Company Announcements

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except for per share amounts)

Three Months Ended

Six Months Ended 

June 30,

June 30,

2025

2024

2025

2024

Net operating revenues:

Waste management services

$            9,742

$          12,220

$          19,419

$          24,690

Food, beverage and merchandise sales

3,760

3,996

5,784

6,007

Other golf and related operations

6,750

6,841

11,117

11,218

Total golf and related operations

10,510

10,837

16,901

17,225

Total net operating revenues

20,252

23,057

36,320

41,915

Costs and expenses:

Waste management services operating costs

7,489

9,527

15,071

19,424

Cost of food, beverage and merchandise

1,717

1,682

2,730

2,707

Golf and related operations operating costs

6,878

6,744

11,975

11,617

Depreciation and amortization expense

965

1,002

1,935

1,982

Selling, general and administrative expenses

2,453

2,654

5,010

5,251

Operating income (loss)

750

1,448

(401)

934

Other income (expense):

Interest expense

(510)

(521)

(1,020)

(1,028)

Other income, net

-

-

-

7

Income (loss) before income taxes

240

927

(1,421)

(87)

Provision for income taxes

29

44

54

84

Net income (loss)

211

883

(1,475)

(171)

Less net loss attributable to non-controlling interest in subsidiary

(63)

(71)

(250)

(146)

Net income (loss) attributable to Avalon Holdings Corporation common shareholders

$               274

$               954

$           (1,225)

$               (25)

Income (loss) per share attributable to Avalon Holdings Corporation common shareholders:

Basic and diluted net income (loss) per share

$              0.07

$              0.24

$            (0.31)

$            (0.01)

Weighted average shares outstanding - basic and diluted

3,899

3,899

3,899

3,899

AVALON HOLDINGS CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands)

June 30,

December 31,

2025

2024

Assets

Current Assets:

Cash and cash equivalents

$               3,714

$               2,803

Accounts receivable, net

9,907

8,595

Unbilled membership dues receivable

1,037

582

Inventories

1,807

1,558

Prepaid expenses

775

1,003

Other current assets

15

15

Total current assets

17,255

14,556

Property and equipment, net

54,583

55,582

Property and equipment under finance leases, net

5,924

5,647

Operating lease right-of-use assets

1,269

1,383

Restricted cash

8,971

8,958

Noncurrent deferred tax asset

27

27

Other assets, net

26

33

Total assets

$             88,055

$             86,186

Liabilities and Equity

Current liabilities:

Current portion of long term debt

$                  594

$                  575

Current portion of obligations under finance leases

278

201

Current portion of obligations under operating leases

364

365

Accounts payable

7,652

7,116

Accrued payroll and other compensation

1,528

1,064

Accrued taxes

451

594

Deferred membership dues revenue

5,734

3,524

Other liabilities and accrued expenses

2,306

2,024

Total current liabilities

18,907

15,463

Long term debt, net of current portion

28,344

28,646

Line of credit

3,200

3,200

Obligations under finance leases, net of current portion

1,022

707

Obligations under operating leases, net of current portion

905

1,018

Asset retirement obligation

100

100

Equity:

Total Avalon Holdings Corporation Shareholders' Equity

36,809

38,034

Non-controlling interest in subsidiary

(1,232)

(982)

Total shareholders' equity

35,577

37,052

Total liabilities and equity

$             88,055

$             86,186