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

About this update from Rex American Resources Corporation

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 17 th for three Class VI injection wells. We are pleased to have reached this important regulatory milestone and 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 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   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/

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