A specialized Archer Daniels Midland (ADM), primarily focused on converting corn into ethanol fuel.

Like a regional Valero or Marathon Petroleum, but for refining corn into ethanol fuel instead of crude oil.

A focused energy producer, similar to a smaller ExxonMobil, but dedicated solely to turning corn into ethanol biofuel.

• Ethanol: REX produces and markets ethanol, a clean-burning renewable fuel primarily used as an oxygenate and octane enhancer in gasoline.
• Distillers Grains: A co-product of ethanol production, distillers grains are sold as a high-protein feed ingredient for livestock, particularly cattle.
• Corn Oil: REX extracts and sells corn oil, another valuable co-product from its ethanol facilities, used in animal feed, biodiesel production, and various industrial applications.

REX American Resources (symbol: REX) primarily sells its ethanol and co-products to other companies rather than individuals.

Based on their latest financial filings, a significant portion of their ethanol is sold to major energy companies and commodity trading houses. These major customers include:

• Valero Energy Corporation (NYSE: VLO)
• Shell Trading (US) Company (part of Shell plc, NYSE: SHEL)
• Marathon Petroleum Corporation (NYSE: MPC)
• bp Products North America Inc. (part of BP p.l.c., NYSE: BP)
• Chevron Products Company (part of Chevron Corporation, NYSE: CVX)

Additionally, REX sells its co-products such as Dried Distillers Grains with Solubles (DDGS), corn oil, and carbon dioxide (CO2) to a variety of industrial customers across the agriculture, food and beverage, and chemical sectors.

Stuart A. Rose, Executive Chairman of the Board & Head of Corporate Development

Stuart A. Rose is the founder and Executive Chairman of REX American Resources Corporation. He founded Rex Radio and Television, Inc. in 1980, which acquired four consumer electronic stores called Niederhoffer and Co.. Rose gained experience in "valuing business and buying and selling businesses" during this time, and the company he acquired became Rex American Resources in 1980.

Zafar Rizvi, Chief Executive Officer

Zafar Rizvi has served as the President, Chief Executive Officer, and a Director of REX American Resources Corp. since his appointment as CEO in June 2010. He also holds board member positions at NUGEN ENERGY LLC and One Earth Energy LLC.

Douglas L. Bruggeman, Vice President-Finance, Chief Financial Officer and Treasurer

Douglas L. Bruggeman was elected Chief Financial Officer of REX American Resources in 2003. He has served as Vice President-Finance and Treasurer since 1989. Prior to that, he was the Manager of Corporate Accounting from 1987 to 1989, and before joining the company in 1986, he was employed with the accounting firm Ernst & Young.

Edward M. Kress, Secretary & Director

Edward M. Kress holds the position of Secretary and is also a Director of REX American Resources Corp..

The key risks to REX American Resources (symbol: REX) primarily stem from its core business in ethanol production and the broader energy market. The three most significant risks include:

1. Commodity Price Volatility: REX American Resources' profitability is highly susceptible to the volatile prices of commodities, particularly corn (its primary raw material), ethanol (its main product), natural gas (an energy input), and by-products such as distillers grains and distillers corn oil. Fluctuations in the "crush spread," which is the difference between ethanol and corn prices, can significantly impact the company's operating results.
2. Regulatory and Policy Risks: The company's operations are heavily influenced by federal policies and regulatory changes. Shifts in renewable fuel standards, environmental regulations, and policies related to carbon emissions can lead to increased compliance costs, operational disruptions, and affect the company's business model.
3. Market Dynamics and Competition: REX American Resources operates in the dynamic and highly competitive ethanol and alternative energy markets. Intense competition and thin margins are persistent challenges. The company must continuously adapt to changes in market conditions, including shifts in supply and demand, to maintain its competitive edge. The entry or expansion of competitors could also erode REX's market share.

The accelerating global shift from internal combustion engine (ICE) vehicles to electric vehicles (EVs) poses a clear emerging threat. As EV adoption increases and automotive manufacturers commit to phasing out gasoline-powered vehicle production, the long-term demand for gasoline, and consequently for ethanol blended into gasoline, is expected to decline significantly.

• Ethanol: The U.S. ethanol market is estimated to be valued at approximately $32.76 billion in 2025. This market is projected to grow to $60.66 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 9.20% from 2025 to 2032. Another estimate indicates the U.S. ethanol market size was approximately $34.16 billion in 2023 and is predicted to reach around $61.57 billion by 2034, growing at a CAGR of 5.5% from 2024 to 2034. The North American fuel ethanol market had a market size of $35.41 billion in 2024, with the U.S. accounting for a significant share of $27.94 billion in the same year.
• Distillers Grains (e.g., Dried Distillers Grains with Solubles - DDGS): The global market size for Distillers Dried Grains with Solubles (DDGS) is estimated at $17.15 billion in 2024 and is expected to grow at a CAGR of 7.60% from 2024 to 2031. North America represents a substantial portion of this market, with an estimated market size of $6.86 billion in 2024, projected to grow at a CAGR of 5.8% from 2024 to 2031. Another source indicates the North America DDGS market accounted for $4.53 billion in 2022.

• Ethanol Production Capacity Expansion: REX American Resources is undertaking an expansion project at its One Earth facility, which is anticipated to increase its annual ethanol production capacity to 175 million gallons by February 2026. This direct increase in production capacity is expected to drive higher sales volumes and, consequently, increased revenue.
• Growth in Ethanol Sales Volumes and Exports: The company has demonstrated a trend of increasing ethanol sales volumes, with Q2 2025 volumes reaching 70.6 million gallons, up from 65.1 million gallons in Q2 2024. A positive outlook for the remainder of 2025 is supported by rising ethanol exports, with expectations for 2025 to set a new export record. This growth in market demand and international sales will contribute to higher revenue.
• Revenue from Carbon Capture and Sequestration (CCS) Initiatives: REX American Resources is investing in carbon capture and sequestration projects at its One Earth Energy facility, with completion of permitting expected by March 2026. The continuation and extension of legislative support through tax credits like 45Q and 45Z provide substantial financial incentives for these projects. These initiatives are expected to create new revenue streams, either directly through the sale of carbon credits or indirectly by positioning REX's ethanol as a lower-carbon fuel, potentially commanding a premium.
• Favorable Agricultural Conditions and Input Pricing: Improved corn input prices and a projected bumper corn crop are expected to support the company's operations. While primarily impacting profitability, stable and lower raw material costs enable REX to maintain or increase production volumes more efficiently, potentially leading to more competitive pricing and sustained or increased revenue generation.

Share Repurchases

• In the first quarter of fiscal year 2025, REX American Resources repurchased approximately 822,000 shares for a total consideration of $32.7 million.
• This activity brought the cumulative buyback to approximately 6.8% of outstanding shares since reinitiating purchases in December 2024.
• Following a 2-for-1 stock split effective September 8, 2025, the number of shares authorized for repurchase was increased to 2,357,186 shares.

Share Issuance

• A 2-for-1 stock split was declared by the Board of Directors, to be effected as a 100% stock dividend, payable on September 15, 2025, to shareholders of record as of September 8, 2025.
• As a result of this stock split, REX American Resources' outstanding shares of Common Stock increased from 16,528,787 to 33,057,574 shares.

Outbound Investments

• REX American Resources continues to evaluate potential acquisition opportunities that meet its operational and financial criteria.
• The company has interests in six ethanol production facilities, with One Earth Energy, LLC and NuGen Energy, LLC being consolidated subsidiaries.

Capital Expenditures

• As of the end of the second quarter of fiscal year 2025, capital expenditures related to the One Earth carbon capture and sequestration project and the related expansion of ethanol production capacity totaled approximately $126.7 million.
• The combined budget for these projects is $220-$230 million, funded from available cash, with completion anticipated in 2026.
• The primary focus of these capital expenditures is the expansion of ethanol production capacity at the One Earth facility and the carbon capture and sequestration project.