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What changed in AVALON HOLDINGS CORP's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of AVALON HOLDINGS CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+30 added−30 removedSource: 10-K (2026-03-19) vs 10-K (2025-03-20)

Top changes in AVALON HOLDINGS CORP's 2025 10-K

30 paragraphs added · 30 removed · 26 edited across 3 sections

Item 1. Business

Business — how the company describes what it does

9 edited+2 added−1 removed72 unchanged
Biggest changeIf Avalon were to incur a substantial liability for damages not covered by insurance or in excess of its policy limits or at a time when Avalon no longer is able to obtain appropriate liability insurance, its financial condition could be materially adversely affected. 5 Employees As of December 31, 2024, Avalon had 882 employees, 31 of whom were employed by the waste management services segment, 830 of whom were employed by the golf and related operations and 21 of whom were employed in financial and administrative activities.
Biggest changeIf Avalon were to incur a substantial liability for damages not covered by insurance or in excess of its policy limits or at a time when Avalon no longer is able to obtain appropriate liability insurance, its financial condition could be materially adversely affected.
The monies received from these offerings, along with internally contributed capital, are used to purchase medical spa equipment and construct the facilities necessary for operation. Avalon operates and manages all decisions regarding the medical spa operations for a percentage of the gross revenues.
The monies received from these offerings, along with internally contributed capital, are used to purchase medical spa equipment and construct the facilities necessary for operation. Avalon operates and manages all decisions regarding the medical spa operations for a percentage of the gross revenues.
For both the years 2024 and 2023, the net operating revenues related to the golf and related operations represented approximately 45% of Avalon’s total consolidated net operating revenues. ALGI owns and operates a Pete Dye designed championship golf course located in Warren, Ohio. ALGI generates revenue from membership dues, greens fees, cart rentals, merchandise, and food and beverage sales.
For both the years 2025 and 2024, the net operating revenues related to the golf and related operations represented approximately 45% of Avalon’s total consolidated net operating revenues. ALGI owns and operates a Pete Dye designed championship golf course located in Warren, Ohio. ALGI generates revenue from membership dues, greens fees, cart rentals, merchandise, and food and beverage sales.
Avalon believes that it has a good relationship with its employees. Our principal human capital management objectives are to attract, retain and develop employees for key roles and future leadership positions through a variety of training and development programs. Our commitment to diversity, equity and inclusion is critical to effective human capital management.
Avalon believes that it has a good relationship with its employees. 5 Our principal human capital management objectives are to attract, retain and develop employees for key roles and future leadership positions through a variety of training and development programs.
In 2024, one customer of the waste management services segment accounted for 10% of the waste management services segment’s net operating revenues to external customers and 6% of Avalon’s consolidated net operating revenues.
In 2025, one customer accounted for 10% of the consolidated net operating revenues and 18% of the waste management services segment’s net operating revenues to external customers. In 2024, no one customer accounted for more than 10% of the consolidated net operating revenues.
We seek diverse talent internally and externally in an effort to achieve broader diverse representation throughout our company. Other business factors None of Avalon’s business segments is materially dependent on patents, trademarks, licenses, franchises or concessions, other than permits, licenses and approvals issued by regulatory agencies. Avalon does not sponsor significant research and development activities.
Other business factors None of Avalon’s business segments is materially dependent on patents, trademarks, licenses, franchises or concessions, other than permits, licenses and approvals issued by regulatory agencies. Avalon does not sponsor significant research and development activities.
Waste management services are provided to industrial, commercial, municipal and governmental customers primarily in selected northeastern and midwestern United States markets.
Waste Management Services Avalon’s waste management subsidiaries provide hazardous and nonhazardous waste disposal brokerage and management services, captive landfill management services and salt water injection well operations. Waste management services are provided to industrial, commercial, municipal and governmental customers primarily in selected northeastern and midwestern United States markets.
Because waste generators remain liable for their waste, both before and after disposal, they require assurance that their waste will be safely and properly transported, treated and disposed of. To give customers this confidence, as well as to limit its own potential liability, AWMS has instituted procedures designed to minimize the risks of improper handling or disposal of waste.
To give customers this confidence, as well as to limit its own potential liability, AWMS has instituted procedures designed to minimize the risks of improper handling or disposal of waste.
For both the years 2024 and 2023, the net operating revenues related to waste management services represented approximately 55% of Avalon’s total consolidated net operating revenues. 2 AWMS assists customers with managing and disposing of wastes at approved treatment and disposal sites based upon a customer’s needs.
For both the years 2025 and 2024, the net operating revenues related to waste management services represented approximately 55% of Avalon’s total consolidated net operating revenues.
Removed
In 2023, one customer of the waste management services segment accounted for 12% of the waste management services segment’s net operating revenues to external customers and 6% of Avalon’s consolidated net operating revenues. Waste Management Services Avalon’s waste management subsidiaries provide hazardous and nonhazardous waste disposal brokerage and management services, captive landfill management services and salt water injection well operations.
Added
AWMS assists customers with managing and disposing of wastes at approved treatment and disposal sites based upon a customer’s needs. 2 Because waste generators remain liable for their waste, both before and after disposal, they require assurance that their waste will be safely and properly transported, treated and disposed of.
Added
Employees As of December 31, 2025, Avalon had 799 employees, 32 of whom were employed by the waste management services segment, 744 of whom were employed by the golf and related operations and 23 of whom were employed in financial and administrative activities.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

13 edited+2 added−3 removed89 unchanged
Biggest changeLegal matters In the ordinary course of conducting its business, Avalon becomes involved in lawsuits, administrative proceedings and governmental investigations, including those relating to environmental matters. Some of these proceedings may result in fines, penalties or judgments being assessed against Avalon which, from time to time, may have an impact on its business and financial condition.
Biggest changeAny law or regulation restricting or impeding the transportation of waste or the acceptance of out-of-state waste for disposal could have a negative effect on Avalon. Legal matters In the ordinary course of conducting its business, Avalon becomes involved in lawsuits, administrative proceedings and governmental investigations, including those relating to environmental matters.
Changes in commodity and other operating costs could adversely affect our results of operations The profitability of our golf and related operations segment depends on our ability to anticipate and react to changes in commodity costs, including food, supplies, fuel, utilities and other operating costs, including labor.
Changes in commodity and other operating costs could adversely affect our results of operations The profitability of our golf and related operations segment depends on our ability to anticipate and react to changes in commodity costs, including food, supplies, fuel, utilities and other operating costs, including labor. We continuously monitor supply and cost trends of these commodities.
The Chief stated during the hearing that the suspension order is temporary, and he expects that AWMS #2 will be allowed to resume operations once the state’s final policymaking is complete.
On March 11, 2015, an appeal hearing was held. The Chief stated during the hearing that the suspension order is temporary, and he expects that AWMS #2 will be allowed to resume operations once the state’s final policymaking is complete.
On September 19, 2014, Avalon submitted information and a written plan required by the Chief’s Order proposing the establishment of certain operations and management controls on injections for the AWMS #2 injection well. To date, the Division has not responded to that plan despite Avalon’s requests for feedback.
On September 19, 2014, Avalon submitted information and a written plan required by the Chief’s Order proposing the establishment of certain operations and management controls on injections for the AWMS #2 injection well.
Given the relatively small market capitalization of Avalon, the market for its Class A Common Stock may be subject to greater volatility than would be the case for a large company. In addition, the selling and buying of shares on a daily basis may be limited because of the relatively small capitalization of Avalon.
Given the relatively small market capitalization of Avalon, the market for its Class A Common Stock may be subject to greater volatility than would be the case for a large company.
On October 2, 2014, Avalon filed an appeal with the Ohio Oil and Gas Commission (the “Commission”) disputing the basis for suspending operations of AWMS #2 and also the authority of the Chief to immediately suspend such operations. On March 11, 2015, an appeal hearing was held.
To date, the Division has not responded to that plan despite Avalon’s requests for feedback. 9 On October 2, 2014, Avalon filed an appeal with the Ohio Oil and Gas Commission (the “Commission”) disputing the basis for suspending operations of AWMS #2 and also the authority of the Chief to immediately suspend such operations.
Avalon intends to retain earnings for use in the operation and expansion of its business and, therefore, does not anticipate paying cash dividends in the foreseeable future. 6 Avalon ’ s market for shares may be subject to greater volatility and limited daily activity Market fluctuations, as well as economic conditions, may adversely affect the market price of the Avalon Class A Common Stock.
Avalon ’ s market for shares may be subject to greater volatility and limited daily activity Market fluctuations, as well as economic conditions, may adversely affect the market price of the Avalon Class A Common Stock.
Our inability to replace these individuals upon retirement, with the required expertise could have a negative impact on the profitability of the waste brokerage and management division.
In addition, the majority of the senior management and sales representatives have been employed by Avalon for many years and are approaching retirement age. Our inability to replace these individuals upon retirement, with the required expertise could have a negative impact on the profitability of the waste brokerage and management division.
Volatility in certain commodity prices and fluctuations in labor costs have adversely affected, and in the future, could adversely affect Avalon’s operating results. An increase in commodity costs could have an adverse impact on our profitability. Effective succession planning is important to our continued success Effective succession planning is important to our long-term success.
Volatility in certain commodity prices and fluctuations in labor could adversely affect Avalon’s operating results. We will continuously monitor labor and commodity prices in order to maintain margins and overall profitability. Effective succession planning is important to our continued success Effective succession planning is important to our long-term success.
The Orders were based on the findings that the two saltwater injection wells were located in close proximity to an area of known seismic activity and that the saltwater injection wells pose a risk of increasing or creating seismic activity. 9 On September 5, 2014, Avalon submitted the information required by the Chief’s Order in regards to its AWMS #1 injection well, and the Chief lifted the suspension for that well on September 18, 2014.
The Orders were based on the findings that the two saltwater injection wells were located in close proximity to an area of known seismic activity and that the saltwater injection wells pose a risk of increasing or creating seismic activity.
Our operations are substantially affected by economic conditions, including inflation, which can impact consumer disposable income levels and spending habits.
Furthermore, Avalon’s accounting estimates may change from period to period as conditions in markets change, and this could materially impact financial results in future periods. Inflation Our operations are substantially affected by economic conditions, including inflation, which can impact consumer disposable income levels and spending habits.
Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, management assesses the probability of loss and accrues a liability as appropriate.
Some of these proceedings may result in fines, penalties or judgments being assessed against Avalon which, from time to time, may have an impact on its business and financial condition. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, management assesses the probability of loss and accrues a liability as appropriate.
Government regulations A portion of Avalon’s waste brokerage and management services revenues is derived from the disposal and/or transportation of out-of-state waste. Any law or regulation restricting or impeding the transportation of waste or the acceptance of out-of-state waste for disposal could have a negative effect on Avalon.
In addition, the selling and buying of shares on a daily basis may be limited because of the relatively small capitalization of Avalon. 6 Government regulations A portion of Avalon’s waste brokerage and management services revenues is derived from the disposal and/or transportation of out-of-state waste.
Removed
In addition, the majority of the senior management and sales representatives have been employed by Avalon for many years and are approaching retirement age. Over the years, the waste brokerage and management division has had difficulty finding qualified individuals with the required expertise in specific geographic areas.
Added
Avalon intends to retain earnings for use in the operation and expansion of its business and, therefore, does not anticipate paying cash dividends in the foreseeable future.
Removed
Avalon’s golf course operations, The Grand Resort and multipurpose recreation center currently hold liquor licenses for their respective facilities. If, for some reason, any one of these facilities were to lose their liquor license, the financial performance of the golf and related operations would be adversely affected.
Added
On September 5, 2014, Avalon submitted the information required by the Chief’s Order in regards to its AWMS #1 injection well, and the Chief lifted the suspension for that well on September 18, 2014.
Removed
Furthermore, Avalon’s accounting estimates may change from period to period as conditions in markets change, and this could materially impact financial results in future periods. Inflation The Federal Reserve has kept its key interest rates at elevated levels as pricing on consumer goods has remained high.

Item 2. Properties

Properties — owned and leased real estate

4 edited+0 added−0 removed6 unchanged
Biggest changeAll of ALGI’s facilities are located in Warren, Ohio. 12 TBG, Inc. leases and operates the Avalon Golf and Country Club at Squaw Creek in Vienna, Ohio, which includes an 18-hole golf course and practice facility on approximately 224 acres, an outdoor swimming pool, 4 outdoor tennis courts, 4 indoor tennis courts and a 67,000 square foot clubhouse that includes a pro shop, fitness center, restaurants and banquet facilities.
Biggest changeTBG, Inc. leases and operates the Avalon Golf and Country Club at Squaw Creek in Vienna, Ohio, which includes an 18-hole golf course and practice facility on approximately 224 acres, an outdoor swimming pool, 4 outdoor tennis courts, 4 indoor tennis courts and a 67,000 square foot clubhouse that includes a pro shop, fitness center, restaurants and banquet facilities. 12 Avalon Country Club at Sharon, Inc. owns an 18-hole golf course on approximately 130 acres in Hermitage, Pennsylvania.
The Avalon Resort and Spa LLC owns a 146,000 square foot hotel that includes an indoor junior Olympic size swimming pool, outdoor resort pool, Roman Bath, fitness center, cigar lounge, salon and spa, dining, banquet and conference facilities, a separate banquet facility of approximately 7,000 square feet, and 3 indoor tennis courts of approximately 4,500 square feet.
The Avalon Resort and Spa LLC owns a 146,000 square foot hotel that includes an indoor junior Olympic size swimming pool, outdoor resort pool, Roman Bath, fitness center, cigar lounge, salon and spa, dining, banquet and conference facilities, a separate banquet facility of approximately 7,000 square feet, an indoor recreation center and 3 indoor tennis courts of approximately 4,500 square feet.
ALGI owns an 18-hole golf course and practice facility on approximately 200 acres, a maintenance and storage building of approximately 12,000 square feet and a restaurant building of approximately 10,400 square feet.
ALGI owns an 18-hole golf course and practice facility on approximately 200 acres, a maintenance and storage building of approximately 12,000 square feet and a restaurant building of approximately 10,400 square feet. All of ALGI’s facilities are located in Warren, Ohio.
Avalon Country Club at Sharon, Inc. owns an 18-hole golf course on approximately 130 acres in Hermitage, Pennsylvania. The clubhouse and recreational facilities are approximately 80,000 square feet and include a pro shop, dining and banquet facilities, an outdoor swimming pool, a salon and spa and fitness center.
The clubhouse and recreational facilities are approximately 80,000 square feet and include a pro shop, dining and banquet facilities, an outdoor swimming pool, a salon and spa and fitness center.

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