AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

WARREN, Ohio, Nov. 7, 2025 /PRNewswire/ — Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2025.

Net operating revenues in the third quarter of 2025 were $25.7 million compared with $24.2 million in the third quarter of 2024. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $1.9 million in the third quarter of 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the third quarter of 2024. For the third quarter of 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.49 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the third quarter of 2024.

For the first nine months of 2025, net operating revenues were $62.1 million compared with $66.2 million for the first nine months of 2024. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $0.7 million in the first nine months of 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.8 million in the first nine months of 2024. For the first nine months of 2025, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.17 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.47 in the first nine months of 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		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024

Net operating revenues:
Waste management services	$ 12,918	$ 11,461	$ 32,338	$ 36,151

Food, beverage and merchandise sales	4,553	4,615	10,337	10,622
Other golf and related operations	8,275	8,159	19,392	19,377
Total golf and related operations	12,828	12,774	29,729	29,999

Total net operating revenues	25,746	24,235	62,067	66,150

Costs and expenses:
Waste management services operating costs	10,259	8,949	25,330	28,372
Cost of food, beverage and merchandise	1,958	2,010	4,688	4,717
Golf and related operations operating costs	7,425	7,308	19,401	18,925
Depreciation and amortization expense	932	975	2,867	2,957
Selling, general and administrative expenses	2,826	2,719	7,835	7,970
Operating income	2,346	2,274	1,946	3,209

Other income (expense):
Interest expense, net	(512)	(502)	(1,532)	(1,531)
Other income, net	–	–	–	7
Income before income taxes	1,834	1,772	414	1,685

Provision for income taxes	45	42	100	126
Net income	1,789	1,730	314	1,559

Less net loss attributable to non-controlling interest in subsidiary	(113)	(110)	(363)	(256)
Net income attributable to Avalon Holdings Corporation common shareholders	$ 1,902	$ 1,840	$ 677	$ 1,815

Income per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income per share	$ 0.49	$ 0.47	$ 0.17	$ 0.47

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)


	September 30,	December 31,
	2025	2024
Assets
Current Assets:
Cash and cash equivalents	$ 4,551	$ 2,803
Accounts receivable, net	12,498	8,595
Unbilled membership dues receivable	814	582
Inventories	1,686	1,558
Prepaid expenses	606	1,003
Other current assets	15	15
Total current assets	20,170	14,556

Property and equipment, net	54,454	55,582
Property and equipment under finance leases, net	6,230	5,647
Operating lease right-of-use assets	1,078	1,383
Restricted cash	8,699	8,958
Noncurrent deferred tax asset	27	27
Other assets, net	28	33
Total assets	$ 90,686	$ 86,186

Liabilities and Equity
Current liabilities:
Current portion of long term debt	$ 604	$ 575
Current portion of obligations under finance leases	362	201
Current portion of obligations under operating leases	363	365
Accounts payable	9,605	7,116
Accrued payroll and other compensation	1,731	1,064
Accrued taxes	638	594
Deferred membership dues revenue	4,587	3,524
Other liabilities and accrued expenses	2,005	2,024
Total current liabilities	19,895	15,463

Long term debt, net of current portion	28,190	28,646
Line of credit	3,200	3,200
Obligations under finance leases, net of current portion	1,220	707
Obligations under operating leases, net of current portion	715	1,018
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders’ Equity	38,711	38,034
Non-controlling interest in subsidiary	(1,345)	(982)
Total shareholders’ equity	37,366	37,052
Total liabilities and equity	$ 90,686	$ 86,186

View original content to download multimedia:https://www.prnewswire.com/news-releases/avalon-holdings-corporation-announces-third-quarter-results-302604633.html

SOURCE Avalon Holdings Corporation