The following is a summary of the Benson Hill, Inc. (BHIL) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Benson Hill reported full year revenues of $473 million in 2023, up 24% year-over-year, driven by a 52% revenue growth in proprietary and 18% increase in non-proprietary grain products.

• They achieved their gross profit target of $23 million, tripling the previous year's gross profit.

• The company ended 2023 with $49 million in cash and marketable securities, largely due to higher revenue from proprietary products and cost efficiency measures.

• Despite a loss of $48 million, adjusted EBITDA improved by more than 40% compared to the previous year.

Business Progress:

• 2024 is identified as the transition year for Benson Hill towards becoming a provider of seed innovations for the animal feed market.

• They've made strides in their soy technology platform, CropOS innovation engine, and their Crop Accelerator breeding facility.

• Benson Hill successfully retired their senior term loan of approximately $120 million, reducing their debt significantly.

• They're on track to expand their seed portfolio from 22 to 35 varieties by 2025 with their soybeans harvested in 2023 expected to revolutionize animal diets.

• Strategic partnerships and offtake agreements with animal producers will serve as a measure to benchmark future revenues.

More details: Benson Hill IR

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