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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