Greystone Logistics GLGI
Greystone Logistics is a U.S. based manufacturer of plastic pallets, selling through distributors as well as directly to customers.
- Ticker
- GLGI
- Headquarters
- Tulsa, Oklahoma
- CEO
- Warren Kruger
- IPO year
- 2001
- Sector
- Pallets
- Website
- greystonepallets.com
- Management
- Team & leadership ↗
Notes & Takes
"Every time I listen to a Greystone Logistics earnings call, Warren Kruger gives a speech about how many trees he’s saving by selling plastic pallets. Meanwhile, wooden pallets still dominate the industry. Greystone eliminated the preferred shares in 2025 so no more dividends are being siphoned away from common shareholders.
In Q1 2026 revenue fell off a cliff, down 20%. An operating loss of $1.2 million plunged the stock. I don't expect revenue to quickly rebound in Q2 and I expect 2026 to be a difficult year overall. At the right entry price and the expectation they return to profitability, this could be an interesting opportunity."
Company Financials
Quarterly Headlines
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Greystone Logistics Q3 Fiscal 2026
Feb 28, 2026
- Cash of $216K
- $11.7 mill in debt
- Sales down 76% due to the loss of iGPS
- Operating loss of $2.9 million
- The debt payments went to interest only for 1 year and then reset back to principal plus interest
- Net loss for the first 9 months of the year is $6 million
Greystone Logistics Q2 Fiscal 2026
Nov 30, 2025
- Sales down 35% due to the loss of iGPS customer
- Operating loss of $1.7 million
- Laid off 140 employees
- Got the bank to reduce debt payment to interest only
- Cash of $900K with debt of $9.4 million of debt
- Management expects a total loss of $30 million in revenue after losing the iGPS account
Greystone Logistics Q1 Fiscal 2026
Aug 31, 2025
- Sales down 20%
- Operating loss of $1.2 million
- Interest expense of $229K
- Cash of $2.3 million
- Debt of $10.5 million
- Cash provided by operating activities of $1.9 million
- Capex spend of $441K
- Sales decreased due to reductions across 6 customers
Greystone Logistics Q4 Fiscal 2025
May 31, 2025
- Sales for the year were down 6% due to a 24% decrease from one of its significant customers
- Net income attributable to common shareholders was $1.9 million for fiscal 2025
- Cash flow from operating activities for fiscal 2025 was $10.2 million
- During the 3rd and 4th quarter of fiscal year 2025 the company paid $5 mill to retire all shares of preferred stock
- $600K of share repurchases
- As of May 31st cash of $1.5 million with $11.1 million in debt
Greystone Logistics Q3 Fiscal 2025
Feb 28, 2025
- Cash of $3.7 mill with $11.5 of LT debt
- Sales up 2.3%
- Net income of $965K up 224%
- Cash provided by operating activities $7.8 mill first 9 months
- Purchases of property and equipment of $5 mill first 9 months
- Repurchased $546K worth of stock first 9 months
- Retired preferred stock (was paid cash) instead of converting to common
Greystone Logistics Q2 Fiscal 2025
Nov 30, 2024
- Revenue was down 22% YoY
- Net income of negative $200K
- Gross profit margin of 11%
- Greystone saw lower top line revenue during the last quarter as a significant customer hit their budget for expenditures
- We are seeing increased optimism and buying signs from a broad range of customers both in the U.S. and Mexico
Greystone Logistics Q1 Fiscal 2025
Aug 31, 2024
- Revenue was $13.4 million for the quarter and net income was $187K
- CEO says he believes 2024 is in a recession for manufacturing related businesses
- Walmart has 35 distribution centers and we supply 3 of their DC’s. CEO is bullish on continuing to grow this business with Walmart. Each DC determines what they do with their pallets.
- New CFO was fired this past quarter because he released financials late. Warren is currently looking for a new CFO
Greystone Logistics Q4 Fiscal 2024
May 31, 2024
- Revenue was $61 million and net income was $5,027,491 for the fiscal year 2024
- We now have the capacity to do another $40 million in revenue with equipment that we have and with our extrusion line that we acquired in Jasper Indiana
- **The manufacturing sector is soft right now there is a recession like feel in the marketplace **
- EBITDA was $13 million for fiscal 2024
- Cash on hand at year end was $5.7 million