Hudson Technologies (NASDAQ: HDSN) is a refrigerant services company that sells, reclaims, and manages refrigerant gases for commercial and industrial customers across the United States. Revenue comes from transactional sales of refrigerants, including reclaimed hydrofluorocarbons (HFCs) and other refrigerant gases, along with RefrigerantSide Services such as on-site decontamination and recovery performed with proprietary portable equipment. Hudson also sells industrial gases, predominantly to customers serving the U.S. Military under a Defense Logistics Agency contract awarded as prime contractor in 2016, with a five-year renewal exercised in July 2021 running through July 2026. The company holds two of only four EPA-certified refrigerant testing laboratories in the United States under AHRI's laboratory certification program, giving it a structural position in refrigerant reclamation as HFC phasedown regulations tighten under the AIM Act and Montreal Protocol. Revenue and cash flows are materially exposed to refrigerant commodity price fluctuations, and inventory is carried at lower of cost or net realizable value on a first-in, first-out basis.

Revenue model

Transactional sales of refrigerant gases (virgin and reclaimed HFCs and other refrigerants) and industrial gases, supplemented by fee-based RefrigerantSide Services including on-site recovery and decontamination. Government contract revenue flows from a DLA prime contract for refrigerant and compressed gas supply and logistics.

Products and services

Reclaimed and virgin HFC refrigerants; industrial gases; RefrigerantSide Services (on-site decontamination, recovery, and refrigerant management using proprietary portable equipment); refrigerant testing through two AHRI-certified laboratories; cylinder management and related logistics services under the DLA contract.

Customers and end markets

Commercial and industrial refrigerant users; U.S. Military and Defense Logistics Agency (DLA) as a named government customer; air conditioning and refrigeration equipment operators subject to EPA refrigerant management rules.

Value-chain role

Refrigerant reclaimer, distributor, and service provider sitting between refrigerant producers and end-use equipment operators. Operates certified reclamation and testing infrastructure that processes recovered HFCs back to AHRI 700 purity standards for resale.

Geographic exposure

United States, based on filing disclosures. No international operations referenced in the excerpts.

Competitors

Unnamed regional and national refrigerant recovery and reclamation companies (referenced in 10-K as competitive landscape; specific names not disclosed in excerpts)

Source: SEC 10-K, filed 2026-03-16

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