#1SECOND QUARTER 2023 FINANCIAL RESULTS AND OUTLOOK August 9, 2023 BENSON HILL® ********#2BENSON O HILL Disclaimers BENSON HILL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the future financial or operating performance of Benson Hill Inc. (the "Company" or "Benson Hill") and may be identified by words such as " may,' "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict" or similar words, as well as the negative of such statements. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward- looking statements include, among other things, statements regarding plans to improve the Company's capital structure and liquidity position; management's strategy and plans for growth, including those expected to be associated with the Liquidity Improvement Plan and other cost saving measures; statements regarding the Company's Liquidity Improvement Plan and other cost-saving measures, actions to implement such plans, and the anticipated benefits of such plans; the Company's current guidance regarding certain expected 2023 financial and operating results, including consolidated and proprietary revenues, consolidated gross profit, operating expense, net loss from continuing operations, Adjusted EBITDA, capital expenditures and free cash flow loss; anticipated benefits of the Company's existing and potential future strategic partnerships and licensing arrangements; expectations regarding the sources of expected consolidated revenue and gross profit growth, including greater contribution from higher margin product mix, the Company's ability to identify and evaluate its strategic alternatives and effect potential strategic opportunities in ways that maximize shareholder value; expectations regarding the Company's ability to continue as a going concern; statements regarding the execution of the Company's business plan, the strategic review of the Company's business, and the Company's executive leadership transition; the Company's ability to evaluate its strategic alternatives and effect on potential strategic opportunities; partnerships and licensing; the Company's positioning, resources, capabilities, and expectations for future performance; management's strategies and plans for growth; and projections of consumer preferences, industry trends and market opportunity through and including 2028 and beyond. Factors that may cause actual results to differ materially from current expectations include, but are not limited to risks associated with the Company's inability to improve its capital structure and liquidity position, or otherwise fail to execute on the actions expected to be associated with the Liquidity Improvement Plan and other cost-saving measures; the Company's ability to continue as a going concern; liquidity and other risks relating to the Company's ability to continue as a going concern; risks associated with the Company's ability to grow and achieve growth profitably, including continued access to the capital resources necessary for growth; the risk that the Company will be unable to retire any of its existing debt early or enter into a new lending facility in a timely manner, on favorable terms, or at all; the risk that the Company will fail to realize the anticipated benefits of its existing shelf registration statement, including its existing at the market facility, or otherwise fail to raise equity capital to supplement its cash needs; risks relating to potential dilution, including in connection with the Company's existing at the market facility or any other equity offering; the risk that even if the actions expected to be associated with the Liquidity Improvement Plan are successful, such actions could have long term adverse effects on the Company's business, including the Company's research and development initiatives and the Company's ability to commercialize its product candidates; risks associated with the possibility that the Company could be forced to reduce expenses beyond current planned cost reduction initiatives, including the risk that the Company's growth strategy could be compromised as a result; the risk that the Company will not realize the anticipated benefits of the divestiture of the Fresh business in a timely manner or at all; risks associated with managing capital resources; risks associated with maintaining relationship with customers and suppliers and developing and maintaining partnering and licensing relationships; risks associated with changing dustry conditions and consumer preferences; risks associated with the Company's ability to generally execute on its business strategy; risks associated with the Company's execution of its executive leadership transition, including among others, risks relating to maintaining key employee, customer, partner and supplier relationships; risks associated with the effects of global and regional economic, agricultural, financial and commodities markets; the effectiveness of the Company's risk management strategies; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in our filings with the SEC, which are available on the SEC's website at www.sec.gov. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including, without limitation, any expectations about our operational and financial performance or achievements through and including 2028 and beyond. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward- looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any duty to update these forward-looking statements except as otherwise required by law. In addition, the Company has and may in the future modify how it calculated non-GAAP performance measures. USE OF NON-GAAP FINANCIAL MEASURES In this presentation, the Company includes references to non-GAAP performance measures. The Company uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results. The Company's management believes these non-GAAP measures are useful in evaluating the Company's operating performance and are similar measures reported by publicly listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. By referencing these non-GAAP measures, the Company's management intends to provide investors with a meaningful, consistent comparison of the Company's performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company's definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, the Company's management strongly encourages investors to review the Company's consolidated financial statements and publicly-filed reports in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this presentation.#3OUR MISSION TO LEAD THE PACE OF INNOVATION IN THE FOOD SYSTEM.#4OOSECA DO DATA SCIENCE / PLANT SCIENCE / FOOD SCIENCE 1 ********#5Benson Hill Competitive Advantage: Seed-to- Ingredient Capabilities Others Advantage Source: Benson Hill internal estimates as of August 2023 Time Advantage No commercial ultra-high protein germplasm World-leading ultra-high protein & high yield commercial germplasm ~6-10 years R&D Advantage Limited or no protein testing Significant Al-breeding ~2-3 years ✓ Data Advantage Limited or no protein data Proprietary protein data yield & agronomic data Genomic data Expression data Al predictions ~2-3 years Business Model Traditional, siloed business model Beyond farm gate Ingredient model ~3 years Estimated 6-10 Years Advantage With Multiple Differentiators Substantial Scale Limited or no quality focus ~350k acres contracted through 2023 ~3 years#6HUMAN IN-THE-LOOP ARTIFICIAL INTELLIGENCE DESIGN Digitized Product Spec/ Simulation Digital Twin Prescriptive Breeding Roadmaps/ CRISPR Crop Accelerator SCIENCE BUILD Prescriptive Growing Recipes Rapid Prototyping Operations Research FOOD SCIENCE CropOS PROPRIETARY AI/ML OPERATING SYSTEM Trifecta of Data, Plant & Food Science COMMERCIAL VARIETY Farmer & Customer Insights PLANT SCIENCE FOOD SYSTEM INNOVATORS Creates value inflection in three to four years Depending on complexity of genetic traits TEST Parallel Field & Food Testing Food System Innovators#7Wave of Next-Generation Products Soy High Protein Ingredient Solutions Yellow Pea Protein Soy Animal Protein Soy Dual Value Expected launch timelines are all approximate Commercialization is dependent on multiple factors MARKET Meat Alternatives, Bakery & Confectionary, Dairy Alternatives Pet Food, Alt Meat & Meat Extensions, Cereals & Bakery Aquaculture Pet Food, Poultry & Swine Food Oils (Packaged, Commercial), Biodiesel WHERE WE ARE Commercial: 60% White Flake Protein, Better Carbohydrate Prototype: 60% Pea Protein Concentrate (PPC) Commercial: 60% Meal Protein, Low Antinutrients Commercial: High-Oleic Oil, Better Carbohydrate 2023 UP NEXT GEN1.1:+ Higher Yield SONY GEN1.2:+ Herbicide Tolerance GEN2: +62% White Flake Protein GEN3: +65% White Flake Protein GENI: 60% PPC Value Inflection GEN 1.1: Higher Yield GEN1.2: +Herbicide Tolerance GEN2: +62% Meal Protein GEN3: +65% Meal Protein GEN2: +60% White Flake Protein GEN1.1:+Herbicide Tolerance PROOF OF VALUE (~2-3 YRS) IN THE WORKS GEN2.2: +High-Oleic Oil GEN2.3: +Improved Flavor GEN3.1: +Improved Flavor GEN2: >60% PPC GEN1.1:+Better Carbs GEN2.1:+ Improved Flavor GEN2.1: +62% Meal Protein, Better Nutrition GEN3.1: +Better Nutrition GEN3: +62% White Flake Protein Gen 0.1:+25% High Oil GEN4: +65% White Flake Protein PLATFORM INNOVATION (~3-4 YRS)#8Growth Playbook Relies on Partnerships and Licensing Step 1 The Foundation • Market entry Build relationships across the value chain Low capital investment Yellow Pea Step 2 Integrated Route to Market • Prove proprietary product concept ● ● Ensure traceability Capital investment and strategic partnerships Soybean Step 3 Broad Adoption • Pursue broad acre opportunity through partnerships/licensing • Scale beyond the initial proving ground acreage • Greatest capital efficiency#9Successful Closed Loop Model Execution START SMART CropOS® THINK BIG Incubation CLOSING THE LOOP BENSON HILL Customer Relationships Ingredient Commercialization Margin Generation Customer/Consumer Insights Scalability SCALE FAST Partner Ingredient Commercialization PARTNER Partner Customer Relationships Consumer/Consumer Insights Targeted acceleration Partner Margin Generation BH Margin Generation#10Evolution Through Technology CropOSⓇ IP ROBUST PARTNERSHIP MODELS EXISTING MARKETS INTERNATIONAL MARKETS NEW LARGE MARKET ADJACENCIES LARGE-ACRE LIVESTOCK FEED#11Attractive Market Fit UHP LO UHP Enlist E3Ⓡ Ultra-High Protein with low oligosaccharides currently in market Ultra-High Protein with Enlist E3® varieties expected in 2025#12Proven Proprietary Products are Well Suited for Global Expansion G (. Benson Hill U.S. and International headquarters .... .... 0.000 RA Plant-based meat P V Aqua A#13Strategic Levers for Value Creation Unique Seed to Ingredient Capabilities Effectively Validate and Rapidly Scale High-Value Innovative Ingredients CropOS License Powerful Platform into New Crops#14Market Dynamics Impacting Specialty Industry Reversal of supply chain dislocations are increasing imports from Asia/China into the U.S. 1. 2. 3. 4. Weaker demand in premium markets such as plant-based meat Bumper crop in Brazil are pressuring export prices into the EU for aquaculture Moderation in the specialty oils market from exceptional high- levels in 2022 and 2023#15Next Evolution of Benson Hill's Winning Combination CropOS® Platform A Products X Pipeline People EXPLORING A BROAD RANGE OF STRATEGIC ALTERNATIVES Partners The Board has engaged Lazard Frères & Co. LLC to assist in exploring strategic alternatives. The Company is also exploring joint venture opportunities, partnerships with strategic and financial investors, asset sales, and licensing opportunities to unlock the Company's full potential behind its technology platform and innovation pipeline.#16OUR MISSION TO LEAD THE PACE OF INNOVATION IN THE FOOD SYSTEM.#17Company Milestones Established Infrastructure and Scaling Capability October 27, 2021 Launch of Crop Accelerator, a 47,000 square-foot research facility located in St. Louis, MO Crop Accelerator 2021 September 30, 2021 Business combination with Star Peak Corp II STAR PEAK December 15, 2021 First commercial harvest of ultra-high protein ("UHP") soybean varieties FIRST UHP HARVEST Source: Company filings, press releases. January 4, 2022 Acquisition of ZFS Creston, an stablished food-grade soy flour manufacturing operation in lowa, for $100 million CRESTON February 10, 2022 Launch of Benson Hill's soy protein ingredients portfolio BENSON HILL 2022 INGREDIENTS R RIVERENCE February 2, 2022 Announced collaboration with trout farmer Riverence to provide soy ingredients for the aquaculture supply chain April 5, 2022 Announced strategic alliance with Scandinavian protein producer Denofa to scale sustainable soy protein ingredients in the Northern European aquafeed sector denofa April 4, 2022 Partnership with MorningStar FarmsⓇ (part of Kellogg's) to provide the Company with a sustainable, plant-based soy ingredient Morning Star FARMS® January 3, 2023 Announced disposal of Benson Hill's Fresh business segment ADM BENSON HILL FRESH 2023 August 8, 2022 Long-term strategic partnership with ADM to scale innovative UHP soy ingredients for North American food ingredients market#18Executing Liquidity Improvement Plan Cost and operational improvements targeted to drive ~$65-$85 million in liquidity savings through 2024 ● ● REDUCE OPEX WHILE RETAINING VALUE Expect $33 million of run rate savings by 2024 vs. previous target of at least $20 million Maintain product focus and core value capabilities ● 14 FOCUSED ASSET BASE Explore strategic options for Seymour, IN, facility • Drive capacity utilization in Creston, IA, and with strategic partner assets MINIMIZE WORKING ● CAPITAL REQUIREMENTS Optimize acreage targets Tightly control inventory levels#19Second Quarter 2023 Results (Unaudited) (USD in millions) Excludes Fresh Business¹1 Consolidated Revenue Proprietary Consolidated Gross Profit Operating Expense w/o Adj. Non-Cash stock-based Comp Goodwill Impairment Operating Expense Net Loss from Continuing Operations (Not of Income Tax) Total Adj. EBITDA² Capital Expenditures Free Cash Flow Loss² Cash, Restricted Cash and Marketable Securities (as of June 30, 2023)³ Second Quarter Ended June 30, 2023 Impact of Open Mark-to-Market Reported Timing difference $109.0 $18.6 $3.0 $27.4 $(6.2) $19.2 $40.4 $(49.1) $(16.1) $4.3 $(14.1) $118 $0.3 $0.2 $3.1 $3.1 $3.1 1. The Fresh business was divested on June 30, 2023. 2. See the reconciliation table in the Appendix. 3. Includes cash from both continuing and discontinued operations. 4. See Appendix. Excl Open Mark- to-Market Timing Differences $109.3 $18.8 $6.1 $27.4 $(6.2) $19.2 $40.4 $(46.0) $(13.0) $4.3 $(14.1) Prior Year Comparison (Excluding Timing Differences) 2Q'22 Results 4 $89.7 $12.1 $0.5 $32.3 $32.2 $(30.3) $(19.2) $1.3 $(10.0) 20'23 vs 20'22 +21.9% +55% +$5.6 -14.9% +25.5% $15.7 +$6.2 +$3.0 $(4.1) 2Q'23 Performance Revenue and Gross Profit Drivers Strong proprietary and non- proprietary revenue growth Robust gross profit result when excluding open mark-to-market timing differences Operating Expense Recognized a portion of savings from the Liquidity Improvement Plan Recorded an approximate $19 million non-cash impairment for the carrying value of goodwill#20First Six Months 2023 Results (Unaudited) (USD in millions) Excludes Fresh Business¹ Consolidated Revenue Proprietary Consolidated Gross Profit Operating Expense w/o Adj. Non-Cash stock-based Comp Goodwill Impairment Operating Expense Net Loss from Continuing Operations (Net of Income Tax) Total Adj. EBITDA² Capital Expenditures Free Cash Flow Loss² First Six Months Ended June 30, 2023 Impact of Open Mark-to-Market Reported Timing difference $243.7 $43.9 $12.5 1. $56.2 $(6.2) $19.2 $69.2 $(54.0) $(26.8) $6.9 $(57.2) $(6.5) $(0.7) $(2.1) $(2.1) $(2.1) Excl Open Mark- to-Market Timing Differences $237.2 $43.2 $10.4 $56.2 $(6.2) $19.2 $69.2 $(56.1) $(28.9) $6.9 $(57.2) Prior Year Comparison (Excluding Timing Differences) 1H'22 Results 3 $160.9 $26.3 $(0.2) $64.8 $64.8 $(39.5) $(42.1) $2.5 $(65.9) 1H'23 vs 1H'22 +47.4% +64.3% +$10.6 -13.3% +7.0% +$16.6 +$13.2 +$8.7 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. 2. See the reconciliation table in the Appendix. 3. See Appendix. Drivers of Performance Well positioned at the halfway point of the year Revenue and Gross Profit Drivers Proprietary revenues in line with expectations ● Non-proprietary revenue growth driven by favorable crush margins and >$20 million one-time shipment of non-proprietary beans to Europe Adjusted EBITDA & Free Cash Flow Significant year-over-year improvement in line with expectation#21Modified 2023 Guidance (USD in millions) Excludes Fresh Business¹ Consolidated Revenue Proprietary Consolidated Gross Profit Operating Expense w/o Adj. Non-Cash stock-based Comp Goodwill Impairment Operating Expense Net Loss from Continuing Operations (Not of Income Tax)² Total Adjusted EBITDA³ Capital Expenditures Free Cash Flow Loss² 2023 Guidance Revised $390 - $430 $100-$110 $20-$25 $110-$115 $(7) $19 $122 - $127 $(127) - $(137) $(53) - $(58) $15 - $20 $(110) - $(118) Prior $390-$430 $100-$110 $20-$30 $115 - $120 $115 - $120 $(115) - $(125) $(53) - $(58) $20-$25 $(110) - $(118) 1 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. 2 Revised guidance for net loss from continuing operations, net of income tax, includes non-cash items for stock-based compensation and goodwill impairment. Excluding the net $12 million of one-time items, the expected net loss would be $(115) million to $($125) million. 3 See the reconciliation table in the Appendix. 2023 Expectations Proprietary Products Expect approximately 40% to 50% revenue growth Gross Profit Narrowing prior guidance to expect >2x gross profit growth versus the prior year Liquidity Improvement Plan Additional $10 million reduction expected in 2024 Total annualized run rate reduction in 2024 increases to ~$33 million Expect to recognize $15 million of savings in 2023 compared to the original $10 million#22On Track for Strong Performance in 2023 SECOND QUARTER Strong proprietary and non- proprietary revenue growth Favorable gross profit result Realized savings from the Liquidity Improvement Plan One-time non-cash items recorded in operating expense SECOND HALF OUTLOOK Well-positioned at the halfway point of the year Executing plan to realize an expected additional $10 million in annual cost reductions in 2024 Updated guidance to include ~$5 million of OPEX savings and ~$5 million of CAPEX savings Harvest of 2023 proprietary crop#23Q&A BENSON HILL® ********#24Appendix BENSON HILL® ********#25Second Quarter 2022 Results (Unaudited) (USD in millions) Excludes Fresh Business Consolidated Revenue Proprietary Consolidated Gross Profit Operating Expense Net Loss from Continuing Operations Total Adj. EBITDA Second Quarter Ended June 30, 2022 Impact of Open Mark-to-Market Timing difference $(3.9) Reported $93.6 $12.1 $5.7 $32.3 $(25.1) $(14.0) $(5.2) $(5.2) $(5.2) Excl Open Mark- to-Market Timing Differences $89.7 $12.1 $0.5 $32.3 $(30.3) $(19.2) First Six Months 2022 Results (Unaudited) (USD in millions) Excludes Fresh Business Consolidated Revenue Proprietary Consolidated Gross Profit Operating Expense Net Loss from Continuing Operations Total Adj. EBITDA Actual results shown here exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. First Six Months Ended June 30, 2022 Impact of Open Mark-to-Market Timing difference $1.2 Reported $159.8 $26.3 $(3.2) $64.8 $(42.5) $(45.1) $3.0 $3.0 $3.0 Excl Open Mark- to-Market Timing Differences $161.0 $26.3 $(0.2) $64.8 $(39.5) $(42.1)#26Condensed Consolidated Statements of Operations (unaudited) (USD in thousands, except per share information) Revenues Cost of sales Gross profit (loss) Operating expenses: Research and development Selling, general and administrative expenses Impairment of goodwill Total operating expenses Loss from operations Other (income) expense: Interest expense, net Changes in fair value of warrants and conversion option Other expense, net Total other (income) expense, net Net loss from continuing operations before income taxes Income tax expense Net loss from continuing operations, net of income taxes Net (loss) income from discontinued operations, net of tax Net loss attributable to common stockholders Net loss per common share: Basic and diluted net loss per common share from continuing operations Basic and diluted net loss per common share from discontinued operations Basic and diluted total net loss per common share Weighted average shares outstanding: Basic and diluted weighted average shares outstanding $ $ Three Months Ended June 30, 2023 2022 $ $ 109,038 $ 106,070 2,968 10,313 10,851 19,226 40,390 (37,422) 6,874 3,036 1,921 11,831 (49,253) (138) (49,115) (7,726) (56,841) (0.26) (0.04) (0.30) 187,725 93,631 87,889 5,742 $ 12,006 20,281 32,287 (26,545) 3,442 (5,899) 954 (1,503) (25,042) 56 (25,098) (2,456) $ (27,554) (0.01) (0.15) $ 185,530 Six Months Ended June 30, 2023 2022 (0.14) $ $ LA $ 243,681 $ 231,190 12,491 22,955 27,018 19,226 69,199 (56,708) 13,246 (18,660) 2,789 (2,625) (54,083) (123) (53,960) (5,935) (59,895) (0.29) (0.03) (0.32) 187,421 $ 159,757 162,950 (3,193) $ 24,301 40,536 64,837 (68,030) 9,830 (37,640) 2,285 (25,525) (42,505) 17 (1,608) $ (44,130) (42,522) (0.24) (0.01) (0.25) 173,189#27Condensed Consolidated Balance Sheets (unaudited) (USD in thousands) Assets Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories, net Prepaid expenses and other current assets Current assets of discontinued operations Total current assets Property and equipment, net Finance lease right-of-use assets, net Operating lease right-of-use assets Goodwill and intangible assets, net Other assets Total assets June 30, 2023 $ December 31, 2022 13,882 $ 80,514 36,456 42,670 28,941 4,226 206,689 99,658 63,185 5,628 7,774 27,37 9,367 4,863 392,301 $ 500,92 25,053 132,12 28,591 62,11 29,34 23,50 300,72 99,759 66,53 1,660 Liabilities and stockholders' equity Current liabilities: Accounts payable Finance lease liabilities, current portion Operating lease liabilities, current portion Long-term debt, current portion Accrued expenses and other current liabilities Current liabilities of discontinued operations Total current liabilities Long-term debt, less current portion Finance lease liabilities, less current portion Operating lease liabilities, less current portion Warrant liabilities Conversion option liabilities Deferred income taxes Other non-current liabilities Total liabilities Stockholders' equity: Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, 207,467 and 206,668 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity June 30, 2023 $ LA 20,607 3,725 1,310 2,246 22,224 4,031 54,143 105,185 75,746 6,512 11,732 1,983 155 242 255,698 21 608,522 (468,369) (3,571) 136,603 392,301 December 31, 2022 $ 36,71 3,31 364 2,242 33,435 16,441 92,517 103,991 76,431 1,291 24,285 8,091 283 129 307,018 21 609,450 (408,474) (7,095) 193,902 500,920#28Condensed Consolidated of Cash Flows Statements (unaudited) (USD in thousands) Operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Stock-based compensation expense Bad debt expense Changes in fair value of warrants and conversion option Accretion and amortization related to financing activities Realized losses on sale of marketable securities Impairment of goodwill Other Changes in operating assets and liabilities: Accounts receivable Inventories Other assets and other liabilities Accounts payable Accrued expenses Net cash used in operating activities Investing activities Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Purchase of property and equipment Acquisition, net of cash acquired Proceeds from divestiture of discontinued operations Other Net cash provided by (used in) investing activities $ Six Months Ended June 30, 2023 2022 (59,895) 10,596 (1,214) (197) (18,660) 4,318 3,044 19,226 2,593 (1,614) 31,072 909 (23,708) (10,751) (44,281) (75,050) 41,759 84,385 (6,956) 1,928 36 46,102 $ (44,130) 10,942 11,359 445 (37,640) 5,875 2,229 3,521 (5,469) 9,117 5,293 (12,722) (7,552) (58,732) (248,637) 9,549 170,217 (5,637) (1,034) (75,542) Financing activities Contributions from PIPE Investment, net of transaction costs $3,761 in 2022 Repayments of long-term debt Proceeds from issuance of long-term debt Payments of debt issuance costs Borrowing under revolving line of credit Repayments under revolving line of credit Payments of finance lease obligations Proceeds from exercise of stock awards, net of withholding taxes Net cash (used in)/provided by financing activities Effect of exchange rate changes on cash Net decrease in cash and cash equivalents Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Supplemental disclosure of cash flow information Cash paid for taxes Cash paid for interest Supplemental disclosure of non-cash activities PIPE Investment issuance costs included in accrued expenses and other current liabilities Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities Financing leases commencing in the period $ LA LA $ LA LA LA $ $ Six Months Ended June 30, 2023 2022 (4,313) (2,000) (1,595) 140 (7,768) (5,947) 43,321 37,374 2 9,555 333 $ LA LA $ LA LA LA $ $ 81,234 (4,576) 24,078 (38) 12,491 (11,783) (629) 1,351 102,128 (45) (32,191) 78,963 46,772 1 5,900 362 2,255 806#29BENSON HILL Non-GAAP Reconciliation¹ BENSON HILL The following financial measures used in this presentation are not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as consolidated net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, change in fair value of warrants and conversion option, goodwill and long-lived asset impairment, restructure-related costs (including severance costs), and the impact of significant non-recurring items. The Company defines free cash flow as net cash used in (provided by) operating activities minus capital expenditures. Categories such as income tax expense (benefit), changes in fair value of warrants and conversion option, and significant non-recurring items may impact the actual full-year non-GAAP reconciliation for Adjusted EBITDA and Free Cash Flow. These amounts cannot be estimated at this time. (USD in thousands) Net loss from continuing operations Interest expense, net Income tax expense (benefit) Depreciation and amortization Stock-based compensation Changes in fair value of warrants and conversion Impairment of goodwill Severance Other Total Adjusted EBITDA Three Months Ended June 30, 2023 2022 Net loss from continuing operations Depreciation and amortization Stock-based compensation $ (49,115) $ (25,098) 6,874 3,442 (138) 5,333 (4,073) 56 5,048 5,676 3,036 19,226 1,126 124 1,642 $ 2,649 (16,089) $ (14,002) Three Months Ended June 30, 2023 2022 $ (5,899) (49,115) $ 5,333 (4,073) Changes in fair value of warrants and conversion 3,036 Impairment of goodwill 19,226 Change in working capital 9,252 6,606 Other 6,554 5,010 (9,787) (8,657) Net Cash Used on Operating Activities Purchase of property and equipment Free Cash Flow (4,276) (1,300) $ (14,063) $ (9,957) 1 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture. (25,098) 5,048 5,676 (5,899) $ $ Six Months Ended June 30, 2023 2022 $ (53,960) $ 13,246 (123) $ 10,596 (1,259) (18,660) 19,226 1,238 2,874 289 3,584 (26,822) $ (45,143) Six Months Ended June 30, 2023 2022 (66,952) $ 10,596 6,108 (18,660) 19,226 (4,093) 9,757 (44,018) (6,956) (50,974) (42,522) 9,830 17 $ 9,940 11,359 (37,640) (44,130) 9,940 11,359 (37,640) (11,333) 12,070 (58,732) (5,637) (64,369)#30BENSON O HILL BENSON HILL Non-GAAP Reconciliation¹ The following financial measures used in this presentation are not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as consolidated net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, change in fair value of warrants and conversion option, goodwill and long-lived asset impairment, restructure-related costs (including severance costs) and the impact of significant non-recurring items. The Company defines free cash flow as net cash used in (provided by) operating activities minus capital expenditures. Categories such as income tax expense (benefit), changes in fair value of warrants and conversion option, and significant non-recurring items may impact the actual full-year non-GAAP reconciliation for Adjusted EBITDA and Free Cash Flow. These amounts cannot be estimated at this time. (USD in millions) Consolidated net loss from continuing operations Interest expense, net Depreciation and amortization Stock-based compensation Impairment of goodwill Total Adjusted EBITDA Consolidated net loss from continuing operations Depreciation and amortization Stock-based compensation Impairment of goodwill Changes in working capital Other Net Cash Used on Operating Activities Payments for acquisition of property and equipment Free Cash Flow 2023E $ (127) (137) 27 - 29 21 - 23 7-8 19 $ (53) - (58) 2023E $ (127) (137) 21 - 23 7-8 19 (17) - (19) 2-8 $ (95) - (98) (15) - (20) $ (110) (118) 1 The expected and actual results exclude the Fresh business divested on June 30, 2023, and was classified as discontinued operations until its divestiture.