Greystone Logistics manufactures and sells plastic pallets made from 100% recycled polyethylene and polypropylene. Pallets are flat platforms used as a base for storing, stacking, and transporting goods — the foundation of modern freight logistics. Greystone targets companies in the beverage, pharmaceutical, and grocery industries that run closed-loop distribution systems, where pallets stay within a controlled supply chain and are reused repeatedly. Walmart is Greystone's most prominent customer, with three customers in total accounting for roughly 76% of FY25 revenue — a high degree of concentration. One of those customers is iGPS, the largest plastic pallet leasing company in the U.S. Greystone sells through a direct sales team and independent contractor distributors. The company operates injection molding facilities in Iowa and Missouri, plus a robotics-based extrusion facility in Indiana that produces non-standard pallet sizes and is currently near zero revenue but targeted as a growth opportunity. Plastic pallets carry a higher upfront cost than wood pallets — the dominant format — but Greystone argues the longer lifespan lowers cost per trip over time. Greystone is also developing a leasing model, where it would own the pallet pool and charge customers on a recurring basis, funded through third-party financing arrangements. The core growth thesis is a long-term industry shift from wood to plastic, driven by warehouse automation, food safety requirements, and sustainability commitments — though customer conversion has been slower than management anticipated.