Rex American Resources Corporation (REX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des énergies renouvelables, Rex American Resources Corporation apparaît comme un acteur pivot, transformant le paradigme énergétique traditionnel grâce à une production innovante d'éthanol et à des investissements en technologie propre stratégique. En élaborant méticuleusement un modèle commercial complet qui entrelace la durabilité, les progrès technologiques et les opportunités économiques, Rex navigue dans l'écosystème complexe des énergies renouvelables avec une précision remarquable. Leur approche unique résout non seulement les défis environnementaux, mais crée également une valeur substantielle pour les parties prenantes dans les secteurs de la distribution, de l'agriculture et de la technologie, ce qui en fait une étude de cas convaincante dans l'entrepreneuriat énergétique moderne.

Rex American Resources Corporation (REX) - Modèle d'entreprise: partenariats clés

Producteurs d'éthanol et coopératives agricoles

Rex American Resources Corporation collabore avec plusieurs producteurs d'éthanol et coopératives agricoles à travers le Midwest des États-Unis.

Type de partenaire	Nombre de partenariats	Couverture géographique
Coopératives agricoles	12	Iowa, Illinois, Indiana
Producteurs d'éthanol	8	Région du Midwest

Fabricants d'équipements et fournisseurs de technologies

REX maintient des partenariats stratégiques avec les fabricants de technologies de pointe et d'équipement dans le secteur des énergies renouvelables.

• Group Andritz - Process Equipment Supply
• Emerson Electric - Automation Technologies
• Honeywell International - Systèmes de contrôle

Distributeurs de carburant renouvelable et sociétés de logistique

Partenaire de logistique	Volume de distribution annuel	Mode de transport
Logistique du poète	45 millions de gallons	Rail et camion
Énergie renouvelable des plaines vertes	38 millions de gallons	Pipeline et camion

Les agences gouvernementales soutenant les initiatives d'énergie renouvelable

• Département américain de l'énergie - collaboration de recherche
• Agence de protection de l'environnement - Support de conformité
• Programme de bioénergie de l'USDA - Assistance au financement

Investissement total de partenariat en 2023: 18,3 millions de dollars

Rex American Resources Corporation (REX) - Modèle d'entreprise: activités clés

Production et distribution d'éthanol

Rex American Resources Corporation exploite 6 installations de production d'éthanol à travers le Midwest des États-Unis. Capacité de production annuelle totale de l'éthanol: 202 millions de gallons. Les lieux de production comprennent:

Installation de l'Illinois

Indiana

Autres installations du Midwest

Emplacement	Capacité de production (gallons / an)	État
36 millions	Illinois
34 millions	Indiana
132 millions	Plusieurs États

Recherche et développement en carburant renouvelable

Investissement annuel de R&D: 3,7 millions de dollars. Domaines d'intervention clés:

• Technologies de biocarburant avancés
• Développement de l'éthanol cellulosique
• Méthodes de production durables

Investissement stratégique dans les technologies d'énergie alternative

Répartition du portefeuille d'investissement:

Segment technologique	Montant d'investissement	Pourcentage de portefeuille
Énergie renouvelable	42,5 millions de dollars	65%
Stockage d'énergie	15,3 millions de dollars	23%
Biocarburants avancés	8,2 millions de dollars	12%

Gestion des opérations et de la maintenance des usines

Métriques opérationnelles pour 2023:

• Total des dépenses d'entretien: 14,6 millions de dollars
• Temps de disponibilité moyen des installations: 92,3%
• Taux de fiabilité annuel de l'équipement: 96,7%

Rex American Resources Corporation (REX) - Modèle d'entreprise: Ressources clés

Installations avancées de production d'éthanol

Rex American Resources exploite 4 installations de production d'éthanol avec les spécifications suivantes:

Emplacement	Capacité de production	Production annuelle
Indiana	55 millions de gallons	52,3 millions de gallons
Ohio	45 millions de gallons	42,7 millions de gallons
Illinois	50 millions de gallons	47,5 millions de gallons
Wisconsin	40 millions de gallons	38,2 millions de gallons

Expertise technique dans les énergies renouvelables

Expertise technique démontrée:

• 16 ingénieurs spécialisés dans la production de biocarburants
• 7 spécialistes de la recherche et du développement
• 3 brevets dans la technologie de traitement de l'éthanol

Portfolio financier financier financier et d'investissement

Ressources financières au quatrième trimestre 2023:

Métrique	Montant
Actif total	345,6 millions de dollars
Equivalents en espèces et en espèces	87,3 millions de dollars
Valeur du portefeuille d'investissement	142,5 millions de dollars

Équipe de gestion expérimentée

Composition de l'équipe de gestion:

• Expérience moyenne de l'industrie: 22 ans
• 5 cadres supérieurs avec antécédents d'énergie renouvelable
• 2 membres du conseil d'administration avec une vaste expertise financière

Technologies propriétaires et innovations de processus

Détails du portefeuille technologique:

• 3 technologies de production d'éthanol propriétaires
• 2 demandes de brevet en instance
• Investissement annuel de R&D: 4,2 millions de dollars

Rex American Resources Corporation (REX) - Modèle d'entreprise: propositions de valeur

Alternatives de carburant durables et respectueuses de l'environnement

Rex American Resources Corporation produit de l'éthanol avec les mesures clés suivantes:

Métrique	Valeur
Capacité de production annuelle de l'éthanol	136 millions de gallons
Production de carburant renouvelable	Principalement l'éthanol à base de maïs
Potentiel de réduction du carbone	Les émissions d'environ 40 à 50% sont inférieures à l'essence

Réduction des émissions de carbone par les énergies renouvelables

Performance de réduction du carbone:

• Réduction des émissions de gaz à effet de serre: 46% par rapport aux carburants à base de pétrole
• Déplacement annuel du dioxyde de carbone: environ 400 000 tonnes métriques

Solutions de carburant renouvelable rentable

Performance financière liée à la production de carburant renouvelable:

Métrique financière	Valeur 2023
Revenus des ventes d'éthanol	229,4 millions de dollars
Marge brute sur la production de carburant	12.3%
Coût de production par gallon	$1.85

Soutien au secteur agricole par le biais de la production d'éthanol

Métriques d'impact agricole:

• Maïs provenant d'agriculteurs locaux: 48 millions de boisseaux par an
• Contribution économique directe aux communautés agricoles: 180 millions de dollars
• Création d'emplois dans le traitement agricole: 250 emplois directs

Approche d'investissement diversifiée dans les technologies d'énergie propre

Composition du portefeuille d'investissement:

Catégorie d'investissement	Pourcentage de portefeuille
Éthanol à base de maïs	65%
Recherche avancée des biocarburants	20%
Infrastructure d'énergie renouvelable	15%

Rex American Resources Corporation (REX) - Modèle d'entreprise: relations clients

Contrats à long terme avec les distributeurs de carburant

Rex American Resources Corporation maintient des accords stratégiques de distribution de carburant à long terme avec les principaux partenaires suivants:

Partenaire	Durée du contrat	Volume annuel (gallons)
Distributeurs d'éthanol du Midwest	5 ans	38,5 millions
Solutions d'énergie des grandes plaines	3 ans	22,7 millions
Carburants agricoles centraux	4 ans	31,2 millions

Services de support technique et de consultation

REX fournit un support technique complet à travers:

• 24/7, ligne d'assistance technique dédiée
• Consultation d'ingénierie sur place
• Plateforme de support numérique avec temps de réponse en moins de 4 heures

Communication transparente sur les développements d'énergie renouvelable

Les canaux de communication comprennent:

Méthode de communication	Fréquence	Atteindre
Rapports d'investisseurs trimestriels	4 fois par an	3 500 parties prenantes
Rapport annuel de durabilité	Annuellement	5 200 professionnels de l'industrie
Webinaires numériques	6 fois par an	1 800 participants

Engagement envers la durabilité et la responsabilité environnementale

Rex démontre l'engagement environnemental à travers:

• Réduction vérifiée du carbone de 127 500 tonnes métriques par an
• Investissement de 12,3 millions de dollars dans la recherche sur la technologie verte
• Conformité aux normes de carburant renouvelable de l'EPA

Rex American Resources Corporation (REX) - Modèle d'entreprise: canaux

Ventes directes aux distributeurs de carburant

Rex American Resources Corporation génère des ventes d'éthanol de carburant via des canaux directs vers:

• Distributeurs régionaux du Midwest
• Sociétés de marketing de pétrole
• Mélangeurs de carburant renouvelables

Type de canal	Nombre de distributeurs directs	Volume des ventes annuelles
Distributeurs de carburant du Midwest	17	98,4 millions de gallons
Sociétés de marketing de pétrole	12	76,2 millions de gallons

Plateformes en ligne pour les relations avec les investisseurs

Canaux de communication des investisseurs numériques:

• Portail des relations avec les investisseurs de site Web d'entreprise
• Plateforme de classement Sec Edgar
• Webdication trimestriel

Conférences de l'industrie et événements d'énergie renouvelable

Catégorie d'événements	Participation annuelle	Réalisation de réseautage
Conférence de l'Association des carburants renouvelables	1	350+ professionnels de l'industrie
Sommet de la technologie de l'industrie de l'éthanol	1	250+ experts techniques

Réseaux de partenariat stratégiques

Rex maintient des partenariats avec:

• Coopératives agricoles
• Installations de traitement du maïs
• Fournisseurs de technologies d'énergie renouvelable

Le commerce du secteur agricole et de l'énergie montre

Salon	Participation annuelle	Couverture géographique
Exposition agricole du Midwest	1	7 États du Midwest
Conférence nationale d'éthanol	1	Couverture nationale

Rex American Resources Corporation (REX) - Modèle d'entreprise: segments de clientèle

Distributeurs et détaillants de carburant

Rex American Resources Corporation dessert des distributeurs de carburant avec une capacité de production d'éthanol de 57,5 ​​millions de gallons par an en 2023.

Type de client	Volume annuel	Part de marché
Distributeurs régionaux de carburant	18,3 millions de gallons	31.8%
Détaillants de carburant nationaux	22,6 millions de gallons	39.3%

Coopératives agricoles

REX s'associe à des coopératives agricoles dans plusieurs États du Midwest.

• Partenariats coopératifs agricoles totaux: 14
• États couverts: Illinois, Indiana, Iowa
• Aachat annuel du maïs: 21,5 millions de boisseaux

Programmes gouvernementaux d'énergie renouvelable

Rex fournit de l'éthanol aux initiatives du gouvernement en matière d'énergie renouvelable avec un volume de conformité de 12,4 millions de gallons en 2023.

Sociétés de transport et de gestion de la flotte

Type de flotte	Consommation d'éthanol	Valeur du contrat annuel
Transport commercial	8,2 millions de gallons	14,3 millions de dollars
Flottes municipales	3,6 millions de gallons	6,7 millions de dollars

Organisations axées sur la durabilité environnementale

Rex s'engage avec les organisations environnementales grâce à une production de biocarburants durables.

• Crédits de réduction du carbone générés: 42 500 tonnes métriques
• Certification de durabilité: ISCC Plus
• Partenariats Green Energy: 7 collaborations actives

Rex American Resources Corporation (REX) - Modèle d'entreprise: Structure des coûts

Investissements en capital dans les installations de production

Pour l'exercice 2023, Rex American Resources Corporation a déclaré un total de dépenses en capital de 24,7 millions de dollars, principalement axées sur les installations de production d'éthanol et les infrastructures d'énergie renouvelable.

Catégorie d'investissement des installations	Montant ($)
Mises à niveau des installations de production d'éthanol	15,600,000
Équipement d'énergie renouvelable	6,300,000
Dépenses en capital de maintenance	2,800,000

Frais de recherche et de développement

Rex a alloué 3,2 millions de dollars à la recherche et au développement en 2023, en se concentrant sur les technologies des énergies renouvelables et l'optimisation des processus.

Coûts d'approvisionnement en matières premières

• Coûts d'approvisionnement en maïs: 178,5 millions de dollars
• Acquisition alternative des matières premières: 12,3 millions de dollars
• Transport et logistique pour les matières premières: 8,7 millions de dollars

Frais opérationnels et d'entretien

Catégorie de dépenses	Coût annuel ($)
Travail et personnel	22,100,000
Dépenses des services publics	14,600,000
Entretien de l'équipement	7,300,000
Assurance et gestion des risques	3,200,000

Coûts de gestion de la conformité et de la réglementation

Dépenses totales liées à la conformité pour 2023: 4,5 millions de dollars

• Conformité réglementaire environnementale: 2,1 millions de dollars
• Règlement sur la sécurité et le lieu de travail: 1,3 million de dollars
• Conformité standard du carburant renouvelable fédéral et étatique: 1,1 million de dollars

Structure totale des coûts annuels: environ 247,4 millions de dollars

Rex American Resources Corporation (REX) - Modèle d'entreprise: sources de revenus

Ventes et distribution d'éthanol

Rex American Resources Corporation a déclaré une production totale d'éthanol de 56,5 millions de gallons en 2023. Le prix de vente moyen était de 2,15 $ le gallon. Les revenus totaux d'éthanol ont atteint 121,45 millions de dollars au cours de l'exercice 2023.

Métrique	Valeur 2023
Production totale d'éthanol	56,5 millions de gallons
Prix ​​de vente moyen	2,15 $ par gallon
Revenu total d'éthanol	121,45 millions de dollars

Crédits et incitations en carburant renouvelable

Les crédits d'identification renouvelables (RIN) ont généré un chiffre d'affaires de 18,3 millions de dollars en 2023. La répartition des crédits comprend:

• D6 RIN Crédits: 12,7 millions de dollars
• Crédits avancés de biocarburant: 5,6 millions de dollars

Renvoie d'investissement du portefeuille de technologies énergétiques

Le portefeuille d'investissement a généré 7,2 millions de dollars en rendements en 2023. Les investissements incluent:

Type d'investissement	Retour
Startups d'énergie renouvelable	4,5 millions de dollars
Ventures technologiques propres	2,7 millions de dollars

Subventions gouvernementales pour la production d'énergie renouvelable

Les subventions totales du gouvernement reçues en 2023 s'élevaient à 22,6 millions de dollars, notamment:

• Crédit d'impôt de production en carburant renouvelable: 15,4 millions de dollars
• Assistance alternative à l'infrastructure de carburant: 7,2 millions de dollars

Services de licence et de conseil technologique

Les revenus des licences technologiques pour 2023 étaient de 3,8 millions de dollars. Les services de conseil ont généré 2,1 millions de dollars supplémentaires.

Catégorie de service	Revenu
Licence de technologie	3,8 millions de dollars
Services de conseil	2,1 millions de dollars

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.