Earnings release
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REX American Resources Reports Record Fiscal Second Quarter 2026 Net Income Per Share Attributable to REX Common Shareholders of $1.06 vs. $0.22 in Fiscal Second Quarter 2025 September 2, 2026 Company receives Class VI injection well draft permit from U.S. EPA Generated $1.06 of net income per share in Fiscal Q2 ’26 vs. $0.22 of net income per share in Fiscal Q2 ‘25 Reported gross profit of $53.3 million for Fiscal Q2 ’26 vs. $14.3 million in Fiscal Q2 ‘25 Reported Net Income to REX shareholders of $34.9 million in Fiscal Q2 ‘26 vs. $7.1 million in Fiscal Q2 ‘25 DAYTON, Ohio--(BUSINESS WIRE)--Sep. 2, 2026-- REX American Resources Corporation (“REX” or the “Company”) (NYSE: REX), a leading ethanol production company, today announced financial and operational results for the Company’s fiscal second quarter 2026. REX American Resources’ fiscal second quarter 2026 results principally reflect its interests in six ethanol production facilities. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated affiliates. Investors can view REX’s updated investor presentation by visiting https://investors.rexamerican.com /news-events/events-presentations. Second Quarter 2026 Results REX reported Q2 ’26 net sales and revenue of $168.5 million, compared to Q2 ‘25 net sales and revenue of $158.6 million, primarily reflecting improved pricing. The Company reported production tax credit income of $18.4 million net of estimated monetization expenses in the second quarter of 2026. Second quarter 2026 gross profit for the Company was $53.3 million, compared with $14.3 million in Q2 ’25 reflecting improved crush margins and the benefits of the production tax credits. The Company reported interest and other income of $3.2 million in Q2 ’26, compared to $3.1 million in Q2 ’25. This led to Q2 ‘26 income before income taxes and noncontrolling interests of $48.1 million, compared with $12.1 million in Q2 ’25. Net income attributable to REX shareholders in Q2 ‘26 was $34.9 million, compared to $7.1 million in Q2 ’25. Second quarter ‘26 diluted net income per share attributable to REX common shareholders was $1.06, compared to $0.22 per share in Q2 ’25. Per share results for Q2 ’26 and Q2 ’25 are based on 33,090,000 and 33,010,000 diluted weighted average shares outstanding, respectively. The following table summarizes select operating data for our consolidated entities: Three Months Ended Six Months Ended July 31, July 31, 2026 2025 2026 2025 Avg. selling price per gallon of ethanol (net of hedging) $1.78 $ 1.75 $ 1.72 $ 1.75 Gallons of ethanol sold (in millions) 70.6 70.6 141.7 141.5 Avg. selling price per ton of dried distillers grains $166.55 $143.63 $161.03 $144.66 Tons of dried distillers grains sold 145,081 148,017 300,113 301,027 Avg. selling price per pound of distillers corn oil $0.72 $0.54 $0.63 $0.50 Pounds of distillers corn oil sold (in millions) 24.3 23.1 48.2 44.5 Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects REX is on-track to complete the construction phase of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the expansion becoming operational during fiscal 2026. On August 17, 2026, the Company’s carbon capture and sequestration project received draft permits from the U.S. Environmental Protection Agency (EPA) for three Class VI injection wells. The EPA is currently accepting public comments on the draft permits. Capital expenditures to-date related to the One Earth Energy carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $191.2 million. Balance Sheet As of July 31, 2026, REX had $379.5 million of cash, cash equivalents, and short-term investments available and no bank debt. Management Commentary “During the second quarter of 2026 REX achieved several important milestones that further support and advance our long-term growth strategy,” said Zafar Rizvi, Chief Executive Officer of REX. “We continued to benefit from the Section 45Z tax credit program in the second quarter, which contributed $18.4 million directly to gross profit. Excluding the impact from 45Z tax credits, our quarterly gross profit from our core operations increased 144% over the same period in the prior year. In addition, we received notice from the U.S. EPA that our One Earth carbon capture and sequestration project had been issued draft permits on August 17th for three Class VI injection wells. We are pleased to have reached this important regulatory milestone and
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look forward to advancing the project in coordination with the EPA and Illinois regulators. The second quarter marked REX’s 24th consecutive profitable quarter and represented a record second quarter on an earnings-per-share basis for the company. REX’s long-term prospects remain strong, supported by the continued dedication, hard work, and execution of our team across all of our operations.” Conference Call Information REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s fiscal second quarter results and will also host a question and answer session. To access the conference call, interested parties may dial (877) 269-7751 (US) or (201) 389-0908 (international). Participants can also view an updated presentation, as well as listen to a live webcast of the call by going to the Investors section on the REX website at www.rexamerican.com. A replay will be available shortly after the live conference call and can be accessed by dialing (844) 512-2921 (US) or (412) 317-6671 (international). The passcode for the replay is 13762348. The replay will be available for 30 days after the call. About REX American Resources Corporation REX American Resources Corporation has interests in six ethanol production facilities, which in aggregate have production capacity totaling approximately 730 million gallons per year. REX’s effective ownership of annual volumes is approximately 300 million gallons. Further information about REX is available at www.rexamerican.com. Forward-Looking Statements This press release contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, success in permitting and developing the planned carbon sequestration facility near the One Earth Energy ethanol plant, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism or acts of war and the effect of pandemics on the Company’s business operations, including impacts on supplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except as required by law. REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per share amounts) Unaudited Three Months Ended Six Months Ended July 31, July 31, 2026 2025 2026 2025 Net sales and revenue $ 168,493 $ 158,563 $ 324,992 $ 316,903 Production tax credit income 18,410 - 25,959 - Cost of sales 133,603 144,244 268,580 288,242 Gross profit 53,300 14,319 82,371 28,661 Selling, general and administrative expenses (15,622) (6,201) (25,350) (12,145) Equity in income of unconsolidated affiliates 7,195 891 10,761 1,897 Interest and other income, net 3,245 3,088 6,451 7,310 Income before income taxes 48,118 12,097 74,233 25,723 Provision for income taxes (7,472) (2,769) (11,909) (5,723) Net income 40,646 9,328 62,324 20,000 Net income attributable to noncontrolling interests (5,702) (2,217) (8,928) (4,211) Net income attributable to REX common shareholders $ 34,944 $ 7,111 $ 53,396 $ 15,789 Weighted average shares outstanding – basic and diluted 33,090 33,010 33,019 33,388 Basic and diluted net income per share attributable to REX common shareholders $ 1.06 $ 0.22 $ 1.62 $ 0.47 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) Unaudited July 31, January 31, 2026 2026 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 91,328 $ 188,734 Short-term investments 288,186 187,048 Accounts receivable 23,479 14,682 Inventory 28,980 28,422
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Refundable income taxes 8,602 12,374 Prepaid expenses and other 17,502 16,568 Total current assets 458,077 447,828 Property and equipment, net 293,962 272,029 Operating lease right-of-use assets 14,095 17,594 Finance lease right-of-use assets 16,609 17,558 Other assets 27,218 4,963 Equity method investment 46,515 37,759 TOTAL ASSETS $ 856,476 $ 797,731 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable – trade $ 36,687 $ 38,400 Current operating lease liabilities 7,014 6,921 Current finance lease liabilities 469 469 Accrued expenses and other current liabilities 22,368 29,587 Total current liabilities 66,538 75,377 LONG-TERM LIABILITIES: Deferred taxes 7,443 4,065 Long-term operating lease liabilities 7,730 11,148 Long-term finance lease liabilities 2,606 2,731 Other long-term liabilities 545 2,405 Total long-term liabilities 18,324 20,349 EQUITY: REX shareholders’ equity: Common stock 332 329 Paid-in capital 11,157 66 Retained earnings 663,713 610,317 Treasury stock (1,581) - Total REX shareholders’ equity 673,621 610,712 Noncontrolling interests 97,993 91,293 Total equity 771,614 702,005 TOTAL LIABILITIES AND EQUITY $ 856,476 $ 797,731 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows (in thousands) Unaudited Six Months Ended July 31, July 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 62,324 $ 20,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 8,902 7,101 Noncash operating lease expense 3,499 3,197 Amortization of finance lease right-of-use assets 949 475 Stock-based compensation expense 6,005 1,022 Income from equity method investments (10,761) (1,897) Dividends received from equity method investments 2,005 2,506 Interest income from investments (4,338) (2,999) Loss on disposal of property and equipment – net 131 172 Deferred income taxes 7,362 4,293 Changes in assets and liabilities: Accounts receivable (8,797) (3,317) Inventory (558) 44 Prepaid expenses and other assets (27,269) (583) Refundable income taxes 3,771 (2,022) Accounts payable – trade (1,278) (9,896) Long-term taxes payable - 226 Accrued expenses and other liabilities (3,924) (5,514) Net cash provided by operating activities 38,023 12,808
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CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (34,977) (28,924) Purchases of short-term investments (320,800) (90,671) Maturities of short-term investments 224,000 187,000 Proceeds from disposal of real estate and property and equipment 299 - Deposits (17) 128 Net cash (used in) provided by investing activities: (131,495) 67,533 CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock acquired (1,581) (33,382) Noncontrolling interests distributions (2,228) (2,252) Principal paid on finance lease liabilities (125) - Net cash used in financing activities (3,934) (35,634) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (97,406) 44,707 CASH AND CASH EQUIVALENTS – Beginning of period 188,734 196,255 CASH AND CASH EQUIVALENTS – End of period $ 91,328 $ 240,962 Non-cash investing activities – Accrued capital expenditures $ 4,923 $ 694 Non-cash investing activities – Capital additions transferred from prepaid expenses $ 123 $ 536 Non-cash financing activities – Stock awards accrued $ 1,958 $ 559 Non-cash financing activities – Stock awards issued $ 7,044 $ 2,036 Non-cash financing activities – Excise tax on stock repurchases accrued $ - $ 258 Operating right-of-use assets acquired and liabilities incurred upon lease commencement $ - $ 3,007 Finance right-of-use assets acquired and liabilities incurred upon lease commencement $ - $ 3,381 View source version on businesswire.com: https://www.businesswire.com/news/home/20260902625787/en/ Investor Contacts Douglas Bruggeman Chief Financial Officer Caldwell Bailey ICR, Inc. rexamerican@icrinc.com Source: REX American Resources Corporation