Rex American Resources orati

What Rex American Resources orati does

REX American Resources Corporation (NYSE: REX) is a Dayton, Ohio-based holding company and one of the leading U.S. producers of ethanol. Founded as a public company in 1984 and listed on the NYSE since 1986, REX operates through majority-owned One Earth Energy in Gibson City, Illinois and NuGen Energy in Marion, South Dakota, plus a minority stake in Big River Resources, which holds four additional ethanol plants. Together these six facilities represent approximately 730 million gallons of aggregate annual capacity, with roughly 300 million gallons under effective majority ownership. Beyond ethanol, the company sells three co-products: Dried Distillers Grains with Solubles (DDGS) and Modified Distillers Grains with Solubles (MDGS) as protein-rich animal feed, and Distillers Corn Oil as feedstock for renewable diesel and biodiesel.

The company's business model is that of a commodity producer: ethanol and co-products are sold into spot and contracted channels at market-determined prices to fuel blenders, livestock producers, and renewable fuel manufacturers. A distinctive and increasingly material revenue layer comes from federal production tax credits. In Q4 2025 alone, REX recognized $28.1M in 45Z credits tied to production volume and carbon intensity, and $7.5M in Q1 2026; these credits are expected to continue through 2029. The company is also developing a carbon capture and sequestration (CCS) project at One Earth Energy, which has completed construction of the carbon capture and compression facility and is pursuing EPA Class VI permits for three injection wells (each capable of 90 million tons of CO2) to enable near-carbon-neutral operations and additional 45Q monetization.

Strategically, REX is in the middle of a $220–230M capital program to expand One Earth Energy to approximately 200 million gallons annually (~$176.3M deployed as of Q1 2026) and stands to benefit disproportionately from carbon-intensity-linked policy incentives. The company has delivered 22 consecutive quarters of profitability, FY2025 net income of $83M on revenue of $650.5M, and maintains a debt-free balance sheet with $375.8M in cash as of Q4 2025, supporting both organic growth and optionality on further carbon-credit-driven investment.

Name

Rex American Resources orati

Legal name

REX American Resources Corporation

Website

https://rexamerican.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

51–100 employees

Short description

REX American Resources (NYSE: REX) is a Dayton, Ohio-based holding company and leading U.S. ethanol producer operating six Midwest plants with ~730 million gallons of annual capacity, selling ethanol plus DDGS, MDGS, and distillers corn oil co-products while developing carbon capture and sequestration to capture 45Z/45Q tax credits.

Ownership category

akta.pro rank

Product category

Ethanol Production

akta.pro primary industry

Grain & Sugar-Based Ethanol Production (EUAAAHAA)

Keywords

• Ethanol production
• Renewable fuel manufacturing
• Corn oil extraction
• Animal feed co-products
• Carbon capture sequestration

Headquarters

HQ city

Dayton

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Ethanol Sales: Primary revenue from producing and selling ethanol as a renewable, cleaner-burning fuel. Production capacity of approximately 730 million gallons per year across six plants with effective ownership of ~300 million gallons annually.
2. Co-Product Sales (DDGS, MDGS, Distillers Corn Oil): Revenue from selling dried distillers grains with solubles (high-quality protein-rich animal feed), modified distillers grains with solubles, and distillers corn oil for low-carbon fuel production.
3. 45Z Tax Credits: Production tax credits tied to ethanol production volume and carbon intensity. Company recognized $28.1 million in 45Z tax credits in Q4 2025 and $7.5 million in Q1 2026. Expected to continue through 2029.

Distribution channels2 records

Marketing channels4 records

Core offering

REX American Resources is an energy holding company that produces and sells ethanol from corn, along with three co-products—Dried Distillers Grains with Solubles (DDGS), Modified Distillers Grains with Solubles (MDGS), and Distillers Corn Oil—through six ethanol production plants with a combined annual capacity of approximately 730 million gallons. The majority-owned One Earth Energy plant is also the site of a carbon capture and sequestration (CCS) initiative aimed at achieving near-carbon neutral ethanol production and unlocking additional tax credits.

Product overview

REX American Resources Corporation is a holding company and leading U.S. producer of ethanol with a portfolio of six ethanol production plants (majority and minority ownership) totaling approximately 730 million gallons of annual capacity. The company's core products include ethanol fuel and three co-products: Dried Distillers Grains with Solubles (DDGS), Modified Distillers Grains with Solubles (MDGS), and Distillers Corn Oil. REX is also developing carbon capture and sequestration technology at its One Earth Energy facility to pursue near-carbon neutral operations and additional tax credits. The company operates through majority-owned One Earth Energy, LLC (Gibson City, IL) and NuGen Energy, LLC (Marion, SD), plus minority-owned Big River Resources, LLC (four plants in the Midwest corn belt).

Differentiator

Problem solved

Functional benefit

Products and services

• Ethanol A renewable, cleaner-burning fuel produced from corn and sold as a bulk commodity to fuel blenders, distributors, and industrial users across the U.S. Aggregately produced at approximately 730 million gallons per year across six ethanol plants.
• Dried Distillers Grains with Solubles (DDGS) A high-quality, lower cost, protein-rich animal feed produced as a co-product at ethanol plants and sold to livestock producers for use in animal nutrition.
• Modified Distillers Grains with Solubles (MDGS) A protein-rich animal feed with higher moisture content produced as a co-product at ethanol plants and sold to livestock producers.
• Distillers Corn Oil A co-product of ethanol production sold for use in producing low-carbon fuels such as renewable diesel and biodiesel.

Quantifiable outcome

• Record fiscal 2025 EPS of $2.50 per share, up from $1.65 in FY2024
• +4 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Illinois State Geological Survey (under DOE CarbonSAFE initiative)coreStrategic or Co-development Partner · 1 January 2019REX began working with the Illinois State Geological Survey under the Department of Energy's CarbonSAFE initiative to determine feasibility of carbon sequestration near the One Earth Energy plant and conduct initial tests. This partnership has been instrumental in the geological modeling and test well drilling activities for the carbon capture project.

Scale indicators17 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Valero Renewable Energy Company: Valero operates a portfolio of ethanol plants as a subsidiary of the broader refining company, giving it comparable corn-ethanol and co-product exposure plus the strategic advantage of integrated fuel marketing. Directly comparable to REX on ethanol production and increasingly on low-carbon fuel positioning.
• Flint Hills Resources (Koch Industries): Flint Hills Resources, a Koch subsidiary, operates ethanol plants as part of a broader refining and chemicals platform. Comparable to REX as a corn-ethanol producer with deep commodity and supply chain resources, though embedded within a much larger diversified enterprise.
• Archer-Daniels-Midland Company (ADM): ADM operates a large corn-processing/ethanol footprint alongside its broader agricultural commodity business. While not a pure-play ethanol peer, it competes directly with REX on corn procurement and ethanol distribution, and is also investing in biofuel and CCS initiatives.

Others

• ICM, Inc. ICM is a leading ethanol process technology and plant design provider supplying much of the U.S. ethanol industry. Relevant as an enabling/ecosystem participant whose technology underpins REX's production base and whose Fiber by ICM 2.0 and CCS partnerships influence industry evolution.
• Summit Carbon Solutions: Summit is developing the largest U.S. dedicated CO2 pipeline and sequestration network serving ethanol and other industrial emitters. Highly comparable to REX's CCS strategy as a potential infrastructure partner or competitive alternative for Class VI sequestration capacity in the Midwest.

Direct peers

• Green Plains Inc. Green Plains is a publicly traded U.S. ethanol producer with comparable plant network and co-product mix (DDGS, corn oil), and is pursuing its own carbon capture initiatives (CCS at multiple facilities). Directly competes with REX on ethanol production economics, 45Z credit optimization, and low-carbon ethanol positioning.
• Alto Ingredients, Inc. Alto Ingredients (formerly Pacific Ethanol) operates a smaller U.S. ethanol plant portfolio producing ethanol, DDGS, and corn oil. Directly comparable to REX on product mix, customer base, and reliance on 45Z tax credits, serving as a smaller-cap pure-play proxy.
• Marquis Energy: Marquis Energy is a privately held Midwestern corn ethanol producer with comparable plant scale and corn-belt location. Provides a useful private-market comparable for plant-level operating benchmarks and growth trajectory benchmarking against REX's majority-owned facilities.
• POET, LLC: POET is the largest U.S. ethanol producer with 27+ plants and is also developing carbon capture through Project Bison. Competes head-to-head with REX on corn sourcing, ethanol pricing, and CCS leadership, making it the most relevant direct benchmark for REX's operating scale and policy positioning.

Emerging players

• Aemetis, Inc. Aemetis is an emerging renewable fuels and CCS player pursuing carbon capture at its ethanol plant in Keyes, CA (Riverbank Carbon Capture project). Closely comparable to REX on the CCS-enabled ethanol strategy and 45Q/45Z credit capture, though smaller and earlier stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rex-american-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rex American Resources orati