The Middle East conflict has made drones a constant presence in daily headlines, not just military briefings. Iran launched a wave of drones and missiles across the region, targeting targets in Israel and the Gulf states and forcing defense forces to adapt in real time.
Oil routes, airports, and critical infrastructure now sit under the shadow of cheap unmanned systems that can be launched in large numbers and are challenging to stop. Such pressure is naturally drawing more attention to companies trying to build homegrown drone capabilities for the United States and its allies.
One of the more unusual names caught up in this shift is Orios Greenway Holdings (AGH), a small Florida golf course company that now plans to reinvent itself through a merger with drone maker Powers. The deal will turn AGH into a Trump-linked drone and defense platform rather than a simple real estate story. The key question now is whether this newly restructured company can transition from a headline story to a sustainable military drone business that still has room to maneuver. Let’s find out.
Orios Greenway Holdings, a Florida-based company that owns golf properties and is moving into drones through its pending merger with Powers, is valued at about $82.5 million in equity.
AGH is trading at $4.54 as of March 11, up 48% year-to-date (YTD) and 555% over the past 52 weeks.
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This price leaves the stock trading at 27.33x value versus the 0.91x sector median, while the 2.11x price-to-book multiple sits in line with the sector’s 2.10x.
The company’s most recently reported numbers for the period ending in September 2025 showed sales of about $0.34 million, down 43.33% from the previous year, which shows just how small Heritage Golf’s business remains. It also indicates a net loss of approximately $2.53 million, representing a 772.42% deterioration in net income and confirming that the pre-merger entity is still in a mode of investment and transition.
The cash flow picture coincided with this pressure, with operating cash flow reaching close to -$1.5 million and decreasing by 341.18% year-over-year as expenses approached the strategic axis. This change did not come without a financial cushion. AGH reported an increase in net cash flow to about $28.95 million, an improvement of 303.77%, reflecting the capital infusion.
Aureus Greenway has already signed a definitive agreement to merge with Autonomous Power Corporation, known as Powers, a drone company founded by former US Army special operations veterans that develops autonomous systems for high-risk military and commercial environments.
The transaction will combine Powerus with the newly formed AGH subsidiary, Powerus as the surviving company and will adopt the name Powerus Corporation as the listed company and change its Nasdaq ticker to “PUSA” when the transaction closes, expected in the summer of 2026, subject to regulatory approvals and an effective Form S‑4.
The joint venture has attracted significant investors, including American Venture Partners, Eric Trump, and Donald Trump Jr. It also received a strategic commitment of $50 million from the Korea Climate and Governance Improvement Fund to buy joint stock until early April 2026, with an additional strategic investment of $50 million from a US drone manufacturer (UNUMAC).
In addition, AGH has made a separate private placement of approximately 3,009,667 shares at $3.00 per share, expected to raise approximately $9 million in gross proceeds for working capital and general corporate purposes.
AGH sits firmly in “show me” territory right now, and it starts with road coverage. There are no official earnings estimates for AGH, so investors don’t have the usual EPS or earnings forecasts to help with near-term expectations around the Powerus merger and the transfer of golf assets to drones.
This lack extends to ratings as well, as analyst ratings are not available for AGH, meaning there is no published consensus of “buy,” “hold” or “sell” calls that usually anchor sentiment around volatile turnaround stories. It also means that there is no target price taken from the street or a percentage of clean equity to plug into the model, leaving investors to do much of their own work on valuation, contract potential, and execution risk.
Ultimately, AGH is a small loss-making company trying to establish itself as a Trump-affiliated drone pure play in the midst of a real-life shooting controversy. The case above is a successful integration of Powers, fresh capital deployed in real US drone capacity, and at least part of the contracting. This could justify some of today’s rich selling and push the stock higher. The risk is that the execution delays the story and the trade goes cold.
At the moment, it still leans towards more volatility with a slightly higher bias if the team hits its early rounds and keeps the Middle Eastern background drone front and center.
As of the date of publication, Ebob Jones had no positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
