Here are the 10-Q quarterly reports from Greystone Logistics Inc (GLGI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow GLGI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GLGI filings page.
Greystone Logistics, Inc. (GLGI) reported sales of $5,321,088 for the three months ended August 31, 2026, down 50% from $10,732,573 a year earlier. Gross loss was $778,804, compared with gross profit of $503,555; net loss was $2,558,995 versus $1,099,022, or $0.09 versus $0.04 per share.
The sales decline primarily reflected approximately $6.8 million less business from a major customer lost in fiscal 2026; that customer historically represented approximately $30 million, or 55%, of annual sales. Operating cash flow was $81,326, compared with $1,908,265 a year earlier, and cash was $360,533 at August 31, 2026.
Management concluded substantial doubt exists about Greystone's ability to continue as a going concern. The working capital deficit was $8,761,289 at August 31, 2026, and all long-term debt was classified as current amid covenant issues. International Bank of Commerce suspended testing of certain covenants through November 30, 2026; management said compliance when testing resumes may require further lender accommodations. Disclosure controls were ineffective as of August 31, 2026, due to a material weakness in control design.
Greystone Logistics, Inc. reported a sharp downturn for the nine months ended February 28, 2026, with sales of $21,973,016 and a net loss of $5,965,195 versus a prior-year profit. The loss was driven mainly by the loss of a major customer that management estimates will remove about $30 million of annual sales, plus reduced volumes that pushed gross margin negative.
Cash fell to $216,600 and total debt was reclassified as current after covenant breaches, while a going concern warning highlights substantial doubt about the company’s ability to continue operating. Management is negotiating loan amendments, has secured 10 months of interest-only payments, cut headcount, and is seeking new customers to stabilize volumes and liquidity.
Greystone Logistics, Inc. reported a sharp downturn for the quarter and six months ended November 30, 2025, driven by the loss of a major customer and lower production volumes. Six‑month sales fell to $18.5 million from $25.6 million, and the company swung to a net loss of $3.2 million versus modest income a year earlier, with gross margin nearly breaking even.
The lost customer historically represented about $30 million in annual sales, or roughly 55% of revenue, and sales to this customer were about $12 million through November 30, 2025. Management cut headcount by roughly 50% and stopped using temporary labor, and is trying to broaden the customer base while tightly managing costs, inventory and production.
The company’s accumulated deficit reached $30.8 million, and management disclosed substantial doubt about its ability to continue as a going concern. Debt was about $10.9 million, and its main lender agreed to convert term loans to interest‑only for 12 months and extend maturities to 2030 to support cash flow. Internal controls over financial reporting were deemed not effective due to limited accounting resources.
Greystone Logistics (GLGI) reported a first-quarter fiscal 2026 net loss as weaker volume pressured margins. Sales were $10.7 million for the three months ended August 31, 2025, down from $13.5 million a year ago (a 20% decline). Gross profit fell to $318,343 (3% of sales) from $1.9 million (14%), reflecting lower production against largely fixed manufacturing costs. Operating loss was $1.23 million compared with operating income of $0.82 million last year, and net loss was $1.10 million versus net income of $0.34 million.
Customer concentration remained high at 63% of sales. Despite the loss, operating cash flow was $1.91 million, ending cash at $2.34 million and working capital at $2.97 million. Long‑term debt, net, was $10.54 million, and the company reported approximately $3.63 million of available capacity on its IBC revolving loan. The company repurchased 89,876 shares for $123,147 in the quarter. Shares outstanding were 27,270,271 as of October 15, 2025.
Management concluded disclosure controls and procedures were not effective as of August 31, 2025 due to a material weakness in internal control over financial reporting.