Benson Hill, Inc. (NYSE:BHIL) Q3 2023 Results Conference Call November 9, 2023 8:30 AM ET

Company Participants

Ruben Mella - Senior Director, IR

Deanie Elsner - Interim CEO & Director

Dean Freeman - CFO

Conference Call Participants

Kristen Owen - Oppenheimer

Brian Wright - ROTH MKM

Operator

Good morning. Thank you for attending Benson's Hill Third Quarter 2023 Earnings Call. My name is Lauren, and I will be your moderator. [Operator Instructions] I want to pass the conference to your host, Ruben Mella, Senior Director of Investor Relations with Benson Hill. Ruben, please go ahead.

Ruben Mella

Thank you, Lauren, and good morning. We appreciate you joining us to review our third quarter financial results and outlook. With me today are Deanie Elsner, Benson Hill's Chief Executive Officer; and Dean Freeman, our Chief Financial Officer.

Earlier this morning, we filed our earnings release and Form 8-K. These documents and an investor presentation we will reference during the prepared remarks are available in the Investors section of the Benson Hill website. Comments today from management will contain forward-looking statements, including Benson Hill's expectation of future financial and business performance and industry outlook and current guidance for 2023 and preliminary directional outlook for 2024.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions and are not guarantees of performance. We caution you to consider the risk factors that could materially cause results to differ from those in the forward-looking statements. Such factors include those referenced in the cautionary notes included in our Form 10-K, Form 10-Q, press release and investor presentation and other filings with the SEC.

Also during this presentation, we will discuss specific non-GAAP financial measures. A reconciliation to GAAP is available in our earnings release and presentation. I will now turn the call over to Deanie.

Deanie Elsner

Thanks, Ruben, and good morning, everyone. The past few months have been an intense and pivotal time in the evolution of Benson Hill. On October 31, we shared a plan to realize our vision as a leading food and feed technology company across multiple protein end markets. The need for protein and nutrition security continues to grow and unlocking the natural genetic diversity in plants is a way to address it. That's the power of genomics to change the food system.

Our innovations have a multiplier effect across various end-use applications. We plan to direct the value-added attributes of our ultra-high protein, low ligosacaride or UHPLO C varieties as we successfully launched for the aquaculture market into serve the established and growing poultry and swine markets. To establish this, Benson Hill is divesting its processing assets and evolving to an asset-light model with robust partnership and licensing agreements to access a $28 million acre addressable market and supply our novel soy meal to customers at scale.