Benson Hill a leader in seed innovation, announced a 45.3% increase in third-quarter revenues to $34.1 million, reflecting its ongoing transition to an asset-light licensing business model. The company's strategic shift, coupled with cost-cutting measures, has led to improved financial metrics despite continued net losses. As Benson Hill advances its proprietary seed portfolio and expands into the poultry feed market, CEO Deanie Elsner emphasized the potential of their seed innovations to create value across the agricultural supply chain.
Key highlights from the Q3 2024 report include:
- Revenue growth driven by higher grain sales of proprietary soybeans and increased licensing agreements
- Adjusted EBITDA loss narrowed to $12.6 million, down from $14.4 million in Q3 2023
- Expansion of the company's proprietary soybean seed portfolio to over 30 varieties for the 2025 planting season
- Initiation of new feeding studies with major broiler producers, representing 40% of the U.S. market
As Benson Hill continues its strategic transformation, the company aims to leverage its CropOS® technology platform and Crop Accelerator to drive innovation in sustainable agriculture, positioning itself for long-term growth in the seed technology sector.
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