Avalon Holdings Corporation

Overview

Avalon Holdings Corporation operates through a network of wholly owned subsidiaries and several affiliated entities, including variable interest entities (VIEs) whose results are consolidated into Avalon’s financial statements. The company has two primary operating segments: waste management services and golf and related operations.

Business segments and principal activities

Waste Management Services

• Provides hazardous and nonhazardous waste disposal brokerage and management, including captive landfill management.
• Manages captive disposal facilities via ALMI for a single captive landfill.
• AWMS Holdings, LLC is the holding company for saltwater injection well operations; AWMS Water Solutions, LLC manages the wells’ operations, marketing, and related decisions for a percentage of gross revenues.
• AWMS Rt. 169, LLC owns and operates two saltwater injection wells on a 5.2-acre lease; these wells are currently suspended by regulatory orders.
• Emphasizes waste profiling, sampling, and documentation to ensure proper handling and disposal and to manage regulatory and liability risks.

Golf and Related Operations

• ALGI (Avalon Lakes Golf, Inc.) and its subsidiary TBG, Inc. operate an 18-hole course and related facilities in Warren, Ohio; TBG also leases and operates Squaw Creek Country Club in Vienna, Ohio.
• Sharon Country Club assets in the Hermitage/Sharon area are operated through Avalon Country Club at Sharon, Inc.
• Avalon Golf and Country Club coordinates memberships and provides access to The Grand Resort amenities.
• The Grand Resort (formerly The Magnuson Grand Hotel) in Howland, Ohio, operates as a resort/hotel adjacent to the golf properties and includes pools, spa, dining, and conference facilities.
• Additional facilities include the Avalon Athletic Club at Boardman, Avalon Field Club at New Castle, Avalon Med Spa, and Avalon Dermatology, reflecting diversification into wellness and medical services.
• ARCI, Avalon Clubs, and Avalon Resorts entities maintain corporate activities and resort-related operations; several facilities are integrated so resort guests may access golf and club amenities.

Customers and revenue mix

• One external customer represented 10% of Avalon’s consolidated net operating revenues in 2025 and accounted for 18% of the waste management segment’s net operating revenues to external customers.
• Segment revenue mix for 2025 and 2024: waste management services approximately 55% of consolidated net operating revenues; golf and related operations approximately 45%.
• No other single customer exceeded 10% of consolidated net operating revenues in 2025.

Employees

• Total employees as of December 31, 2025: 799
  • Waste management services: 32
  • Golf and related operations: 744
  • Financial and administrative activities: 23

Geography and principal properties

• Corporate headquarters: 37,000 square foot building on about 5.6 acres in Warren, Ohio (adjacent to Avalon Lakes Golf Course).
• Golf and resort properties:
  • Avalon Lakes Golf Course (Warren, Ohio) with practice facility and clubhouse
  • Squaw Creek Country Club (Vienna, Ohio) with 18-hole course, pool, tennis courts, and clubhouse
  • Sharon Country Club assets (Hermitage/Sharon area) with 18-hole course and clubhouse facilities
  • The Grand Resort (adjacent to headquarters) with hotel, pools, Roman Bath, fitness, dining, spa, and banquet facilities
  • Boardman Athletic Club, Avalon Field Club at New Castle, Avalon Med Spa, and Avalon Dermatology in Warren and nearby areas
• In the waste area, AWMS Rt. 169, LLC leases 5.2 acres where the saltwater injection wells are located.

Regulatory and environmental considerations

• Saltwater injection wells are subject to oversight by ODNR and related agencies; AWMS Rt. 169, LLC wells are not operational due to regulatory actions, with restart conditions and ongoing disputes and appeals described in the company filings.
• Golf and resort operations hold liquor licenses for their facilities; loss of any license could adversely affect operations.

Status and disclosures

• Avalon does not pay cash dividends.
• The company identifies risks including weather and seasonality (especially in northeast Ohio and western Pennsylvania), labor costs, inflation, regulatory changes, environmental liabilities, and compliance with debt covenants.
• Avalon reports a diversification strategy across waste management and hospitality/health/wellness services, with several entities structured as VIEs whose results are consolidated.