Rex American Resources Corporation (REX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da energia renovável, a Rex American Resources Corporation surge como um participante fundamental, transformando o paradigma de energia tradicional por meio de uma inovadora produção de etanol e investimentos estratégicos de tecnologia limpa. Ao criar meticulosamente um modelo de negócios abrangente que entrelaça a sustentabilidade, o avanço tecnológico e a oportunidade econômica, o REX navega no complexo ecossistema de energia renovável com precisão notável. Sua abordagem única não apenas aborda os desafios ambientais, mas também cria um valor substancial para as partes interessadas nos setores de distribuição de combustível, agricultura e tecnologia, tornando -os um estudo de caso convincente no empreendedorismo de energia moderno.

Rex American Resources Corporation (REX) - Modelo de negócios: Parcerias -chave

Produtores de etanol e cooperativas agrícolas

A Rex American Resources Corporation colabora com vários produtores de etanol e cooperativas agrícolas nos Estados Unidos do Centro -Oeste.

Tipo de parceiro	Número de parcerias	Cobertura geográfica
Cooperativas agrícolas	12	Iowa, Illinois, Indiana
Produtores de etanol	8	Região do meio -oeste

Fabricantes de equipamentos e fornecedores de tecnologia

A REX mantém parcerias estratégicas com fabricantes avançados de tecnologia e equipamentos no setor de energia renovável.

• Grupo Andritz - Fornecimento de equipamentos de processo
• Emerson Electric - Automation Technologies
• Honeywell International - Sistemas de Controle

Distribuidores de combustível renovável e empresas de logística

Parceiro de logística	Volume anual de distribuição	Modo de transporte
Logística de poeta	45 milhões de galões	Trilho e caminhão
Energia renovável de planícies verdes	38 milhões de galões	Oleoduto e caminhão

Agências governamentais que apoiam iniciativas de energia renovável

• Departamento de Energia dos EUA - Colaboração de Pesquisa
• Agência de Proteção Ambiental - Suporte de conformidade
• Programa de bioenergia USDA - Assistência de financiamento

Investimento total de parceria em 2023: US $ 18,3 milhões

Rex American Resources Corporation (REX) - Modelo de negócios: Atividades -chave

Produção e distribuição de etanol

A Rex American Resources Corporation opera 6 instalações de produção de etanol nos Estados Unidos do Centro -Oeste. Capacidade anual de produção anual de etanol: 202 milhões de galões. Os locais de produção incluem:

Instalação de Illinois

Instalação de Indiana

Outras instalações do Centro -Oeste

Localização	Capacidade de produção (galões/ano)	Estado
36 milhões	Illinois
34 milhões	Indiana
132 milhões	Vários estados

Pesquisa e desenvolvimento de combustível renovável

Investimento anual de P&D: US $ 3,7 milhões. Principais áreas de foco:

• Tecnologias avançadas de biocombustível
• Desenvolvimento de etanol celulósico
• Métodos de produção sustentáveis

Investimento estratégico em tecnologias de energia alternativa

Breakdown do portfólio de investimentos:

Segmento de tecnologia	Valor do investimento	Porcentagem de portfólio
Energia renovável	US $ 42,5 milhões	65%
Armazenamento de energia	US $ 15,3 milhões	23%
Biocombustíveis avançados	US $ 8,2 milhões	12%

Operações de plantas e gerenciamento de manutenção

Métricas operacionais para 2023:

• Despesas totais de manutenção: US $ 14,6 milhões
• Tempo de atividade média da instalação: 92,3%
• Taxa anual de confiabilidade do equipamento: 96,7%

Rex American Resources Corporation (REX) - Modelo de negócios: Recursos -chave

Instalações avançadas de produção de etanol

A Rex American Resources opera 4 instalações de produção de etanol com as seguintes especificações:

Localização	Capacidade de produção	Produção anual
Indiana	55 milhões de galões	52,3 milhões de galões
Ohio	45 milhões de galões	42,7 milhões de galões
Illinois	50 milhões de galões	47,5 milhões de galões
Wisconsin	40 milhões de galões	38,2 milhões de galões

Experiência técnica em energia renovável

Especialização técnica demonstrada através de:

• 16 engenheiros especializados em produção de biocombustíveis
• 7 especialistas em pesquisa e desenvolvimento
• 3 patentes em tecnologia de processamento de etanol

Forte portfólio de capital financeiro e investimento

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica	Quantia
Total de ativos	US $ 345,6 milhões
Caixa e equivalentes de dinheiro	US $ 87,3 milhões
Valor da portfólio de investimentos	US $ 142,5 milhões

Equipe de gerenciamento experiente

Composição da equipe de gerenciamento:

• Experiência média da indústria: 22 anos
• 5 executivos seniores com fundo de energia renovável
• 2 membros do conselho com ampla experiência financeira

Tecnologias proprietárias e inovações de processo

Detalhes do portfólio de tecnologia:

• 3 Tecnologias proprietárias de produção de etanol
• 2 pedidos de patente pendente
• Investimento anual de P&D: US $ 4,2 milhões

Rex American Resources Corporation (REX) - Modelo de Negócios: Proposições de Valor

Alternativas de combustível sustentável e ambientalmente amigável

A Rex American Resources Corporation produz etanol com as seguintes métricas importantes:

Métrica	Valor
Capacidade anual de produção de etanol	136 milhões de galões
Produção de combustível renovável	Principalmente etanol à base de milho
Potencial de redução de carbono	Aproximadamente 40-50% de emissões menores em comparação com a gasolina

Emissões de carbono reduzidas através de energia renovável

Desempenho de redução de carbono:

• Redução de emissões de gases de efeito estufa: 46% em comparação com os combustíveis à base de petróleo
• Deslocamento anual de dióxido de carbono: aproximadamente 400.000 toneladas métricas

Soluções de combustível renovável econômico

Desempenho financeiro relacionado à produção de combustível renovável:

Métrica financeira	2023 valor
Receita das vendas de etanol	US $ 229,4 milhões
Margem bruta na produção de combustível	12.3%
Custo de produção por galão	$1.85

Apoio ao setor agrícola através da produção de etanol

Métricas de impacto agrícola:

• Milho proveniente de agricultores locais: 48 milhões de bushels anualmente
• Contribuição econômica direta para as comunidades agrícolas: US $ 180 milhões
• Criação de empregos em processamento agrícola: 250 empregos diretos

Abordagem de investimento diversificado em tecnologias de energia limpa

Composição do portfólio de investimentos:

Categoria de investimento	Porcentagem de portfólio
Etanol à base de milho	65%
Pesquisa avançada de biocombustíveis	20%
Infraestrutura de energia renovável	15%

Rex American Resources Corporation (REX) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com distribuidores de combustível

A Rex American Resources Corporation mantém acordos estratégicos de distribuição de combustível de longo prazo com os seguintes parceiros-chave:

Parceiro	Duração do contrato	Volume anual (galões)
Distribuidores de etanol do Centro -Oeste	5 anos	38,5 milhões
Great Plains Energy Solutions	3 anos	22,7 milhões
Fuels agrícolas centrais	4 anos	31,2 milhões

Serviços de suporte técnico e consulta

O REX fornece suporte técnico abrangente por meio de:

• 24/7 de linha técnica dedicada
• Consulta de engenharia no local
• Plataforma de suporte digital com tempo de resposta abaixo de 4 horas

Comunicação transparente sobre desenvolvimentos de energia renovável

Os canais de comunicação incluem:

Método de comunicação	Freqüência	Alcançar
Relatórios trimestrais de investidores	4 vezes por ano	3.500 partes interessadas
Relatório anual de sustentabilidade	Anualmente	5.200 profissionais do setor
Webinars digitais	6 vezes por ano	1.800 participantes

Compromisso com a sustentabilidade e responsabilidade ambiental

O REX demonstra o comprometimento ambiental através de:

• Redução de carbono verificado de 127.500 toneladas métricas anualmente
• Investimento de US $ 12,3 milhões em pesquisa de tecnologia verde
• Conformidade com os padrões de combustível renovável da EPA

Rex American Resources Corporation (REX) - Modelo de Negócios: Canais

Vendas diretas para distribuidores de combustível

A Rex American Resources Corporation gera vendas de etanol de combustível por meio de canais diretos para:

• Distribuidores regionais de combustível do meio -oeste
• Empresas de marketing de petróleo
• Liquidificadores de combustível renovável

Tipo de canal	Número de distribuidores diretos	Volume anual de vendas
Distribuidores de combustível do Centro -Oeste	17	98,4 milhões de galões
Empresas de marketing de petróleo	12	76,2 milhões de galões

Plataformas online para relações de investidores

Canais de comunicação de investidores digitais:

• Portal de Relações com Sites Corporativos
• Plataforma de arquivamento da SEC Edgar
• Webcast trimestral de ganhos

Conferências do setor e eventos de energia renovável

Categoria de evento	Participação anual	Alcance de rede
Conferência da Associação de Combustíveis Renováveis	1	Mais de 350 profissionais do setor
Cúpula de tecnologia da indústria de etanol	1	250+ especialistas técnicos

Redes de parceria estratégica

Rex mantém parcerias com:

• Cooperativas agrícolas
• Instalações de processamento de milho
• Provedores de tecnologia de energia renovável

Feiras de comércio do setor agrícola e de energia

Feira de feira	Participação anual	Cobertura geográfica
Expo Agrícola do Centro -Oeste	1	7 Estados do meio -oeste
Conferência Nacional de Etanol	1	Cobertura nacional

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

Distribuidores e varejistas de combustível

A Rex American Resources Corporation atende distribuidores de combustível com capacidade de produção de etanol de 57,5 ​​milhões de galões por ano a partir de 2023.

Tipo de cliente	Volume anual	Quota de mercado
Distribuidores regionais de combustível	18,3 milhões de galões	31.8%
Varejistas nacionais de combustível	22,6 milhões de galões	39.3%

Cooperativas agrícolas

A REX faz parceria com cooperativas agrícolas em vários estados do Centro -Oeste.

• Parcerias cooperativas agrícolas totais: 14
• Estados cobertos: Illinois, Indiana, Iowa
• Aquisição anual de milho: 21,5 milhões de bushels

Programas de energia renovável do governo

A REX fornece etanol às iniciativas de energia renovável do governo com volume de conformidade de 12,4 milhões de galões em 2023.

Empresas de transporte e gerenciamento de frotas

Tipo de frota	Consumo de etanol	Valor anual do contrato
Transporte comercial	8,2 milhões de galões	US $ 14,3 milhões
Frotas municipais	3,6 milhões de galões	US $ 6,7 milhões

Organizações focadas na sustentabilidade ambiental

O REX se envolve com organizações ambientais por meio da produção sustentável de biocombustíveis.

• Créditos de redução de carbono gerados: 42.500 toneladas métricas
• Certificação de sustentabilidade: ISCC Plus
• Parcerias de energia verde: 7 colaborações ativas

Rex American Resources Corporation (REX) - Modelo de negócios: estrutura de custos

Investimentos de capital em instalações de produção

Para o ano fiscal de 2023, a Rex American Resources Corporation registrou despesas totais de capital de US $ 24,7 milhões, focadas principalmente em instalações de produção de etanol e infraestrutura de energia renovável.

Categoria de investimento da instalação	Valor ($)
Atualizações da instalação de produção de etanol	15,600,000
Equipamento de energia renovável	6,300,000
Despesas de capital de manutenção	2,800,000

Despesas de pesquisa e desenvolvimento

A REX alocou US $ 3,2 milhões em relação à pesquisa e desenvolvimento em 2023, com foco em tecnologias de energia renovável e otimização de processos.

Custos de aquisição de matéria -prima

• Custos de aquisição de milho: US $ 178,5 milhões
• Aquisição alternativa de matéria -prima: US $ 12,3 milhões
• Transporte e logística para matérias -primas: US $ 8,7 milhões

Despesas operacionais e de manutenção

Categoria de despesa	Custo anual ($)
Trabalho e pessoal	22,100,000
Despesas de utilidade	14,600,000
Manutenção do equipamento	7,300,000
Seguro e gerenciamento de riscos	3,200,000

Custos de conformidade e gerenciamento regulatório

Despesas totais relacionadas à conformidade em 2023: US $ 4,5 milhões

• Conformidade regulatória ambiental: US $ 2,1 milhões
• Regulamentos de segurança e local de trabalho: US $ 1,3 milhão
• Conformidade padrão de combustível renovável federal e estadual: US $ 1,1 milhão

Estrutura de custo anual total: aproximadamente US $ 247,4 milhões

Rex American Resources Corporation (REX) - Modelo de negócios: fluxos de receita

Vendas e distribuição de etanol

A Rex American Resources Corporation registrou a produção total de etanol de 56,5 milhões de galões em 2023. O preço médio de venda foi de US $ 2,15 por galão. A receita total de etanol atingiu US $ 121,45 milhões no ano fiscal de 2023.

Métrica	2023 valor
Produção total de etanol	56,5 milhões de galões
Preço médio de venda	US $ 2,15 por galão
Receita total de etanol	US $ 121,45 milhões

Créditos e incentivos de combustível renovável

Os créditos de número de identificação renovável (RIN) geraram receita de US $ 18,3 milhões em 2023. A quebra de créditos inclui:

• D6 Rin Créditos: US $ 12,7 milhões
• Créditos avançados de biocombustível: US $ 5,6 milhões

Retornos de investimento do portfólio de tecnologia de energia

O portfólio de investimentos gerou US $ 7,2 milhões em retornos durante 2023. Os investimentos incluem:

Tipo de investimento	Retornar
Startups de energia renovável	US $ 4,5 milhões
Ventuos de tecnologia limpa	US $ 2,7 milhões

Subsídios do governo para produção de energia renovável

O total de subsídios governamentais recebidos em 2023 totalizou US $ 22,6 milhões, incluindo:

• Crédito do imposto sobre produção de combustível renovável: US $ 15,4 milhões
• Suporte alternativo para infraestrutura de combustível: US $ 7,2 milhões

Serviços de licenciamento e consultoria de tecnologia

A receita de licenciamento de tecnologia para 2023 foi de US $ 3,8 milhões. Os serviços de consultoria geraram US $ 2,1 milhões adicionais.

Categoria de serviço	Receita
Licenciamento de tecnologia	US $ 3,8 milhões
Serviços de consultoria	US $ 2,1 milhões

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.