GREYSTONE LOGISTICS, INC. (GLGI) Form 10-K — Aug 31, 2026
Greystone Logistics filed its FY2026 10-K with substantial doubt about its ability to continue as a going concern. Sales collapsed 52% to $27.5 million from $57.9 million after losing a major customer worth roughly $30 million in annual sales, swinging the company from $2.4 million in net income to an $8.2 million net loss with cost of sales reaching 106% of revenue. The company is in default under certain IBC financial covenants and cross-default provisions and is also in default on First Interstate Bank term loans with no waiver obtained, so all long-term debt has been classified as current.
Key figures
- Revenue
- 27536343
- Revenue Yoy
- -52%
- Total Assets
- 37361483
- Cash Position
- 511915
- Shares Outstanding
- 27270701
- Fte Employees
- 80
- Prior Year Revenue
- 57869480
- Prior Year Net Income
- 2351010
- Customer Concentration
- Two customers were 53% of FY2026 sales and 63% of FY2025 sales
- Insider Group Ownership
- 46.69%
- Prior Year Fte Employees
- 190
- Recent Stock Price Range
- $0.14-$0.36 (quarter ended May 31, 2026)
- Major Customer Loss Impact
- $30 million (~55% of sales)
- Market Value Non Affiliates
- $8,582,491 at $0.60/share as of Nov 30, 2025
- Cost Of Sales Percent Of Sales
- 106%
- Available Revolving Capacity
- $1.3 million as of May 31, 2026
- Real Estate Sale To Director Entity
- $1.7 million, accounted for as financing obligation at 12.35% effective rate
- Covenant Testing Suspended Through
- November 30, 2026
- Related Party Equipment Rental Fees FY2026
- 1430000
- Ibc Revolving Commitment After Fifth Amendment
- $3.5 million
AI analysis
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