AREC

Wall Street finished sharply higher on Tuesday, with semiconductor stocks leading a broad-based rally despite fresh geopolitical and trade concerns. The Nasdaq paced the gains, climbing 329 points, or 1.3%, to 25,837 as investors piled back into chipmakers after recent weakness. The S&P 500 rose 66 points, or 0.9%, to 7,509, while the Dow Jones added 385 points, or 0.7%, to close at 52,225. Technology shares were the standout performers as optimism returned to the semiconductor sector, helping offset concerns over escalating tensions in the Middle East and new US tariffs targeting Canadian imports. Investors appeared willing to look beyond the latest geopolitical headlines, instead focusing on a busy stretch of corporate earnings that could set the tone for markets through the rest of the week. The spotlight now turns to Wednesday's earnings calendar, one of the busiest of the season. Before the opening bell, investors will hear from Philip Morris, GE Vernova and AT&T. After markets close, attention will shift to Big Tech, with Alphabet, Tesla and IBM all scheduled to report results. Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) signed an exclusive global memorandum of understanding with Alstom to develop and commercialize graphene-based products for rail HVAC systems. Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) secured approval for up to C$11 million in additional funding to advance the definitive feasibility study for its Lofdal Heavy Rare Earth Project and awarded key metallurgical contracts to SGS Canada. ReElement Technologies Corporation, majority-owned by American Resources Corp (NASDAQ:AREC), hired 13 new employees to support the commissioning and expansion of its rare earth refining operations in Indiana. Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF, FRA:8SR) identified two gold-bearing feeder structures at its East Goldfield property in Nevada that it believes could become future drill targets following recent exploration and geophysical work. Tesla Inc (NASDAQ:TSLA) said a summer software update will expand Grok AI voice controls to include tasks such as making phone calls, playing music and adjusting vehicle functions while adding self-driving statistics and smarter navigation features to the Tesla app. Magnolia Oil & Gas Corporation (NYSE:MGY) announced a $4 billion agreement to acquire WildFire Energy, a deal that will significantly expand its South Texas operations and more than double its footprint in the Giddings field. Utz Brands (NYSE:UTZ) agreed to be acquired by Germany's Intersnack Group in a $2.9 billion deal that will take the snack maker private through a $14.25 per share all-cash offer. Nebius Group NV (NASDAQ:NBIS) shares surged after Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) disclosed a 9.3% passive stake in the company, reflecting an existing investment that includes shares and prefunded warrants rather than new capital. Halliburton Company (NYSE:HAL, XETRA:HAL) reported second-quarter earnings that beat analyst expectations, but its shares fell after the company warned that the oilfield services market is weakening faster than anticipated. Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) signed an exclusive global memorandum of understanding with Alstom to develop and commercialize graphene-based products for rail HVAC systems. Hasbro Inc (NASDAQ:HAS) raised its full-year revenue and profit outlook after stronger-than-expected second-quarter results driven by record sales of its Magic: The Gathering trading card franchise. Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) secured approval for up to C$11 million in additional funding to advance the definitive feasibility study for its Lofdal Heavy Rare Earth Project and awarded key metallurgical contracts to SGS Canada. 3M Co (NYSE:MMM) raised its full-year earnings guidance after reporting second-quarter earnings and revenue that exceeded Wall Street expectations. General Motors Company (NYSE:GM) increased its full-year 2026 profit forecast after reporting better-than-expected second-quarter earnings and revenue despite one-time charges related to its electric vehicle realignment. ReElement Technologies Corporation, majority-owned by American Resources Corp (NASDAQ:AREC), hired 13 new employees to support the commissioning and expansion of its rare earth refining operations in Indiana. Tesla Inc (NASDAQ:TSLA) said it will roll out a new software update this summer that lets its Grok AI assistant make phone calls, play music, adjust cabin climate and open the glovebox by voice command. The update also allows drivers to view and share self-driving statistics through Tesla's mobile app, and gives Navigation the ability to suggest routine destinations and prioritize routes drivers have previously taken. Other features include the ability to set a desired arrival battery level from the app, upload custom vehicle wraps without a USB drive, and lock rear display controls from the front screen. Tesla's in-car Caraoke feature will add scoring and saved high scores. Some analysts are wondering whether market expectations have already been pushed too high. Linh Tran, Market Analyst at XS.com, believes what we’re seeing is “more than ordinary profit-taking.” “With valuations already reflecting much of the optimism surrounding artificial intelligence, the market is no longer satisfied with earnings simply beating forecasts,” Tran wrote. “Investors now expect companies to keep raising their revenue outlooks, preserve profit margins and prove that the enormous amount of capital being committed to AI infrastructure can generate adequate economic returns.” Still, Tran believes the market’s long-term uptrend remains intact, but investors may face a more selective environment ahead. A measured pullback could be constructive by easing valuation concerns and setting the stage for a healthier continuation of the rally, the analyst added. Stocks opened higher Tuesday morning, with the Nasdaq leading the charge as chip stocks bounced back and investors digested a fresh batch of corporate earnings. The Nasdaq climbed 0.7% to 25,687, while the S&P 500 gained 0.4% to 7,468 and the Dow Jones Industrial Average edged up 0.2% to 51,924. Technology shares regained momentum after recent pressure on semiconductor names, helping to steady markets as investors look ahead to a busy stretch of earnings from major companies. Corporate results offered another boost to sentiment. General Motors Company (NYSE:GM) reported stronger-than-expected second-quarter results, posting revenue of $48.03 billion versus the $46.61 billion expected by analysts. The automaker also delivered adjusted earnings per share of $3.57, ahead of the $3.19 consensus estimate, while adjusted EBIT came in at $3.94 billion compared with expectations of $3.7 billion. Industrial giant 3M Co (NYSE:MMM) also topped forecasts, reporting second-quarter revenue of $6.5 billion and adjusted earnings per share of $2.40, ahead of estimates of $6.4 billion and $2.24, respectively. The company said adjusted operating margins improved to 24.9% and raised its full-year 2026 adjusted outlook. Investors were also keeping an eye on the labour market after data from ADP showed private-sector hiring slowed for a fourth consecutive week. Employers added an average of 16,500 jobs per week in the four weeks through July 4, down from 24,250 three weeks earlier, suggesting some cooling in employment conditions. Trade tensions remained in focus as US Treasury Secretary Scott Bessent defended the possibility of a 50% tariff on Canada, describing the move as “just reciprocity.” “Any sustained dip-buying could help turn the tide and push the broader market to the upside,” said Paolo Broccardo, CEO at BankPro. “Strong earnings and resilient guidance could reinforce confidence in the sector, while any disappointment may revive selling pressure.” Wall Street looks set for a stronger start on Tuesday, with technology stocks once again leading the way as investors prepare for another busy day of corporate earnings and keep a close eye on trade developments. Ahead of the opening bell, Nasdaq futures were up 1.3%, while S&P 500 futures gained 0.4%. Dow Jones futures were more modestly higher, rising 0.2%. Chip stocks were back in favor after another wave of buying in the sector. Nvidia ticked higher in pre-market trading after the AI chip giant disclosed it had taken a stake in neocloud provider Nebius, adding fresh momentum to a group that has been driving much of the market's gains this year. Investors will also be digesting a new escalation in trade tensions. President Donald Trump announced a fresh round of 50% tariffs on a range of Canadian goods, including beer, hockey sticks, milk and chemicals, with the measures set to take effect in 30 days. The White House said the move was in response to what it described as discriminatory Canadian trade practices, raising the prospect of another round of retaliatory measures between the two countries. One notable exception was Canadian crude oil, which was spared from the new tariffs. Oil prices eased slightly Tuesday morning after surging in recent sessions as renewed fighting involving Iran pushed Brent crude back toward the $90-a-barrel mark, its highest level since mid-June. The earnings calendar also picks up pace before the market opens, with General Motors, Halliburton and 3M all scheduled to report quarterly results, helping set the tone ahead of this week's closely watched reports from several Big Tech heavyweights.

Download the Complete Report Here Key Takeaways: 1Q FY26 delivered a record first quarter, with EPS materially ahead of expectations driven by 45Z credits and lower corn costs. REX reported 1Q FY26 net sales and revenue of $156.5 million, down modestly from $158.3 million in 1Q FY25, primarily reflecting lower ethanol pricing. However, earnings power improved sharply, with gross profit increasing to $29.1 million from $14.3 million y/y, primarily driven by the benefit of 45Z tax credits and lower corn pricing. Income before taxes rose to $26.1 million from $13.6 million. Net income came in at $18.5 million, or $0.56 per share, compared with $8.7 million, or $0.26 per share, in the prior-year quarter. EPS was also well above consensus of $0.14, representing a $0.42 beat, and marked the strongest first quarter (on an EPS basis) in REX’s public-company history. The quarter also extended REX’s profitability streak to 23 consecutive quarters, reinforcing the company’s ability to generate earnings through commodity cycles while layering in policy-linked earnings streams. Operating KPIs showed stable ethanol volumes, lower ethanol pricing, stronger distillers grain pricing, and continued support from corn oil. Consolidated ethanol sales volumes were 71.1 million gallons in 1Q FY26 versus 70.9 million gallons in 1Q FY25, indicating essentially flat y/y volume despite the ongoing One Earth expansion still not fully contributing. Ethanol ASP declined to $1.66/gallon from $1.76/gallon y/y, which pressured reported sales, but the earnings impact was more than offset by lower corn pricing and the new 45Z production tax credit income. Dry distillers grain volumes were approximately 155,000 tons, with ASP increasing to $155.86/ton from $145.65/ton y/y, while modified distillers grain volumes totaled 13,427 tons at an ASP of $76.94/ton. Corn oil volumes were approximately 23.9 million pounds, with ASP increasing to $0.54/lb from $0.46/lb y/y. The mix of stable ethanol volumes, stronger DDG and corn oil pricing, lower corn costs, and 45Z income drove a much stronger gross profit outcome even though headline revenue was down 1.2% y/y. 45Z has shifted from a potential catalyst to a visible operating earnings contributo REX recorded $7.5 million of 45Z production tax credit income in 1Q FY26, maintaining the credit at approximately $0.10/gallon across its consolidated plants while monitoring final regulatory developments. Following early adoption of ASU 2025-10, REX now records Section 45Z credits as “production tax credit income” within gross profit rather than as a tax-line item. Equity in income of unconsolidated affiliates increased to $3.6 million from $1.0 million y/y, with approximately $1.8 million of the increase attributable to 45Z tax credit income. This indicates that 45Z is contributing across both consolidated and unconsolidated plant economics, expanding the earnings base beyond the $7.5 million recognized directly in consolidated gross profit. The accounting change increased FY25 reported gross profit by $31.7 million but did not change FY25 net income attributable to REX shareholders, which remained $83.0 million. 45Z is meaningful because it ties incremental earnings to production volumes and carbon intensity improvement, not just ethanol crush spreads. At the current ~$0.10/gallon booking rate, 45Z accounted for roughly 26% of 1Q gross profit of $29.1 million, implying that REX now has a recurring, policy-linked earnings layer tied to gallons produced and CI performance, rather than relying solely on ethanol crush spreads and co-product pricing. The company continues to monitor evolving federal discussions around Section 45Z, which still creates uncertainty around ultimate qualification and monetization levels, though current recognition supports 45Z as a meaningful earnings stream. Longer term, the carbon capture project should improve CI scores and enhance credit realization as One Earth capacity expands. As discussed in the 4Q earnings call, at full optimization, post carbon capture and with the One Earth expansion completed, credits of up to ~$1.00 per gallon could be achievable at certain facilities, implying a substantial step-up from current levels and reinforcing 45Z as a major long-term earnings driver. The One Earth expansion is a key volume and policy monetization catalyst, with the facility expected to become fully operational during FY26. REX’s ethanol facility expansion at Gibson City remains on schedule, with testing and commissioning expected to begin upon completion. The expansion increases REX’s production base at a time when export demand is strong and 45Z economics are now visible in reported results. While 1Q ethanol volumes were stable at 71.1 million gallons versus 70.9 million gallons y/y, incremental capacity from One Earth should support volume-led growth once fully operational. The strategic value of the expansion is enhanced by 45Z recognition, because each additional gallon potentially carries both core ethanol margin and production tax credit economics. This creates an operating leverage dynamic where higher production volumes can support revenue, gross profit, and policy-linked earnings simultaneously. Carbon capture remains the major medium-term value driver, with permitting the key milestone. REX continues to work with the EPA on its Class VI injection well permit application and remains engaged with the Illinois Commerce Commission on the associated carbon dioxide pipeline process. At the state level, the Illinois moratorium on carbon pipeline permitting is scheduled to expire on July 1, 2026, and REX plans to submit its application shortly after the moratorium expires. Total investment in the carbon capture and ethanol expansion projects reached approximately $176.3 million as of the end of 1Q FY26, up from approximately $166 million at FY25-end, and remains within the combined project budget range of $220 million to $230 million, subject to inflation and other market factors. Working capital and liquidity remain supportive, with the balance sheet absorbing capex while preserving strategic flexibility. REX ended 1Q FY26 with $364.3 million of cash, cash equivalents, and short-term investments and no bank debt, compared with $375.8 million at FY25-end, with the decline primarily reflecting ongoing capital investments in growth projects. Working capital movement was mixed, with accounts receivable increasing to $21.6 million from $14.7 million at FY25-end, while inventory declined to $26.5 million from $28.4 million and accounts payable declined to $31.1 million from $38.4 million. Net cash used in operating activities improved to $2.1 million from $3.5 million used in the prior-year quarter. Industry demand and forward outlook remain constructive, supported by stable domestic demand, strong exports, and continued execution on growth projects. Domestic ethanol demand remains stable, while export markets remain strong, with 2026 ethanol exports through March increasing 20% versus the same period last year, according to the Renewable Fuel Association. This export strength is important because 1Q ethanol ASP declined by $0.10/gallon y/y to $1.66, yet REX still delivered its strongest first-quarter EPS on a net income per share basis due to lower corn costs, 45Z contribution, and co-product pricing support. Operating conditions remained stable moving through 2Q FY26, and REX expressed confidence in delivering another profitable quarter. The medium-term setup remains tied to continued 45Z contribution at the current ~$0.10/gallon booking rate, One Earth volume growth, Class VI / pipeline progress, and eventual 45Q monetization. Reasonably valued given growth prospects and favorable industry and policy tailwinds. Our valuation incorporates multiple approaches, including historical trading ranges and peer comparisons. The analysis presented is for illustrative purposes only and does not constitute a price target or a buy/sell/hold recommendation. Despite strong 1Q FY26 earnings, REX remains reasonably valued relative to its improving earnings quality, policy-linked upside, and debt-free balance sheet. At the 5/29 close, REX traded at 16.6x LTM P/E, below its three-year peak of 27.9x, despite visible 45Z recognition, continued progress on the One Earth expansion and carbon capture initiatives, and favorable ethanol fundamentals. Key catalysts for further upside include continued 45Z contribution, the One Earth expansion becoming fully operational during FY26, progress on the Class VI permit and Illinois carbon pipeline process following the scheduled July 2026 moratorium expiration, and eventual 45Q monetization. Supportive industry fundamentals, including stable domestic demand, exports through March up 20% y/y, lower corn costs, and favorable ethanol economics, continue to support earnings visibility, while REX’s strong balance sheet, with no bank debt and substantial cash reserves, provides flexibility to fund growth initiatives while maintaining disciplined capital allocation. Time series valuation supports additional upside if earnings visibility continues to improve. REX currently trades at 16.6x LTM P/E, below its three-year peak of 27.9x, suggesting the stock remains below prior cycle highs despite a structurally improved earnings profile. Applying a 21x multiple (in line with industry average and conservative relative to REX’s historical multiple) to LTM EPS of $2.81 implies a value of approximately $59/share, indicating potential upside as 45Z contribution, One Earth volume growth, and carbon capture progress become more visible in the earnings base. Peer analysis also suggests room for further re-rating. REX trades below the peer average of 21.3x LTM P/E, despite its 23-quarter profitability streak, debt-free balance sheet, and increasing exposure to policy-driven earnings streams. This valuation gap suggests that the company’s improving earnings quality and structural growth drivers are not fully reflected, with further re-rating likely as execution across capacity expansion, carbon capture, and 45Z scaling continues. Read Exec Edge’s Initiation on REX Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected]

Generated $1.32 of net income per share in fourth quarter and $2.50 of net income per share in Full Fiscal Year ‘25 Reported gross profit of $28.9 million for fourth quarter and $93.7 million for Full Fiscal Year ‘25 Reported net sales and revenue of $158.0 million for fourth quarter and $650.5 million for Full Fiscal Year ’25 Reported consolidated ethanol sales volumes of 70.1 million gallons for fourth quarter and 290.0 million gallons for Full Fiscal Year ’25 DAYTON, Ohio, March 26, 2026--(BUSINESS WIRE)--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 full year and fiscal fourth quarter 2025. REX American Resources’ Q4 and full fiscal year 2025 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 ethanol affiliates. Full Fiscal Year 2025 Results For the full fiscal year 2025, REX reported net sales and revenue of $650.5 million, compared with $642.5 million for full fiscal year 2024. The year-over-year net sales and revenue increase primarily reflects improved ethanol and corn oil pricing. Full fiscal year 2025 gross profit for the Company was $93.7 million, compared with $91.5 million in full fiscal year 2024, primarily reflecting better crush margins. Gross profit margin for fiscal year 2025 remained steady at 14% compared to fiscal year 2024. Full fiscal year 2025 income before income taxes and non-controlling interests was $88.6 million, compared with $92.9 million in the prior year period. Net income attributable to REX shareholders in full fiscal year 2025 was $83.0 million, compared to $58.2 million in full fiscal year 2024. Full fiscal year diluted net income per share attributable to REX common shareholders was $2.50, compared to $1.65 per share in full fiscal year 2024. Per share results for full fiscal years 2025 and 2024 are based on 33,208,000 and 35,272,000 diluted weighted average shares outstanding, respectively. Fourth Quarter 2025 Results REX reported Q4 ’25 net sales and revenue of $158.0 million, compared to Q4 ‘24 net sales and revenue of $158.2 million. Fourth quarter 2025 gross profit for the Company was $28.9 million, compared with $17.6 million in Q4 ’24, a result of improved ethanol pricing and lower corn costs, the two largest drivers of gross profit. This led to Q4 ‘25 income before income taxes and non-controlling interests of $27.4 million, compared with $17.9 million in Q4 ’24. During Q4 ’25, the Company recognized approximately $28.1 million in 45Z tax credits as a reduction to income tax expense. 45Z tax credits became available for production and sales beginning January 1, 2025. Net income attributable to REX shareholders in Q4 ‘25 was $43.7 million, compared to $11.1 million in Q4 ’24. Q4 ‘25 diluted net income per share attributable to REX common shareholders was $1.32, compared to $0.31 per share in Q4 ’24. Per share results for Q4 ’25 and Q4 ’24 are based on 33,037,000 and 35,261,000 diluted weighted average shares outstanding, respectively. Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects REX is nearing completion of the expansion of ethanol production at the One Earth facility. The Company expects testing and commissioning to begin upon completion, with the facility becoming fully operational during fiscal 2026. The Company’s carbon capture and sequestration project continues to await permitting for the Class VI injection well and associated carbon dioxide pipeline. REX remains actively engaged with the U.S. EPA and the Illinois Commerce Commission throughout both processes. 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 $166 million. The Company continues to budget a total of $220-$230 million for these projects. Share Repurchases During Fiscal Year 2025, the Company repurchased approximately 1,651,252 shares, for total consideration of $32.9 million. After these repurchases, a total of 2,357,186 shares remained available to purchase under existing board authorization. Balance Sheet As of January 31, 2026, REX had $375.8 million of cash, cash equivalents, and short-term investments available and no bank debt. Management Commentary "REX American delivered record earnings per share in fiscal 2025. We strengthened our record of profitable operations, advanced our ethanol production expansion, and continued working closely with government officials to drive progress on our carbon capture initiative," said Zafar Rizvi, Chief Executive Officer of REX. "At the same time, we remain fully focused on our core operations and revenue-generating activities, while pursuing qualifications for the 45Z tax credit program to enhance profitability. The REX team continues to execute at a high level, positioning the company for sustainable growth and creating increasing value for our shareholders." Conference Call Information REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s full fiscal year and fourth 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 13758494. 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 such as the One Big Beautiful Bill, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism, wars and other conflicts, 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260326725483/en/ Contacts Investor Douglas Bruggeman Chief Financial Officer Caldwell Bailey ICR, Inc. [email protected]

Generated $0.71 of net income per share in Fiscal Q3 ‘25 Reported $36.1 million of gross profit for Fiscal Q3 ‘25 Reported $175.6 million of net sales and revenue for Fiscal Q3 ‘25 Reported 78.4 million gallons of consolidated ethanol sales volumes for Fiscal Q3 ‘25 Ethanol expansion project moving forward with completion still expected in 2026 DAYTON, Ohio, December 04, 2025--(BUSINESS WIRE)--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 third quarter 2025. REX American Resources’ fiscal third quarter 2025 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. Third Quarter 2025 Results REX reported Q3 ’25 net sales and revenue of $175.6 million compared to Q3 ‘24 net sales and revenue of $174.9 million. Third quarter 2025 gross profit for the Company was $36.1 million, compared with $39.7 million in Q3 ’24. The decrease in gross profit was primarily the result of lower ethanol and distillers grain pricing. The Company reported interest and other income of $3.2 million in Q3 ’25, compared to $4.6 million in Q3 ’24. This led to Q3 ‘25 income before income taxes and noncontrolling interests of $35.5 million, compared with $39.5 million in Q3 ’24. Net income attributable to REX shareholders in Q3 ‘25 was $23.4 million, compared to $24.5 million in Q3 ’24. Third quarter ‘25 diluted net income per share attributable to REX common shareholders was $0.71, compared to $0.69 per share in Q3 ’24. Per share results for Q3 ’25 and Q3 ’24 are based on 33,002,000 and 35,445,000 diluted weighted average shares outstanding, respectively. Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects REX has made progress on the expansion of ethanol production at the One Earth facility, and the facility is on track for 2026 completion. As previously discussed, REX substantially completed construction of the capture and compression portions of its One Earth carbon capture and sequestration project at the Company’s Gibson City, Illinois location during Fiscal Year 2024. Currently, the Environmental Protection Agency (EPA) Class VI injection well permitting process is ongoing. Final permitting decision for the sequestration portion of the project is expected to be completed in June 2026 according to the published EPA timeline. Capital expenditures at the end of the third quarter related to the One Earth carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $155.8 million. The Company’s combined budget for completion of the projects is $220-$230 million. Balance Sheet As of October 31, 2025, REX had $335.5 million of cash, cash equivalents, and short-term investments available and no bank debt. Management Commentary "REX continues to deliver value to shareholders, marking our 21st consecutive quarter of positive earnings," said Zafar Rizvi, Chief Executive Officer of REX. "As our ethanol expansion and carbon capture projects advance, we are evaluating how best to leverage the 45Z tax credits to further enhance shareholder value. Most importantly, our team remains laser-focused on our core business, which continues to perform strongly and is well-positioned to deliver another profitable quarter and positive cash flow. We are excited about the opportunities ahead as we look forward to a successful 2026 and as we enter the fiscal fourth quarter." Conference Call Information REX will host a conference call at 11:00 a.m. ET today to discuss the Company’s fiscal third 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 13757314. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20251204554934/en/ Contacts Investor Douglas Bruggeman Chief Financial Officer Caldwell Bailey ICR, Inc. [email protected]

Company announces 2-for-1 stock split Generated $0.43 of net income per share in Fiscal Q2 ’25 Reported gross profit of $14.3 million for Fiscal Q2 ’25 Reported net sales and revenue of $158.6 million for Fiscal Q2 ’25 Reported consolidated ethanol sales volumes of 70.6 million gallons for Fiscal Q2 ’25 Ethanol expansion project moving forward with completion still expected in 2026 DAYTON, Ohio, August 27, 2025--(BUSINESS WIRE)--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 2025. The Company also announced a 2-for-1 stock split for shareholders of record as of September 8, 2025. REX American Resources’ fiscal second quarter 2025 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. Second Quarter 2025 Results REX reported Q2 ’25 net sales and revenue of $158.6 million, compared to Q2 ’24 net sales and revenue of $148.2 million. The year-over-year net sales and revenue increase primarily reflects higher volumes, in spite of lower ethanol and dried distiller grain pricing in comparison to the same period in 2024. Second quarter 2025 gross profit for the Company was $14.3 million, compared with $19.8 million in Q2 ’24. The Company reported interest and other income of $3.1 million in Q2 ’25, compared to $4.4 million in Q2 ’24. This led to Q2 ’25 income before income taxes and noncontrolling interests of $12.1 million, compared with $19.5 million in Q2 ’24. Net income attributable to REX shareholders in Q2 ’25 was $7.1 million, compared to $12.4 million in Q2 ’24. Second quarter ’25 diluted net income per share attributable to REX common shareholders was $0.43, compared to $0.70 per share in Q2 ’24. Per share results for Q2 ’25 and Q2 ’24 are based on 16,505,000 and 17,671,000 diluted weighted average shares outstanding, respectively. Update on One Earth Energy Ethanol Production Expansion and Carbon Capture Projects REX has made progress on the expansion of ethanol production at the One Earth facility. The previously mentioned energy efficiency initiative has been completed. Project completion is still anticipated in 2026. As previously discussed, REX substantially completed construction of the capture and compression portions of its One Earth carbon capture and sequestration project at the Company’s Gibson City, Illinois location during Fiscal Year 2024. Currently, the Environmental Protection Agency (EPA) Class VI injection well permitting process is ongoing. Final permitting decision for the sequestration portion of the project is expected to be completed in March 2026, moved forward from the previously expected timeline of April 2026, according to the published EPA timeline. Capital expenditures at the end of the second quarter related to the One Earth carbon capture and sequestration project and related expansion of ethanol production capacity at the Gibson City location totaled $126.7 million. The Company’s combined budget for completion of the projects is $220-$230 million. Stock Split Today, the Company announced that its Board of Directors has declared a 2-for-1 split of its Common Stock to be effected as a 100 percent (100%) Common Stock dividend. The dividend is payable September 15, 2025, to shareholders of record as of the close of business on September 8, 2025. Shareholders will receive one additional share of Common Stock for every share held on the record date. As a result of the stock split, REX American Resources’ outstanding shares of Common Stock will increase from 16,528,787 at present, to 33,057,574 shares. Taking into effect the planned stock split, effective at the close of business on September 8, 2025, the number of shares of Common Stock previously authorized by the Board of Directors for repurchase will be increased by 100 percent (100%) to 2,357,186 shares. Balance Sheet As of July 31, 2025, REX had $310.5 million of cash, cash equivalents, and short-term investments available and no bank debt. Management Commentary "The second quarter continued REX’s excellent track record in delivering value to shareholders, and marked our 20th consecutive quarter of positive earnings," said Zafar Rizvi, Chief Executive Officer of REX. "Our ethanol expansion project remains on schedule for completion in 2026, further positioning us to deliver sustained long-term shareholder value. As we look forward to the remainder of the year, we are confident in the market forces supporting our core ethanol business and remain committed to our focus on maintaining and expanding our value proposition for investors. We are pleased with the extension of the provisions for 45Z and 45Q tax credits in the One Big Beautiful Bill Act, and the potential positive impact on our business moving forward. "Today’s announcement of our stock split reflects the confidence we have in the go-forward position of REX’s business," continued Mr. Rizvi. "The expansion of our ethanol production capacity and potential benefit from 45Z and 45Q tax credits puts the Company in an excellent position to continue creating value for shareholders over the near and long-term." 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 13755434. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20250826009187/en/ Contacts Investor Contacts Douglas Bruggeman Chief Financial Officer Caldwell Bailey ICR, Inc. [email protected]