0001437749-26-009091
SEC filingAvalon Holdings Corporation (AWX) reported operating revenues of $83.5 million for FY 2025 ending December 31, 2025, driven by its two segments: waste management services (approximately 55% of consolidated net operating revenues) and golf and related operations (approximately 45%). Operating income stood at $2.0 million, reflecting operating costs of $67.2 million, depreciation and amortization of $3.8 million, and selling, general, and administrative expenses of $10.5 million. Interest expense net of $2.0 million led to a pre-tax loss of $17K, with a $82K tax provision resulting in consolidated net loss of $99K. However, net income attributable to common shareholders was $321K after a $420K net loss from non-controlling interests. Basic EPS was $0 on 3.9 million weighted average shares. Balance sheet showed total assets of $87.4 million, equity of $37.0 million, and debt including $28.0 million long-term and $3.2 million line of credit. Operating cash flow was robust at $3.8 million, supporting $1.7 million capex and $973K financing outflows, with cash and equivalents rising to $4.1 million plus $8.7 million restricted. Segment mix remained stable versus 2024. Key investor note: ongoing litigation over saltwater wells may impact waste segment.
Avalon Holdings Corporation delivered FY 2025 operating revenues of $83.5 million, unchanged in segment mix from 2024 with waste management services at ~55% and golf/related operations at ~45% of net operating revenues. Operating income was $2.0 million after $67.2 million operating costs, $3.8 million depreciation/amortization, and $10.5 million SG&A. Consolidated net loss was $99K due to $2.0 million interest expense and $82K tax provision, but net income attributable to common shareholders reached $321K, benefiting from $420K non-controlling interest loss. Basic EPS was $0 on 3.9 million shares. No prior year full figures provided, but one customer represented 10% of revenues (18% of waste segment). Total assets $87.4 million; shareholders' equity $38.4 million.
Revenues totaled $83.5 million from waste management services (brokerage, landfill management, saltwater wells ~55%) and golf/related operations (four golf courses, hotel, fitness, spa, dermatology ~45%). Waste services target northeastern/midwestern U.S. industrial/commercial clients; golf from memberships, fees, F&B, rooms. Percentages stable vs. 2024. One customer 10% consolidated in 2025 (none >10% in 2024). No geographic breakdown beyond U.S. focus. Saltwater wells suspended per regulatory issues.
Operating margin implicit at ~2.4% ($2.0M / $83.5M). No gross profit or margins explicitly stated. Costs structured with operating costs 80.5% of revenues, dep/amort 4.6%, SG&A 12.6%. Stable segment contributions suggest consistent profitability pressures from competition, weather, labor.
Net cash from operations $3.8 million, driven by dep/amort $3.8M, AR collections $1.4M, AP increase $834K, offset by net loss. Investing used $1.7 million on capex; financing $973K on debt/lease principal. Cash + restricted cash up $1.1 million to $11.5 million (cash $4.1M, restricted $8.7M). Current assets $17.0M vs. liabilities $16.8M; total debt ~$31.2M + leases; equity $37.0M supports liquidity.
No explicit guidance. Strategic priorities include waste brokerage/landfill, golf expansions (recent dermatology/spa VIEs). Risks: regulatory (saltwater wells litigation ongoing, ODNR appropriations), weather seasonality, membership retention, labor shortages, debt covenants, economic downturns impacting discretionary golf spend, competition. Dividend policy: none anticipated; retain for operations/expansion.