Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 82

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 ethanol plants are aggregated into one reporting segment, each of which is reviewed in the
same manner by

25

the chief operating decision maker. Aggregation into one reporting
segment is appropriate based upon the similarity of economic characteristics of the operating segments, including the markets for
identical revenue sources and the primary input, corn. The plants in all locations operate in a similar manner to produce ethanol
and by-products. The types of customers and how the products are distributed to the customers are similar across each operating
entity, consisting of a combination of rail and truck shipments. Finally, the regulatory environment is largely impacted by guidance
from the federal level, impacting each operating segment the same.

The measure of segment assets is reported
on the balance sheet as total consolidated assets.

The following tables set forth certain financial
data for the Company’s reportable segment for the three- and nine-month periods ended October 31, 2025 and 2024 (in thousands):

    Three Months Ended October 31,  
    Nine Months Ended October 31, 

    2025  
    2024  
    2025  
    2024 

    Net sales and revenue 

    Ethanol and by-products 
    $468,713  
    $450,463  
    $1,287,795  
    $1,293,037 

    Reconciling Item: Equity method ethanol investment 
     (293,088) 
     (275,586) 
     (795,267) 
     (808,774)

    Total consolidated net sales and revenue 
    $175,625  
    $174,877  
    $492,528  
    $484,263 

    Cost of sales 

    Ethanol and by-products: 

    Cost of corn 
    $264,974  
    $257,612  
    $798,721  
    $817,005 

    Other cost of sales (1) 
     109,765  
     106,174  
     338,951  
     314,017 

    Reconciling Item: Equity method ethanol investment 
     (235,246) 
     (228,590) 
     (709,937) 
     (720,664)

    Total cost of sales 
    $139,493  
    $135,196  
    $