Hudson Technologies, Inc
Hudson Technologies Inc. is a U.S.-based refrigerant management and distribution company that sells refrigerants, industrial gases, cylinders, and related products, with a strong emphasis on refrigerant sales and recovery/reclaim-related activity. It also serves as prime contractor on a U.S. Defense Logistics Agency contract that supplies refrigerants and compressed gases to military and federal customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueVirgin and reclaimed refrigerants sold to refrigeration industry customers and government users.
Services tied to refrigerant management, recovery, and related customer support.
Compressed gases and related products sold mainly through the DLA and military channels.
Cylinders and ancillary products used to store, transport, and manage gases.
Products
Reported · share of revenue- Products97.1 %
- Services2.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Hudson sells primarily to wholesalers, brokers, contractors, and end-users in the refrigeration industry, with demand concentrated in the continental United States. It also serves the U.S. Defense Logistics Agency and, through that contract, U.S. military commands, federal civilian agencies, and foreign militaries.
Buy refrigerants in bulk for resale into the HVACR supply chain and value availability, pricing, and product mix.
Buy refrigerants and related products for installation, maintenance, and repair of cooling systems.
Buy refrigerants and gases for direct operational use in refrigeration and cooling applications.
Buys refrigerants, compressed gases, cylinders, and related items for military and federal supply needs.
Use products supplied under the DLA contract for base and installation support.
Strategy
Hudson’s strategy centers on maintaining access to refrigerant supply, monetizing its inventory and distribution network, and preserving its government contract position. The company is also investing in operational systems, including ERP replacement, while managing working capital through cash flow and its credit facility.
Supply constraints and phase-down rules can limit sales volume and pricing power.
The government contract is a meaningful revenue source and validates the company’s logistics capability.
ERP and process upgrades support inventory control, receivables management, and scalability.
Geography
The company’s commercial refrigeration customer base is primarily located in the continental United States, and management notes that receivables are concentrated there. Its government business extends beyond the U.S. to foreign militaries through the DLA contract, but the core operating footprint remains U.S.-centric.
Risks
Hudson is exposed to regulatory and supply-chain risk because refrigerants are highly regulated and some legacy products are being phased out. It also has customer concentration risk, with the DLA representing more than 10% of revenue in recent periods, and its results are seasonal with the strongest revenue typically in the second and third quarters.
The company depends on products that are being restricted or phased out, which can limit supply and alter pricing.
Exposure: Refrigerant sales and inventory availability
The DLA accounted for more than 10% of revenue in recent periods, so contract changes would affect results.
Exposure: Government contract revenue and receivables
Revenue peaks in the second and third quarters, which can cause large movements in receivables and inventory.
Exposure: Quarterly cash flow and balance sheet volatility
The company holds significant inventory and must source products on commercially reasonable terms.
Exposure: Gross margin and inventory valuation
Accounting
Judgemental itemsThe company carries significant refrigerant inventory, and pricing can be affected by regulation, supply, and demand.
Impact: Can change gross margin and reported asset values
Management explicitly cites goodwill and intangible assets as key estimates.
Impact: Could create non-cash charges if expected cash flows weaken
The company says it typically generates the most revenue in the second and third quarters.
Impact: Affects quarterly comparability of revenue, receivables, and operating cash flow
The DLA exceeds 10% of revenue in recent periods and must be monitored as a major customer.
Impact: Important for assessing concentration risk and revenue stability
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Last updated: 24/09/2026