AVALON HOLDINGS CORPORATION ANNOUNCES THIRD QUARTER RESULTS

PR Newswire

WARREN, Ohio, Nov. 6, 2026

WARREN, Ohio, Nov. 6, 2026 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex: AWX) today announced financial results for the third quarter of 2026.

Net operating revenues in the third quarter of 2026 were $24.3 million compared with $25.7 million in the third quarter of 2025. The Company recorded net income attributable to Avalon Holdings Corporation common shareholders of $2.7 million in the third quarter of 2026 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.9 million in the third quarter of 2025. For the third quarter of 2026, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.69 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.49 in the third quarter of 2025.

For the first nine months of 2026, net operating revenues were $62.9 million compared with $62.1 million for the first nine months of 2025. The Company recorded a net income attributable to Avalon Holdings Corporation common shareholders of approximately $2.3 million in the first nine months of 2026 compared with net income attributable to Avalon Holdings Corporation common shareholders of $0.7 million in the first nine months of 2025. For the first nine months of 2026, basic net income per share attributable to Avalon Holdings Corporation common shareholders was $0.60 compared with basic net income per share attributable to Avalon Holdings Corporation common shareholders of $0.17 in the first nine months 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		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025

Net operating revenues:
Waste management services	$ 11,098	$ 12,918	$ 32,720	$ 32,338

Food, beverage and merchandise sales	4,800	4,553	10,926	10,337
Other golf and related operations	8,398	8,275	19,206	19,392
Total golf and related operations	13,198	12,828	30,132	29,729

Total net operating revenues	24,296	25,746	62,852	62,067

Costs and expenses:
Waste management services operating costs	8,446	10,259	24,997	25,330
Cost of food, beverage and merchandise	1,917	1,958	4,679	4,688
Golf and related operations operating costs	7,129	7,425	18,605	19,401
Depreciation and amortization expense	921	932	2,776	2,867
Selling, general and administrative expenses	2,718	2,826	8,007	7,835
Operating income	3,165	2,346	3,788	1,946

Other income (expense):
Interest expense, net	(509)	(512)	(1,517)	(1,532)
Loss on disposal	-	-	(15)	-
Income before income taxes	2,656	1,834	2,256	414

Provision for income taxes	41	45	113	100
Net income	2,615	1,789	2,143	314

Less net loss attributable to non-controlling interest in subsidiary	(70)	(113)	(191)	(363)
Net income attributable to Avalon Holdings Corporation common shareholders	$ 2,685	$ 1,902	$ 2,334	$ 677

Income per share attributable to Avalon Holdings Corporation common shareholders:
Basic net income per share	$ 0.69	$ 0.49	$ 0.60	$ 0.17

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,
	2026	2025
Assets
Current Assets:
Cash and cash equivalents	$ 6,306	$ 4,114
Accounts receivable, net	10,220	9,819
Unbilled membership dues receivable	776	541
Inventories	1,710	1,555
Prepaid expenses	651	919
Other current assets	15	15
Total current assets	19,678	16,963

Property and equipment, net	52,666	53,982
Property and equipment under finance leases, net	6,999	6,267
Operating lease right-of-use assets	1,090	1,379
Restricted cash	7,804	8,730
Noncurrent deferred tax asset	32	32
Other assets, net	28	28
Total assets	$ 88,297	$ 87,381

Liabilities and Equity
Current liabilities:
Current portion of long term debt	$ 645	$ 614
Current portion of obligations under finance leases	364	384
Current portion of obligations under operating leases	373	362
Accounts payable	6,495	7,984
Accrued payroll and other compensation	1,710	1,244
Accrued taxes	533	660
Deferred membership dues revenue	4,608	3,529
Other liabilities and accrued expenses	1,950	2,054
Total current liabilities	16,678	16,831

Long term debt, net of current portion	27,545	28,032
Line of credit	3,200	3,200
Obligations under finance leases, net of current portion	961	1,248
Obligations under operating leases, net of current portion	717	1,017
Asset retirement obligation	100	100

Equity:
Total Avalon Holdings Corporation Shareholders' Equity	40,689	38,355
Non-controlling interest in subsidiary	(1,593)	(1,402)
Total shareholders' equity	39,096	36,953
Total liabilities and equity	$ 88,297	$ 87,381

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SOURCE Avalon Holdings Corporation