REX American Resources Corporation (REX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la energía renovable, Rex American Resources Corporation emerge como un jugador fundamental, transformando el paradigma de energía tradicional a través de innovadoras inversiones estratégicas de tecnología limpia e innovadores. Al crear meticulosamente un modelo de negocio integral que entrelazan la sostenibilidad, el avance tecnológico y la oportunidad económica, Rex navega el complejo ecosistema de energía renovable con notable precisión. Su enfoque único no solo aborda los desafíos ambientales, sino que también crea un valor sustancial para las partes interesadas en los sectores de distribución de combustible, agricultura y tecnología, lo que los convierte en un estudio de caso convincente en el emprendimiento de energía moderna.

Rex American Resources Corporation (REX) - Modelo de negocios: asociaciones clave

Productores de etanol y cooperativas agrícolas

Rex American Resources Corporation colabora con múltiples productores de etanol y cooperativas agrícolas en el medio oeste de los Estados Unidos.

Tipo de socio	Número de asociaciones	Cobertura geográfica
Cooperativas agrícolas	12	Iowa, Illinois, Indiana
Productores de etanol	8	Región del medio oeste

Fabricantes de equipos y proveedores de tecnología

Rex mantiene asociaciones estratégicas con fabricantes avanzados de tecnología y equipos en el sector de energía renovable.

• Grupo Andritz - Suministro de equipos de proceso
• Emerson Electric - Tecnologías de automatización
• Honeywell International - Sistemas de control

Distribuidores de combustible renovables y empresas de logística

Socio de logística	Volumen de distribución anual	Modo de transporte
Logística del poeta	45 millones de galones	Ferrocarril y camión
Energía renovable de Green Plains	38 millones de galones	Tubería y camión

Agencias gubernamentales que apoyan iniciativas de energía renovable

• Departamento de Energía de EE. UU. - Colaboración de investigación
• Agencia de Protección Ambiental - Apoyo de cumplimiento
• Programa de bioenergía del USDA - Asistencia de financiación

Inversión total de asociación en 2023: $ 18.3 millones

Rex American Resources Corporation (REX) - Modelo de negocios: actividades clave

Producción y distribución de etanol

Rex American Resources Corporation opera 6 instalaciones de producción de etanol en el medio oeste de los Estados Unidos. Capacidad total de producción anual de etanol: 202 millones de galones. Los lugares de producción incluyen:

Instalación de Illinois

Instalación de Indiana

Otras instalaciones del Medio Oeste

Ubicación	Capacidad de producción (galones/año)	Estado
36 millones	Illinois
34 millones	Indiana
132 millones	Múltiples estados

Investigación y desarrollo de combustible renovable

Inversión anual de I + D: $ 3.7 millones. Áreas de enfoque clave:

• Tecnologías avanzadas de biocombustibles
• Desarrollo de etanol celulósico
• Métodos de producción sostenibles

Inversión estratégica en tecnologías de energía alternativa

Desglose de la cartera de inversiones:

Segmento tecnológico	Monto de la inversión	Porcentaje de cartera
Energía renovable	$ 42.5 millones	65%
Almacenamiento de energía	$ 15.3 millones	23%
Biocombustibles avanzados	$ 8.2 millones	12%

Operaciones de plantas y gestión de mantenimiento

Métricas operativas para 2023:

• Gastos de mantenimiento total: $ 14.6 millones
• Tiempo de actividad de la instalación promedio: 92.3%
• Tasa anual de confiabilidad del equipo: 96.7%

Rex American Resources Corporation (REX) - Modelo de negocios: recursos clave

Instalaciones avanzadas de producción de etanol

Rex American Resources opera 4 instalaciones de producción de etanol con las siguientes especificaciones:

Ubicación	Capacidad de producción	Producción anual
Indiana	55 millones de galones	52.3 millones de galones
Ohio	45 millones de galones	42.7 millones de galones
Illinois	50 millones de galones	47.5 millones de galones
Wisconsin	40 millones de galones	38.2 millones de galones

Experiencia técnica en energía renovable

Experiencia técnica demostrada a través de:

• 16 ingenieros especializados en producción de biocombustibles
• 7 Especialistas en investigación y desarrollo
• 3 patentes en tecnología de procesamiento de etanol

Fuerte cartera de capital financiero e inversión

Recursos financieros a partir del cuarto trimestre 2023:

Métrico	Cantidad
Activos totales	$ 345.6 millones
Equivalentes de efectivo y efectivo	$ 87.3 millones
Valor de la cartera de inversiones	$ 142.5 millones

Equipo de gestión experimentado

Composición del equipo de gestión:

• Experiencia de la industria promedio: 22 años
• 5 ejecutivos altos con antecedentes de energía renovable
• 2 miembros de la junta con amplia experiencia financiera

Tecnologías propietarias e innovaciones de procesos

Detalles de la cartera de tecnología:

• 3 tecnologías de producción de etanol patentadas
• 2 solicitudes de patentes pendientes
• Inversión anual de I + D: $ 4.2 millones

Rex American Resources Corporation (REX) - Modelo de negocio: propuestas de valor

Alternativas de combustible sostenibles y ecológicas

Rex American Resources Corporation produce etanol con las siguientes métricas clave:

Métrico	Valor
Capacidad de producción de etanol anual	136 millones de galones
Producción de combustible renovable	Principalmente etanol a base de maíz
Potencial de reducción de carbono	Aproximadamente 40-50% de emisiones más bajas en comparación con la gasolina

Reducidas emisiones de carbono a través de la energía renovable

Rendimiento de reducción de carbono:

• Reducción de emisiones de gases de efecto invernadero: 46% en comparación con los combustibles a base de petróleo
• Disporto anual de dióxido de carbono: aproximadamente 400,000 toneladas métricas

Soluciones rentables de combustible renovable

Rendimiento financiero relacionado con la producción de combustible renovable:

Métrica financiera	Valor 2023
Ingresos de las ventas de etanol	$ 229.4 millones
Margen bruto en la producción de combustible	12.3%
Costo de producción por galón	$1.85

Apoyo al sector agrícola a través de la producción de etanol

Métricas de impacto agrícola:

• Maíz procedente de agricultores locales: 48 millones de bushels anualmente
• Contribución económica directa a las comunidades agrícolas: $ 180 millones
• Creación de empleo en procesamiento agrícola: 250 trabajos directos

Enfoque de inversión diversificado en tecnologías de energía limpia

Composición de cartera de inversiones:

Categoría de inversión	Porcentaje de cartera
Etanol a base de maíz	65%
Investigación avanzada de biocombustibles	20%
Infraestructura de energía renovable	15%

Rex American Resources Corporation (REX) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con distribuidores de combustible

Rex American Resources Corporation mantiene acuerdos estratégicos de distribución de combustible a largo plazo con los siguientes socios clave:

Pareja	Duración del contrato	Volumen anual (galones)
Distribuidores de etanol del medio oeste	5 años	38.5 millones
Great Plains Solutions Energy	3 años	22.7 millones
Combustibles agrícolas centrales	4 años	31.2 millones

Soporte técnico y servicios de consulta

Rex proporciona soporte técnico integral a través de:

• Línea de ayuda técnica dedicada 24/7
• Consulta de ingeniería en el sitio
• Plataforma de soporte digital con tiempo de respuesta menor de 4 horas

Comunicación transparente sobre desarrollos de energía renovable

Los canales de comunicación incluyen:

Método de comunicación	Frecuencia	Alcanzar
Informes de inversores trimestrales	4 veces al año	3.500 partes interesadas
Informe anual de sostenibilidad	Anualmente	5.200 profesionales de la industria
Seminarios web digitales	6 veces al año	1.800 participantes

Compromiso con la sostenibilidad y la responsabilidad ambiental

Rex demuestra el compromiso ambiental a través de:

• Reducción de carbono verificada de 127,500 toneladas métricas anualmente
• Inversión de $ 12.3 millones en investigación de tecnología verde
• Cumplimiento de los estándares de combustible renovable de la EPA

Rex American Resources Corporation (REX) - Modelo de negocios: canales

Ventas directas a distribuidores de combustible

Rex American Resources Corporation genera ventas de etanol de combustible a través de canales directos para:

• Distribuidores de combustible regional del Medio Oeste
• Empresas de marketing de petróleo
• Mezcladores de combustible renovable

Tipo de canal	Número de distribuidores directos	Volumen de ventas anual
Distribuidores de combustible del Medio Oeste	17	98.4 millones de galones
Empresas de marketing de petróleo	12	76.2 millones de galones

Plataformas en línea para relaciones con los inversores

Canales de comunicación de inversores digitales:

• Portal de relaciones con los inversores del sitio web corporativo
• Plataforma de archivos de Sec Edgar
• Transmisión web de ganancias trimestrales

Conferencias de la industria y eventos de energía renovable

Categoría de eventos	Participación anual	Alcance de red
Conferencia de la Asociación de Combustibles Renovables	1	350+ profesionales de la industria
Cumbre de tecnología de la industria de etanol	1	Más de 250 expertos técnicos

Redes de asociación estratégica

Rex mantiene asociaciones con:

• Cooperativas agrícolas
• Instalaciones de procesamiento de maíz
• Proveedores de tecnología de energía renovable

Ferias comerciales del sector agrícola y energética

Demostración comercial	Participación anual	Cobertura geográfica
Expo agrícola del Medio Oeste	1	7 estados del medio oeste
Conferencia nacional de etanol	1	Cobertura nacional

Rex American Resources Corporation (REX) - Modelo de negocios: segmentos de clientes

Distribuidores y minoristas de combustible

Rex American Resources Corporation atiende a distribuidores de combustible con capacidad de producción de etanol de 57.5 millones de galones por año a partir de 2023.

Tipo de cliente	Volumen anual	Cuota de mercado
Distribuidores de combustible regionales	18.3 millones de galones	31.8%
Minoristas nacionales de combustible	22.6 millones de galones	39.3%

Cooperativas agrícolas

Rex se asocia con cooperativas agrícolas en múltiples estados del medio oeste.

• Asociaciones cooperativas agrícolas totales: 14
• Estados cubiertos: Illinois, Indiana, Iowa
• Adquisición anual de maíz: 21.5 millones de bushels

Programas de energía renovable del gobierno

Rex suministra etanol a las iniciativas de energía renovable del gobierno con un volumen de cumplimiento de 12.4 millones de galones en 2023.

Empresas de transporte y gestión de flotas

Tipo de flota	Consumo de etanol	Valor anual del contrato
Transporte comercial	8.2 millones de galones	$ 14.3 millones
Flotas municipales	3.6 millones de galones	$ 6.7 millones

Organizaciones centradas en la sostenibilidad ambiental

Rex se involucra con organizaciones ambientales a través de la producción sostenible de biocombustibles.

• Créditos de reducción de carbono generados: 42,500 toneladas métricas
• Certificación de sostenibilidad: ISCC Plus
• Asociaciones de energía verde: 7 colaboraciones activas

Rex American Resources Corporation (REX) - Modelo de negocio: Estructura de costos

Inversiones de capital en instalaciones de producción

Para el año fiscal 2023, Rex American Resources Corporation reportó gastos de capital totales de $ 24.7 millones, centrados principalmente en las instalaciones de producción de etanol e infraestructura de energía renovable.

Categoría de inversión de instalaciones	Monto ($)
Actualizaciones de la instalación de producción de etanol	15,600,000
Equipo de energía renovable	6,300,000
Gastos de capital de mantenimiento	2,800,000

Gastos de investigación y desarrollo

Rex asignó $ 3.2 millones para la investigación y el desarrollo en 2023, centrándose en tecnologías de energía renovable y optimización de procesos.

Costos de adquisición de materia prima

• Costos de adquisición de maíz: $ 178.5 millones
• Adquisición alternativa de materia prima: $ 12.3 millones
• Transporte y logística para materias primas: $ 8.7 millones

Gastos operativos y de mantenimiento

Categoría de gastos	Costo anual ($)
Trabajo y personal	22,100,000
Gastos de servicios públicos	14,600,000
Mantenimiento del equipo	7,300,000
Gestión de seguros y riesgos	3,200,000

Costos de cumplimiento y gestión regulatoria

Gastos totales relacionados con el cumplimiento para 2023: $ 4.5 millones

• Cumplimiento regulatorio ambiental: $ 2.1 millones
• Reglamento de seguridad y lugar de trabajo: $ 1.3 millones
• Cumplimiento de la norma de combustible renovable federal y estatal: $ 1.1 millones

Estructura de costos anuales totales: aproximadamente $ 247.4 millones

Rex American Resources Corporation (REX) - Modelo de negocios: flujos de ingresos

Ventas y distribución de etanol

Rex American Resources Corporation informó una producción total de etanol de 56.5 millones de galones en 2023. El precio de venta promedio fue de $ 2.15 por galón. Los ingresos totales de etanol alcanzaron los $ 121.45 millones en el año fiscal 2023.

Métrico	Valor 2023
Producción total de etanol	56.5 millones de galones
Precio de venta promedio	$ 2.15 por galón
Ingresos totales de etanol	$ 121.45 millones

Créditos e incentivos de combustible renovable

Los créditos de Número de identificación renovable (RIN) generaron ingresos de $ 18.3 millones en 2023. El desglose de los créditos incluye:

• D6 RIN Créditos: $ 12.7 millones
• Créditos avanzados de biocombustibles: $ 5.6 millones

Returencias de inversión de la cartera de tecnología energética

La cartera de inversiones generó $ 7.2 millones en rendimientos durante 2023. Las inversiones incluyen:

Tipo de inversión	Devolver
Startups de energía renovable	$ 4.5 millones
Venturas de tecnología limpia	$ 2.7 millones

Subsidios gubernamentales para la producción de energía renovable

Los subsidios gubernamentales totales recibidos en 2023 ascendieron a $ 22.6 millones, que incluyen:

• Crédito fiscal de producción de combustible renovable: $ 15.4 millones
• Soporte alternativo de infraestructura de combustible: $ 7.2 millones

Servicios de licencias y consultoría de tecnología

Los ingresos por licencia de tecnología para 2023 fueron de $ 3.8 millones. Los servicios de consultoría generaron $ 2.1 millones adicionales.

Categoría de servicio	Ganancia
Licencias de tecnología	$ 3.8 millones
Servicios de consultoría	$ 2.1 millones

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.