REX AMERICAN RESOURCES Corp
For the period ended Oct 31, 2025. Filed Dec 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 31, 2025 · Filed Dec 4, 2025
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**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|---|
| For the quarterly period ended October 31, 2025 | |
| OR | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from _________ to _________ | |
Commission File Number 001-09097
**REX AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 31-1095548 |
| (State or other jurisdiction of | (I.R.S. Employer |
|---|---|
| incorporation or organization) | Identification Number) |
| 7720 Paragon Road, Dayton, Ohio | 45459 |
| (Address of principal executive offices) | (Zip Code) |
|---|
**(937)276-3931
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, $0.01 par value | REX | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☒ | Accelerated filer ☐ |
|---|---|
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ☐ |
| Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No☒
At the close of business on December 3, 2025, the registrant had 32,937,718 shares of Common Stock, par value $.01 per share, outstanding.
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES
INDEX
| Page | ||
|---|---|---|
| PART I. · FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements | ||
| Consolidated Balance Sheets | 4 | |
| Consolidated Statements of Operations | 5 | |
| Consolidated Statements of Equity | 6 | |
| Consolidated Statements of Cash Flows | 8 | |
| Notes to Consolidated Financial Statements | 9 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 40 |
| Item 4. | Controls and Procedures | 40 |
| PART II. | OTHER INFORMATION | |
| Item 1. | Legal Proceedings | 41 |
| Item 1A. | Risk Factors | 41 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 41 |
| Item 3. | Defaults upon Senior Securities | 41 |
| Item 4. | Mine Safety Disclosures | 42 |
| Item 5. | Other Information | 42 |
| Item 6. | Exhibits | 42 |
| Commonly Used Defined Terms | |
|---|---|
| Corporate Structure: | |
| REX/the Company | REX American Resources Corporation, and its majority and wholly owned subsidiaries |
| NuGen | NuGen Energy, LLC – REX owns 99.7% |
| One Earth | One Earth Energy, LLC and subsidiaries – REX owns 76.1% |
| Big River | Big River, LLC, and subsidiaries – REX owns 10.3% |
| Industry Terms: | |
| CI | Carbon Intensity |
| CO2 | Carbon dioxide |
| E-10 | Gasoline blended with up to 10% ethanol by volume |
| E-15 | Gasoline blended with up to 15% ethanol by volume |
| EPA | United States Environmental Protection Agency |
| FEOC | Foreign Entity of Concern |
| GHG | Greenhouse Gas |
| IRA | Inflation Reduction Act |
| IRC | Internal Revenue Code of 1986, as amended |
| IRC Section 41 | Internal Revenue Code § 41 - Credit for Increasing Research Activities |
| IRC Section 45/Section 45 | Internal Revenue Code § 45 - Electricity Produced from Certain Renewable Resources, etc. |
| IRS | Internal Revenue Service |
| OBBBA | One Big Beautiful Bill Act |
| PHMSA | Pipeline and Hazardous Materials Safety Administration |
| RFS II | Renewable Fuel Standard II |
| RIN(s) | Renewable Identification Number(s) |
| RVOs | Renewable Volume Obligations |
| Section 45Q/45Q | Section 45Q of the Internal Revenue Code |
| Section 45Z/45Z | Section 45Z of the Internal Revenue Code |
| SB | Illinois Senate Bill |
| SAF | Sustainable Aviation Fuel |
| SRE(s) | Small Refinery Exemption(s) |
| USDA | United States Department of Agriculture |
| USMCA | United States-Mexico-Canada Agreement |
| Accounting and General Business Terms: | |
| ASC | Accounting Standards Codification |
| ASC 280 | ASC 280, “Segment Reporting” |
| ASC 815 | ASC 815, “Derivatives and Hedging” |
| ASC 820 | ASC 820, “Fair Value Measurements and Disclosures” |
| ASU | Accounting Standards Update |
| FASB | Financial Accounting Standards Board |
| SG&A | Selling, general, and administrative |
| TSR | Total shareholder return |
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