Avalon Holdings Corporation (AWX): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Avalon Holdings Corporation (AWX) makes its money, right? Honestly, this company presents a fascinating, if complex, dual play: balancing industrial waste brokerage-which drives a significant piece of their $62.1 million net operating revenue for the first nine months of 2025-with running premier golf courses and The Grand Resort hotel. As someone who's mapped out tough business structures for years, I've distilled their entire operation into the nine essential blocks of the Business Model Canvas below, showing you where the $25.33 million in waste operating costs go and how they manage their assets, including that $4.55 million cash position as of September 30, 2025. Dive in to see the precise mechanics of this unique industrial-leisure hybrid.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Avalon Holdings Corporation (AWX) relies on to run its two main segments: Waste Management Services and Golf and Related Operations. These partnerships are essential for everything from compliance to capital access.

The financial backbone supporting operations includes a key relationship with a lender. Avalon Holdings Corporation amended its Line of Credit Agreement with Wesbanco Bank, Inc. on September 24, 2025. This amendment pushed the maturity date out to July 31, 2027, from the previous July 31, 2026 date. At the time of this amendment, $3,200,000 was drawn against that line of credit. This facility helps manage working capital, which showed a deficit of approximately $1.7 million at June 30, 2025.

Institutional investors form another crucial partnership group, providing market validation and capital structure support. As of late 2025, Avalon Holdings Corporation had 25 institutional owners filing 13D/G or 13F forms with the SEC, holding a combined total of 324,998 shares. Renaissance Technologies Llc is explicitly named among the largest of these holders.

Here's a breakdown of the key relationships and associated quantifiable data we have for late 2025:

For the waste disposal and hauling brokerage services, while specific third-party names aren't public in the latest filings, this activity falls under the Waste Management Services segment, which is the key revenue driver for Avalon Holdings Corporation. This segment's operations are subject to regulatory oversight, which necessitates strong compliance partnerships with regulatory bodies.

Regarding The Grand Resort and country club food/beverage operations, these fall under the Golf and Related Operations segment. This segment represented about 45% of total consolidated net operating revenues in 2024. The resort offers amenities including dining facilities, which require ongoing supplier relationships for food and beverage inventory. The company reported net operating revenues of $25.7 million for the third quarter of 2025 alone.

The need for external service providers is underscored by the company's scale and operational complexity. Avalon Holdings Corporation reported 882 total employees as of late 2025. Furthermore, the company generated $2.052 million in net cash provided by operating activities for the six months ended June 30, 2025, which must cover these partnership costs.

You should track the covenant compliance related to the Line of Credit Agreement closely. The company reported compliance with the line of credit covenants at June 30, 2025. Also, keep an eye on the restricted cash set aside for capital expenditures, which stood at $8.971 million in a project fund as of June 30, 2025; these funds often relate to maintaining or improving assets that require external contractors.

The key partnerships can be summarized by their function:

• Third-party waste disposal and hauling companies for brokerage services: Essential for the 55% revenue segment.
• Suppliers for The Grand Resort food/beverage operations: Supports the 45% revenue segment (Golf/Resort).
• Financial institutions for the Line of Credit Agreement: Provided $3,200,000 in drawn capital as of September 24, 2025.
• Regulatory bodies for waste management and environmental compliance: Critical due to ongoing litigation risk.
• Institutional investors like Renaissance Technologies Llc, holding equity: Represented by 25 total institutional filers.

Finance: draft 13-week cash view by Friday.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Key Activities

You're looking at the core engine of Avalon Holdings Corporation as of late 2025. The company's activities are split between two main segments, with Waste Management Services being the key revenue driver, according to its March 20, 2025, 10-K filing. As of September 30, 2025, Avalon Holdings had a trailing twelve-month revenue of $79.7M. The third quarter of 2025 alone brought in net operating revenues of $25.7 million, up from $24.2 million in Q3 2024. For the first nine months of 2025, net operating revenues were $62.1 million. Still, net income for those nine months declined to approximately $0.7 million, down significantly from $1.8 million the prior year.

Here's the quick math on how those nine-month revenues break down, using the 2024 segment split percentages as the best available proxy for the current year's activity mix:

The balance sheet as of September 30, 2025, shows total current assets at $20.17M, with current liabilities slightly lower at $19.90M, and cash on hand at $4.55M. That cash position is up about 62% versus the end of 2024.

Providing hazardous and nonhazardous waste disposal brokerage

This falls squarely within the Waste Management Services segment. This activity involves providing services to industrial, commercial, municipal, and governmental customers across selected northeastern and midwestern U.S. markets. Waste management operating costs for the first nine months of 2025 were reported at $25.33M, which is down about 10.7% compared to the same period in 2024. This cost reduction is defintely something to watch.

Operating captive landfill management services

This is another core component of the Waste Management Services segment. The net operating revenues related to continuous work were approximately $24.7 million in 2022, and captive landfill management operations specifically generated about $2.6 million in net operating revenues in 2022. While 2025 specific figures aren't broken out here, you know this revenue stream is almost entirely dependent upon the volume of waste generated by the owner of the landfill for whom Avalon manages the facility.

Managing four regional golf courses and country club facilities

This activity is part of the Golf and Related Operations segment. The segment's performance is heavily dependent upon weather conditions during the golf season in northeast Ohio and western Pennsylvania. Key operational metrics for this area include:

• The segment contributed approximately 45% of total consolidated net operating revenues in 2024.
• The segment generated net operating revenues of approximately $35.9 million in 2023.
• Food, beverage, and merchandise sales within the club facilities reached about $13.5 million in 2023.

Operating The Grand Resort hotel and associated resort amenities

The Grand Resort is bundled with the golf operations, offering lodging, dining, banquet, and conference facilities. The ability to attract and retain members for the associated Avalon Golf and Country Club is an ongoing challenge that directly impacts this unit's financial performance. The resort's performance is tied to the overall Golf and Related Operations segment revenue.

Saltwater injection well operations in selected markets

This activity is grouped with Waste Management Services. In 2022, net operating revenues from captive landfill management operations were approximately $2.6 million, which gives you a sense of the scale of the non-brokerage, non-disposal waste infrastructure services. Specific 2025 revenue figures for saltwater injection wells alone aren't itemized separately from the broader waste segment in the latest reports.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Key Resources

The Key Resources for Avalon Holdings Corporation (AWX) are a blend of tangible, intangible, and financial assets critical to supporting its dual-segment business structure across waste management and golf/resort operations.

Physical assets form a significant part of the portfolio, particularly within the Golf and related operations segment. This includes the operation and management of four golf courses and related clubhouses, a hotel, fitness centers, tennis courts, and associated dining and conference facilities, which together constitute the resort amenities. The Waste management services segment relies on its physical infrastructure for waste disposal and processing.

The company maintains captive landfill management capacity, a core asset for its waste services. Furthermore, Avalon Holdings Corporation possesses saltwater injection wells, though as of the nine months ending September 30, 2025, these operations remained suspended with no associated revenues.

Financially, a key resource as of September 30, 2025, is the reported Cash and cash equivalents of $4.55 million. For a broader liquidity view, total cash, cash equivalents, and restricted cash stood at $13.250M at the same quarter-end, with $8.699M of that restricted for resort projects.

Intangible and human capital resources include:

• An experienced management team with operational expertise spanning both the waste and hospitality sectors.
• Regional operating licenses and permits necessary to conduct waste services for industrial, commercial, municipal, and governmental customers primarily in selected northeastern and midwestern U.S. markets.

Here is a look at some of the latest financial and operational figures supporting these resources as of late 2025:

The waste management services segment historically represented approximately 55% of total consolidated net operating revenues, while golf and related operations represented approximately 45% for both 2024 and 2023.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Value Propositions

Avalon Holdings Corporation (AWX) offers a dual-pillar value proposition, balancing essential industrial services with premium leisure and hospitality experiences. This diversification is a core part of what the company provides to its customer segments.

Diversified business model balancing industrial services and leisure hospitality

The value proposition rests on two distinct, yet complementary, operating segments. For the first nine months of 2025, net operating revenues totaled $62.1 million. Compare that to the $66.2 million reported for the first nine months of 2024. The third quarter of 2025 saw net operating revenues reach $25.7 million, up from $24.2 million in the third quarter of 2024.

Here's a look at the financial performance for the latest reported quarter and the year-to-date period:

As of September 30, 2025, the trailing 12-month revenue stood at $79.71M.

Turnkey waste management and disposal brokerage services for B2B clients

Avalon Holdings Corporation provides critical environmental services to industrial, commercial, municipal, and governmental customers. This includes waste disposal, captive landfill management, and saltwater injection well operations. Waste management operating costs for the first nine months of 2025 fell to $25.33 million, showing a decrease of approximately 10.7% versus the same period in 2024.

The value proposition in this segment is supported by specific operational metrics, such as the revenue generated from the waste management services segment in the first quarter of 2025:

• Waste management services revenue (Q1 2025): $9,677k.
• This Q1 2025 waste revenue compares to $12,470k in Q1 2024.

Regional specialization in Northeastern and Midwestern U.S. markets

The geographic focus of the waste management services is concentrated within selected markets in the Northeastern and Midwestern United States. This specialization allows for focused service delivery and management of captive landfill assets within these specific regions.

Premier, full-service golf and country club membership experience

The leisure side is anchored by Avalon Resorts and Clubs Inc., which offers a full-service experience. This includes the operation of four golf courses and related country clubs. The value proposition here is access to premier recreational facilities.

For the first quarter of 2025, the leisure operations generated revenue through several streams:

• Food, beverage and merchandise sales: $2,024k.
• Other golf and related operations: $4,367k.
• Total golf and related operations revenue (Q1 2025): The sum of these two streams is $6,391k.

Lodging, dining, and conference facilities at The Grand Resort

The Grand Resort is a key component of the leisure offering, providing lodging, dining, and conference facilities, alongside the golf and country club amenities. The company notes that the financial performance of the golf and related operations is tied to business levels and selling prices at The Grand Resort and the country clubs.

The company's overall financial footing as of September 30, 2025, includes:

• Cash and cash equivalents: $4.55 million.
• Total assets: $90.69 million.
• Total current assets: $20.17 million.

The market values this proposition as of the November 7, 2025 close, with a market capitalization around $9.9M, based on 3.90 million shares outstanding.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Customer Relationships

You're looking at how Avalon Holdings Corporation (AWX) manages its interactions across its two main business lines, which demand very different approaches. The relationship style is dictated by whether you are dealing with a municipality needing landfill space or a member paying annual dues for a round of golf.

For the Waste Management Services segment, which generated approximately 55% of total consolidated net operating revenues in fiscal year 2024, the relationship is heavily contract-driven and requires dedicated account management for large industrial and governmental waste contracts. This segment serves industrial, commercial, municipal, and governmental customers primarily in selected northeastern and midwestern U.S. markets. The reliance on these large entities suggests long-term contracts for captive landfill management operations are the norm, securing capacity and disposal fees. To be fair, one single customer in 2024 accounted for 10% of the waste management services segment's net operating revenues to external customers, underscoring the importance of retaining these key relationships.

The Golf and Related Operations segment, which represented about 45% of total consolidated net operating revenues for fiscal year 2024, operates on a membership-based, high-touch service model for country club members. This segment includes the Avalon Golf and Country Club and The Grand Resort. The high-touch nature is supported by the fact that deferred revenue relating to membership dues was $3.6 million as of December 31, 2022, indicating members pay in advance for services. Attracting and retaining these members is an ongoing focus, as the number of members stood at 4,983 at December 31, 2022.

Hotel and event guests fall under the transactional and service-oriented relationship category, driven by the operations of The Grand Resort and club facilities, which include dining and banquet services. This is a volume-based interaction, distinct from the recurring commitment of a member. The overall company maintains a personal, regional focus due to its limited geographic scope in the northeastern and midwestern United States, which helps foster local relationships across both segments.

Here's a quick look at the scale of the customer base interaction types as of the latest reported figures:

The company's operational structure reflects this relationship split; as of December 31, 2024, only 31 employees were in the waste management services segment, while 830 were employed by the golf and related operations segment, suggesting a significantly higher personnel-to-customer-interaction ratio in the hospitality/club side. The total trailing twelve-month revenue as of September 30, 2025, was $79.7M.

• Waste hauling contracts and landfill tipping fees are volume-based and sensitive to industrial activity.
• Salt water injection well operations are service-based, often involving governmental or industrial compliance needs.
• Golf operations rely on membership renewals and seasonal green fee volume.
• The Grand Resort drives transactional revenue through hotel stays and event hosting.
• Geographic concentration is focused on selected northeastern and midwestern U.S. markets.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Channels

You're looking at how Avalon Holdings Corporation gets its services and resort experiences to the customer, which really boils down to two main business lines: waste services and hospitality. The channels reflect this split, mixing direct sales efforts with physical presence and digital booking capabilities.

Direct sales force for waste management services and brokerage

The waste management services segment, which is the key revenue driver, relies on a direct sales approach targeting industrial, commercial, municipal, and governmental customers in the northeastern and midwestern U.S. markets. For the first nine months of 2025, this segment, supported by this direct channel, contributed significantly to the total net operating revenues of $62.1 million for Avalon Holdings Corporation. To give you a snapshot of the revenue supported by these direct efforts, Q1 2025 saw waste management services generate $9.7 million in revenue. This channel also handles the brokerage aspect for hazardous and nonhazardous waste disposal.

Physical locations: Golf courses, country clubs, and The Grand Resort hotel

The hospitality side uses its physical assets as primary channels. Avalon Resorts and Clubs Inc. operates a hotel, four golf courses, and associated amenities like fitness centers and dining facilities. These locations serve as direct points of sale for resort stays, event bookings, and golf memberships. As of September 30, 2025, the balance sheet shows total assets of $90.69 million, with cash and cash equivalents at $4.55 million, supporting the physical infrastructure that drives this channel. For the first nine months of 2025, the golf and related operations segment brought in revenue that, when combined with Q1 2025's $6.4 million from this segment, shows the importance of these physical touchpoints. The seasonality of these operations, especially the golf courses in northeast Ohio and western Pennsylvania, definitely impacts the flow through this channel.

Waste brokerage network for third-party disposal sites

Beyond captive landfill operations, Avalon Holdings Corporation uses a waste brokerage network to facilitate third-party disposal. This is an extension of the waste management services channel, allowing them to service customers even when internal capacity isn't the solution. This brokerage activity is bundled within the waste management services segment, which accounted for a portion of the trailing twelve-month revenue ending September 30, 2025, reported at $79.71 million.

The breakdown of revenue streams that flow through these service-oriented channels for the first quarter of 2025 looked like this:

Digital channels for resort and event bookings

Digital channels are critical for the Avalon Resorts and Clubs Inc. operations, specifically for resort and event bookings, providing a way to reach customers outside the immediate geographic area of the physical locations. While specific digital booking revenue percentages aren't public, the overall segment performance is key. The company's Q3 2025 net operating revenues reached $25.7 million, indicating the combined strength of all channels in that quarter.

The key elements accessed through digital channels include:

• Reservations for The Grand Resort hotel.
• Tee times for the four golf courses.
• Booking of dining and banquet facilities.
• Inquiries for fitness center and salon/spa services.

Corporate website for investor and service information

The corporate website, www.avalonholdings.com, serves as the primary channel for non-transactional, informational outreach. This is where you, as a stakeholder, find the official filings and operational details. The investor relations section is the direct line for financial data dissemination. For instance, the Q3 2025 results were announced on November 7, 2025, with the stock closing at $3.14 and a market capitalization of $10 million on that day. This website is the conduit for official communication that impacts market perception.

Here's a quick look at the financial context surrounding the information shared via this channel as of late 2025:

• Nine-Month 2025 Net Operating Revenues: $62.1 million.
• Nine-Month 2025 Net Income Attributable: Approximately $0.7 million.
• Total Current Liabilities (as of Sep 30, 2025): $19.90 million.

Finance: draft 13-week cash view by Friday.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Avalon Holdings Corporation serves across its two primary operational areas. Honestly, the customer base is split between essential infrastructure services and discretionary leisure/hospitality.

The first major group consists of industrial, commercial, and governmental entities requiring waste disposal, alongside municipal customers in selected northeastern and midwestern U.S. markets. This waste management services segment has historically been the larger revenue contributor, accounting for approximately 55% of Avalon Holdings Corporation's total consolidated net operating revenues for both fiscal years 2024 and 2023. For the first quarter of 2025, this segment generated $9.7 million in revenue, a decrease from $12.5 million in Q1 2024. Avalon Holdings Corporation provides these customers with hazardous and nonhazardous waste disposal brokerage, management services, captive landfill management, and saltwater injection well operations.

The second group is served by the Golf and Related Operations segment, which represents about 45% of the company's revenue base. This segment targets regional, affluent individuals and families for country club memberships, as well as conference, banquet, and event clients for hospitality facilities, and leisure and business travelers utilizing The Grand Resort. In Q1 2025, this segment brought in $6.4 million in revenue, showing relative stability compared to the prior year's first quarter.

Here's a quick look at how the revenues from these customer groups stacked up in the first part of 2025, which gives you a sense of the current revenue weight:

The Golf and Related Operations segment serves its customers through a specific set of assets and services. You should note the breadth of offerings that appeal to these varied hospitality clients:

• Management of four golf courses
• The operation of The Grand Resort hotel
• Facilities including fitness centers and tennis courts
• Services such as a salon and spa
• Dining, banquet, and conference facilities

Avalon Holdings Corporation's total employees supporting these operations stood at 882 as of the latest reports. For the nine months ended September 30, 2025, the company's total net operating revenues were $62.1 million.

Finance: draft 13-week cash view by Friday.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Cost Structure

The Cost Structure for Avalon Holdings Corporation is heavily influenced by the operational demands of its dual-segment business, requiring significant investment in both waste infrastructure and resort property upkeep. You're looking at a cost profile that blends variable operating expenses with substantial fixed overhead.

The most immediate, quantifiable cost element comes from the waste management side of the business. For the first nine months of 2025, the waste management operating costs were reported at $25.33 million. This figure reflects the direct costs associated with disposal brokerage, landfill management, and saltwater injection well operations for that period.

A major component of the overall cost base involves the significant fixed costs for maintaining golf courses and resort properties. Since the golf and related operations segment is subject to seasonality, these fixed costs, such as groundskeeping, utilities, and property insurance for the four golf courses and The Grand Resort, must be absorbed even during slower periods. These costs are a necessary expense to preserve the value of the long-lived assets.

The human capital required to run both segments is substantial, involving labor costs for over 882 employees across waste management and resort operations as of late 2025. Keeping this workforce staffed and compensated is a continuous cost driver.

General and administrative expenses, which capture the corporate overhead necessary to manage the entire enterprise, also form a key part of the structure. For the first nine months of 2025, these expenses totaled $7.835 million.

Finally, the balance sheet dictates significant non-cash costs through the depreciation and amortization of long-lived assets. As of September 30, 2025, Avalon Holdings Corporation reported total assets of $90.69 million, which underpins the depreciation charge. The actual depreciation and amortization expense recorded for the first nine months of 2025 was $2.867 million.

Here is a breakdown of the key cost and asset figures for the nine-month period ending September 30, 2025, where applicable:

The cost structure is further detailed by the nature of the fixed and variable expenses tied to the two primary segments:

• Fixed costs for golf course maintenance, including specialized equipment upkeep.
• Labor expenses covering the 882 employees across both operating segments.
• Variable waste management costs tied directly to disposal volumes.
• Corporate overhead embedded within the General and Administrative line item.
• Non-cash charges from the $90.69 million asset base.

Avalon Holdings Corporation (AWX) - Canvas Business Model: Revenue Streams

Avalon Holdings Corporation generates revenue from two primary operational segments: environmental services and hospitality/resort operations.

Net operating revenues totaled $62.1 million for the first nine months of 2025, a decrease from the $66.2 million reported for the first nine months of 2024. The trailing twelve month revenue as of September 30, 2025, stood at $79.7M.

The revenue streams are derived from the following activities:

• Waste disposal brokerage and management fees
• Captive landfill management and saltwater injection well fees
• Golf and country club membership dues and green fees
• Lodging, food, and beverage sales from The Grand Resort and clubhouses

For the trailing twelve months ending September 30, 2024, the revenue sources were segmented as follows, which gives you a view of the historical weighting of these streams: Waste Management Services accounted for 67.9% of total revenue, while Golf and Related Operations accounted for 32.1%.

Here is a look at the reported quarterly net operating revenues for 2025 so far:

The revenue from the waste management segment includes fees for waste disposal services, captive landfill operations, and saltwater injection well operations. The hospitality revenue comes from Avalon Resorts and Clubs Inc., which operates a hotel, its associated resort amenities, and four golf courses.

The breakdown of the $62.1 million in net operating revenues for the first nine months of 2025 is composed of these underlying activities. For instance, the golf and related operations segment generated $6.4 million in revenue during Q1 2025.