REX American Resources Corporation

REX American Resources Corporation is a holding company incorporated in Delaware in 1984. The company's principal business involves investments in ethanol production facilities, a venture it began in 2006. REX is currently invested in three ethanol production entities: One Earth Energy, LLC, NuGen Energy, LLC, and Big River Resources, LLC. REX holds a majority interest in both One Earth Energy, LLC and NuGen Energy, LLC. The structure of these ethanol investments is customized to each project and its local farmer group or investor partners. In fiscal year 2025, REX reported net income attributable to common shareholders of approximately $83.0 million, an increase from approximately $58.2 million in fiscal year 2024. This increase in net income in fiscal year 2025 was partly due to reductions in the effective tax rate from 45Z tax credits earned from ethanol production. Gross profit in fiscal year 2025 was higher than in fiscal year 2024, primarily driven by higher crush spreads. The profitability of ethanol production is significantly influenced by corn and ethanol pricing, which experienced considerable volatility during the year. Chicago Board of Trade corn prices per bushel ranged from a low of $3.72 in August 2025 to a high of $5.02 in February 2025. S&P Global Platts ethanol pricing per gallon ranged from a low of $1.50 in January 2026 to a high of $2.09 in September 2025.