Think of it like Bowlero, but for golf courses instead of bowling alleys.

It's like a smaller, public version of ClubCorp.

• Golf Course Access: Provides access to two multi-service golf courses for recreational play.
• Golf Memberships: Offers various membership packages for regular access and benefits at their golf country clubs.
• Retail Golf Products: Sells golf equipment, apparel, and accessories through on-site pro shops.
• Food and Beverage Services: Operates dining establishments and offers beverage options within clubhouses.
• Facilities and Equipment Rental: Rents out golf equipment and portions of their facilities for events and use.
• Ancillary Golf Services: Includes services such as aquatic golf ranges and professional golf assistance.

1. Local Residents and Members: Individuals residing in the greater Orlando region who are golf enthusiasts and/or hold memberships to the clubs, utilizing the golf courses, practice facilities, food and beverage options, and other amenities on a regular basis.
2. Tourists and Visitors: Individuals visiting the greater Orlando region for leisure or business who seek out golf and recreational activities at the clubs during their stay.
3. General Patrons and Event Attendees: Individuals who utilize specific amenities such as the food and beverage services, pro shops, or aquatic golf ranges, or attend events hosted at the facilities (e.g., tournaments, private parties), without necessarily being regular golfers or tourists.

Matthew J. Saker, Interim Chief Executive Officer

Matthew J. Saker was appointed interim Chief Executive Officer of Aureus Greenway Holdings Inc. effective January 29, 2026. He has over 23 years of experience at CBRE, where he serves as Senior Vice President in the firm's Global Advisory & Transaction Services group, a position he has held since 2003. Prior to CBRE, he held leadership roles at Peter Elliot & Co. and began his real estate practice at Grubb & Ellis. Earlier in his career, he was involved in asset management and development across a diverse portfolio, including a private golf course, at Saker Associates. Mr. Saker holds a Master of Science in Real Estate Development from Columbia University and a Bachelor of Science in Finance from St. Joseph's University.

Mr. Sam Wai Sing Lui, Chief Financial Officer

Mr. Sam Wai Sing Lui is a financial executive with over a decade of experience as Chief Financial Officer and Financial Controller for multinational corporations and companies listed on the Stock Exchange of Hong Kong (HKEX) and Nasdaq. He is a member of HKICPA and ACCA. Mr. Lui began his career in audit at firms such as Deloitte and BDO, where he worked with listed clients across Asia and Europe. His experience includes guiding companies through the IPO process, from pre-listing preparation to post-listing compliance. He served as CFO of Aureus Greenway Holdings Inc. during its listing on the Nasdaq Capital Market in February 2025 and as Financial Controller and Company Secretary of Cool Link (Holdings) Limited for its listing on the GEM Board of HKEX.

Key Risks to Aureus Greenway's Golf Country Club Business

1. Geographic Concentration and Sensitivity to Regional Factors: Aureus Greenway's entire business, including all its assets and revenue generation, is concentrated in the Florida market, specifically the greater Orlando area. This geographic concentration makes the company highly vulnerable to regional economic downturns, fluctuations in tourism to Florida, and severe weather events, such as hurricanes, which are common in the state. Such events can cause significant property damage, disrupt operations, and deter both local residents and tourists from visiting the golf country clubs, directly impacting revenue from golf recreation, memberships, and food and beverage services.
2. Dependence on Discretionary Consumer Spending: The company's revenue streams, which include golf recreation, retail golf products, equipment and facilities rental, membership dues, and food and beverage services, are largely dependent on consumers' discretionary income and leisure spending. In times of economic uncertainty, reduced consumer confidence, or shifts in recreational preferences, demand for these services could decline significantly. This reliance on non-essential spending exposes the business to volatility based on economic conditions and consumer behavior.
3. Reliance on and Potential Conflicts with the Homeowners Association (HOA): The property underlying both of Aureus Greenway's golf country clubs is part of and subject to a not-for-profit homeowners association. This structural arrangement implies that the HOA likely holds significant influence or control over aspects of the property and its operations. Potential disagreements, conflicting interests, or restrictive covenants imposed by the HOA could limit the company's operational flexibility, hinder future development plans, or lead to disputes, thereby impacting its ability to manage and grow the business effectively.

For Aureus Greenway (PUSA), the addressable market for their main products and services is encompassed within the Golf Courses & Country Clubs industry in Florida.

The market size of the Golf Courses & Country Clubs industry in Florida is projected to be $4.6 billion in 2026. This market size includes revenue generated from collecting membership fees, green fees (golf recreation), food and beverage sales, and golf equipment rental services, among other related sales and services.

Aureus Greenway (PUSA) is expected to undergo a significant transformation in the near future, with a planned merger with Autonomous Power Corporation, which does business as Powerus. The combined entity is anticipated to operate as Powerus Corporation and focus on autonomous drone and defense technologies, with the ticker symbol PUSA representing this new enterprise, effective May 15, 2026, or May 18, 2026. Over the next 2-3 years, the key drivers of future revenue growth for Powerus Corporation are expected to be:

1. Growth in Autonomous Drone and Defense Technologies: The core business of the combined company will be the development and deployment of autonomous aerial systems, counter-unmanned aerial systems (C-UAS), and critical infrastructure protection platforms. This focus on advanced defense and aerospace technology is expected to drive revenue as these solutions are adopted by government and commercial clients.
2. Expansion within Government and Commercial Markets: Powerus intends to serve both government and commercial customers, aiming to capture a greater share of the defense and homeland security market, which is increasingly focused on unmanned systems and related countermeasures. This broader market reach for its specialized technology will contribute to revenue growth.
3. Leveraging Subsidiary Expertise and Diversification: Powerus operates through wholly-owned subsidiaries, including Kaizen Aerospace, Tandem Defense, and Agile Autonomy. These subsidiaries provide diversification across various defense and aerospace niches, allowing the company to develop and offer a range of specialized solutions that can attract a wider client base and generate multiple revenue streams.
4. Capitalizing on Increasing Global Demand for Autonomous Defense Capabilities: The company is positioned to benefit from a rising global interest in autonomous defense technologies. This market trend is expected to fuel demand for Powerus's products and services, driving future revenue growth.

Capital Expenditures

• Capital expenditures were approximately $0.2 million in 2022, $0.3 million in 2023, and $0.1 million in 2024.
• In 2025, capital expenditures totaled approximately $1.1 million.
• A significant portion of the 2025 capital expenditures focused on renovations, which included the closure of one golf course from May 17, 2025, to October 2, 2025.

Share Issuance

• The company issued common stock totaling approximately $34.2 million in 2025.