Avalon Holdings Corporation

What they do

Avalon operates two main lines of business: waste management services, including waste disposal brokerage and management and captive landfill management through subsidiaries such as American Waste Management Services and American Landfill Management, and golf and related operations through the Avalon Golf and Country Club, which includes golf courses, clubhouses, and The Grand Resort hotel and spa in Howland, Ohio. The company also has salt water injection well operations through AWMS Holdings, LLC, a variable interest entity whose results are consolidated. Corporate headquarters are in Warren, Ohio.

Revenue drivers

• Waste management services — Provides waste disposal brokerage, management and captive landfill services; generated $10.1 million in Q2 2026 and $21.6 million in the first half of 2026, the largest revenue line.
• Golf and related operations — Includes food, beverage and merchandise sales and other golf operations at Avalon Golf and Country Club and The Grand Resort; total golf and related revenue was $10.8 million in Q2 2026 and $16.9 million in the first half of 2026.
• Food, beverage and merchandise sales — A sub-line of golf and related operations, generated $4.1 million in Q2 2026 and $6.1 million in the first half of 2026.
• Salt water injection wells — Operated through AWMS Water Solutions and AWMS Holdings, LLC; the company notes two injection wells are currently suspended, and no separate revenue figure was provided in the excerpts.

Recent performance

For the second quarter of 2026, total net operating revenues were $20.9 million, up from $20.3 million in Q2 2025. Waste management services revenue rose to $10.1 million from $9.7 million, while total golf and related operations revenue increased slightly to $10.8 million from $10.5 million. For the six months ended June 30, 2026, total revenues were $38.6 million versus $36.3 million in the prior-year period, with waste management services at $21.6 million and golf and related operations at $16.9 million. Full-year 2025 revenue was $83.5 million with net income of $0.3 million, following 2024 revenue of $83.8 million and net income of $1.3 million.

Strategy

Avalon's operations are conducted through wholly owned subsidiaries and a consolidated variable interest entity, AWMS Holdings, LLC. The company has historically expanded through acquisitions and new subsidiaries, including the addition of The Grand Resort in 2014 and the formation of Avalon Resorts and Clubs, Inc. in 2016. AWMS Holdings, LLC raises capital through private placement offerings to accredited investors to fund construction of salt water injection well facilities. The 10-K excerpt does not provide specific forward-looking strategy statements from management.

Risks

• Management voting control — Holders of Class B Common Stock, consisting principally of management, have approximately 66 percent of aggregate voting power, and Class A holders cannot alone elect a majority of the board.
• Suspended injection well operations — Operations of two salt water injection wells owned by AWMS Rt. 169, LLC are currently suspended based on a decision by the Chief of the Division of Oil and Gas Resources Management.
• Variable interest entity consolidation — AWMS Holdings, LLC is not majority-owned by Avalon but is consolidated as a VIE due to managerial control, meaning its financial results are included despite Avalon holding a minority economic interest.
• Revenue concentration in two business lines — The company's revenues come primarily from waste management services and golf and related operations, both of which are subject to economic and weather-related variability.

Outlook

The provided excerpts do not include specific forward-looking guidance or outlook statements from management. The company's recent quarterly revenue trends show modest year-over-year growth in the first half of 2026. Full-year 2025 net income was $0.3 million, down from $1.3 million in 2024. No management commentary on future priorities or expected results was included in the source material.