Monitor progress on One Earth expansion commissioning and Class VI well permitting — both are key catalysts for 2026 growth. The 45Z tax credit tailwind is now embedded in gross margins (ASU 2025-10 adoption), but ethanol pricing headwinds reduced revenue. Given no formal guidance, watch for operational milestones and potential class VI permit updates on the next earnings call.
Price Chart
Executive Summary
REX American Resources reported Q1 2026 results with net sales of $156.5M (slightly down YoY from $158.3M) but net income attributable to common shareholders nearly doubled to $18.5M ($0.56 per diluted share), helped by production tax credits and lower corn costs. The company advanced its One Earth ethanol expansion (nearing completion, fully operational in fiscal 2026) and maintains a strong balance sheet with no bank debt. Revenue decline and lack of guidance temper the positive EPS story.
Key Financial Metrics
Key Facts
- Net sales and revenue of $156.5M in Q1ES26, down from $158.3M YoY
- Net income attributable to REX common shareholders of $18.5M ($0.56/share), up from $8.7M ($0.26/share) YoY
- Gross profit increased to $29.1M from $14.3M YoY, benefitting from $7.5M in 45Z production tax credits and lower corn costs
- Cash, cash equivalents and short-term investments totaled $364.3M with no bank debt as of April 30, 2026
- One Earth ethanol production expansion nearing completion with testing and commissioning expected in fiscal 2026; carbon capture project still awaiting Class VI well permitting
- Capital expenditures to-date on One Earth CCUS/expansion projects reached $176.3M against a $220-$230M budget
Financial Impact
EPS of $0.56 vs $0.26 YoY (115% increase); revenue declined 1.2% YoY; gross profit doubled to $29.1M
Risk Factors
- Revenue declined modestly YoY due to lower ethanol pricing
- Carbon capture project remains dependent on EPA Class VI well permitting timeline
- Capital expenditures on One Earth expansion/CCUS remain at $220-$230M budget, still ~$44M from completion
- Early adoption of ASU 2025-10 changes accounting for 45Z credits — retrospective adjustments may affect comparability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000930413-26-001732 |
| Document: c116455_8k-ixbrl.htm | 0000930413-26-001732 |
| Document: 0000930413-26-001732-index-headers.html | 0000930413-26-001732 |
| Document: 0000930413-26-001732-index.html | 0000930413-26-001732 |
| Document: 0000930413-26-001732.txt | 0000930413-26-001732 |
| 8-K Data (Synthetic) | 0000930413-26-001732 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 8-K | $42.80 $41.62 | ▼ −2.76% | ▼ −3.80% | $43.37 (+1.33%) |
Jul 1, 2026 13w ago | 8-K | $45.50 $44.98 | ▼ −1.14% | ▼ −1.01% | $43.37 (−4.68%) |
Jun 12, 2026 16w ago | 8-K | $43.94 $42.97 | ▼ −2.21% | ▼ −3.97% | $43.37 (−1.30%) |
Jun 11, 2026 16w ago | Institutional Cluster | $43.00 $43.94 | ▲ +2.19% | ▲ +1.65% | $43.37 (+0.86%) |
Jun 10, 2026 16w ago | Insider Cluster | $43.83 $43.00 | ▼ −1.89% | ▼ −3.59% | $43.37 (−1.05%) |
Jun 3, 2026 17w ago | 8-K | $46.28 $46.00 | ▼ −0.60% | ▼ −1.00% | $43.37 (−6.29%) |
May 28, 2026 18w ago | 8-K | $48.26 $46.76 | ▼ −3.11% | ▼ −3.35% | $43.37 (−10.13%) |
Apr 15, 2026 24w ago | DEFA14A | $43.11 $43.57 | ▲ +1.07% | ▲ +0.81% | $43.37 (+0.60%) |
US Market Status
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