Aureus Greenway

We are cautious on capital allocation. In July 2025 the company raised approximately 26 million dollars gross at the cost of issuing large pre‑funded and two tranches of common warrants, leaving a very large potential dilution overhang.

In March 2026 it invested 20.0 million dollars into a Powerus convertible note that cannot be converted at the holder’s option absent default. Stock‑based compensation was 1.89 million dollars in 2025 and 1.43 million dollars in Q1 2026 (consultant grant), inflating adjusted metrics.

These choices may ultimately support the pivot, but they are not the hallmarks of conservative, high‑quality capital allocation.