Benson Hill, Inc. (NYSE:BHIL) shares fell more than 26% since the company’s reported Q4 results on Monday, with revenue of $99.18 million coming in worse than the Street estimate of $101.99 million.

Embedded in the 2023 outlook is 40–50% growth in proprietary revenue, as the company begins to benefit from its ADM partnership while also managing the elevated commodity environment. Setting a more conservative outlook for 2025 revenue, analysts at Oppenheimer are encouraged by the company’s focus on profitability and improved capital efficiency. The analysts believe the focus on capital stewardship is yielding benefits, as the company outlined plans to recapitalize its existing debt, estimated to reduce borrowing costs by 40%.