Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

In 2022, the Company divested its Fresh segment and reclassified the related financial information to discontinued operations for all periods presented. As the Company divested its Fresh segment, the Company re-evaluated its operating and reportable segments and concluded that it operates under one operating segment and one reportable segment, Ingredients, as its chief operating decision maker (“CODM”) reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. The Company’s current business delivers healthy food ingredients derived from soybean seeds, meal and oil and processed yellow peas. Although the CODM assesses performance and allocates resources on a consolidated basis, the Company has relevant product level revenue disaggregation. Specifically, the Company’s revenue can be disaggregated into the following product categories: Proprietary and Non-Proprietary. Proprietary revenue is defined as any sale of a proprietary bean, byproduct from crushing a proprietary bean, or a blend of proprietary byproducts with commodity grade byproducts. Non-Proprietary revenue is all other revenue from non-Proprietary sources.

The Company recognized revenues of $11,631 from shipments to overseas locations and revenues of $369,602 from domestic sales for the year ended December 31, 2022. The revenues from overseas shipments were immaterial for the years ended December 31, 2021 and 2020. In addition, the revenues were also presented for the years ended December 31, 2022, 2021 and 2020 as follows:

	Year Ended December 31,
	2022		2021		2020
Revenues
Point in time	$	375,876	$	90,672	$	58,835
Over time	5,357		273		235
Total Revenues	$	381,233	$	90,945	$	59,070
Proprietary(1)	72,578		38,043		—
Non-Proprietary	308,655		52,902		59,070
Total Revenues	$	381,233	$	90,945	$	59,070

(1)    Proprietary revenues were not significant for the year ended December 31, 2020.

The CODM uses Adjusted EBITDA to review and assess the operating performance of the Company. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, and the impact of significant non-recurring items. Adjustments to reconcile net loss from continuing operations to Adjusted EBITDA for the year ended December 31, 2022 were as follows:

Net loss from continuing operations	$	(99,700)
Interest expense, net	21,444
Income tax expense (benefit)	59
Depreciation and amortization	20,513
Stock-based compensation	19,520
Change in fair value of warrants	(49,063)
Other non-recurring costs, including acquisition costs	5,582
Total Adjusted EBITDA	$	(81,645)

Adjustments to reconcile consolidated net loss to Adjusted EBITDA from our continuing operations for the year ended December 31, 2021 were as follows:

Net loss from continuing operations	$	(122,200)
Interest expense, net	4,481
Income tax (expense) benefit	231
Depreciation and amortization	10,478
Stock-based compensation	7,183
Change in fair value of warrants	(12,127)
Other non-recurring costs, including acquisition costs	4,688
Employee retention credit	(1,550)
Merger transaction costs	11,693
Non-recurring public company readiness costs	5,265
Loss on extinguishment of debt	11,742
South America seed production costs	2,805
Total Adjusted EBITDA	$	(77,311)

Adjustments to reconcile net loss from continuing operations to Adjusted EBITDA for the year ended December 31, 2020 were as follows:

Net loss from continuing operations	$	(64,520)
Interest expense, net	6,554
Income tax (expense) benefit	48
Depreciation and amortization	6,076
Stock-based compensation	1,010
Change in fair value of warrants	661
Other non-recurring costs, including acquisition costs	528
Impairment of goodwill	2,954
Total Adjusted EBITDA	$	(46,689)