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Benson Hill, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $34,098,000 from $23,464,000 in the same quarter the previous year. This increase was driven by higher grain sales of proprietary soybeans and higher revenue from partnerships and licensing agreements.
Cost of sales for the quarter was $34,555,000, compared to $21,808,000 in the same quarter of the previous year. The increase is attributed to higher input costs incurred from higher grain sales activity.
Research and development expenses decreased to $7,006,000 from $10,526,000, reflecting reduced personnel-related costs and other technology costs.
Selling, general, and administrative expenses were $12,292,000, down from $13,723,000, due to reduced personnel-related and other costs.
Net loss from continuing operations was $21,896,000, compared to $17,552,000 in the previous year. The increase in net loss was driven by higher cost of sales and changes in fair value of warrants and conversion options.
Cash used in operating activities was $40,759,000, while cash provided by investing activities was $85,666,000, mainly due to net cash received from the sale of discontinued operations.
Benson Hill had cash and marketable securities of $14,407,000 as of September 30, 2024. The company estimates that its existing cash and marketable securities will last through December 31, 2024, but will not be sufficient to fund operations for twelve months.
The filing also details the sale of the company's soy processing facilities in Seymour, Indiana, and Creston, Iowa, as part of its transition to an asset-light business model.
Benson Hill is focused on expanding its revenue base through licensing opportunities and collaboration arrangements, aiming to improve its liquidity position and execute its long-term strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Benson Hill Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.