Greystone Logistics announced the launch of Palletrip, a cellular‑tracked pallet designed for closed‑loop transfer operations, marking a strategic shift from a traditional manufacturing model to a recurring revenue Pallet‑as‑a‑Service (PaaS) platform.
Palletrip is built from lightweight recycled plastic and houses a long‑life battery that delivers real‑time visibility of location, impact, temperature, dwell time and movement history. The pallet can also integrate with existing RFID systems, providing a seamless data feed for customers who already use RFID gateways.
The new product is offered on a pay‑per‑use or fixed‑term leasing basis, eliminating capital expenditures and providing full maintenance and delivery. By moving to a leasing model, Greystone aims to increase customer stickiness, generate predictable cash flow, and improve margin stability in a market that has traditionally been dominated by wood and high‑cost plastic pallets.
Target customers include the food, beverage, chemical, pharmaceutical and consumer product sectors—industries Greystone already serves with its recycled‑plastic pallets. The use of 100 % recycled plastic and the ability to track pallets in real time reinforce the company’s sustainability narrative and help reduce waste and loss across the supply chain.
Financially, Greystone reported a fiscal‑year net income of $1.92 million and EBITDA of $10.01 million on sales of $57.87 million for the year ended May 31 2025. The most recent quarter ended August 31 2025 saw revenue of $10.73 million, a 20.27 % decline YoY, reflecting a broader slowdown in pallet sales. The PaaS model is intended to offset this decline by creating a new, higher‑margin revenue stream and improving operating leverage as the company scales the technology platform.
CEO Warren Kruger said the Palletrip platform “optimizes pallet flows, ensures product quality, and enhances safety.” He added that the leasing model “lowers costs and waste, enabling sustainability goals” and that the pallet can tie in existing RFID, “with or without gateways, to minimize losses and leverage existing systems.”
Strategically, the move positions Greystone against competitors such as Rehrig Pacific, which also offers intelligent pallets but primarily sells them outright. By offering a subscription‑style service, Greystone can capture recurring revenue, improve cash flow, and build deeper customer relationships, potentially giving it a competitive edge in the growing smart‑pallet market driven by sustainability regulations and automation adoption.
The smart‑pallet market is expanding, with demand for real‑time visibility and traceability rising in food, pharmaceuticals and logistics. Greystone’s Palletrip launch aligns with this trend and could accelerate the company’s transition to a technology‑enabled, service‑oriented business model, reshaping its revenue mix and competitive positioning.
The launch signals Greystone’s commitment to innovation and sustainability, and it may become a key driver of future growth and margin improvement as the company scales the PaaS offering across its existing customer base.
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