The company expects to maintain a cash runway to fund operations through the end of 2024 and plans to continue validation trials for its seed innovations over the next 9-12 months, potentially expanding its seed portfolio to more than 35 varieties by 2025.
Stock Price Movement: Post-earnings release, Benson Hill's stock saw a modest increase of 0.156%.
Benson Hill’s continued focus on cost management and strategic partnerships underline its commitment to innovation and financial discipline. The promising revenue increase and narrowing losses indicate positive momentum in its transition to an asset-light model.
For further details, visit Benson Hill's official press release .