REX American Resources Corporation (REX): Business Model Canvas

In der dynamischen Landschaft der erneuerbaren Energien erweist sich REX American Resources Corporation als zentraler Akteur, der das traditionelle Energieparadigma durch innovative Ethanolproduktion und strategische Investitionen in saubere Technologien transformiert. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das Nachhaltigkeit, technologischen Fortschritt und wirtschaftliche Chancen miteinander verbindet, navigiert REX mit bemerkenswerter Präzision durch das komplexe Ökosystem erneuerbarer Energien. Ihr einzigartiger Ansatz befasst sich nicht nur mit Umweltproblemen, sondern schafft auch einen erheblichen Mehrwert für Interessengruppen in den Bereichen Kraftstoffverteilung, Landwirtschaft und Technologie, was sie zu einer überzeugenden Fallstudie für modernes Energieunternehmertum macht.

REX American Resources Corporation (REX) – Geschäftsmodell: Wichtige Partnerschaften

Ethanolproduzenten und landwirtschaftliche Genossenschaften

REX American Resources Corporation arbeitet mit mehreren Ethanolproduzenten und landwirtschaftlichen Genossenschaften im gesamten Mittleren Westen der USA zusammen.

Partnertyp	Anzahl der Partnerschaften	Geografische Abdeckung
Landwirtschaftliche Genossenschaften	12	Iowa, Illinois, Indiana
Ethanolproduzenten	8	Region Mittlerer Westen

Gerätehersteller und Technologieanbieter

REX unterhält strategische Partnerschaften mit fortschrittlichen Technologie- und Geräteherstellern im Bereich erneuerbare Energien.

• Andritz-Gruppe – Lieferung von Prozessausrüstung
• Emerson Electric – Automatisierungstechnologien
• Honeywell International – Steuerungssysteme

Händler und Logistikunternehmen für erneuerbare Brennstoffe

Logistikpartner	Jährliches Vertriebsvolumen	Transportmodus
POET Logistik	45 Millionen Gallonen	Schiene und LKW
Erneuerbare Energie der Green Plains	38 Millionen Gallonen	Pipeline und LKW

Regierungsbehörden unterstützen Initiativen für erneuerbare Energien

• US-Energieministerium – Forschungskooperation
• Environmental Protection Agency – Compliance-Unterstützung
• USDA-Bioenergieprogramm – Finanzierungshilfe

Gesamtinvestition der Partnerschaft im Jahr 2023: 18,3 Millionen US-Dollar

REX American Resources Corporation (REX) – Geschäftsmodell: Hauptaktivitäten

Ethanolproduktion und -verteilung

REX American Resources Corporation betreibt 6 Ethanolproduktionsanlagen im Mittleren Westen der USA. Gesamte jährliche Ethanolproduktionskapazität: 202 Millionen Gallonen. Zu den Produktionsstandorten gehören:

Einrichtung in Illinois

Anlage in Indiana

Andere Einrichtungen im Mittleren Westen

Standort	Produktionskapazität (Gallonen/Jahr)	Staat
36 Millionen	Illinois
34 Millionen	Indiana
132 Millionen	Mehrere Staaten

Forschung und Entwicklung im Bereich erneuerbarer Kraftstoffe

Jährliche F&E-Investitionen: 3,7 Millionen US-Dollar. Schwerpunkte:

• Fortschrittliche Biokraftstofftechnologien
• Entwicklung von Zellulose-Ethanol
• Nachhaltige Produktionsmethoden

Strategische Investition in alternative Energietechnologien

Aufschlüsselung des Anlageportfolios:

Technologiesegment	Investitionsbetrag	Prozentsatz des Portfolios
Erneuerbare Energie	42,5 Millionen US-Dollar	65%
Energiespeicher	15,3 Millionen US-Dollar	23%
Fortschrittliche Biokraftstoffe	8,2 Millionen US-Dollar	12%

Anlagenbetrieb und Wartungsmanagement

Betriebskennzahlen für 2023:

• Gesamte Wartungsausgaben: 14,6 Millionen US-Dollar
• Durchschnittliche Anlagenverfügbarkeit: 92,3 %
• Jährliche Gerätezuverlässigkeitsrate: 96,7 %

REX American Resources Corporation (REX) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Ethanol-Produktionsanlagen

REX American Resources betreibt 4 Ethanol-Produktionsanlagen mit den folgenden Spezifikationen:

Standort	Produktionskapazität	Jährliche Produktion
Indiana	55 Millionen Gallonen	52,3 Millionen Gallonen
Ohio	45 Millionen Gallonen	42,7 Millionen Gallonen
Illinois	50 Millionen Gallonen	47,5 Millionen Gallonen
Wisconsin	40 Millionen Gallonen	38,2 Millionen Gallonen

Technische Expertise im Bereich erneuerbare Energien

Technisches Fachwissen nachgewiesen durch:

• 16 Ingenieure sind auf die Herstellung von Biokraftstoffen spezialisiert
• 7 Forschungs- und Entwicklungsspezialisten
• 3 Patente in der Ethanolverarbeitungstechnologie

Starkes Finanzkapital und Anlageportfolio

Finanzielle Ausstattung ab Q4 2023:

Metrisch	Betrag
Gesamtvermögen	345,6 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	87,3 Millionen US-Dollar
Wert des Anlageportfolios	142,5 Millionen US-Dollar

Erfahrenes Management-Team

Zusammensetzung des Managementteams:

• Durchschnittliche Branchenerfahrung: 22 Jahre
• 5 Führungskräfte mit Erfahrung im Bereich erneuerbare Energien
• 2 Vorstandsmitglieder mit umfassender Finanzexpertise

Proprietäre Technologien und Prozessinnovationen

Details zum Technologieportfolio:

• 3 proprietäre Ethanolproduktionstechnologien
• 2 anhängige Patentanmeldungen
• Jährliche F&E-Investitionen: 4,2 Millionen US-Dollar

REX American Resources Corporation (REX) – Geschäftsmodell: Wertversprechen

Nachhaltige und umweltfreundliche Kraftstoffalternativen

REX American Resources Corporation produziert Ethanol mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Jährliche Produktionskapazität für Ethanol	136 Millionen Gallonen
Produktion erneuerbarer Kraftstoffe	Hauptsächlich Ethanol auf Maisbasis
Potenzial zur CO2-Reduktion	Etwa 40–50 % geringere Emissionen im Vergleich zu Benzin

Reduzierte CO2-Emissionen durch erneuerbare Energien

CO2-Reduktionsleistung:

• Reduzierung der Treibhausgasemissionen: 46 % im Vergleich zu erdölbasierten Kraftstoffen
• Jährliche Kohlendioxidverdrängung: Ungefähr 400.000 Tonnen

Kostengünstige Lösungen für erneuerbare Kraftstoffe

Finanzielle Leistung im Zusammenhang mit der Produktion erneuerbarer Kraftstoffe:

Finanzkennzahl	Wert 2023
Einnahmen aus Ethanolverkäufen	229,4 Millionen US-Dollar
Bruttomarge der Kraftstoffproduktion	12.3%
Produktionskosten pro Gallone	$1.85

Unterstützung des Agrarsektors durch Ethanolproduktion

Kennzahlen zur Wirkung auf die Landwirtschaft:

• Mais von örtlichen Bauern: 48 Millionen Scheffel jährlich
• Direkter wirtschaftlicher Beitrag für landwirtschaftliche Gemeinschaften: 180 Millionen US-Dollar
• Schaffung von Arbeitsplätzen in der Agrarverarbeitung: 250 direkte Arbeitsplätze

Diversifizierter Investitionsansatz in saubere Energietechnologien

Zusammensetzung des Anlageportfolios:

Anlagekategorie	Prozentsatz des Portfolios
Ethanol auf Maisbasis	65%
Fortgeschrittene Biokraftstoffforschung	20%
Infrastruktur für erneuerbare Energien	15%

REX American Resources Corporation (REX) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Kraftstoffhändlern

REX American Resources Corporation unterhält strategische langfristige Treibstoffvertriebsvereinbarungen mit den folgenden wichtigen Partnern:

Partner	Vertragsdauer	Jahresvolumen (Gallonen)
Ethanol-Händler im Mittleren Westen	5 Jahre	38,5 Millionen
Energielösungen der Great Plains	3 Jahre	22,7 Millionen
Zentrale Agrarbrennstoffe	4 Jahre	31,2 Millionen

Technischer Support und Beratungsdienste

REX bietet umfassenden technischen Support durch:

• Spezielle technische Hotline rund um die Uhr
• Technische Beratung vor Ort
• Digitale Support-Plattform mit Reaktionszeit unter 4 Stunden

Transparente Kommunikation über Entwicklungen im Bereich erneuerbare Energien

Zu den Kommunikationskanälen gehören:

Kommunikationsmethode	Häufigkeit	Reichweite
Vierteljährliche Anlegerberichte	4 Mal im Jahr	3.500 Stakeholder
Jährlicher Nachhaltigkeitsbericht	Jährlich	5.200 Branchenexperten
Digitale Webinare	6 Mal im Jahr	1.800 Teilnehmer

Engagement für Nachhaltigkeit und Umweltverantwortung

REX zeigt Umweltengagement durch:

• Verifizierte CO2-Reduktion von 127.500 Tonnen pro Jahr
• Investition von 12,3 Millionen US-Dollar in die Forschung im Bereich grüner Technologien
• Einhaltung der EPA-Standards für erneuerbare Kraftstoffe

REX American Resources Corporation (REX) – Geschäftsmodell: Kanäle

Direktverkauf an Kraftstoffhändler

REX American Resources Corporation generiert Kraftstoff-Ethanol-Verkäufe über direkte Kanäle an:

• Regionale Kraftstoffhändler im Mittleren Westen
• Erdölvermarktungsunternehmen
• Mischer für erneuerbare Kraftstoffe

Kanaltyp	Anzahl der Direktvertriebspartner	Jährliches Verkaufsvolumen
Kraftstoffhändler im Mittleren Westen	17	98,4 Millionen Gallonen
Erdölvermarktungsunternehmen	12	76,2 Millionen Gallonen

Online-Plattformen für Investor Relations

Digitale Kommunikationskanäle für Investoren:

• Corporate-Website-Investor-Relations-Portal
• SEC EDGAR-Einreichungsplattform
• Webcast zu den Quartalsergebnissen

Branchenkonferenzen und Veranstaltungen zu erneuerbaren Energien

Veranstaltungskategorie	Jährliche Teilnahme	Netzwerkreichweite
Konferenz der Renewable Fuels Association	1	Über 350 Branchenexperten
Technologiegipfel der Ethanolindustrie	1	Über 250 technische Experten

Strategische Partnerschaftsnetzwerke

REX unterhält Partnerschaften mit:

• Landwirtschaftliche Genossenschaften
• Maisverarbeitungsanlagen
• Anbieter von Technologien für erneuerbare Energien

Messen für den Agrar- und Energiesektor

Messe	Jährliche Teilnahme	Geografische Abdeckung
Landwirtschaftsausstellung im Mittleren Westen	1	7 Bundesstaaten des Mittleren Westens
Nationale Ethanolkonferenz	1	Landesweite Abdeckung

REX American Resources Corporation (REX) – Geschäftsmodell: Kundensegmente

Kraftstoffhändler und Einzelhändler

REX American Resources Corporation beliefert Kraftstoffhändler mit einer Ethanolproduktionskapazität von 57,5 Millionen Gallonen pro Jahr (Stand 2023).

Kundentyp	Jahresvolumen	Marktanteil
Regionale Kraftstoffhändler	18,3 Millionen Gallonen	31.8%
Nationale Kraftstoffhändler	22,6 Millionen Gallonen	39.3%

Landwirtschaftliche Genossenschaften

REX arbeitet mit landwirtschaftlichen Genossenschaften in mehreren Bundesstaaten des Mittleren Westens zusammen.

• Gesamtzahl landwirtschaftlicher Genossenschaften: 14
• Abgedeckte Staaten: Illinois, Indiana, Iowa
• Jährliche Maisbeschaffung: 21,5 Millionen Scheffel

Staatliche Programme für erneuerbare Energien

REX liefert Ethanol an staatliche Initiativen für erneuerbare Energien mit einem Erfüllungsvolumen von 12,4 Millionen Gallonen im Jahr 2023.

Transport- und Flottenmanagementunternehmen

Flottentyp	Ethanolverbrauch	Jährlicher Vertragswert
Gewerblicher Transport	8,2 Millionen Gallonen	14,3 Millionen US-Dollar
Kommunale Flotten	3,6 Millionen Gallonen	6,7 Millionen US-Dollar

Auf ökologische Nachhaltigkeit ausgerichtete Organisationen

REX arbeitet mit Umweltorganisationen durch nachhaltige Biokraftstoffproduktion zusammen.

• Erwirtschaftete CO2-Reduktionsgutschriften: 42.500 Tonnen
• Nachhaltigkeitszertifizierung: ISCC Plus
• Grüne Energiepartnerschaften: 7 aktive Kooperationen

REX American Resources Corporation (REX) – Geschäftsmodell: Kostenstruktur

Kapitalinvestitionen in Produktionsanlagen

Für das Geschäftsjahr 2023 meldete REX American Resources Corporation Gesamtinvestitionen in Höhe von 24,7 Millionen US-Dollar, die sich hauptsächlich auf Ethanolproduktionsanlagen und die Infrastruktur für erneuerbare Energien konzentrierten.

Kategorie „Anlageninvestition“.	Betrag ($)
Modernisierung der Ethanol-Produktionsanlage	15,600,000
Ausrüstung für erneuerbare Energien	6,300,000
Instandhaltungsinvestitionen	2,800,000

Forschungs- und Entwicklungskosten

REX stellte im Jahr 2023 3,2 Millionen US-Dollar für Forschung und Entwicklung bereit und konzentrierte sich dabei auf erneuerbare Energietechnologien und Prozessoptimierung.

Kosten für die Beschaffung von Rohstoffen

• Beschaffungskosten für Mais: 178,5 Millionen US-Dollar
• Erwerb alternativer Rohstoffe: 12,3 Millionen US-Dollar
• Transport und Logistik für Rohstoffe: 8,7 Millionen US-Dollar

Betriebs- und Wartungskosten

Ausgabenkategorie	Jährliche Kosten ($)
Arbeit und Personal	22,100,000
Nebenkosten	14,600,000
Gerätewartung	7,300,000
Versicherungs- und Risikomanagement	3,200,000

Kosten für Compliance und Regulierungsmanagement

Gesamte Compliance-bezogene Ausgaben für 2023: 4,5 Millionen US-Dollar

• Einhaltung von Umweltvorschriften: 2,1 Millionen US-Dollar
• Sicherheits- und Arbeitsplatzvorschriften: 1,3 Millionen US-Dollar
• Einhaltung der Bundes- und Landesstandards für erneuerbare Kraftstoffe: 1,1 Millionen US-Dollar

Jährliche Gesamtkostenstruktur: Ungefähr 247,4 Millionen US-Dollar

REX American Resources Corporation (REX) – Geschäftsmodell: Einnahmequellen

Verkauf und Vertrieb von Ethanol

REX American Resources Corporation meldete im Jahr 2023 eine Ethanol-Gesamtproduktion von 56,5 Millionen Gallonen. Der durchschnittliche Verkaufspreis betrug 2,15 US-Dollar pro Gallone. Der Gesamtumsatz mit Ethanol erreichte im Geschäftsjahr 2023 121,45 Millionen US-Dollar.

Metrisch	Wert 2023
Gesamte Ethanolproduktion	56,5 Millionen Gallonen
Durchschnittlicher Verkaufspreis	2,15 $ pro Gallone
Gesamter Ethanolumsatz	121,45 Millionen US-Dollar

Gutschriften und Anreize für erneuerbare Brennstoffe

Die RIN-Gutschriften (Renewable Identification Number) generierten im Jahr 2023 einen Umsatz von 18,3 Millionen US-Dollar. Die Aufschlüsselung der Gutschriften umfasst:

• D6 RIN-Credits: 12,7 Millionen US-Dollar
• Gutschriften für fortgeschrittene Biokraftstoffe: 5,6 Millionen US-Dollar

Anlagerenditen aus dem Energietechnologie-Portfolio

Das Anlageportfolio erwirtschaftete im Jahr 2023 eine Rendite von 7,2 Millionen US-Dollar. Zu den Investitionen gehören:

Anlagetyp	Rückkehr
Startups für erneuerbare Energien	4,5 Millionen US-Dollar
Clean Technology Ventures	2,7 Millionen US-Dollar

Staatliche Subventionen für die Erzeugung erneuerbarer Energien

Die gesamten im Jahr 2023 erhaltenen staatlichen Subventionen beliefen sich auf 22,6 Millionen US-Dollar, darunter:

• Steuergutschrift für die Produktion erneuerbarer Kraftstoffe: 15,4 Millionen US-Dollar
• Unterstützung der Infrastruktur für alternative Kraftstoffe: 7,2 Millionen US-Dollar

Technologielizenzierung und Beratungsdienste

Die Einnahmen aus Technologielizenzen beliefen sich im Jahr 2023 auf 3,8 Millionen US-Dollar. Durch Beratungsleistungen wurden zusätzliche 2,1 Millionen US-Dollar generiert.

Servicekategorie	Einnahmen
Technologielizenzierung	3,8 Millionen US-Dollar
Beratungsleistungen	2,1 Millionen US-Dollar

REX American Resources Corporation (REX) - Canvas Business Model: Value Propositions

You're looking at what REX American Resources Corporation actually delivers to its customers and stakeholders as of late 2025. It's a mix of physical commodities and financial strength.

High-quality, cleaner-burning fuel-grade ethanol for blending is a core offering. For the third quarter of fiscal 2025, REX American Resources Corporation reported consolidated ethanol sales volumes of 78.4 million gallons. The average selling price for ethanol during that quarter was $1.73 per gallon.

The value extends to co-products essential for livestock:

• Protein-rich animal feed (DDGS/MDGS) co-product for livestock
• Dried distillers grain sales volumes for Q3 2025 were 160,000 tons at an average selling price of $139.93 per ton.
• Modified distiller grain volumes totaled approximately 21,000 tons at an average selling price of $57.03 per ton.

Distillers corn oil is another key output, used in low-carbon fuels like renewable diesel. For the third quarter of fiscal 2025, corn oil sales volumes were approximately 27.4 million pounds, with an average selling price of $0.60 per pound. This represented an approximately 60% increase in sales revenue for corn oil year-over-year.

REX American Resources Corporation also offers significant value through its financial posture. The company has delivered 21 consecutive quarters of positive earnings. As of October 31, 2025, REX American Resources Corporation had $335.5 million of cash, cash equivalents, and short-term investments available and no bank debt. Total equity reached $656.2 million.

Here are the key operational metrics from the third quarter of fiscal 2025:

Value Delivered Component	Metric	Q3 Fiscal 2025 Amount
Net Sales and Revenue	Amount	$175.6 million
Gross Profit	Amount	$36.1 million
Net Income Per Share (Diluted)	Amount	$0.71
Ethanol Sales Volume	Gallons	78.4 million
Corn Oil Sales Volume	Pounds	27.4 million
Cash and Short-Term Investments	Amount (as of 10/31/2025)	$335.5 million

The commitment to sustainability is a value proposition tied to future regulatory benefits. REX American Resources Corporation is advancing its carbon capture and sequestration initiative at the One Earth Energy facility. To date, approximately $155.8 million has been invested in the carbon capture and ethanol expansion projects, with a combined budget of $220-$230 million. The final permitting decision for the sequestration portion is expected in June 2026, positioning the company to potentially earn 45Z tax credits.

The One Earth ethanol expansion project is on track for completion in 2026, which will boost annual production capacity to 200 million gallons.

• One Earth Ethanol Expansion Completion Target: 2026
• EPA Class VI Well Permit Decision Estimate: June 2026
• Capital Invested to Date in CCS/Expansion: $155.8 million
• Total Project Budget Range: $220-$230 million

Finance: draft 13-week cash view by Friday.

REX American Resources Corporation (REX) - Canvas Business Model: Customer Relationships

REX American Resources Corporation (REX) engages customers through a clear business-to-business (B2B) structure, primarily selling its core product, ethanol, alongside by-products like distillers grains and distillers corn oil.

Direct B2B sales model with fuel blenders and feed companies

The customer base for REX American Resources Corporation is concentrated within the fuel blending and animal feed industries, reflecting the nature of its ethanol and by-product output. The company's interests in six ethanol production facilities give it an aggregate production capacity totaling approximately 730 million gallons per year. REX American Resources Corporation's effective ownership of annual volumes is approximately 300 million gallons. For instance, in the fiscal third quarter of 2025, REX reported consolidated ethanol sales volumes of 78.4 million gallons. The second quarter of fiscal 2025 saw consolidated ethanol sales volumes of 70.6 million gallons. These sales volumes are directly tied to the output from its majority-owned facilities, One Earth Energy, LLC, and NuGen Energy, LLC, which have a combined capacity of 300 MMgy, and its minority interests.

Dedicated sales team for managing large-volume commodity contracts

Managing the movement of millions of gallons of product requires a focused approach to sales and logistics. The relationship structure is inherently transactional, centered on securing agreements for large volumes of product delivery. The company's operations are highly dependent on commodity prices, especially for corn, ethanol, distillers grains, distillers corn oil, and natural gas. This dependency means the sales team's primary focus is on navigating price volatility to secure favorable terms for customers, as evidenced by the Q3 2025 gross profit decrease, which was primarily the result of lower ethanol and distillers grain pricing.

Transactional relationships driven by commodity pricing and supply reliability

The core of the customer relationship hinges on two factors: the price at which REX American Resources Corporation can sell its output and the certainty of supply. The company's net sales and revenue for the third quarter of fiscal 2025 were $175.6 million, demonstrating the scale of these transactions. The relationship is not typically about deep, long-term product development collaboration but rather about executing reliable, high-volume commodity sales against fluctuating market benchmarks. The company is also focused on future revenue streams tied to environmental attributes, which will influence future pricing discussions:

• REX American Resources Corporation is planning to generate 45Z clean production tax credits.
• Capital expenditures related to the One Earth carbon capture and sequestration project and expansion totaled $155.8 million at the end of Q3 2025, with a combined budget of $220-$230 million.

Long-term engagement with partners like Big River Resources

REX American Resources Corporation maintains a significant, long-term engagement through its equity investment in Big River Resources, LLC ("Big River"). This relationship is strategic, providing access to additional production capacity and revenue streams through an equity method investment. As of January 31, 2025, REX American Resources Corporation's carrying amount for this investment was approximately $35.8 million. The Big River entities, which include four ethanol manufacturing facilities, shipped approximately 437.8 million gallons of ethanol in the twelve months ended January 31, 2025. REX's ownership percentage in Big River is 10.3%. This structure suggests a relationship that goes beyond a simple buyer-seller dynamic, involving shared governance and financial alignment, even though the ultimate sales to end-users remain transactional.

Key Production and Partnership Volumes (As of Early/Mid-2025)

Metric	Value	Context
Total Aggregate Ethanol Capacity	730 million gallons per year	Across six facilities REX has interests in.
REX Effective Ownership Volume	300 million gallons	Effective annual volumes attributable to REX.
Big River Entities Shipped Volume (12 mos ended Jan 31, 2025)	437.8 million gallons	Total ethanol shipped by Big River entities.
Q3 2025 Consolidated Ethanol Sales Volume	78.4 million gallons	Consolidated sales for the three months ended Oct 31, 2025.
Q2 2025 Consolidated Ethanol Sales Volume	70.6 million gallons	Consolidated sales for the three months ended July 31, 2025.
Big River Investment Carrying Amount (Jan 31, 2025)	$35.8 million	Carrying value of the equity method investment.

REX American Resources Corporation's customer relationships are fundamentally rooted in the physical commodity market, supported by a structure that manages both direct sales from its majority-owned assets and indirect revenue sharing from its minority stake in Big River Resources. Finance: draft 13-week cash view by Friday.

REX American Resources Corporation (REX) - Canvas Business Model: Channels

You're looking at how REX American Resources Corporation moves its product-ethanol and co-products-from the plant gates to the end-users. This is all about logistics and market access, which is critical when you're dealing with high-volume commodities.

The core of the distribution relies on moving product out of their six ethanol production facilities, including the consolidated One Earth Energy, LLC and NuGen Energy, LLC plants, plus four others reported as equity in unconsolidated affiliates. As of the end of the third quarter of fiscal 2025, REX American Resources Corporation reported net sales and revenue of $175.6 million for that quarter alone.

Direct sales and delivery via major railroads and truck routes form the backbone for getting product to market. This infrastructure is essential for handling the sheer volume moved. For instance, in the third quarter of fiscal 2025, the company moved 78.4 million gallons of ethanol. The dried distillers grain (DDG) volumes were approximately 160,000 tons during the same period.

The domestic distribution network targets fuel terminals and feedlots for the various co-products. This is where the value of the by-products is realized alongside the main ethanol stream. Here's a snapshot of the sales activity in Q3 2025 across these channels:

Product	Volume Sold (Q3 2025)	Average Selling Price (Q3 2025)
Ethanol	78.4 million gallons	$1.73 per gallon
Dried Distillers Grains (DDG)	Approximately 160,000 tons	$139.93 per ton
Corn Oil	Approximately 27.4 million pounds	$0.60 per pound
Modified Distiller Grains (MDG)	Approximately 21,000 tons	$57.03 per ton

REX American Resources Corporation actively uses export channels to move volumes into international markets, specifically mentioning Canada and Mexico. Initial concerns about tariffs impacting these routes have eased, and ethanol exports are noted as increasing. This international reach helps manage sales volumes when domestic demand or pricing is tight. The company's effective ownership of annual volumes is approximately 300 million gallons across its interests.

Commodity brokers and traders are used for managing these sales volumes, especially for the bulk movements to domestic terminals and international buyers. While specific broker fees or volumes transacted through them aren't broken out in the Q3 2025 results, the scale of the sales implies their necessity in optimizing market access and pricing for products like ethanol, DDG, and corn oil. The company's overall production capacity is significant, totaling approximately 730 million gallons per year across the facilities in which it holds interests.

The company is actively investing to enhance future channel capacity. Capital expenditures related to the One Earth carbon capture and expansion projects totaled approximately $155.8 million year-to-date in Q3 2025, with a combined budget of $220-$230 million.

• One Earth Energy facility expansion targets increasing production capacity to 175 million gallons per year.
• The expansion project completion is still expected in 2026.
• The company ended Q3 2025 with $335.5 million in cash, cash equivalents, and short-term investments, supporting these capital-intensive channel improvements without bank debt.

Finance: draft 13-week cash view by Friday.

REX American Resources Corporation (REX) - Canvas Business Model: Customer Segments

You're looking at the core buyers for REX American Resources Corporation's output, which is heavily concentrated in a few key commercial relationships.

REX American Resources Corporation sells its products to a limited number of larger commercial buyers, which creates a concentration of risk. For fiscal year 2024, ten customers accounted for approximately 92% of the Company's net sales and revenue. As of January 31, 2025, six customers represented approximately 92% of the Company's accounts receivable balance.

The customer segments are defined by the primary product they purchase:

• Major oil companies and fuel blenders requiring Renewable Fuel Standards (RFS) compliance.
• Large-scale livestock and poultry operations (feedlots) purchasing by-products.
• International buyers driving strong export demand for ethanol and distillers grains.
• Industrial manufacturers and renewable diesel producers purchasing corn oil.

The scale of activity in the third quarter of fiscal year 2025 demonstrates the volume moving to these segments:

Product Sold	Sales Volume (Q3 FY2025)	Average Selling Price (Q3 FY2025)
Ethanol Gallons	78.4 million gallons	$1.73 per gallon
Dried Distillers Grains (Tons)	159,781 tons	$139.93 per ton
Modified Distillers Grains (Tons)	21,000 tons	$57.03 per ton
Corn Oil (Pounds)	27.4 million pounds	$0.60 per pound

REX American Resources Corporation's effective ownership of ethanol gallons shipped over the twelve-month period ended January 31, 2025, was approximately 294 million gallons, out of an aggregate shipment of about 727 million gallons from the six facilities it holds interests in.

The export market, which serves international buyers, is a significant component of the broader industry demand. For context on the market REX serves, the United States exported an estimated 1.9 billion gallons of ethanol in 2024, with 36% of that volume going to Canada. Furthermore, the U.S. exported an estimated 12.2 million metric tons of distillers grains in 2024, representing approximately 37% of U.S. production, with 21% of those exports going to Mexico.

The corn oil segment, which targets industrial manufacturers and renewable diesel producers, showed strong growth in the quarter:

• Corn oil sales revenue increased by approximately 60% in Q3 FY2025 versus Q3 FY2024.
• This was driven by a 17% increase in pounds sold and a 36% increase in the average selling price per pound.

The company is also positioning itself to serve customers seeking low-carbon fuel mandates, as it plans to generate 45Z clean production tax credits, expecting its carbon intensity score to be below the threshold to begin earning credits. Finance: draft 13-week cash view by Friday.

REX American Resources Corporation (REX) - Canvas Business Model: Cost Structure

You're looking at the cost side of REX American Resources Corporation's business as of late 2025, and it's heavily influenced by commodity markets. The biggest cost drivers here are definitely the raw materials for ethanol production.

High variable costs are dominated by the prices of corn and natural gas input. The pressure from these costs is evident when you look at the gross profit; for the third quarter of fiscal 2025, gross profit compressed to $36.1 million, down from $39.7 million in Q3 2024. This compression was primarily the result of lower ethanol and distillers grain pricing, even with higher input costs like corn and natural gas being a factor. For instance, the average selling price for ethanol in Q3 2025 was $1.73 per gallon, lower than the $1.83 per gallon seen in the prior year's third quarter.

The company is also making significant outlays for future capacity and environmental compliance. Capital expenditures for the One Earth carbon capture and sequestration project and the related expansion of ethanol production capacity totaled $155.8 million at the end of the third quarter. REX American Resources Corporation's combined budget for the completion of these projects is set between $220-$230 million.

General overhead, which includes plant maintenance and labor, is part of the operating expenses, though specific maintenance and labor line items aren't broken out in the latest reports. What we do have is the Selling, General, and Administrative (SG&A) expense figure. For the third quarter of fiscal 2025, SG&A expenses were approximately $8.2 million, a slight improvement from $8.4 million reported in Q3 2024.

Here's a quick look at some key financial figures from Q3 2025 that frame the cost environment:

Cost/Expense Component	Amount (Q3 2025)	Comparison Point
Net Sales and Revenue	$175.6 million	Up from $174.9 million in Q3 2024
Gross Profit	$36.1 million	Down from $39.7 million in Q3 2024
SG&A Expenses	$8.2 million	Down from $8.4 million in Q3 2024
Capital Expenditures (YTD on Projects)	$155.8 million	Total project budget is $220-$230 million
Interest and Other Income	$3.2 million	Down from $4.6 million in Q3 2024

Also factored into the cost structure are logistics and transportation costs associated with shipping bulk commodities like ethanol and distillers grains, which fluctuate based on freight rates and the volume of the 78.4 million gallons of consolidated ethanol sold during the quarter.

• Corn and natural gas prices directly impact the cost of goods sold.
• The total budget for the One Earth expansion and carbon capture is $220 million to $230 million.
• SG&A expenses for the quarter were $8.2 million.
• The company maintained $335.5 million in cash, cash equivalents, and short-term investments as of October 31, 2025, with no bank debt, which helps buffer against input cost volatility.

Finance: draft 13-week cash view by Friday.

REX American Resources Corporation (REX) - Canvas Business Model: Revenue Streams

You're looking at the core ways REX American Resources Corporation brings in money, which is heavily tied to the commodity markets for ethanol and its co-products. Here's the quick math on the revenue streams as of their Fiscal Third Quarter 2025 results, reported on December 4, 2025.

The primary revenue drivers come from the production and sale of fuel-grade ethanol and its associated byproducts. REX American Resources' total net sales and revenue for Q3 2025 was reported at $\text{175.6 million}$.

Key volume metrics for the major product sales in Q3 2025 include:

• Sales of fuel-grade ethanol volume: $\text{78.4 million gallons}$.
• Sales of Dried Distillers Grains (DDGS) volume: $\text{160,000 tons}$.
• Sales of Distillers Corn Oil (DCO) volume: $\text{27.4 million pounds}$.

REX American Resources' revenue streams are diversified across these physical products and their financial investments. The company reports its results based on interests in six ethanol facilities, with two consolidated and four accounted for via equity income.

Here is a breakdown of the key income components from the Q3 2025 Consolidated Statements of Operations (amounts in thousands, except where noted):

Revenue Stream Component	Q3 2025 Amount (in thousands)	Notes
Net Sales and Revenue (Total)	$\text{175,625}$	Total revenue before cost of sales.
Gross Profit	$\text{36,132}$	Reflects lower ethanol and distillers grain pricing compared to prior year.
Equity in income of unconsolidated ethanol affiliates	$\text{4,388}$	Income from the four non-consolidated ethanol plants.
Interest and other income, net	$\text{3,151}$	This figure is reported as $\text{3.2 million}$ in the earnings release text.

The interest and other income stream is derived from cash reserves. For Q3 2025, REX American Resources reported $\text{3.2 million}$ in interest and other income, down from $\text{4.6 million}$ in Q3 2024, reflecting lower rates and lower investments.

REX American Resources Corporation also generates revenue from its equity stakes in other operations. The income from these non-consolidated interests is a material component of their overall earnings:

• Equity in income of unconsolidated ethanol affiliates for Q3 2025 was $\text{4,388 thousand}$, or approximately $\text{4.388 million}$.
• This compares to $\text{3,621 thousand}$ in the same period last year.

For completeness on the product side, the company also reported sales volumes for Modified Distillers Grains during the quarter:

• Modified distiller grain volumes totaled approximately $\text{21,000 tons}$.
• The average selling price for DDGS was $\text{139.93}$ per ton.
• The average selling price for corn oil was $\text{0.60}$ per pound.

Finance: draft 13-week cash view by Friday.