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REX American Resources Corporation 2024 Annual Report Fiscal Year Ended January 31, 2025 REX American Resources Corporation orporation REX American Resources Corporation C 2024 Annual Report
Board of Directors Stuart A. Rose Zafar A. Rizvi Edward M. Kress EXECUTIVE CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER, DIRECTOR & PRESIDENT SECRETARY & DIRECTOR David S. Harris Mervyn L. Alphonso Charles A. Elcan LEAD DIRECTOR DIRECTOR DIRECTOR Lee I. Fisher Anne C. MacMillan Cheryl L. Bustos DIRECTOR DIRECTOR DIRECTOR 2024 Highlights $3.30 full fiscal year net income per share $91.5 million of gross profit for fiscal year 2024 REX American Resources Corporation 14% gross profit margin, an increase from 12% in fiscal year 2023 289.7 million gallons of ethanol sold from consolidated plants in fiscal year 2024 2024 Annual Report
Dear Valued Shareholders, Fiscal year 2024 marked a year of meaningful progress and continued nancial strength for REX American Resources. I m pleased to report that the fourth quarter of scal 2024 was our 18th consecutive pro table quarter a testament to our disciplined operations, strategic foresight, and unwavering commitment to long-term shareholder value. Strong Performance in Our Core Business Our ethanol operations continued to deliver solid results during fiscal year 2024. We sold 290 million gallons of ethanol up from 286 million gallons in 2023. This growth reflects record export markets for the industry in 2024, stable domestic demand and our ongoing success in optimizing throughput. To achieve this, our management team executed with precision, capitalizing on favorable corn and natural gas pricing to protect margins amid market volatility. Advancing Strategic Growth Initiatives Beyond the core business, a major milestone in 2024 was the launch of the expansion of our One Earth Energy ethanol production facility, which will ultimately increase production capacity from 150 million to 200 million gallons annually, once permitting is received and construction is completed. To enable long-term operational excellence at higher volumes, we ve extended the timeline for completion of the expansion to early 2026, allowing for optimization of critical systems to support sustained, high-efficiency output. Our carbon capture and sequestration (CCS) project also made significant progress. We substantially completed the capture and compression infrastructure at One Earth Energy and secured long-term easements for CO2 storage to support the sequestration of at least 15 years of CO2 emissions from our expanded operations. Importantly, we have acquired 100% of the land required for the project s six-mile CO2 pipeline, thanks to strong support from neighboring farmers. With permits pending, we are positioned to advance this vital project into its next phase. Financial Strength Supporting Strategic Flexibility We ended fiscal 2024 in a strong financial position. For fiscal year 2024, gross profit increased to 14%, up from 12% in 2023, with the third quarter being the second most profitable in company history. At the end of the fiscal year, we held $359 million in total cash, cash equivalents, and short-term investments. We are committed to deploying these resources prudently to support growth, innovation, and shareholder returns. Our strategy to grow organically without incurring debt guides our total budget of $220 to $230 million for the ethanol plant expansion and CCS project, of which we have already invested $116 million. This disciplined approach, growing within cashflow, enables us to face uncertain economic conditions while maintaining a strong balance sheet for future challenges. Our share repurchase program remains a key driver of shareholder value. In fiscal fourth quarter 2024, we repurchased approximately 373,000 shares, and continued purchases REX American Resources Corporation during the first quarter of 2025. So that we can continue to act quickly when opportunity presents itself, in March, our Board authorized an additional 1.5 million shares for repurchase, enabling us to take advantage of market undervaluation. Navigating Policy and Positioning for the Future As we look ahead to 2025 and beyond, we are actively engaging in the evolving policy discussions that may impact our industry. These include potential tariffs on ethanol and co-product exports, as well as legislative developments regarding year-round E15 blending, which could significantly boost domestic demand. We are working closely with industry stakeholders to advocate for policies that support the broader biofuels sector. Our Strategy for 2025: Three Core Pillars Our business in 2025 is rooted in our attention to detail and steadfast commitment to operational excellence and shareholder value. As such, we are focused on three core pillars to guide our actions and decision making. These are: Operational Excellence Maintain disciplined cost management and high-efficiency production across all facilities. Strategic Growth Execute key capital projects, including CCS and ethanol plant expansion, to unlock long-term value. Policy Engagement Proactively address regulatory risk and work to influence market-shaping energy policies. The success of REX is built on the talent, dedication, and resilience of our team, and nothing we do would be possible without their dedication to the above pillars. Our employees continue to set industry benchmarks for efficiency and safety. I extend my heartfelt thanks to each of them for their valuable contributions. Looking Ahead With a strong foundation, a focused growth strategy, and a steadfast commitment to excellence, REX American Resources is well-positioned to capitalize on future opportunities. Our operational momentum, strategic investments with a disciplined approach, and financial strength equip us to deliver sustainable, long-term value for our shareholders. Thank you for your continued trust and support. Sincerely, ZAFAR A. RIZVI CHIEF EXECUTIVE OFFICER, DIRECTOR & PRESIDENT April 10, 2025 2024 Annual Report
Operational and Financial Metrics Revenue Cash from operations in millions in millions $130 $900 $120 $110 $800 $100 $90 $700 $80 $70 $600 $60 $50 $500 $40 $30 $400 $20 $10 $300 2020 2021 2022 2023 $0 2024 2020 Cash, Cash equivalents, & Short-term investments 2021 2022 2023 2024 Diluted earnings per share in millions $400 $5 $4 $300 $3 $200 $2 $100 $0 $1 2020 2021 2022 2023 $0 2024 2020 2021 2022 2023 2024 Book value REX effective ownership of ethanol shipped $40 350 per share in millions of gallons 300 $30 250 200 $20 150 100 $10 50 $0 0 2020 2021 2022 2023 REX American Resources Corporation 2024 2020 2021 2022 2023 2024 2024 Annual Report
 • shareholder letter icon 4/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/5/2023 REX Stockholder Letter
 • stockholder letter icon 5/2/2024 REX Stockholder Letter
 • stockholder letter icon More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 • Benford's Law Stocks icon REX Benford's Law Stock Score = 89


REX Shareholder/Stockholder Letter Transcript:

REX American
Resources Corporation
2024 Annual
Report
Fiscal Year Ended January 31, 2025
REX American Resources Corporation
orporation
REX American Resources Corporation
C
2024 Annual Report

Board of Directors
Stuart A. Rose
Zafar A. Rizvi
Edward M. Kress
EXECUTIVE CHAIRMAN
OF THE BOARD
CHIEF EXECUTIVE OFFICER,
DIRECTOR & PRESIDENT
SECRETARY & DIRECTOR
David S. Harris
Mervyn L. Alphonso
Charles A. Elcan
LEAD DIRECTOR
DIRECTOR
DIRECTOR
Lee I. Fisher
Anne C. MacMillan
Cheryl L. Bustos
DIRECTOR
DIRECTOR
DIRECTOR
2024 Highlights
$3.30
full fiscal year net
income per share
$91.5
million of gross profit for
fiscal year 2024
REX American Resources Corporation
14%
gross profit margin, an
increase from 12% in
fiscal year 2023
289.7
million gallons of ethanol sold
from consolidated plants in
fiscal year 2024
2024 Annual Report

Dear Valued Shareholders,
Fiscal year 2024 marked a year of meaningful progress and continued    nancial strength for REX American Resources.
I   m pleased to report that the fourth quarter of    scal 2024 was our 18th consecutive pro   table quarter   a testament to
our disciplined operations, strategic foresight, and unwavering commitment to long-term shareholder value.
Strong Performance in Our Core Business
Our ethanol operations continued to deliver solid results during
fiscal year 2024. We sold 290 million gallons of ethanol   up
from 286 million gallons in 2023. This growth reflects record
export markets for the industry in 2024, stable domestic
demand and our ongoing success in optimizing throughput. To
achieve this, our management team executed with precision,
capitalizing on favorable corn and natural gas pricing to protect
margins amid market volatility.
Advancing Strategic Growth Initiatives
Beyond the core business, a major milestone in 2024 was
the launch of the expansion of our One Earth Energy ethanol
production facility, which will ultimately increase production
capacity from 150 million to 200 million gallons annually, once
permitting is received and construction is completed. To enable
long-term operational excellence at higher volumes, we   ve
extended the timeline for completion of the expansion to early
2026, allowing for optimization of critical systems to support
sustained, high-efficiency output.
Our carbon capture and sequestration (CCS) project also
made significant progress. We substantially completed the
capture and compression infrastructure at One Earth Energy
and secured long-term easements for CO2 storage to support
the sequestration of at least 15 years of CO2 emissions from our
expanded operations. Importantly, we have acquired 100% of
the land required for the project   s six-mile CO2 pipeline, thanks
to strong support from neighboring farmers. With permits
pending, we are positioned to advance this vital project into its
next phase.
Financial Strength Supporting Strategic Flexibility
We ended fiscal 2024 in a strong financial position. For fiscal
year 2024, gross profit increased to 14%, up from 12% in 2023,
with the third quarter being the second most profitable
in company history. At the end of the fiscal year, we held
$359 million in total cash, cash equivalents, and short-term
investments.
We are committed to deploying these resources prudently
to support growth, innovation, and shareholder returns. Our
strategy to grow organically   without incurring debt   guides
our total budget of $220 to $230 million for the ethanol plant
expansion and CCS project, of which we have already invested
$116 million. This disciplined approach, growing within cashflow,
enables us to face uncertain economic conditions while
maintaining a strong balance sheet for future challenges.
Our share repurchase program remains a key driver of
shareholder value. In fiscal fourth quarter 2024, we repurchased
approximately 373,000 shares, and continued purchases
REX American Resources Corporation
during the first quarter of 2025. So that we can continue to act
quickly when opportunity presents itself, in March, our Board
authorized an additional 1.5 million shares for repurchase,
enabling us to take advantage of market undervaluation.
Navigating Policy and Positioning for the Future
As we look ahead to 2025 and beyond, we are actively
engaging in the evolving policy discussions that may impact
our industry. These include potential tariffs on ethanol and
co-product exports, as well as legislative developments
regarding year-round E15 blending, which could significantly
boost domestic demand. We are working closely with industry
stakeholders to advocate for policies that support the broader
biofuels sector.
Our Strategy for 2025: Three Core Pillars
Our business in 2025 is rooted in our attention to detail
and steadfast commitment to operational excellence and
shareholder value. As such, we are focused on three core pillars
to guide our actions and decision making. These are:
    Operational Excellence     Maintain disciplined cost
management and high-efficiency production across
all facilities.
    Strategic Growth     Execute key capital projects, including
CCS and ethanol plant expansion, to unlock long-term value.
    Policy Engagement     Proactively address regulatory risk
and work to influence market-shaping energy policies.
The success of REX is built on the talent, dedication, and
resilience of our team, and nothing we do would be possible
without their dedication to the above pillars. Our employees
continue to set industry benchmarks for efficiency and safety.
I extend my heartfelt thanks to each of them for their valuable
contributions.
Looking Ahead
With a strong foundation, a focused growth strategy, and a
steadfast commitment to excellence, REX American Resources
is well-positioned to capitalize on future opportunities.
Our operational momentum, strategic investments with a
disciplined approach, and financial strength equip us to deliver
sustainable, long-term value for our shareholders.
Thank you for your continued trust and support.
Sincerely,
ZAFAR A. RIZVI
CHIEF EXECUTIVE OFFICER, DIRECTOR & PRESIDENT
April 10, 2025
2024 Annual Report

Operational and Financial Metrics
Revenue
Cash from operations
in millions
in millions
$130
$900
$120
$110
$800
$100
$90
$700
$80
$70
$600
$60
$50
$500
$40
$30
$400
$20
$10
$300
2020
2021
2022
2023
$0
2024
2020
Cash, Cash equivalents,
& Short-term investments
2021
2022
2023
2024
Diluted earnings per share
in millions
$400
$5
$4
$300
$3
$200
$2
$100
$0
$1
2020
2021
2022
2023
$0
2024
2020
2021
2022
2023
2024
Book value
REX effective ownership of ethanol shipped
$40
350
per share
in millions of gallons
300
$30
250
200
$20
150
100
$10
50
$0
0
2020
2021
2022
2023
REX American Resources Corporation
2024
2020
2021
2022
2023
2024
2024 Annual Report



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