Aureus Greenway Holdings Inc.

What they do

The company owns and operates Kissimmee Bay Country Club and Remington Golf Club, two public golf country clubs in Florida acquired in 2014. The properties span over 289 acres with more than 13,000 combined yards of fairways, plus clubhouses with food and beverage, aquatic golf ranges, and pro shops. The land is part of and subject to the Kissimmee Bay Community Association, a not-for-profit homeowners association.

Revenue drivers

• Golf operations and recreation — Green fees, tee times, leagues and tournaments at the two courses, described in the 10-K as the golf recreation, retail golf products, and equipment and facilities rental segment. This is the largest of the four reported revenue streams.
• Food and beverage — Clubhouse food and beverage sales at both clubs; the 10-Q lists sales of food and beverage as one of four revenue streams.
• Merchandise and retail — Pro shop sales of golf merchandise and equipment; the 10-Q lists sales of merchandise as a separate revenue stream.
• Membership dues and ancillary income — Membership dues are a named segment in the 10-K, and the 10-Q groups ancillary income (which the 10-K describes as ancillary services and amenities) as the fourth stream.

Recent performance

Annual revenue has drifted from $3.6M in 2023 to $3.3M in 2024 and $3.0M in 2025, while net income swung from $386,128 in 2023 to a loss of $183,700 in 2024 and $3.7M in 2025. Operating cash flow fell from $848,032 in 2023 to $89,676 in 2024 and negative $2.0M in 2025. Quarterly revenue was $1.5M in the March 2026 quarter, up sharply from $336,878 in September 2025 and $696,896 in December 2025, then $708,458 in June 2026. Management attributed a 13% first-half 2026 revenue increase versus the prior year to Remington being open in May and June 2026 after renovation, plus higher customer demand and higher prices across all revenue streams.

Strategy

Management says its near-term plan is to keep promoting, marketing and operating the two clubs to build customer loyalty and increase revenue. Renovations completed in Q3 2025 included 19 new TiffEagle greens at Remington Golf Club and interior and exterior renovation of the Kissimmee Bay clubhouse. The company completed an IPO on February 14, 2025, selling 3,000,000 shares at $4.00 per share for gross proceeds of $12 million, and ended June 30, 2026 with $22.2M of cash. Regulatory filings since the 10-K include several material agreements, unregistered equity sales, and officer changes.

Risks

• Weather and seasonality — The 10-Q states Q1 is the busiest season and that, even in peak season, business is affected by weather conditions.
• Inflation on course maintenance — The renewed DTE Agreement, effective November 2025, carries a 10% higher contractual price reflecting inflation in labor, fertilizer and chemical markets, per the 10-Q.
• Recent losses and negative operating cash flow — The company reported a $3.7M net loss and negative $2.0M operating cash flow in 2025 after a $183,700 loss in 2024.
• Association covenants on the property — The 10-K states the property underlying both clubs and its owner are part of and subject to the Kissimmee Bay Community Association and its master declaration of covenants, conditions and restrictions.

Outlook

Management's stated 12-month plan is to continue promoting, marketing, managing and operating the two golf country clubs, expecting customer retention and engagement to drive revenue. It expects growth to require continued investment in the quality of the customer experience at the clubs. The company reported that it did not experience an unusual number of rainy days in the first half of 2026.