AVALON HOLDINGS CORPORATION ANNOUNCES FIRST QUARTER RESULTS
WARREN, Ohio, May 5, 2026 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the first quarter of 2026.
Net operating revenues in the first quarter of 2026 were $17.7 million compared with $16.1 million in the first quarter of 2025. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $1.2 million in the first quarter of 2026 compared with net loss attributable to Avalon Holdings Corporation common shareholders of $1.5 million in the first quarter of 2025. For the first quarter of 2026, basic net loss per share attributable to Avalon Holdings Corporation common shareholders was $0.32 compared with basic net loss per share attributable to Avalon Holdings Corporation common shareholders of $0.38 in the first quarter of 2025.
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
March 31,
2026
2025
Net operating revenues:
Waste management services
$ 11,508
$ 9,677
Food, beverage and merchandise sales
2,013
2,024
Other golf and related operations
4,137
4,367
Total golf and related operations
6,150
6,391
Total net operating revenues
17,658
16,068
Costs and expenses:
Waste management services operating costs
8,882
7,582
Cost of food, beverage and merchandise
993
1,012
Golf and related operations operating costs
4,905
5,097
Depreciation and amortization expense
929
970
Selling, general and administrative expenses
2,685
2,558
Operating loss
(736)
(1,151)
Other income (expense):
Interest expense, net
(504)
(510)
Loss before income taxes
(1,240)
(1,661)
Provision for income taxes
41
25
Net loss
(1,281)
(1,686)
Less net loss attributable to non-controlling interest in subsidiaries
(46)
(187)
Net loss attributable to Avalon Holdings Corporation common shareholders
$ (1,235)
$ (1,499)
Loss per share attributable to Avalon Holdings Corporation common shareholders:
Basic net loss per share
$ (0.32)
$ (0.38)
Weighted average shares outstanding - basic
3,899
3,899
AVALON HOLDINGS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
March 31,
December 31,
2026
2025
Assets
Current Assets:
Cash and cash equivalents
$ 2,378
$ 4,114
Accounts receivable, net
11,843
9,819
Unbilled membership dues receivable
707
541
Inventories
1,774
1,555
Prepaid expenses
989
919
Other current assets
15
15
Total current assets
17,706
16,963
Property and equipment, net
53,541
53,982
Property and equipment under finance leases, net
6,352
6,267
Operating lease right-of-use assets
1,390
1,379
Restricted cash
8,501
8,730
Noncurrent deferred tax asset
32
32
Other assets, net
27
28
Total assets
$ 87,549
$ 87,381
Liabilities and Equity
Current liabilities:
Current portion of long term debt
$ 624
$ 614
Current portion of obligations under finance leases
384
384
Current portion of obligations under operating leases
367
362
Accounts payable
7,736
7,984
Accrued payroll and other compensation
1,496
1,244
Accrued taxes
644
660
Deferred membership dues revenue
5,126
3,529
Other liabilities and accrued expenses
2,074
2,054
Total current liabilities
18,451
16,831
Long-term debt, net of current portion
27,872
28,032
Line of credit
3,200
3,200
Obligations under finance leases, net of current portion
1,231
1,248
Obligations under operating leases, net of current portion
1,023
1,017
Asset retirement obligation
100
100
Equity:
Total Avalon Holdings Corporation Shareholders' Equity
37,120
38,355
Non-controlling interest in subsidiaries
(1,448)
(1,402)
Total shareholders' equity
35,672
36,953
Total liabilities and equity
$ 87,549
$ 87,381
SOURCE Avalon Holdings Corporation