REXMEDIUM SIGNALFINANCIAL10-K

REX reported substantially improved operating cash flow generation alongside meaningful debt reduction, while expanding its share count and updating risk disclosures around geopolitical conflicts.

The company's strengthened cash generation capabilities and debt reduction indicate improved operational efficiency and financial discipline. The near-doubling of outstanding shares suggests either a significant equity raise or stock dividend that provided additional capital flexibility while maintaining strong liquidity metrics.

Comparing 2026-03-30 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

REX demonstrated notably stronger cash flow generation from operations while meaningfully reducing total debt by $31.2 million, indicating improved working capital management and deleveraging efforts. The company expanded total assets by 10.8% and reduced accounts receivable and inventory levels, suggesting more efficient asset utilization. Current liabilities increased substantially but remained manageable given the improved cash position, while modest increases in SG&A expenses were offset by reduced interest costs from the debt paydown.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+83.6%
$64.2M→$117.8M

Operating cash flow surged 83.6% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+49.4%
$50.4M→$75.4M

Current liabilities surged 49.4% — significant near-term obligations; verify ability to meet short-term debt.

Interest Expense
P&L
-46.8%
$3.9M→$2.1M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Accounts Receivable
Balance Sheet
-31.7%
$21.5M→$14.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Debt
Balance Sheet
-29.2%
$106.9M→$75.7M

Debt reduced 29.2% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
+21%
$100K→$121K

Liabilities increased 21% — monitor debt-to-equity ratio and interest coverage.

SG&A Expense
P&L
+20.1%
$27.1M→$32.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Assets
Balance Sheet
+10.8%
$720.0M→$797.7M

Asset base grew 10.8% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
-10.3%
$31.7M→$28.4M

Inventory reduced 10.3% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-28
ADDED
There were 32,937,718 shares of the registrant s Common Stock outstanding as of March 27, 2026.
foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism, wars and other conflicts, and the effect of pandemics on the Company s business operations, including impacts on supplies, demand, personnel and other factors.
For example, fiscal year 2025 means the period February 1, 2025 to January 31, 2026.
We are currently invested in three ethanol production entities One Earth Energy, LLC, NuGen Energy, LLC, and Big River Resources, LLC.
General Overview We reported net income attributable to REX common shareholders of approximately $83.0 million in fiscal 2025 compared to approximately $58.2 million in fiscal 2024.
The current year has benefitted from reductions in our effective tax rate resulting from the impact of 45Z tax credits earned associated with our ethanol production.
Gross profit in fiscal year 2025 was higher than fiscal year 2024, primarily a result of higher crush spreads.
Chicago Board 4 of Trade corn prices per bushel ranged from a low of $3.72 in August 2025 to a high of $5.02 in February 2025.
S P Global Platts ethanol pricing per gallon ranged from a low of $1.50 in January 2026 to a high of $2.09 in September 2025.
Management s Discussion and Analysis of Financial Condition and Results of Operations for details on the Company s ongoing carbon sequestration and plant expansion projects.
REMOVED
There were 17,012,776 shares of the registrant s Common Stock outstanding as of March 27, 2025.
2 Forward-Looking Statements This Form 10-K contains or may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.
foreign trade policy and tariffs, changes in foreign currency exchange rates, the effects of terrorism or acts of war and the effect of pandemics on the Company s business operations, including impacts on supplies, demand, personnel and other factors.
For example, fiscal year 2024 means the period February 1, 2024 to January 31, 2025.
We are currently invested in three ethanol production entities One Earth Energy, LLC ( One Earth ), NuGen Energy, LLC ( NuGen ), and Big River Resources, LLC ( Big River ).
We also own a majority interest in an entity that owned and, until November 18, 2021, operated a refined coal facility; as we have ceased operating the refined coal facility, we began classifying the financial results of the operating segment as discontinued operations.
The federal production tax credits received through operation of this facility remain under IRS audit.
3 General Overview We reported net income attributable to REX common shareholders of $58.2 million in fiscal 2024 compared to approximately $60.9 million in fiscal 2023.
Our ethanol business had decreased profits in fiscal 2024 compared to fiscal 2023 primarily as a result of lower selling prices, offset partially by a decrease in corn and natural gas prices.
Chicago Board of Trade corn prices per bushel ranged from a low of $3.62 in August 2024 to a high of $4.97 in January 2025.
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