[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents the company's unaudited Q1 2024 financial statements and management's corresponding analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Contains the unaudited condensed consolidated financial statements for the first quarter of 2024 and 2023 [Condensed Consolidated Statements of Operations (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Reports a reduced net loss of $1.1 million in Q1 2024 compared to a $1.8 million loss in Q1 2023 | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Net Operating Revenues | $18,858 | $18,445 | | Operating Loss | $(513) | $(1,264) | | Loss Before Income Taxes | $(1,014) | $(1,768) | | Net Loss | $(1,054) | $(1,799) | | Net Loss Attributable to Avalon Holdings Corporation Common Shareholders | $(979) | $(1,677) | | Basic Net Loss Per Share | $(0.25) | $(0.43) | [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Shows an increase in total assets to $90.6 million and total liabilities to $55.6 million as of March 31, 2024 | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $17,377 | $14,045 | | Property and Equipment, net | $56,158 | $56,630 | | Restricted Cash | $10,192 | $10,265 | | Total Assets | $90,603 | $87,965 | | Total Current Liabilities | $21,755 | $17,909 | | Long-term Debt, net of current portion | $29,080 | $29,220 | | Total Liabilities | $55,557 | $51,857 | | Total Equity | $35,046 | $36,100 | [Condensed Consolidated Statements of Shareholders' Equity (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity%20(Unaudited)) Details the decrease in total equity to $35.0 million at March 31, 2024, primarily due to the net loss | Metric (in thousands) | March 31, 2024 | January 1, 2024 | March 31, 2023 | January 1, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Equity | $35,046 | $36,100 | $36,345 | $38,143 | | Net Loss | $(1,054) | - | $(1,799) | - | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Highlights improved net cash from operations and reduced cash used in investing activities for Q1 2024 | Metric (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $411 | $246 | | Net Cash Used in Investing Activities | $(348) | $(1,098) | | Net Cash Provided by (Used in) Financing Activities | $(160) | $510 | | Decrease in Cash, Cash Equivalents and Restricted Cash | $(97) | $(342) | | Cash, Cash Equivalents and Restricted Cash at End of Period | $11,355 | $11,708 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides context on business segments, revenue recognition, restricted cash, and ongoing legal matters - Avalon Holdings Corporation operates in two primary segments: **waste management services** and **golf and related operations**[22](index=22&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Restricted cash of **$10.2 million** (March 31, 2024) and **$10.3 million** (December 31, 2023) is held for renovating The Grand Resort and Avalon Field Club[28](index=28&type=chunk)[29](index=29&type=chunk) Net Operating Revenues by Segment (in thousands) | Revenue Source | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Waste Management Services | $12,470 | $12,652 | | Golf and Related Operations | $6,388 | $5,793 | | Total Net Operating Revenues | $18,858 | $18,445 | - For Q1 2024, one customer accounted for **14% of waste management services revenue** and **9% of consolidated revenue**; in Q1 2023, two customers accounted for 32% and 22% respectively[35](index=35&type=chunk) - All stock options were **cancelled as of March 31, 2024**, as stock price targets were not met, and no options are outstanding[96](index=96&type=chunk) - Salt water injection wells operations **remain suspended** due to a 2014 seismic event, with legal appeals ongoing[33](index=33&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Offers management's perspective on financial performance, liquidity, capital resources, and operational results for Q1 2024 [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Details the company's funding sources, debt structure, and an increased working capital deficit - Avalon's liquidity sources include existing cash, cash from operations, and a **$5.0 million line of credit**, with **$10.2 million in restricted cash** for renovations[128](index=128&type=chunk)[129](index=129&type=chunk)[134](index=134&type=chunk) Debt and Working Capital Summary (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | 2022 Term Loan Agreement Outstanding | $29,627 | $29,758 | | Line of Credit Outstanding | $3,200 | $3,200 | | Available under Line of Credit | $1,800 | $1,800 | | Working Capital Deficit | $(4,400) | $(3,900) | - Capital expenditures for 2024 are projected to be **$3.0 million to $4.0 million**, primarily for hotel renovations[138](index=138&type=chunk) - Deferred membership dues revenue increased to **$5.2 million** at March 31, 2024, from $3.4 million, as membership count rose to **5,050**[141](index=141&type=chunk) [Growth Strategy](index=25&type=section&id=Growth%20Strategy) Outlines strategies for internal growth in waste management and leveraging The Grand Resort for the golf segment - Waste Management Segment strategy focuses on **internal growth**, customer retention, and geographic expansion through enhanced sales and marketing[143](index=143&type=chunk)[144](index=144&type=chunk) - Golf and Related Operations Segment strategy leverages The Grand Resort to provide a **self-contained vacation experience** and grow memberships[147](index=147&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Analyzes the increase in Q1 2024 revenues and the significant reduction in net loss compared to Q1 2023 Key Financial Performance Indicators (in thousands, except per share) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Net Operating Revenues | $18,858 | $18,445 | | Waste Management Services Net Operating Revenues | $12,470 | $12,652 | | Golf and Related Operations Net Operating Revenues | $6,388 | $5,793 | | Operating Loss | $(513) | $(1,264) | | Net Loss Attributable to Avalon Holdings Corporation Common Shareholders | $(979) | $(1,677) | | Basic Net Loss Per Share | $(0.25) | $(0.43) | - Waste management services segment's gross margin increased to **approximately 21%** in Q1 2024 from 18% in Q1 2023[157](index=157&type=chunk) - Golf and related operations segment's loss before income taxes improved to **$0.8 million** in Q1 2024 from $1.3 million in Q1 2023 due to higher revenue and cost-cutting[164](index=164&type=chunk) - Depreciation and amortization expense increased to **$1.0 million** in Q1 2024 from $0.9 million in Q1 2023 due to a higher depreciable asset base[150](index=150&type=chunk) [Trends and Uncertainties](index=28&type=section&id=Trends%20and%20Uncertainties) Discusses key risks including legal proceedings, economic conditions, labor challenges, and customer concentration - Ongoing legal proceedings related to the **suspension of salt water injection wells** continue to pose uncertainty[123](index=123&type=chunk)[124](index=124&type=chunk)[169](index=169&type=chunk) - **Economic conditions**, including inflation and potential recession, can impact consumer discretionary spending and increase operating costs[172](index=172&type=chunk)[175](index=175&type=chunk)[196](index=196&type=chunk) - **Labor challenges** in recruiting and retaining qualified individuals could negatively impact operating margins and profitability[173](index=173&type=chunk)[174](index=174&type=chunk) - A significant portion of business is **not subject to long-term contracts**, and the captive landfill management business depends on a single customer[177](index=177&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) States the company has limited interest rate risk due to its fixed-rate term loan and does not use derivatives - Avalon has **limited exposure to changing interest rates** and does not use derivative financial instruments[197](index=197&type=chunk)[198](index=198&type=chunk) - The 2022 Term Loan Agreement has a **fixed interest rate of 6.00%** until its seventh anniversary[197](index=197&type=chunk) - The Line of Credit Agreement bears interest at **Prime Rate plus 0.25%**, with an interest rate of 8.75% at March 31, 2024, on $3.2 million outstanding[197](index=197&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures with no material changes in internal controls - Disclosure controls and procedures were evaluated and **deemed effective** at a reasonable assurance level as of March 31, 2024[199](index=199&type=chunk) - **No material changes** in internal controls over financial reporting occurred during the fiscal quarter ended March 31, 2024[200](index=200&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II.%20OTHER%20INFORMATION) Covers legal proceedings, securities changes, defaults, safety disclosures, and filed exhibits [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) Refers to the company's 2023 Annual Report on Form 10-K for details on legal proceedings - For a description of legal proceedings, refer to Item 3 in Avalon's **Annual Report on Form 10-K** for the year ended December 31, 2023[201](index=201&type=chunk) [Item 2. Changes in Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Changes%20in%20Securities%20and%20Use%20of%20Proceeds) Reports no changes in securities or use of proceeds during the period - **No changes** in securities or use of proceeds to report[201](index=201&type=chunk) [Item 3. Defaults upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) Confirms no defaults upon senior securities occurred - **No defaults** upon senior securities[201](index=201&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States there are no mine safety disclosures to report - **No mine safety disclosures**[201](index=201&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) Indicates no other information was required to be disclosed - **No other information** to report[201](index=201&type=chunk) [Item 6. Exhibits and Reports on Form 8-K](index=35&type=section&id=Item%206.%20Exhibits%20and%20Reports%20on%20Form%208-K) Lists filed exhibits, including Sarbanes-Oxley certifications and a Form 8-K on a legal ruling - Includes certifications pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act of 2002**[201](index=201&type=chunk) - Includes **Inline XBRL** documents[202](index=202&type=chunk) - A **Form 8-K was filed on January 24, 2024**, reporting the Supreme Court of Ohio's decision to overturn a prior ruling on the salt water injection well appeal[203](index=203&type=chunk)

WARREN, Ohio, March 21, 2024 /PRNewswire/ -- Avalon Holdings Corporation (NYSE Amex:AWX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023. Net operating revenues in the fourth quarter of 2023 were $17.6 million compared with $21.6 million in the fourth quarter of 2022. The Company recorded a net loss attributable to Avalon Holdings Corporation common shareholders of $0.8 million in the fourth quarter of 2023 compared with a net loss attributable to Avalon Hold ...

2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 1-14105 AVALON HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) Ohio 34-1863889 (State or ...

2023 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, $0.01 par value AWX NYSE American UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition peri ...

2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______________ to ________________ Commission file number 1-14105 AVALON HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) Ohio 34-1863889 (S ...

2023 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, $0.01 par value AWX NYSE American UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________ FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 1-14105 AVALON HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) Ohio 34-1863889 (State or other jurisdiction of incorporatio ...