AVALON HOLDINGS CORP
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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FY2025 · Filed Mar 19, 2026
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EX-13.1 · Overall Performance
Overall Performance
Net operating revenues decreased to $83.5 million in 2025 compared with $83.8 million in 2024. Net operating revenues of the waste management services segment were approximately $46.0 million in 2025 compared to $45.9 million in 2024. The increase in net operating revenues of the waste management services segment was primarily a result of an increase in revenue in the captive landfill operations. Net operating revenues of the golf and related operations segment were approximately $37.5 million in 2025 compared to $37.9 million in 2024. The decrease in net operating revenues of the golf and related operations was a result of a decrease in membership dues and lower food, beverage and merchandise sales at both The Grand Resort and the country clubs during 2025 compared to 2024.
Total cost of operations related to the waste management services segment increased to $36.2 million in 2025 compared with $35.9 million in 2024. The increase in the cost of operations between years for the waste management services segment is primarily due to an increase in net operating revenues as these costs vary directly with the associated revenues.
Total cost of operations related to the golf and related operations segment increased to $31.0 million in 2025 compared to $30.6 million in 2024. The increase between years was primarily a result of an increase in employee related and utility costs compared to the prior period.
Depreciation and amortization expense was approximately $3.8 million in 2025 compared to $3.9 million in 2024. The slight decrease is due to a lower depreciable basis compared to the prior period.
Consolidated selling, general and administrative expenses were approximately $10.5 million in 2025 compared to $10.2 million in 2024. The increase was primarily a result of increases in certain earned employee incentives relating to our waste management services segment.
Net interest expense was approximately $2.0 million in both 2025 and 2024, respectively. During the years ended December 31, 2025 and 2024, the weighted average interest rate on outstanding borrowings was 6.16% and 6.24%, respectively.
Net income attributable to Avalon Holdings Corporation common shareholders was $0.3 million, or $0.08 per share, in 2025 compared with net income attributable to Avalon Holdings Corporation common shareholders of $1.3 million, or $0.34 per share, in 2024.
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