AVALON HOLDINGS CORPORATION ANNOUNCES 2025 FULL YEAR AND FOURTH QUARTER RESULTS

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