REX美国资源公司2025年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended October 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of 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 oran emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth Large accelerated filer☒Non-accelerated filer☐(Do not check if a smaller reporting company) If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany 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. INDEX PART I.FINANCIAL INFORMATION Consolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial Statements Item 4.Mine Safety Disclosures42 Item 5.Other Information42 Item 6.Exhibits42 Commonly Used Defined Terms Corporate Structure: REX/the CompanyNuGen REX American Resources Corporation, and its majority and wholly owned subsidiariesNuGen Energy, LLC – REX owns 99.7%One Earth Energy, LLC and subsidiaries – REX owns 76.1% Carbon IntensityCarbon dioxideGasoline blended with up to 10% ethanol by volumeGasoline blended with up to 15% ethanol by volumeUnited States Environmental Protection AgencyForeign Entity of Concern Accounting and General Business Terms: Accounting Standards CodificationASC 280,“Segment Reporting”ASC 815, “Derivatives and Hedging”ASC 820, “Fair Value Measurements and Disclosures” ASCASC 280ASC 815 REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTSOctober 31, 2025 Note 1.Consolidated Financial Statements References to the Company – References to “REX” or the “Company” in the consolidated financialstatements and in these notes to the consolidated financial statements refer to REX American Resources The consolidated financial statements included in this report have been prepared by the Company,without audit, pursuant to the rules and regulations of the Securities and Exchange Commission and include, inthe opinion of management, all adjustments necessary to state fairly the information set forth therein. Any suchadjustments were of a normal recurring nature. Certain information and footnote disclosures normally includedin financial statements prepared in accordance with accounting principles generally accepted in the UnitedStates of America have been omitted pursuant to such rules and regulations, although the Company believes thatthe disclosures are adequate to make the information presented not misleading. Financial information as of Basis of Consolidation– The consolidated financial statements in this report include the operatingresults and financial position of the Company. All intercompany balances and transactions have been eliminated.The Company consolidates the results of its wholly owned and majority owned subsidiaries. The Company Stock Split– On August 26, 2025, the Board of Directors of the Company adopted resolutions declaringa two-for-one split of the Company’s Common Stock to be effectuated in the form of a 100% stock dividend,payable on September 15, 2025 to stockholders of record at the close of business on September 8, 2025. The Nature of Operations– The Company has one reportable segment, ethanol and by-products. Within theethanol and by-products segment, the Company has equity investments in three ethanol limited liabilitycompanies, two of which are majority ownership interests. In applying the criteria set forth in ASC 280, the Company determined that based on the nature of theproducts and production process and the expected financial results, the Company’s operations at its ethanolplants are aggregated into one reporting segment. Note 2.Accounting Policies The interim consolidated financial statements have been prepared in accordance with the accountingpolicies described in the notes to the consolidated financial statements included in the Company’s fiscal year2024 Annual Report on Form 10-K. While management believes that