Benson Hill, Inc.
CIK:0001830210|SEC Filings
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Operating activities | ||
| Net loss | $ (63,919) | $ (77,465) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 11,924 | 16,056 |
| Stock-based compensation expense | 3,373 | (347) |
| Bad debt expense | 1,180 | (263) |
| Changes in fair value of warrants and conversion option | 170 | (30,661) |
| Accretion and amortization related to financing activities | 6,191 | 6,624 |
| Realized losses on sale of marketable securities | 1,108 | 3,058 |
| Impairment of goodwill | 0 | 19,226 |
| Other | (4,630) | 1,815 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 6,749 | (3,073) |
| Inventories | 12,446 | 43,323 |
| Other assets and other liabilities | 5,290 | (4,170) |
| Accounts payable | (6,831) | (32,306) |
| Accrued expenses | (13,810) | (15,685) |
| Net cash used in operating activities | (40,759) | (73,868) |
| Investing activities | ||
| Purchases of marketable securities | (46,840) | (87,619) |
| Proceeds from maturities of marketable securities | 36,201 | 66,193 |
| Proceeds from sales of marketable securities | 36,240 | 99,838 |
| Purchase of property and equipment | (541) | (10,127) |
| Proceeds from divestiture of discontinued operations | 58,405 | 2,378 |
| Proceeds from an insurance claim from a prior business acquisition | 0 | 1,533 |
| Proceeds from a corporate-owned life insurance policy | 2,173 | 0 |
| Other | 28 | 41 |
| Net cash provided by investing activities | 85,666 | 72,237 |
| Financing activities | ||
| Repayments of long-term debt | (66,806) | (4,874) |
| Proceeds from issuance of long-term debt | 15,800 | 0 |
| Payments of debt issuance costs | 0 | (2,000) |
| Borrowing under revolving line of credit | 3,562 | 0 |
| Repayments under revolving line of credit | (3,562) | 0 |
| Payments of finance lease obligations | (3,042) | (2,428) |
| Proceeds from exercise of stock awards, net of withholding taxes | 58 | 249 |
| Net cash used in financing activities | (53,990) | (9,053) |
| Effect of exchange rate changes on cash | (12) | 0 |
| Net decrease in cash and cash equivalents | (9,095) | (10,684) |
| Cash, cash equivalents and restricted cash, beginning of period | 16,081 | 43,321 |
| Cash, cash equivalents and restricted cash, end of period | 6,986 | 32,637 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for taxes | 0 | 35 |
| Cash paid for interest | 6,604 | 14,523 |
| Supplemental disclosure of non-cash activities | ||
| Purchases of property and equipment included in liabilities | $ 165 | $ 125 |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 6,986 | $ 8,934 | ||
| Marketable securities | 7,421 | 32,852 | ||
| Accounts receivable, net | 8,333 | 6,810 | ||
| Inventories, net | 10,343 | 14,860 | ||
| Prepaid expenses and other current assets | 13,847 | 8,121 | ||
| Current assets of discontinued operations | 1,235 | 103,177 | ||
| Total current assets | 48,165 | 174,754 | ||
| Property and equipment, net | 21,143 | 26,533 | ||
| Finance lease right-of-use assets, net | 53,813 | 59,245 | ||
| Operating lease right-of-use assets | 2,683 | 2,934 | ||
| Intangible assets, net | 4,808 | 5,226 | ||
| Other assets | 6,930 | 6,072 | ||
| Total assets | 137,542 | 274,764 | ||
| Current liabilities: | ||||
| Accounts payable | 5,329 | 4,397 | ||
| Finance lease liabilities, current portion | 4,331 | 3,705 | ||
| Operating lease liabilities, current portion | 726 | 842 | ||
| Long-term debt, current portion | 1,801 | 55,201 | ||
| Accrued expenses and other current liabilities | 8,688 | 21,352 | ||
| Current liabilities of discontinued operations | 893 | 18,802 | ||
| Total current liabilities | 21,768 | 104,299 | ||
| Long-term debt, less current portion | 13,836 | 5,250 | ||
| Finance lease liabilities, less current portion | 69,907 | 73,682 | ||
| Operating lease liabilities, less current portion | 3,799 | 4,299 | ||
| Warrant liabilities | 1,361 | 1,186 | ||
| Conversion option liabilities | 0 | 5 | ||
| Other non-current liabilities | 30 | 0 | ||
| Total liabilities | 110,701 | 188,721 | ||
| Stockholders’ equity: | ||||
| Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, #VALUE! and 5,954 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | [1] | 1 | 1 | |
| Additional paid-in capital | 615,009 | 611,497 | ||
| Accumulated deficit | (587,705) | (523,786) | ||
| Accumulated other comprehensive loss | (464) | (1,669) | ||
| Total stockholders’ equity | 26,841 | 86,043 | ||
| Total liabilities and stockholders’ equity | $ 137,542 | $ 274,764 | ||
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