How did Rex American's revenue and expenses shift in Q4 2025?

**REX American Resources Corp's Q4 2025 financial performance showed a decline in revenue and a shift in expenses compared to the previous year.**

1. **Revenue Decline**: The company's net sales and revenue for Q4 2024 were reported at $158.2 million, down from $187.6 million in Q4 2023. This represents a significant drop of approximately 15.7%. The decrease in revenue is primarily attributed to lower product pricing, particularly for ethanol and co-products.
2. **Expenses Shift**: While specific expense details for Q4 2025 are not available, we can infer shifts in expenses from Q4 2024 data. For instance, gross profit decreased to $17.6 million in Q4 2024 from $30.4 million in the same period of the previous year. This indicates a reduction in gross profit margin, which was partially offset by decreased corn and natural gas prices and increased ethanol production levels.
3. **Net Income Impact**: The decline in revenue and gross profit led to a decrease in income before income taxes and non-controlling interests, which fell to $17.9 million from $32.5 million. Net income attributable to REX shareholders dropped to $11.1 million from $20.6 million, resulting in a diluted net income per share of $0.63 for Q4 2024, down from $1.16 in Q4 2023.
4. **Investment and Strategic Moves**: Despite the challenges, XTX Topco Ltd made a new investment in REX American Resources Co. in the fourth quarter, purchasing 14,514 shares valued at approximately $605,000. This investment reflects confidence in the company's potential despite the current financial fluctuations.

In conclusion, REX American Resources Corp faced a tough quarter with revenue and net income declining. The company's strategic adjustments, such as cost management and investments, suggest a proactive approach to navigating the volatile ethanol market.