REX American Resources Corp (NYSE: REX) is an ethanol production company that operates and invests in corn-based dry mill ethanol plants in the United States. Revenue comes from transactional sales of three products: fuel ethanol, dried distillers grains with solubles (DDGS) sold as animal feed protein, and distillers corn oil. REX holds consolidated ownership stakes in two ethanol plants, One Earth Energy and Big River Resources, with capital expenditures at One Earth totaling $43.7 million in fiscal year 2025 for plant expansion and carbon intensity reduction projects. The company reported net income of $95.1 million for the fiscal year ended January 31, 2026, versus $71.5 million for the fiscal year ended January 31, 2025. Ethanol demand is tied directly to the EPA's Renewable Fuel Standard II blending mandates. REX is cash-generative, with operating cash flows supported by equity method investment dividends, including approximately $10.5 million paid by Big River during fiscal year 2025. CEO is Zafar Rizvi; Stuart Rose serves as Executive Chairman.

Revenue model

Transactional sales of fuel ethanol, DDGS animal feed, and distillers corn oil produced at consolidated dry mill ethanol plants. Revenue is commodity-price driven, with spot and forward-contract sales. The company also recognizes income from equity method investments in ethanol subsidiaries and 45Z clean fuel production tax credits.

Products and services

Fuel ethanol (anhydrous, denatured with natural gasoline), dry distillers grains with solubles (DDGS) for animal feed, modified or wet distillers grains, and distillers corn oil. All products are by-outputs of the corn dry milling fermentation process.

Customers and end markets

End markets include fuel blenders and gasoline refiners (ethanol), livestock feed operators (DDGS and wet distillers grains), and industrial buyers of corn oil. Demand for ethanol is supported by the EPA Renewable Fuel Standard II blending mandate. No individual customer concentration figures are disclosed in the excerpts.

Value-chain role

Midstream biofuel producer. REX converts raw corn into fuel ethanol and co-products through dry milling fermentation at its consolidated plants, then sells finished commodities to downstream blenders and feed markets. The company is also investing in carbon sequestration and carbon intensity reduction at plant sites.

Geographic exposure

United States. Plant operations are domestic corn-belt facilities (One Earth Energy and Big River Resources). No international operations are referenced in the excerpts.

Source: SEC 10-K, filed 2026-03-30

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