IntrinsicIntrinsic
← All summaries

Aureus Greenway Holdings Inc

AGH
Financials & Chart →

Business Summary

Aureus Greenway Holdings Inc. operates in the golf country club industry, owning and managing two public golf country clubs in Florida: Kissimmee Bay Country Club and Remington Golf Club. The company's business model focuses on attracting both local residents and tourists in the greater Orlando region, leveraging its geographic location and affordable pricing compared to resort area courses. The company generates revenue through four principal business segments: golf recreation (including green fees and driving ranges), retail golf products and equipment/facilities rental, membership dues, and food and beverage services. Kissimmee Bay accounted for 61% of total club revenue and business in 2025, with Remington contributing the remaining 39% . The company emphasizes enhancing customer experience through course quality and amenities to drive loyalty and repeat visits.

The core business model is centered on providing a comprehensive golf and leisure experience. Revenue is primarily transactional, derived from daily green fees, which constituted approximately 64% of gross revenue in 2025. Recurring revenue comes from annual membership dues, which represented approximately 10% of total revenue in 2025. The primary customer segments include local golfers and tourists, with operations being seasonal, experiencing peak activity from January through mid-April. The company also hosts local golf leagues, tournaments, and private events, which contribute to revenue and club visibility.

The golf recreation segment includes green fees and driving ranges. Green fees, which include golf cart rentals, generated $2,174,376 in 2025, a decrease of approximately 11% from $2,443,178 in 2024. The company offers aquatic driving ranges at both clubs, where customers rent special floater range balls for practice over waterways. These balls are approximately 5% lighter and are reusable, offering an operational advantage. Retail golf products are sold through pro shops, offering apparel, equipment, and custom-order golf clubs to avoid large inventory. Golf club rentals are also available, with new Wilson Sporting Goods branded sets purchased annually for Kissimmee Bay and older sets transferred to Remington.

Membership dues, totaling $290,177 in 2025, decreased by $13,365 or 4% from $303,541 in 2024. This segment provides stable recurring revenue, though the company does not widely advertise its membership programs to free up tee times for daily golfers. Food and beverage services generated $614,997 in 2025, a 5% decrease from $648,738 in 2024, accounting for approximately 21% of total revenue. This segment aims for a net margin of approximately 20% and offers high-quality, freshly prepared food and beverages, with bars serving as central gathering places. Ancillary revenue, including equipment and facilities rental for events, decreased by $21,559 or 24% to $69,624 in 2025 from $91,183 in 2024. Kissimmee Bay's larger banquet room, with a maximum capacity of 200 persons, is a key asset for private events.

For the fiscal year ended December 31, 2025, total revenue was $2,964,377 , a decrease of 10% from $3,298,361 in 2024. The company reported a net loss of $3,677,030 in 2025, significantly wider than the net loss of $183,700 in 2024, representing an increase of 1,902% . Operating costs increased by $3,890,183 or 112% to $7,370,576 in 2025 from $3,480,393 in 2024. Cash and cash equivalents stood at $28,668,169 as of December 31, 2025, a substantial increase from $457,142 in 2024. Total current liabilities were $1,293,761 in 2025, down from $3,403,513 in 2024. The company's working capital improved significantly to a surplus of $27,788,300 in 2025 from a deficiency of $2,278,241 in 2024.

Year-over-year, revenue from golf operations decreased by $268,802 or 11% , driven by a 12% decrease in one-time green fees and a 4% decrease in annual membership dues. The total number of rounds played decreased by approximately 9% from 56,000 in 2024 to 51,000 in 2025, and the average price per round decreased by approximately 3% from $38 to $37 . Operating expenses saw a substantial increase, primarily due to a 356% rise in salaries and benefits to $3,300,897 in 2025 from $724,157 in 2024, largely attributable to $1,890,958 in stock-based compensation. Legal and professional fees also increased by 144% to $733,397 in 2025 from $300,281 in 2024.

Significant operational developments during 2025 included the completion of major renovation projects. This involved installing 19 new TiffEagle greens at Remington Golf Club and extensive interior and exterior renovations to the clubhouse at Kissimmee Bay Country Club. Remington Golf Club was temporarily closed for renovation from May 17, 2025 to October 3, 2025 , which adversely affected its revenue. The company also completed an initial public offering (IPO) on February 13, 2025 , raising net proceeds of approximately $10.65 million , and a private placement on July 23, 2025 , generating aggregate net proceeds of approximately $23.52 million .

Business Outlook

Management plans to continue promoting, marketing, managing, and operating its golf country clubs over the next twelve months with the intent to attract and retain customers across various demographic groups in the greater Orlando Florida region and increase revenue. The strategy focuses on enhancing customer loyalty and engagement by providing a high-quality golfing experience, which is expected to drive revenue growth. This will require ongoing efforts in maintaining and improving the quality of customer experiences at both golf country clubs.

A key growth area involves continued efforts in maintaining and improving the quality of customer experiences at the golf country clubs. The company successfully completed major renovations in Q3 2025, including the installation of 19 new TiffEagle greens at Remington Golf Club and extensive interior and exterior renovations to the clubhouse at Kissimmee Bay Country Club. These upgrades are believed to progressively grow the stature and reputation of the facilities, meet future infrastructure needs, and enhance the ability to attract and retain golf-players. Additionally, the company plans to review and seek to expand its portfolio through regional country club acquisitions.

The operational outlook includes managing costs in an inflationary environment. The maintenance contract with Down-to-Earth was renewed in November 2025 with a contractual price increase of approximately 10% , reflecting the impact of inflation on labor, fertilizer, and chemical markets. The company aims to achieve a net margin of approximately 20% in its food and beverage services by continually improving menu and food quality while minimizing waste, particularly at Kissimmee Bay.

Planned capital allocation includes continued investment in property and equipment. For the year ended December 31, 2025, capital expenditures were $1,074,008 , primarily for renovation and upgrading of golf courses, clubhouses, and facilities, including greens renovation and roof replacement. The company also prepaid $331,250 for consultancy services, $7,384 for the annual Nasdaq listing fee, $73,166 for director's and officer's liability insurance, and $432,336 for golf club membership fees in mainland China, London, and Scotland during 2025.

Management has explicitly flagged structural headwinds and execution risks. The renovation of Remington Golf Club, which involved a temporary closure from May 17, 2025 to October 3, 2025 , had an adverse effect on the business's revenue. The company's operations are seasonal, with peak revenue and cash flows anticipated in Q1 (January through mid-April) and lower revenues and profits during Florida's warmer months (June through September). Weather conditions, particularly rainy days, can also affect business activities, as experienced in the first three months of 2025 .

Geographic, regulatory, and macro factors identified as constraints include the competitive landscape of the golf industry in the greater Orlando region, with over 1,200 golf courses in Florida in 2022. The company is subject to various federal, state, and local governmental regulations, including those related to food and alcoholic beverage sales, environmental laws, and the Americans with Disabilities Act. Compliance with environmental requirements, such as those from the South Florida Water Management District (SFWMD) regarding littoral shelves and invasive plants, may incur future costs.

Risk Factors

The company faces several material risks, including operational and financial challenges. Operationally, the business is highly seasonal, with a disproportionate share of revenues and cash flows generated in the first quarter, making it vulnerable to adverse weather conditions, such as the more than average rainy days experienced in the first three months of 2025 . The company also faces vendor concentration risk, with one vendor accounting for 87% of accounts payable as of December 31, 2025, and 15% of total operating costs for the year ended December 31, 2025. Furthermore, the company has identified material weaknesses in its internal control over financial reporting, specifically inadequate segregation of duties due to limited staff and a lack of sufficient financial reporting and accounting personnel with appropriate U.S. GAAP and SEC reporting knowledge. The company's ability to continue as a going concern is dependent upon obtaining necessary financing or negotiating existing short-term liabilities.

Management Priorities

Management's message to shareholders emphasizes a commitment to enhancing customer experience and expanding the company's portfolio. They highlight the successful completion of major renovations at both Kissimmee Bay Country Club and Remington Golf Club in Q3 2025, including new TiffEagle greens at Remington and clubhouse renovations at Kissimmee Bay, as key drivers for attracting and retaining golfers. Strategic priorities for the period ahead include continuing to promote, market, manage, and operate the golf country clubs to attract and retain customers across various demographic groups in the greater Orlando Florida region, and to increase revenue from these operations. Management also intends to review and seek to expand the portfolio through regional country club acquisitions. The company believes that its successful IPO listing on Nasdaq in February 2025 and the private placement in July 2025, which generated net proceeds of $10.65 million and approximately $23.52 million respectively, along with internal financial resources, will be sufficient to meet anticipated cash needs for at least the next twelve months.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Our Business Model
  2. [2] Item 1, Business — Our Business Model
  3. [3] Item 1, Business — Golf Recreation
  4. [4] Item 1, Business — Membership Dues
  5. [5] Item 7, MD&A — Revenue
  6. [6] Item 1, Business — Golf Recreation
  7. [7] Item 7, MD&A — Revenue
  8. [8] Item 1, Business — Driving Ranges
  9. [9] Item 7, MD&A — Revenue
  10. [10] Item 7, MD&A — Revenue
  11. [11] Item 7, MD&A — Revenue
  12. [12] Item 7, MD&A — Revenue
  13. [13] Item 7, MD&A — Revenue
  14. [14] Item 1, Business — Food and Beverage Services
  15. [15] Item 7, MD&A — Revenue
  16. [16] Item 1, Business — Food and Beverage Services
  17. [17] Item 1, Business — Food and Beverage Services
  18. [18] Item 7, MD&A — Revenue
  19. [19] Item 7, MD&A — Revenue
  20. [20] Item 7, MD&A — Revenue
  21. [21] Item 7, MD&A — Revenue
  22. [22] Item 1, Business — Ancillary Services and Amenities
  23. [23] Item 7, MD&A — Results of Operations
  24. [24] Item 7, MD&A — Revenue
  25. [25] Item 7, MD&A — Results of Operations
  26. [26] Item 7, MD&A — Net loss
  27. [27] Item 7, MD&A — Net loss
  28. [28] Item 7, MD&A — Net loss
  29. [29] Item 7, MD&A — Operating expenses
  30. [30] Item 7, MD&A — Operating expenses
  31. [31] Item 7, MD&A — Operating expenses
  32. [32] Item 7, MD&A — Operating expenses
  33. [33] Item 7, MD&A — Working Capital
  34. [34] Item 7, MD&A — Working Capital
  35. [35] Item 7, MD&A — Working Capital
  36. [36] Item 7, MD&A — Working Capital
  37. [37] Item 7, MD&A — Working Capital
  38. [38] Item 7, MD&A — Working Capital
  39. [39] Item 7, MD&A — Revenue
  40. [40] Item 7, MD&A — Revenue
  41. [41] Item 7, MD&A — Revenue
  42. [42] Item 7, MD&A — Revenue
  43. [43] Item 7, MD&A — Revenue
  44. [44] Item 7, MD&A — Revenue
  45. [45] Item 7, MD&A — Revenue
  46. [46] Item 7, MD&A — Revenue
  47. [47] Item 7, MD&A — Revenue
  48. [48] Item 7, MD&A — Revenue
  49. [49] Item 7, MD&A — Operating expenses
  50. [50] Item 7, MD&A — Operating expenses
  51. [51] Item 7, MD&A — Operating expenses
  52. [52] Item 7, MD&A — Operating expenses
  53. [53] Item 7, MD&A — Operating expenses
  54. [54] Item 7, MD&A — Operating expenses
  55. [55] Item 7, MD&A — Operating expenses
  56. [56] Item 7, MD&A — Management's Plans
  57. [57] Item 7, MD&A — Key Factors Affecting our Results of Operations
  58. [58] Item 7, MD&A — Key Factors Affecting our Results of Operations
  59. [59] Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Use of Proceeds from the IPO
  60. [60] Item 7, MD&A — Cash Flow Sufficiency
  61. [61] Item 7, MD&A — Cash Flow Sufficiency
  62. [62] Item 7, MD&A — Cash Flow Sufficiency
  63. [63] Item 7, MD&A — Management's Plans
  64. [64] Item 7, MD&A — Key Factors Affecting our Results of Operations
  65. [65] Item 7, MD&A — Key Factors Affecting our Results of Operations
  66. [66] Item 1, Business — Food and Beverage Services
  67. [67] Item 7, MD&A — Capital Expenditures
  68. [68] Item 7, MD&A — Prepaid expenses
  69. [69] Item 7, MD&A — Prepaid expenses
  70. [70] Item 7, MD&A — Prepaid expenses
  71. [71] Item 7, MD&A — Prepaid expenses
  72. [72] Item 7, MD&A — Key Factors Affecting our Results of Operations
  73. [73] Item 7, MD&A — Key Factors Affecting our Results of Operations
  74. [74] Item 1, Business — Seasonality
  75. [75] Item 7, MD&A — Key Factors Affecting our Results of Operations
  76. [76] Item 1, Business — Competition
  77. [77] Item 7, MD&A — Key Factors Affecting our Results of Operations
  78. [78] Item 7A, Quantitative and Qualitative Disclosures about Market Risk — Vendor concentration risk
  79. [79] Item 7A, Quantitative and Qualitative Disclosures about Market Risk — Vendor concentration risk
  80. [80] Item 7, MD&A — Cash Flow Sufficiency
  81. [81] Item 7, MD&A — Cash Flow Sufficiency

Analysis on 5/19/2026