WARREN, Ohio, March 19, 2026 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.
Net operating revenues in the fourth quarter of 2025 were $21.5 million compared with $17.6 million in the fourth quarter of 2024. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.4 million in the fourth quarter of 2025 compared with a net loss attributable to Avalon Holdings Corporation common shareholders of $0.5 million in the fourth quarter of 2024. For the fourth quarter of 2025, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.09 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.13 in the fourth quarter of 2024.
For the year ended December 31, 2025, net operating revenues were $83.6 million compared with $83.8 million for the year ended December 31, 2024. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of $0.3 million for the year ended December 31, 2025 compared with a net income attributable to Avalon Holdings Corporation common shareholders of $1.3 million for the year ended December 31, 2024. For the year ended December 31, 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.08 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.34 for year ended December 31, 2024.
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets, captive landfill management services and salt water injection well operations. Avalon Holdings Corporation also owns Avalon Resorts and Clubs Inc., which includes the operation of a hotel and its associated resort amenities, four golf courses and related country clubs and a multipurpose recreation center.
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net operating revenues:
Waste management services $13,673 $9,771 $46,010 $45,922
Food, beverage and merchandise sales 2,909 2,915 13,247 13,537
Other golf and related operations 4,897 4,959 24,288 24,336
Total golf and related operations 7,806 7,874 37,535 37,873
Total net operating revenues 21,479 17,645 83,545 83,795
Costs and expenses:
Waste management services operating costs 10,865 7,568 36,195 35,940
Cost of food, beverage and merchandise 1,382 1,388 6,069 6,105
Golf and related operations operating costs 5,548 5,596 24,949 24,521
Depreciation and amortization expense 937 949 3,803 3,906
Selling, general and administrative expenses 2,668 2,278 10,504 10,248
Operating (loss) income 79 (134) 2,025 3,075
Other income (expense):
Interest expense (510) (509) (2,042) (2,040)
Other income, net - 7
Income (loss) before income taxes (431) (643) (17) 1,042
Provision for income taxes (18) (36) 82 90
Net income (loss) (413) (607) (99) 952
Less net loss attributable to non-controlling interest in subsidiaries (57) (110) (420) (366)
Net income (loss) attributable to Avalon Holdings Corporation common shareholders $(356) $(497) $321 $1,318
Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income (loss) per share $(0.09) $(0.13) $0.08 $0.34
Weighted average shares outstanding - basic 3,899 3,899 3,899 3,899
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
December 31, December 31,
2025 2024
Assets
Current Assets:
Cash and cash equivalents $4,114 $2,803
Accounts receivable, net 9,819 8,595
Unbilled membership dues receivable 541 582
Inventories 1,555 1,558
Prepaid expenses 919 1,003
Other current assets 15 15
Total current assets 16,963 14,556
Property and equipment, net 53,982 55,582
Property and equipment under finance leases, net 6,267 5,647
Operating lease right-of-use assets 1,379 1,383
Restricted cash 8,730 8,958
Noncurrent deferred tax asset, net 32 27
Other assets, net 28 33
Total assets $87,381 $86,186
Liabilities and Equity
Current liabilities:
Current portion of long term debt $614 $575
Current portion of obligations under finance leases 384 201
Current portion of obligations under operating leases 362 365
Accounts payable 7,984 7,116
Accrued payroll and other compensation 1,244 1,064
Accrued taxes 660 594
Deferred membership dues revenue 3,529 3,524
Other liabilities and accrued expenses 2,054 2,024
Total current liabilities 16,831 15,463
Long term debt, net of current portion 28,032 28,646
Line of credit 3,200 3,200
Obligations under finance leases, net of current portion 1,248 707
Obligations under operating leases, net of current portion 1,017 1,018
Asset retirement obligation 100 100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity 38,355 38,034
Non-controlling interest in subsidiaries (1,402) (982)
Total shareholders' equity 36,953 37,052
Total liabilities and equity $87,381 $86,186
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SOURCE Avalon Holdings Corporation
Michael J. Havalo, Chief Financial Officer Avalon Holdings Corporation One American Way Warren, OH 44484-5555, (330) 856-8800