$REX REX American Resources Corporation

What Do They Do?

Produces ethanol for gasoline blending, plus distillers grains and distillers corn oil for animal-feed, biodiesel and chemical markets.

Customers pay for ethanol and its by-products after shipment from the plant or loading onto a rail car, generally within days.

revenue

Segment	Share	How money arrives
Ethanol Sold outright	78%	Sold outright
Dried Distillers Grains Sold outright	14%	Sold outright
Distillers Corn Oil Sold outright	8.1%	Sold outright
Modified Distillers Grains Sold outright	0.8%	Sold outright
Derivative Financial Instrument (Losses) Gains	0.0%
Other	0.1%

Sells to larger commercial buyers, with products shipped by rail and truck.

Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Net income, FY2025

15% of revenue

▲ +33% vs FY2024 ($71.5M, 11%)

Free cash flow, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$7.1M, −1%)

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jul 31, 2026

Ethanol share of revenue vs 77.8% in Q2 FY2025

Shrinking. Revenue fell 16% in 4 years, from $774.8M in FY2021 to $650.5M in FY2025, about 4% a year.

Revenue over time

Ethanol Dried Distillers Grains Distillers Corn Oil Modified Distillers Grains Derivative Financial Instrument (Losses) Gains Other

$1B$500M$0

FY2023 FY2024 FY2025