Executive Summary

Q3 2024 delivered modest top-line growth with sales of $13.98M (+3.0% YoY) but a sharp EPS compression to $0.01, reflecting tougher mix and timing headwinds versus an unusually strong prior-year quarter driven by non-recurring items in FY2023; net income was $0.30M vs $3.70M in Q3 2023 .
Year-to-date gross margin expanded to 19.2% (vs 13.5% prior year) on productivity gains and lower raw material costs, while quarterly gross margin for Q3 was not disclosed; Q2 and Q1 quarterly margins were 20.1% and 23.2%, respectively .
Management highlighted delays in delivery of new molds as a key near-term constraint; utilization of two large-tonnage injection molding machines and robotic extrusion line is expected later in the year, positioning for the next growth cycle .
No formal guidance or Wall Street consensus estimates were available in our tools for Q3 2024 (S&P Global estimates unavailable due to rate limits); investors should focus on execution against capacity expansion and margin trajectory as catalysts for stock reaction .

What Went Well and What Went Wrong

What Went Well

YTD gross margin improved meaningfully to 19.2% vs 13.5% prior year, attributed to increased volume, productivity improvements, and lower raw material costs across earlier periods .
Q2 (preceding quarter) showed strong operational performance: sales of $15.60M, EPS $0.03, and gross margin of 20.1%, evidencing improved profitability ahead of Q3 .
Management reiterated confidence in capacity expansion: “Delivery of the new molds is expected to occur in the latter part of the year thus realizing the utilization of the two new large tonnage injection molding machines and the robotic extrusion line…” .

What Went Wrong

Q3 EPS fell to $0.01 vs $0.13 in the prior-year quarter; net income dropped to $0.30M versus $3.70M YoY; the prior-year period benefited from non-recurring items at the nine-month level, magnifying comparisons and highlighting sensitivity to timing and mix .
Management cited “unexpected delays in delivery of new molds,” leading to delays in fulfilling customer purchase orders; this has deferred utilization of new capacity and associated revenue/contribution .
Sequential pressure: Q3 sales of $13.98M were below Q2’s $15.60M and Q1’s $17.41M, suggesting near-term softness pending new tooling/mold availability and fuller capacity utilization .

Financial Results

Quarterly Comparisons vs Prior Periods and YoY

Metric	Q1 2024	Q2 2024	Q3 2024
Revenue ($USD)	$17,413,671	$15,597,036	$13,980,009
Net Income ($USD)	$1,744,219	$964,826	$297,929
EPS ($USD)	$0.06	$0.03	$0.01
Gross Profit Margin (%)	23.2%	20.1%	Not disclosed

Notes:

YoY comparison for Q3: revenue $13.98M vs $13.58M, net income $0.30M vs $3.70M, EPS $0.01 vs $0.13 .

YTD EBITDA and Margins

Metric	YTD through Q1 (3M)	YTD through Q2 (6M)	YTD through Q3 (9M)
EBITDA ($USD)	$4,228,410	$7,442,509	$9,660,949
Gross Profit Margin (%)	23.2% (Q1 only)	21.8% (6M)	19.2% (9M)

Segment breakdown and KPIs: No segment disclosure provided in the press releases; KPIs referenced include EBITDA reconciliations (non-GAAP) at YTD levels .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2024	Not provided	Not provided	Maintained: no formal guidance
Gross Margin	FY2024	Not provided	Not provided	Maintained: no formal guidance
OpEx / OI&E / Tax Rate	FY2024	Not provided	Not provided	Maintained: no formal guidance
Capex / Capacity Initiatives	FY2024	Not quantified	New molds expected later in year; utilization of new machines and robotic extrusion line anticipated	Qualitative update; timing clarified
Dividends	FY2024	Not provided	Not provided	Maintained: no formal guidance

Earnings Call Themes & Trends

Note: A Q3 2024 conference call was announced; however, a full transcript is not available in our document system. The table below tracks themes using available press releases.

Topic	Previous Mentions (Q1 2024 and Q2 2024)	Current Period (Q3 2024)	Trend
Capacity Expansion (new machines, robotic extrusion)	Q1: Capital investment in two large-tonnage machines and a robotic extrusion line; new tooling in process for grocery/can/nut/cement/tech/beverage . Q2: Continued momentum with strong operational results .	New molds delayed; expectation to utilize new machines and robotic line later in the year .	Near-term delay; medium-term positive once tooling arrives .
Sales Pipeline / Go-to-Market	Q1: Aggressive marketing; confidence in filling machines . Q2: Added two in-house salesmen to augment distributor model .	Sales team “working diligently” to fill pipeline with existing/new customers .	Continued build; execution timing linked to tooling/molds .
Raw Material Costs / Productivity	Q1: Margin improvement principally from lower raw material costs . Q2: Margin improvement from increased volume, productivity improvements, lower raw material costs .	YTD margin expansion to 19.2% vs 13.5% prior year .	Structural improvement; sustaining subject to mix and timing .
Supply Chain / Tooling Timing	Limited detail in Q1/Q2 beyond tooling in process .	“Unexpected delays in delivery of new molds” caused fulfillment delays .	Near-term headwind; resolution expected later in the year .
Customer/Contract Developments	Q2: New tool for existing customer under a three-year contract .	No new contract disclosures in Q3 press release .	Stable; awaiting capacity/tooling alignment .

Management Commentary

“Credit goes to our employees for the continued progress in the current fiscal year… Unexpected delays in delivery of new molds have created a delay in fulfilling purchase orders for customers. Delivery of the new molds is expected to occur in the latter part of the year thus realizing the utilization of the two new large tonnage injection molding machines and the robotic extrusion line…” — Warren Kruger, CEO .
“The company experienced yet another great quarter, marked by impressive financial performance and significant milestones… [We] added two in-house salesmen… [and] announce the order for a new tool for an existing customer that is under a three-year contract.” — Q2 press release .
“The Company’s capital investment in two new large tonnage injection molding machines and a robotic extrusion line… were well timed in preparing Greystone for our next growth cycle… We remain confident that we will fill our machines with aggressive marketing of our creatively designed products.” — Q1 press release .

Q&A Highlights

A Q3 2024 conference call was announced with Q&A availability; however, a full transcript is not available in our document system to extract detailed Q&A themes or tone shifts .
No call-specific clarifications can be cited beyond the press release commentary due to transcript unavailability .

Estimates Context

Wall Street consensus (S&P Global) for Q3 2024 EPS and revenue was unavailable in our tools due to S&P Global daily rate limit; therefore, we cannot quantify a beat/miss against consensus for this quarter. Values retrieved from S&P Global were unavailable due to rate limit.
Given undisclosed consensus, near-term estimate revisions will likely hinge on timing of new mold deliveries, capacity utilization of new machinery/robotic line, and sustaining raw material cost/productivity tailwinds .

Key Takeaways for Investors

Near-term execution hinges on receiving and integrating new molds; this is the primary gating factor for revenue acceleration and capacity utilization into the latter part of the year .
Margin progression remains a bright spot YTD, but quarterly profitability softened in Q3; watch mix and volume recovery as tooling arrives to reflate EPS and EBITDA .
Sales channel enhancements (adding in-house sales) and existing contract tooling suggest durable demand; ramp depends on supply/operations timing rather than end-market weakness .
With no formal guidance or available consensus, the narrative will be driven by operational milestones (mold delivery, machine utilization) and sequential recovery in quarterly margins and EPS .
If tooling timing improves as indicated, expect sequential improvement from Q3 levels; conversely, prolonged delays could compress volumes and profitability longer than anticipated .
Non-GAAP EBITDA reconciliations are provided YTD; monitor quarter-specific EBITDA disclosure and cash generation as capacity scales .
Stock reaction is likely most sensitive to updates on tooling receipt/utilization and confirmation of margin sustainability under higher throughput; any disclosure of new large customer orders could be incremental catalysts .

GREYSTONE LOGISTICS, INC. (GLGI)·Q3 2024 Earnings Summary