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For Avalon (AWX), here are 1-2 brief analogies:

• For its waste management services, Avalon operates like a regional, more specialized version of Waste Management (WM).
• For its golf and related operations, it's akin to a small, regional hospitality group that owns and operates golf courses and a resort, similar to an integrated destination property you might find under a major brand like Marriott (MAR).

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• Waste Disposal and Management Services: Provides brokerage, management, and disposal services for hazardous and nonhazardous waste.
• Landfill Management Services: Manages captive landfills for industrial, commercial, municipal, and governmental clients.
• Salt Water Injection Well Operations: Operates wells for the safe disposal of salt water, often a byproduct of industrial processes.
• Waste Management Turnkey Services: Offers comprehensive daily operations, facilities management, and reporting for waste management sites.
• Construction Mat Sales: Sells construction mats used in various industrial and construction applications.
• Golf Course Operations: Operates and manages four golf courses along with related clubhouse facilities, including swimming pools, fitness centers, and tennis courts.
• Hotel and Resort Management: Manages The Grand Resort, offering accommodation, dining, spa, fitness, and event facilities.
• Travel Agency Services: Provides travel-related booking and planning services.

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Avalon Holdings Corporation (AWX) serves a diverse range of customers across its two primary operating segments. While specific customer names are not publicly disclosed in the provided information, its major customers can be categorized as follows:

1. Business and Organizational Customers: This category encompasses industrial, commercial, municipal, and governmental entities that utilize Avalon's Waste Management Services for hazardous and nonhazardous waste disposal, brokerage, landfill management, and related services. It also includes businesses or organizations booking banquet and conference facilities within the Golf and Related Operations segment.

2. Leisure and Hospitality Guests: Individuals and families who are guests at The Grand Resort hotel, utilize its indoor and outdoor swimming pools, fitness centers, restaurants, bars, salon, and spa services.

3. Golfers and Country Club Patrons: Individuals who frequent the company's four golf courses, participate in related club activities, and use amenities such as tennis courts, fitness centers, and dining facilities at the country clubs.

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Ronald Klingle, Chairman and Chief Executive Officer

Ronald Klingle was appointed as the Chief Executive Officer of Avalon Holdings Corporation in February 2011, and he also serves as the Chairman of the Board. He has a tenure of over 15 years with the company and holds a significant ownership stake, directly owning 19.67% of the company's shares.

Michael J. Havalo, Chief Financial Officer, Treasurer, and Secretary

Michael J. Havalo serves as the Chief Financial Officer, Treasurer, and Secretary, as well as a Director for Avalon Holdings Corporation. In his capacity as CFO, Mr. Havalo is responsible for the overall financial strategy, performance, and health of the corporation. He was listed with compensation data for 2023, indicating his current role after the interim appointment of Stefanie Villella in April 2023.

Frances R. Klingle, Chief Administrative Officer

Frances R. Klingle holds the position of Chief Administrative Officer at Avalon Holdings Corporation. She is responsible for overseeing the day-to-day operational functions that ensure the smooth and efficient running of the corporation, including managing human resources, administrative support, facilities management, and the implementation of corporate policies and procedures.

Kenneth J. McMahon, Chief Executive Officer and President of American Waste Management Services, Inc.

Kenneth J. McMahon is the Chief Executive Officer and President of American Waste Management Services, Inc., a significant entity within Avalon Holdings Corporation. In this role, Mr. McMahon is responsible for the strategic direction, operational success, and overall performance of American Waste Management Services, Inc.

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1. Regulatory and Environmental Risks in Waste Management

Avalon Holdings Corporation's Waste Management Services segment, which includes hazardous and nonhazardous waste disposal, captive landfill management, and salt water injection well operations, is highly susceptible to stringent and evolving environmental regulations. Changes in these regulations can lead to increased compliance costs, operational restrictions, or potential environmental liabilities. The industry faces "regulatory, environmental, and recycling-market risks," and the company encounters "regulatory hurdles for acquiring or building new landfills". Non-compliance can result in substantial fines and legal challenges, significantly impacting the company's financial performance and reputation.

2. Economic Sensitivity and Reliance on Discretionary Spending

The Golf and Related Operations segment, encompassing golf courses, clubhouses, a hotel, and a travel agency, is heavily dependent on consumer discretionary spending. Economic downturns or shifts in consumer preferences can directly reduce demand for leisure activities, leading to lower revenues from golf memberships, hotel stays, events, and spa services. The company's overall profitability can be a "tug-of-war between industrial volume and consumer discretionary spending," highlighting the vulnerability of this segment to economic fluctuations.

3. High Capital Expenditure and Operating Costs

Both the Waste Management Services and Golf and Related Operations segments require substantial ongoing capital investment and incur significant operating costs. The waste management business, particularly landfill operations, demands high "capital expenditure (CapEx)" for maintenance, upgrades, and regulatory compliance. Similarly, the golf courses and hotel properties require considerable investment for upkeep, staffing, and utilities such as water and energy, which are major expenses. Rising operational costs, including fuel and labor expenses in waste management, can also put pressure on the company's profitability.

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The clear emerging threat for Avalon Holdings Corporation primarily impacts its Golf and Related Operations segment, specifically its hotel and resort properties like The Grand Resort.

Short-term rental platforms (e.g., Airbnb, Vrbo): These platforms continue to disrupt the traditional hospitality industry by offering alternative lodging options that compete directly with hotels. While these platforms have existed for some time, their ongoing expansion into various market segments, including luxury and amenity-rich properties, and their increasing market penetration represent a continuously evolving and intensifying threat. They provide travelers with competitive pricing, unique experiences, and often more space, drawing away business and leisure travelers who might otherwise stay at traditional hotels and resorts. This ongoing evolution and capture of market share by short-term rentals constitutes a clear and growing competitive pressure on Avalon's hotel operations, akin to how Uber continues to challenge traditional taxi services.

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Avalon Holdings Corporation (AWX) operates in two main segments: Waste Management Services and Golf and Related Operations. The addressable markets for their main products and services in the United States are as follows:

Waste Management Services Segment

• Overall Waste Management Services: The U.S. waste management market is projected to reach approximately USD 313.1 billion in 2025 and grow to about USD 496.7 billion by 2034.
• Hazardous Waste Disposal and Management: The U.S. hazardous waste management market generated USD 4.66 billion in 2025 and is expected to reach USD 7.26 billion by 2033, growing at a CAGR of 5.8%.
• Non-Hazardous Waste Disposal and Management: The non-hazardous waste segment dominated the U.S. solid waste management market in 2024, accounting for 94.3% of the market. The total U.S. solid waste management market was estimated at USD 156.3 billion in 2024 and is projected to reach USD 247.5 billion by 2033.
• Salt Water Injection Well Operations: The U.S. market for injection wells is projected to reach an estimated value of approximately USD 5.04 billion by 2031.
• Construction Mats: The global construction mats market is expected to grow from USD 1.42 billion in 2025 to USD 1.92 billion by 2032. North America is anticipated to account for approximately 30% of this market by 2026.

Golf and Related Operations Segment

• Golf Courses and Related Clubhouses: The market size of Golf Courses & Country Clubs in the U.S. was approximately USD 35.7 billion in 2025. The U.S. industry includes about 11,000 golf course facilities with combined annual revenue of about USD 23 billion.
• Hotel Operations: The U.S. hotels market size was estimated at USD 263.21 billion in 2024 and is projected to grow to USD 395.69 billion by 2030.
• Travel Agency Services: The United States Travel Agency Market, worth USD 145.43 billion in 2024, is forecasted to achieve USD 300.79 billion by 2033. Another source indicates gross bookings for the U.S. travel agency market surged to USD 109.7 billion in 2023.

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Avalon Holdings Corporation (AWX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its Waste Management Services and Golf and Related Operations segments.

1. Expanding Waste Management Services to New Clients and Markets: The company's growth strategy for its waste management segment centers on increasing revenue and market share through internal growth. This involves expanding waste brokerage services to new industrial, commercial, municipal, and governmental clients, primarily within its selected northeastern and midwestern U.S. markets. Avalon may also seek permits for vertically integrated waste services or expand its existing service offerings to enhance its competitive positioning.

2. Strategic Investments and Renovations in The Grand Resort: Avalon plans to continue investing in its Golf and Related Operations segment, specifically through hotel room expansion and ongoing renovations at The Grand Resort. Capital expenditures for these improvements are anticipated to be in the range of $3.0 million to $4.0 million in 2024, focusing on enhancing the resort's facilities and amenities.

3. Growth in Golf and Country Club Memberships and Pricing: Revenue growth in the Golf and Related Operations segment is also expected from increasing membership dues rates and achieving higher occupancy and average room rates at The Grand Resort and its country clubs. The company actively employs various marketing strategies and membership promotions to attract and retain members for its golf and country club facilities.

4. Capitalizing on Favorable Regulatory Environment in Waste Management: Avalon intends to leverage regulatory tailwinds that favor specialized hazardous and non-hazardous waste management. Evolving environmental regulations can increase demand for Avalon's expertise in waste disposal brokerage, captive landfill management, and saltwater injection well operations.

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Capital Expenditures

• Avalon Holdings Corporation incurred capital expenditures of approximately $6.6 million in 2022, of which $6.4 million was paid to vendors during the year. These expenditures primarily related to the continued renovation of The Grand Resort and Avalon Field Club at New Castle.
• In 2021, the company's capital expenditures were approximately $4.8 million, with $4.4 million paid to vendors. About $0.1 million of these expenditures in 2021 related to golf course maintenance equipment acquired under a new finance lease agreement. The focus remained on renovations at The Grand Resort and Avalon Field Club at New Castle.
• For the nine months ended September 30, 2025, capital expenditures were funded using existing cash, cash provided by operations, and a project fund account.

Share Issuance

• As of March 10, 2025, Avalon Holdings Corporation had 3,287,647 shares of its Class A Common Stock and 611,784 shares of its Class B Common Stock outstanding. A similar number of shares outstanding was reported as of May 6, 2022. No significant share issuances in terms of dollar amount were explicitly reported in the provided information for the last 3-5 years.

Outbound Investments

• In 2024, Avalon Holdings Corporation formed Avalon Med Spa, LLC, becoming the majority owner with a 50.1% stake. The financial statements of Avalon Med Spa, LLC are consolidated with Avalon's.
• In March 2024, Avalon Holdings Corporation also established Avalon Dermatology, LLC, an Ohio limited liability company. This entity provides dermatology services, with Avalon managing all decisions for a percentage of the gross revenues.