{"url_path":"/sec/rex/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-02","source_url":"https://www.sec.gov/Archives/edgar/data/744187/0000930413-26-001786-index.html","accession_number":"0000930413-26-001786","cik":"0000744187","ticker":"REX","issuer_name":"REX AMERICAN RESOURCES Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/744187/0000930413-26-001786-index.html","primary_entity_key":"0000744187","primary_entity_name":"REX AMERICAN RESOURCES Corp"},"word_count":1098,"has_tables":true,"body_markdown":"**UNITED STATES**\n\n**SECURITIES AND EXCHANGE\nCOMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n**(Mark One)**\n\n \n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n  **For the quarterly period ended April 30, 2026**\n\n**OR**\n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n   \n\n  **For the transition period from _________ to _________**\n\n \n\n**Commission File Number 001-09097**\n\n \n\n \n\n**REX AMERICAN RESOURCES CORPORATION**\n\n**(Exact name of registrant as specified\nin its charter)**\n\n \n\n  **Delaware** **31-1095548**  \n\n  **(State or other jurisdiction of** **(I.R.S. Employer**  \n\n  **incorporation or organization)** **Identification Number)**  \n\n \n\n  **7720 Paragon Road, Dayton, Ohio** **45459**  \n\n  **(Address of principal executive offices)** **(Zip Code)**  \n\n       \n\n**(937) 276-3931**\n\n**(Registrant’s telephone number, including\narea code)**\n\n \n\nSecurities registered pursuant to Section\n12(b) of the Act:\n\n**Title of each class** **Trading Symbol(s)** **Name of each exchange on which registered**\n\nCommon stock, $0.01 par value REX New York Stock Exchange\n\n \n\nIndicate by check mark whether\nthe registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during\nthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject\nto such filing requirements for the past 90 days.               Yes ☒ No ☐\n\n \n\nIndicate by check mark whether\nthe registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation\nS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes\n☒ No ☐\n\n \n\nIndicate by check mark whether\nthe registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging\ngrowth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”\nand “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer  ☒ Accelerated filer ☐\n\nNon-accelerated filer    ☐ (Do not check if a smaller reporting company) Smaller reporting company ☐\n\n    Emerging growth company ☐\n\n \n\nIf an emerging growth company,\nindicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised\nfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether\nthe registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ☐ No ☒\n\n \n\nAt the close of business on June\n1, 2026, the registrant had 32,937,718 shares of Common Stock, par value $0.01 per share, outstanding.\n\n \n\n \n\n \n\nREX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES\n\n \n\nINDEX\n\n \n\n \n \nPage\n\n \n \n \n\n[PART I.](#x1_c116404a001)\n[FINANCIAL INFORMATION](#x1_c116404a001)\n \n\n \n \n \n\n[Item 1.](#x1_c116404a002)\n[Financial Statements](#x1_c116404a002)\n \n\n \n \n \n\n \n[Consolidated Balance Sheets](#x1_c116404a003)\n5\n\n \n[Consolidated Statements of Operations](#x1_c116404a004)\n6\n\n \n[Consolidated Statements of Equity](#x1_c116404a005)\n7\n\n \n[Consolidated Statements of Cash Flows](#x1_c116404a006)\n8\n\n \n[Notes to Consolidated Financial Statements](#x1_c116404a019)\n9\n\n \n \n \n\n[Item 2.](#x1_c116404a008)\n[Management’s\nDiscussion and Analysis of Financial Condition and Results of Operations](#x1_c116404a008)\n28\n\n \n \n \n\n[Item 3.](#x1_c116404a009)\n[Quantitative and Qualitative Disclosures About Market Risk](#x1_c116404a009)\n39\n\n \n \n \n\n[Item 4.](#x1_c116404a010)\n[Controls and Procedures](#x1_c116404a010)\n39\n\n \n \n \n\n[PART II.](#x1_c116404a011)\n[OTHER INFORMATION](#x1_c116404a011)\n \n\n \n \n \n\n[Item 1.](#x1_c116404a012)\n[Legal Proceedings](#x1_c116404a012)\n40\n\n \n \n \n\n[Item 1A.](#x1_c116404a013)\n[Risk Factors](#x1_c116404a013)\n40\n\n \n \n \n\n[Item 2.](#x1_c116404a014)\n[Unregistered Sales of Equity Securities and Use of Proceeds](#x1_c116404a014)\n40\n\n \n \n \n\n[Item 3.](#x1_c116404a015)\n[Defaults upon Senior Securities](#x1_c116404a015)\n40\n\n \n \n \n\n[Item 4.](#x1_c116404a016)\n[Mine Safety Disclosures](#x1_c116404a016)\n40\n\n \n \n \n\n[Item 5.](#x1_c116404a017)\n[Other Information](#x1_c116404a017)\n40\n\n \n \n \n\n[Item 6.](#x1_c116404a018)\n[Exhibits](#x1_c116404a018)\n41\n\n2\n\n**Commonly Used Defined Terms**\n\n \n** **\n\n**Corporate Structure:**\n \n\n \n \n\nREX/the Company\nREX American Resources Corporation, and its majority and wholly owned subsidiaries\n\nNuGen\nNuGen Energy, LLC – REX owns 99.7%\n\nOne Earth\nOne Earth Energy, LLC and subsidiaries – REX owns 76.1%\n\nBig River\nBig River Resources, LLC and subsidiaries – REX owns 10.3%\n\n \n \n\n**Industry Terms:**\n \n\n \n \n\nCI\nCarbon Intensity\n\nCO2\nCarbon dioxide\n\nE-10\nGasoline blended with up to 10% ethanol by volume\n\nE-15\nGasoline blended with up to 15% ethanol by volume\n\nEACs\nEnergy Attribute Certificates\n\nEPA\nUnited States Environmental Protection Agency\n\nFEOC\nForeign Entity of Concern\n\nGHG\nGreenhouse Gas\n\nIRA\nInflation Reduction Act\n\nIRC\nInternal Revenue Code of 1986, as amended\n\nIRC Section 45/Section 45\nIRC § 45 - Electricity Produced from Certain Renewable Resources, etc.\n\nIRS\nInternal Revenue Service\n\nOBBBA\nOne Big Beautiful Bill Act\n\nPHMSA\nPipeline and Hazardous Materials Safety Administration\n\nRFS II\nRenewable Fuel Standard II\n\nRINs\nRenewable Identification Number(s)\n\nRVOs\nRenewable Volume Obligations\n\nSection 45Q/45Q\nSection 45Q of the IRC\n\nSection 45Z/45Z\nSection 45Z of the IRC\n\nSB\nIllinois Senate Bill\n\nSAF\nSustainable Aviation Fuel\n\nSRE(s)\nSmall Refinery Exemption(s)\n\nUSDA\nUnited States Department of Agriculture\n\nUSMCA\nUnited States-Mexico-Canada Agreement\n\n \n \n\n**Accounting and General Business Terms:**\n\n \n\nASC\nAccounting Standards Codification\n\nASC 280\nASC 280, *“Segment Reporting”*\n\nASC 323\nASC 323, *“Investments-Equity Method and Joint Ventures”*\n\nASC 815\nASC 815, “*Derivatives and Hedging*”\n\nASC 820\nASC 820, “*Fair Value Measurements and Disclosures*”\n\nASU\nAccounting Standards Update\n\nFASB\nFinancial Accounting Standards Board\n\nSG&A\nSelling, general, and administrative\n\nRSUs\nRestricted stock units\n\nTSR\nTotal shareholder return\n\n3\n\n**Forward-Looking Statements**\n\n \n\nThis Form 10-Q contains or may contain forward-looking\nstatements as defined in the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking\nterminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue”\nor the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties\nthat could cause actual events or results to differ materially from those referred to in such forward-looking statements. These\nrisks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange\nCommission and include among other things: the impact of legislative and regulatory changes, the price volatility and availability\nof corn, distillers grains, ethanol, distillers corn oil, gasoline and natural gas, commodity market risk, ethanol plants operating\nefficiently and according to forecasts and projections, logistical interruptions, success in permitting and developing the planned\ncarbon sequestration facility near the One Earth ethanol plant, changes in the international, national or regional economies, the\nimpact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations\nsuch as the OBBBA, the impact of U.S. foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects\nof terrorism, wars and other conflicts, and the effect of pandemics on the Company’s business operations, including impacts on\nsupplies, demand, personnel and other factors. The Company does not intend to update publicly any forward-looking statements except\nas required by law. Other factors that could cause actual results to differ materially from those in the forward-looking statements\nare set forth in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (File No. 001-09097).\n\n4\n\n**PART I. FINANCIAL INFORMATION**"}