HUDSON TECHNOLOGIES INC /NY
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
HDSN$4.18+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001410578-25-001554
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108471
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 64 current paragraphs.
36 unchanged; 21 reworded; 6 added; 6 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
On October 22, 2025, the Company announced that it has been awarded, as prime contractor, a new contract with the DLA. Hudson has served as prime contractor since 2016 and retained this contract following a standard periodic competitive review and rebidding process.
Current report
Revenues for the three-month period ended September 30, 2025 were $74.0 million, an increase of $12.1 million or 20% from the $61.9 million reported during the comparable 2024 period. The increase was attributable to increased sales volume and higher selling prices of refrigerants sold.
Current report
Other income for the three-month period ended September 30, 2025, was $1.6 million, compared to $2.3 million reported during the same period in 2024. In the third quarter of 2025, the Company recognized $1.6 million in other income from the reversal of earn-out liabilities related to the recent acquisition of USA Refrigerants. Other income of $2.3 million for the same period in 2024 was primarily driven by litigation settlement proceeds and a lease opt-out associated with the Atlanta facility.
Current report
Revenues for the nine-month period ended September 30, 2025 of $202.2 million, were consistent with the $202.5 million reported during the comparable 2024 period. The Company recognized a 3% increase in sales volume which was offset by a 3% decline in selling prices of refrigerant sold.
Current report
Amortization expense for the nine-month periods ended September 30, 2025 and 2024 were $2.5 million and $2.4 million, respectively.
Current report
Other income for the nine-month period ended September 30, 2025, was $1.6 million, compared to $2.3 million reported during the same period in 2024. In the third quarter of 2025, the Company recognized $1.6 million in other income from the reversal of earn-out liabilities related to the recent acquisition of USA Refrigerants. Other income of $2.3 million for the same period in 2024 was primarily driven by litigation settlement proceeds and a lease opt-out associated with the Atlanta facility.
Removed paragraphs (6)
Previous report
Revenues for the three-month period ended June 30, 2025 were $72.8 million, a decrease of $2.5 million or 3% from the $75.3 million reported during the comparable 2024 period. The decrease is primarily due to lower volume of refrigerants sold, as a result of a slower start to the cooling season in the North-East and Mid-West reflecting milder weather through the beginning of June, which was partially offset by an increase in the average sales price of refrigerants sold.
Previous report
Revenues for the six-month period ended June 30, 2025 were $128.2 million, a decrease of $12.3 million or 9% from the $140.5 million reported during the comparable 2024 period. The decrease was attributable to both lower selling prices and slightly lower volume of refrigerants sold.
Previous report
Amortization expense for the six-month periods ended June 30, 2025 and 2024 was $1.6 million and $1.5 million, respectively.
Previous report
The Company evaluated the Amended Wells Fargo Facility in accordance with the provisions of ASC 470-50 to determine if the amendment and restatement was a modification or an extinguishment of debt and concluded that the amendment and restatement was a modification of the original revolving credit facility for accounting purposes. As a result, the Company capitalized an additional $0.9 million of deferred financing costs in connection with the amendment and restatement, which, along with the $0.2 million of remaining deferred financing costs of the original revolving facility, is being amortized over the five year term of the Amended Wells Fargo Facility.
Previous report
Inflation
Previous report
Inflation, historically or the recent increase, has not had a material impact on the Company’s operations.
Reworded paragraphs (21)
Previous wording
The Company is a leading provider of sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration (“HVACR”) industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the United States’ largest refrigerant reclaimers through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute (“AHRI”) standard for reuse as certified EMERALD Refrigerants™.
Current wording
The Company is a leading provider of sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration (“HVACR”) industry. For over three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the United States’ largest refrigerant reclaimers through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute (“AHRI”) standard for reuse as certified EMERALD Refrigerants™.
Previous wording
Gross profit and gross margin for the three-month period ended June 30, 2025, were $22.8 million and 31% respectively, an increase of $0.2 million and 1% respectively from the $22.6 million and 30% reported during the comparable 2024 period. The increase was primarily driven by an increase in the average sales price of refrigerants.
Current wording
Gross profit and gross margin for the three-month period ended September 30, 2025, were $23.7 million and 32% respectively, an increase of $7.8 million and 6% respectively from the $15.9 million and 26% reported during the comparable 2024 period. The increase was primarily driven by an increase in the average sales price of refrigerants.
Previous wording
Selling, general and administrative (“SG&A”) expenses for the three-month period ended June 30, 2025 were $9.3 million, an increase of $0.3 million from the $9.0 million reported during the comparable 2024 period due to an increase in staffing costs.
Current wording
Selling, general and administrative (“SG&A”) expenses for the three-month period ended September 30, 2025 were $8.9 million, an increase of $0.8 million from the $8.1 million reported during the comparable 2024 period. The increase was primarily driven by higher sales personnel costs.
Previous wording
Amortization expense for the three-month periods ended June 30, 2025 and 2024 was $0.8 million.
Current wording
Amortization expense for the three-month periods ended September 30, 2025 and 2024 were $0.8 million and $0.9 million, respectively.
Previous wording
Net interest income for the three-month period ended June 30, 2025 was $0.7 million, compared to net interest expense of $0.2 million reported during the comparable 2024 period reflecting the Company’s unlevered balance sheet and higher cash position.
Current wording
Net interest income for the three-month period ended September 30, 2025 was $0.8 million, compared to the net interest income of $0.3 million reported during the comparable 2024 period reflecting the Company’s unlevered balance sheet and higher cash position.
Previous wording
The income tax expense for the three-month period ended June 30, 2025 was $3.2 million compared to income tax expense of $3.1 million for the three-month period ended June 30, 2024. Income tax expense for federal and state income tax purposes was determined by applying statutory income tax rates to pre-tax income after adjusting for certain items.
Current wording
The income tax expense for the three-month period ended September 30, 2025 was $4.0 million compared to income tax expense of $1.7 million for the three-month period ended September 30, 2024. Income tax expense for federal and state income tax purposes was determined by applying statutory income tax rates to pre-tax income after adjusting for certain items.
Previous wording
The net income for the three-month period ended June 30, 2025 was $10.2 million, an increase of $0.6 million from the $9.6 million of net income reported during the comparable 2024 period primarily due to the increased average selling prices for refrigerants sold, partially offset by a decrease in refrigerant sales volume.
Current wording
The net income for the three-month period ended September 30, 2025 was $12.4 million, an increase of $4.6 million from the $7.8 million of net income reported during the comparable 2024 period, primarily due to the increased revenue and gross profit, offset slightly by the higher selling, general and administrative expenses.
Previous wording
Six-month period ended June 30, 2025 as compared to the six-month period ended June 30, 2024
Current wording
Nine-month period ended September 30, 2025 as compared to the nine-month period ended September 30, 2024
Previous wording
Gross profit and gross margin for the six-month period ended June 30, 2025, were $34.9 million and 27% respectively, a decrease of $9.2 million and 4% respectively from the $44.0 million and 31% reported during the comparable 2024 period. The gross margin reduction in the 2025 period was primarily a result of the lower average selling prices of refrigerants sold.
Current wording
Gross profit and gross margin for the nine-month period ended September 30, 2025, were $58.6 million and 29% respectively, a decrease of $1.3 million and 1% respectively from the $59.9 million and 30% reported during the comparable 2024 period. The gross margin reduction in the 2025 period was primarily a result of the lower average selling prices of refrigerants sold.
Previous wording
Selling, general and administrative (“SG&A”) expenses for the six-month period ended June 30, 2025 were $17.4 million, an increase of $0.4 million from the $17.0 million reported during the comparable 2024 period. The increase in SG&A was primarily due to an increase in staffing.
Current wording
Selling, general and administrative (“SG&A”) expenses for the nine-month period ended September 30, 2025 were $26.3 million, an increase of $1.3 million from the $25.0 million reported during the comparable 2024 period. The increase in SG&A was primarily driven by higher sales personnel costs.
Previous wording
Net interest income for the six-month period ended June 30, 2025 was $1.2 million, compared to net interest expense of $0.4 million reported during the comparable 2024 period reflecting the Company’s unlevered balance sheet and higher cash position.
Current wording
Net interest income for the nine-month period ended September 30, 2025 was 2.0 million, compared to the net interest expense of $0.1 million reported during the comparable 2024 period reflecting the Company’s unlevered balance sheet and higher cash position.
Previous wording
The income tax expense for the six-month period ended June 30, 2025 was $4.1 million compared to income tax expense of $6.1 million for the six-month period ended June 30, 2024. Income tax expense for federal and state income tax purposes was determined by applying statutory income tax rates to pre-tax income after adjusting for certain items.
Current wording
The income tax expense for the nine-month period ended September 30, 2025 was $8.1 million compared to income tax expense of $7.8 million for the nine-month period ended September 30, 2024. Income tax expense for federal and state income tax purposes was determined by applying statutory income tax rates to pre-tax income after adjusting for certain items.
Previous wording
Net income for the six-month period ended June 30, 2025 was $12.9 million, a decrease of $6.2 million from the $19.1 million of net income reported during the comparable 2024 period. The decrease was attributable to both lower selling prices and slightly lower sales volume of refrigerants sold and higher SG&A costs, as described above.
Current wording
Net income for the nine-month period ended September 30, 2025 was $25.3 million, a decrease of $1.7 million from the $27.0 million of net income reported during the comparable 2024 period. The decrease was attributable to both lower gross profit and margin and higher SG&A costs, as described above.
Previous wording
At June 30, 2025, the Company had working capital, which represents current assets less current liabilities, of $157.8 million, an increase of $10.1 million from the working capital of $147.7 million at December 31, 2024. The increase in working capital is primarily attributable to a rise in cash.
Current wording
At September 30, 2025, the Company had working capital, which represents current assets less current liabilities, of $170.3 million, an increase of $22.6 million from the working capital of $147.7 million at December 31, 2024. The increase in working capital is primarily attributable to a rise in cash.
Previous wording
Inventories and trade receivables are principal components of current assets. At June 30, 2025, the Company had inventories of $77.7 million, a decrease of $18.5 million from $96.2 million at December 31, 2024. The Company’s ability to sell and replace its inventory on a timely basis and the prices at which it can be sold are subject, among other things, to current market conditions and the nature of supplier or customer arrangements and the Company’s ability to source CFC and HCFC based refrigerants (which are no longer being produced) and HFC refrigerants (with newly manufactured production currently in the process of being phased down) and HFO refrigerants.
Current wording
Inventories and trade receivables are principal components of current assets. At September 30, 2025, the Company had inventories of $97.4 million, an increase of $1.2 million from $96.2 million at December 31, 2024. The Company’s ability to sell and replace its inventory on a timely basis and the prices at which it can be sold are subject, among other things, to current market conditions and the nature of supplier or customer arrangements and the Company’s ability to source CFC and HCFC based refrigerants (which are no longer being produced) and HFC refrigerants (with newly manufactured production currently in the process of being phased down) and HFO refrigerants.
Previous wording
At June 30, 2025, the Company had trade receivables, net of allowance for credit losses, of $35.9 million, an increase of $22.3 million from $13.6 million at December 31, 2024, mainly due to seasonal timing. The Company typically generates its most significant revenue during the second and third quarters of any given year. The Company’s trade receivables are concentrated with various wholesalers, brokers, contractors and end-users within the refrigeration industry that are primarily located in the continental United States. The Company has historically financed its working capital requirements through cash flows from operations, debt, and the issuance of equity securities.
Current wording
At September 30, 2025, the Company had trade receivables, net of allowance for credit losses, of $25.4 million, an increase of $11.8 million from $13.6 million at December 31, 2024, mainly due to seasonal timing. The Company typically generates its most significant revenue during the second and third quarters of any given year. The Company’s trade receivables are concentrated with various wholesalers, brokers, contractors and end-users within the refrigeration industry that are primarily located in the continental United States. The Company has historically financed its working capital requirements through cash flows from operations, debt, and the issuance of equity securities.
Previous wording
Net cash provided by operating activities for the six-month period ended June 30, 2025 was $20.6 million, when compared to net cash provided by operating activities of $40.8 million for the comparable 2024 period. The higher cash flow in the 2024 period was primarily driven by the acquisition of the USA Refrigerants. Another contributory factor was the timing of accounts receivable, inventories, accounts payable and accrued expenses.
Current wording
Net cash provided by operating activities for the nine-month period ended September 30, 2025 was $29.4 million, when compared to net cash provided by operating activities of $71.1 million for the comparable 2024 period, mainly due to the timing of inventories, accounts receivable, accounts payable and accrued expenses.
Previous wording
Net cash used in investing activities for the six-month period ended June 30, 2025 was $1.9 million compared with net cash used in investing activities of $22.8 million for the comparable 2024 period, mainly due to recent acquisition of USA Refrigerants as previously discussed and timing of capital expenditures related to capitalization of the Company’s replacement ERP system.
Current wording
Net cash used in investing activities for the nine-month period ended September 30, 2025 was $3.9 million compared with net cash used in investing activities of $24.4 million for the comparable 2024 period, mainly due to recent acquisition of USA Refrigerants as previously discussed in Note 10 above and timing of capital expenditures related to capitalization of the Company’s replacement ERP system.
Previous wording
Net cash used in financing activities for the six-month period ended June 30, 2025 was $4.5 million compared with net cash used in financing activities of $0.0 million for the comparable 2024 period. For the period ended June 30, 2025, the Company repurchased 803,653 shares of its common stock, at a cost of $4.5 million.
Current wording
Net cash used in financing activities for the nine-month period ended September 30, 2025 was $5.9 million compared with net cash used in financing activities of $2.6 million for the comparable 2024 period. For the period ended September 30, 2025, the Company repurchased 939,259 shares of its common stock, at a cost of $5.8 million.
Previous wording
At June 30, 2025, cash and cash equivalents were $84.3 million, or approximately $14.2 million higher than the $70.1 million of cash and cash equivalents at December 31, 2024.
Current wording
At September 30, 2025, cash and cash equivalents were $89.7 million, or approximately $19.6 million higher than the $70.1 million of cash and cash equivalents at December 31, 2024.
Previous wording
For the six-month periods ended June 30, 2025 and 2024, the United States Defense Logistics Agency (the “DLA”) accounted for greater than 10% of the Company’s revenue and over 10% of the outstanding accounts receivable at June 30, 2025 and June 30, 2024. Revenue from the DLA totaled $17.7 million and $18.8 million for the six-month periods ended June 30, 2025 and June 30, 2024. Accounts receivable from the DLA totaled $3.6 million and $3.5 million as of June 30, 2025 and December 31, 2024, respectively.
Current wording
For the nine-month periods ended September 30, 2025 and 2024, the United States Defense Logistics Agency (the “DLA”) accounted for greater than 10% of the Company’s revenue and over 10% of the outstanding accounts receivable at September 30, 2025 and September 30, 2024. Revenue from the DLA totaled $30.2 million and $28.0 million for the nine-month periods ended September 30, 2025 and September 30, 2024. Accounts receivable from the DLA totaled $6.2 million and $3.5 million as of September 30, 2025 and December 31, 2024, respectively.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The five-year indefinite delivery, indefinite quantity (“IDIQ”) contract includes a five-year renewal option and consists of the management and supply of refrigerants, compressed gases, cylinders and related items to U.S. Military Commands and Installations and Federal civilian agencies. Primary users include the US Army, Navy, Air Force and Marine Corps.