Benson Hill, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments. The company, classified as an emerging growth company, recorded revenues of $34.1 million for the third quarter, a 45% increase from $23.5 million in the same period of 2023. However, for the nine months ended September 30, 2024, total revenues decreased by 7% to $89.0 million compared to $95.6 million in the prior year.

Despite the revenue growth in the third quarter, Benson Hill experienced a net loss from continuing operations of $21.9 million, up from a loss of $17.6 million in the same quarter of 2023. For the nine-month period, the net loss increased to $66.2 million from $60.8 million year-over-year. The company’s accumulated deficit rose to $587.7 million as of September 30, 2024.

Benson Hill's strategic focus has shifted towards an asset-light business model, which includes divesting from its soy processing operations. The company completed the sale of its soy crushing facility in Seymour, Indiana, in October 2023, and the Creston, Iowa facility in February 2024, generating proceeds that were used to retire significant debt obligations. The divestitures are part of a broader Liquidity Improvement Plan aimed at enhancing financial stability, with expected liquidity improvements of $65 million to $85 million by the end of 2024.

The company also reported a decrease in research and development expenses, which fell to $7.0 million for the third quarter, down from $10.5 million in the same period of 2023. Selling, general, and administrative expenses also decreased to $12.3 million from $13.7 million year-over-year. Interest expenses saw a notable decline, totaling $1.8 million for the third quarter, compared to $7.2 million in the prior year, primarily due to the repayment of convertible notes.

Benson Hill's liquidity position remains a concern, with cash and marketable securities totaling $14.4 million as of September 30, 2024, which is expected to last through the fourth quarter. The company anticipates ongoing operating losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern without additional capital. Management is exploring various strategies, including cost reductions and potential equity financing, to address these liquidity challenges.

In addition, the company transferred its stock listing from the NYSE to Nasdaq in August 2024 and executed a reverse stock split in July 2024 to enhance its market position.