Benson Hill, Inc.: debt financing — Transition to licensing model improves Q1 gross profit; revamps debt with new credit facility

Benson Hill, Inc.

2024-Q1 EPS reported -$0.11 revenue$21,133,000

Q1 2024 revenue $21.1M (excl. discontinued ops), gross profit $5.2M, net loss $26.3M from continuing ops.
Amended credit facility: $6M revolver (prime+0.25%, due Dec 2024) and $15.8M term loan (prime+1%, due Apr 2029) from First National Bank of Omaha.
Free cash flow loss improved to $10.7M from $36.9M in Q1 2023; cash and marketable securities $30.5M.
Operating expenses reduced 16% to $21.8M; gross profit margins expanding as 73% of 2023 processing revenues are exited.
Perdue feeding trial validates UHP-LO soybean meal: 16% more protein, 92% less oligosaccharides; targeting 6M acres by 2030.

item 1.01 item 2.03 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Benson Hill, Inc. incurred credit facility of $6 million with First National Bank of Omaha at prime rate plus 1/4% maturing December 1, 2024.

Instrument: credit facility
Principal: $6 million
Counterparty: First National Bank of Omaha
Rate: prime rate plus 1/4%
Maturity: December 1, 2024
Event: incurrence

Exact text from the filing

a revolving credit facility from FNBO to DDB in the maximum aggregate amount of $6 million, bearing interest at a floating rate equal to the prime rate plus 1/4%, with accrued interest payable monthly, and with a maturity date of December 1, 2024

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Benson Hill, Inc. incurred term loan of $15.8 million with First National Bank of Omaha at prime rate plus 1% maturing April 1, 2029.

Instrument: term loan
Principal: $15.8 million
Counterparty: First National Bank of Omaha
Rate: prime rate plus 1%
Maturity: April 1, 2029
Event: incurrence

Exact text from the filing

a term loan facility from FNBO to DDB in the amount of $15.8 million, bearing interest at a floating rate equal to the prime rate plus 1%, with quarterly principal payments in the amount of $395,000 each, with accrued interest payable quarterly, and maturing on April 1, 2029

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Benson Hill, Inc. reported financial results for the quarter ended March 31, 2024.

Period: the quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 9, 2024, Benson Hill, Inc. (the “Company”) issued a press release reporting the financial results of the Company for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001628280-24-021949

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