# EDGAR Filing Document

**Accession Number:** 0000925528
**File Stem:** 0001104659-26-028445
**Filing Date:** 2026-3
**Character Count:** 270717
**Document Hash:** b000f632c679d354411dabeb6ef2cc2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-028445.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001104659-26-028445

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUDSON TECHNOLOGIES INC /NY
- **CENTRAL INDEX KEY:** 0000925528
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 133641539
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13412
- **FILM NUMBER:** 26756663

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 1541
- **STREET 2:** ONE BLUE HILL PLAZA, 14TH FLOOR
- **CITY:** PEARL RIVER
- **STATE:** NY
- **ZIP:** 10965
- **BUSINESS PHONE:** 8457356000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 1541
- **STREET 2:** ONE BLUE HILL PLAZA, 14TH FLOOR
- **CITY:** PEARL RIVER
- **STATE:** NY
- **ZIP:** 10965

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REFRIGERANT RECLAMATION INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19940617

?xml version='1.0' encoding='ASCII'? HUDSON TECHNOLOGIES INC /NY_December 31, 2025

[**Table of Contents**](#TOC)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-K**

☒&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

**Commission file number 1-13412**

**Hudson Technologies, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **New York** | **13-3641539** |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **300 Tice Boulevard** |  |
| **Suite 290** |  |
| **Woodcliff Lake, New Jersey** | **07677** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(845) 735-6000**<br>

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value | HDSN | The NASDAQ Stock Market LLC (NASDAQ Capital Market) |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act **☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No**

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act ☐ **Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. **☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No**

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). **☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | **☐** |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. **☒**

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). **☐ Yes**&nbsp;&nbsp;&nbsp;&nbsp; **☒ No**

The aggregate market value of registrant's common stock held by non-affiliates at June 30, 2025 was approximately $342,420,635.

As of March 3, 2026, there were 42,468,822 shares of the registrant's common stock outstanding**.**

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Registrant's Proxy Statement for its Annual Meeting of Stockholders to be held on June 10, 2026, are incorporated by reference in Part III of this Report. Except as expressly incorporated by reference, the Registrant's Proxy Statement shall not be deemed to be part of this Form 10-K.

------

[**Table of Contents**](#TOC)

**Hudson Technologies, Inc.**

**Index**

---

| | | | |
|:---|:---|:---|:---|
| **Part** | **Item** | **Item** | **Page** |
| [Part I](#PartI_28103). | [Item 1-](#Item1Business_114539) | [Business](#Item1Business_114539) | 3 |
|  | [Item 1A-](#Item1ARiskFactors_553761) | [Risk Factors](#Item1ARiskFactors_553761) | 9 |
|  | [Item 1B -](#Item1BUnresolvedStaffComments_10509) | [Unresolved Staff Comments](#Item1BUnresolvedStaffComments_10509) | 13 |
|  | [Item 1C -](#Item1CCybersecurity_834968)  | [Cybersecurity](#Item1CCybersecurity_834968) | 13 |
|  | [Item 2 -](#Item2Properties_787269) | [Properties](#Item2Properties_787269) | 15 |
|  | [Item 3 -](#Item3LegalProceedings_347234) | [Legal Proceedings](#Item3LegalProceedings_347234) | 15 |
|  | [Item 4 -](#Item4MineSafetyDisclosures_446482) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_446482) | 15 |
| [Part II](#PartII_780941). | [Item 5 -](#Item5MarketforRegistrantsCommonEquity_64) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquity_64) | 15 |
|  | [Item 6 -](#Item6Reserved_662589) | [\[Reserved\]](#Item6Reserved_662589) | 17 |
|  | [Item 7 -](#Item7ManagementsDiscussionand_529773) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussionand_529773) | 18 |
|  | [Item 7A -](#Item7AQuantitativeandQualitativeDisclosu) | [Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu) | 23 |
|  | [Item 8 -](#Item8FinancialStatementsandSupplementary) | [Financial Statements and Supplementary Data](#Item8FinancialStatementsandSupplementary) | 24 |
|  | [Item 9 -](#Item9ChangesinandDisagreementswithAccoun) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9ChangesinandDisagreementswithAccoun) | 24 |
|  | [Item 9A -](#Item9AControlsandProcedures_381847) | [Controls and Procedures](#Item9AControlsandProcedures_381847) | 24 |
|  | [Item 9B -](#Item9BOtherInformation_499314) | [Other Information](#Item9BOtherInformation_499314) | 26 |
|  | [Item 9C -](#Item9CDisclosureRegardingForeignJurisdic) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item9CDisclosureRegardingForeignJurisdic) | 26 |
| [Part III](#PartIII_221978). | [Item 10 -](#Item10DirectorsExecutiveOfficersandCorpo) | [Directors, Executive Officers and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo) | 26 |
|  | [Item 11 -](#Item11ExecutiveCompensation_384682) | [Executive Compensation](#Item11ExecutiveCompensation_384682) | 26 |
|  | [Item 12 -](#Item12SecurityOwnershipofCertain_333650) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertain_333650) | 26 |
|  | [Item 13 -](#Item13CertainRelationships_118306) | [Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationships_118306) | 27 |
|  | [Item 14 -](#Item14PrincipalAccountantFeesandServices) | [Principal Accountant Fees and Services](#Item14PrincipalAccountantFeesandServices) | 27 |
| [Part IV.](#PartIV_985449) | [Item 15 -](#Item15ExhibitsandFinancialStatementSched) | [Exhibits and Financial Statement Schedules](#Item15ExhibitsandFinancialStatementSched) | 28 |
|  | [Item 16 -](#Item16Form10KSummary_685887) | [Form 10-K Summary](#Item16Form10KSummary_685887) | 30 |
|  | [Signatures](#SIGNATURES_885358) |  | 59 |

---

[**Table of Contents**](#TOC)

**Part I**

**Item 1. Business**

**General**

Hudson Technologies, Inc. ("Hudson" or the "Company"), incorporated under the laws of New York on January 11, 1991, is a refrigerant services company providing innovative solutions to recurring problems within the refrigeration industry. Hudson has proven, reliable programs that meet customer refrigerant needs by providing environmentally sustainable solutions from initial sale of refrigerant gas through recovery, reclamation and reuse, peak operating performance of equipment through energy efficiency and emergency air conditioning and refrigeration system repair, to final refrigerant disposal and carbon credit trading.

The Company's operations consist of one reportable segment. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site. RefrigerantSide® Services consist of system decontamination to remove moisture, oils and other contaminants intended to restore systems to designed capacity. As a component of the Company's products and services, the Company also participates in the generation of carbon offset projects. The Company operates principally through its wholly-owned subsidiary, Hudson Technologies Company. Unless the context requires otherwise, references to the "Company", "Hudson", "we", "us", "our", or similar pronouns refer to Hudson Technologies, Inc. and its subsidiaries.

The Company's executive offices are located at 300 Tice Boulevard, Suite 290, Woodcliff Lake, New Jersey and its telephone number is (845) 735-6000. The Company maintains a website at www.hudsontech.com, the contents of which are not incorporated into this filing.

**Industry Background**

The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin and reclaimable hydrofluoro-olefin ("HFO") and hydrofluorocarbon ("HFC") refrigerants and reclaimable, primarily hydrochlorofluorocarbon ("HCFC") and chlorofluorocarbon ("CFC") refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act, as amended (the "Act") prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants and which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants was phased out on December 31, 2019 and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030.

The Act, and the federal regulations enacted under authority of the Act, have mandated and/or promoted responsible use practices in the air conditioning and refrigeration industry, which are intended to minimize the release of refrigerants into the atmosphere and encourage the recovery and re-use of refrigerants. The Act prohibits the venting of CFC, HFC and HCFC refrigerants, and prohibits and/or phases down the production of CFC and HCFC refrigerants.

The Act also mandates the recovery of CFC and HCFC refrigerants and promotes and encourages re-use and reclamation of CFC and HCFC refrigerants. Under the Act, owners, operators and companies servicing cooling equipment utilizing CFC and HCFC refrigerants are responsible for the integrity of the systems regardless of the refrigerant being used. In November 2016, the EPA issued a final rule extending these requirements to HFCs and to certain other refrigerants that are approved by the EPA as alternatives for CFC and HCFC refrigerants (the "608 Rule").

[**Table of Contents**](#TOC)

HFC refrigerants are used as substitutes for CFC and HCFC refrigerants in certain applications. As a result of the increasing restrictions and limitations on the production and use of CFC and HCFC refrigerants, various sectors of the air conditioning and refrigeration industry have been replacing or modifying equipment that utilize CFC and HCFC refrigerants and have been transitioning to equipment that utilize HFC or HFO refrigerants. Certain HFC refrigerants are highly weighted greenhouse gases that are believed to contribute to global warming and climate change and, as a result, are now subject to various state regulations relating to the sale, use and emissions of HFC refrigerants, as well as federal restrictions on the production and consumption of HFCs under the American Innovation and Manufacturing Act (the "AIM Act") (as described below). The Company expects that HFC refrigerants eventually will be replaced by HFOs or other types of products with lower global warming potentials.

In October 2016, more than 200 countries, including the United States, agreed to amend the Montreal Protocol to phase down production of HFCs by 85% by 2047. The amendment establishes timetables for all developed and developing countries to freeze and then reduce production and use of HFCs, with the first reductions by developed countries in 2019. The amendment became effective January 1, 2019 as more than 197 countries have ratified the amendment.

**AIM Act**

The United States Environmental Protection Agency ("EPA") issued several final rules establishing the framework to allocate allowances for production and consumption of newly manufactured hydrofluorocarbon refrigerants ("HFCs") and has provided allowances through 2029. The EPA is responsible for the administration of the HFC phase down enacted by Congress under the American Innovation and Manufacturing Act (the "AIM Act"). There are no restrictions placed on the reclamation of HFC refrigerants.

The AIM Act directs the EPA to address the reduction in virgin HFCs and provides authority to do so in three respects:

1) phase down the production and consumption of listed HFCs,

2) facilitate the transition to next-generation technologies, and

3) manage these HFCs and their substitutes including reclamation of refrigerants.

The AIM Act introduced a stepdown of 10% from baseline levels in 2022 and 2023 and establishes a cumulative 40% reduction in the baseline for 2024 through 2029. Hudson received allocation allowances for calendar years 2024 and 2025 equal to approximately 1% of the total HFC consumption allowances, with allowances for future periods to be determined at a later date. In addition, the EPA has finalized the Technology Transition ("TT") Rule in 2023, but the Trump administration decided to reconsider the TT rule by issuing a proposed new TT rule in 2025 with a final TT rule expected in third quarter of 2026. Additionally, the EPA issued a final Refrigerant Management Rule implementing Subsection (h) of the AIM Act in 2024.

Reclamation is critical to maintaining necessary HFC supply levels for the installed base of operating systems to ensure an orderly phasedown so that systems owners are able to recognize the full economic value of their systems through end of life. Reclamation is not subject to the allowance system or restricted from use.

On September 20, 2024, the EPA announced the latest actions to phase down HFCs under the AIM Act:

Final Refrigerant Management Rule – The rule requires better management and reuse of existing HFCs, including by reducing wasteful leaks from equipment and supporting HFC recycling and reclamation. The rule includes requirements for repairing leaky equipment, use of automatic leak detection systems on large refrigeration systems, mandating the use of reclaimed HFCs for certain applications, recovery of HFCs from cylinders before their disposal, and a container tracking system.

**Products and Services**

*Sustainability*

From its inception, the Company has sold refrigerants, and has provided refrigerant reclamation and refrigerant management services that are designed to recover and reuse refrigerants, thereby protecting the environment from release of refrigerants to the atmosphere and the corresponding ozone depletion and global warming impact and supporting the circular economy. The reclamation process allows the refrigerant to be re-used thereby eliminating the need to destroy or manufacture additional refrigerant and eliminating the corresponding impact to the environment associated with the destruction and manufacturing. The Company believes it is one of the largest refrigerant reclaimers in the United States. In addition, the Company participates in the creation and monetization of verified emission reductions utilizing third party protocols.

[**Table of Contents**](#TOC)

The Company provides a complete offering of refrigerant management services, which primarily include reclamation of refrigerants, laboratory testing through the Company's laboratory, which has been certified by the Air Conditioning, Heating and Refrigeration Institute ("AHRI"), and banking (storage) services tailored to individual customer requirements. The Company also separates "crossed" (i.e. commingled) refrigerants and provides re-usable cylinder refurbishment and hydrostatic testing services.

The Company has also created alternative solutions to reactive and preventative maintenance procedures that are performed on commercial and industrial refrigeration systems. These services, known as RefrigerantSide® Services, reduce the system's energy consumption and improve the system's operating performance, and complement the Company's refrigerant sales and refrigerant reclamation and management services. These services also preserve system refrigerant charges, reducing the need for manufacture of additional refrigerant.

*Refrigerant and Industrial Gas Sales*

The Company sells reclaimed and virgin (new) refrigerants to a variety of customers in the air conditioning and refrigeration industry. The Company continues to sell reclaimed CFC and certain HCFC based refrigerants, which are no longer manufactured, and HFC's, which are being phased down as discussed above. The Company purchases virgin refrigerants, such as HFC's and HFO's, from several suppliers, which are then resold by the Company. Additionally, the Company regularly purchases used or contaminated refrigerants, from many different sources, which refrigerants are then reclaimed using the Company's high speed proprietary reclamation equipment, its proprietary Zugibeast® system, and then are resold by the Company.

The Company also sells industrial gases to a variety of industry customers, predominantly to users in or involved with the US Military. In July 2016 the Company was awarded, as prime contractor, a five-year contract, together with a five-year renewal option which was exercised in July 2021, by the United States Defense Logistics Agency ("DLA") for the management, supply, and sale of refrigerants, compressed gases, cylinders and related services. The Company's current contract with DLA expires in July 2026. In October 2025, the DLA awarded a new five-year contract with a five-year renewal option to the Company (the "2025 DLA Contract"). Following issuance of the new contract, a competitor filed a bid protest at the U.S. Court of Federal Claims, challenging the DLA's evaluation of proposals and the contract award to the Company. In response, the DLA is reviewing its evaluation to determine whether corrective action is necessary and has rescinded the 2025 DLA Contract award during this process. While the bid protest and corrective action is pending, the Company will continue providing logistics support under its existing contract which runs through July 2026.

*RefrigerantSide® Services*

The Company provides decontamination and recovery services that are performed at a customer's site through the use of portable, high volume, high-speed proprietary equipment, including the proprietary Zugibeast® system. Certain of these RefrigerantSide® Services, which encompass system decontamination, and refrigerant recovery and reclamation, are also proprietary and are covered by process patents.

In addition to the decontamination and recovery services previously described, the Company also provides predictive and diagnostic services for its customers. The Company offers diagnostic services that are intended to predict potential problems in air conditioning, process cooling and refrigeration systems before they occur. The Company's Chiller Chemistry® offering integrates several fluid tests of an operating system and the corresponding laboratory results into an engineering report providing its customers with an understanding of the current condition of the fluids, the cause for any abnormal findings and the potential consequences if the abnormal findings are not remediated. Fluid Chemistry®, an abbreviated version of the Company's Chiller Chemistry® offering, is designed to quickly identify systems that require further examination.

The Company has also been awarded several US patents for its SmartEnergy OPS®, which is a system for measuring, modifying and improving the efficiency of energy systems, including air conditioning and refrigeration systems, in industrial and commercial applications. This service is a web-based real time continuous monitoring service applicable to a facility's chiller plant systems. The SmartEnergy OPS® offering enables customers to monitor and improve their chiller plant performance and proactively identify and correct system inefficiencies. SmartEnergy OPS® is able to identify specific inefficiencies in the operation of chiller plant systems and, when used with Hudson's RefrigerantSide <sup>®</sup> Services, can increase the efficiency of the operating systems thereby reducing energy usage and costs. Improving the system efficiency reduces power consumption thereby directly reducing CO <sub>2</sub> emissions at the power plants or onsite. Lastly, the Company's ChillSmart® offering, which combines the system optimization with the Company's Chiller Chemistry <sup>®</sup> offering, provides a snapshot of a packaged chiller's operating efficiency and health. ChillSmart® provides a very effective predictive maintenance tool and helps our customers to identify the operating chillers that cause higher operating costs.

[**Table of Contents**](#TOC)

The Company's engineers who developed and support SmartEnergy OPS® are recognized as Energy Experts and Qualified Best Practices Specialists by the United States Department of Energy ("DOE") in the areas of Steam and Process Heating under the DOE "Best Practices" program, and are the Lead International Energy Experts for steam, chillers and refrigeration systems for the United Nations Industrial Development Organization ("UNIDO"). The Company's staff have trained more than 4,000 industrial plant personnel in the US and internationally and have developed, and are currently delivering, training curriculums in 12 different countries.

*Carbon Offset Projects*

CFC refrigerants are ozone depleting substances and are also highly weighted greenhouse gases that are believed to contribute to global warming and climate change. The destruction of CFC refrigerants may be eligible for verified emission reductions that can be converted and monetized into carbon offset credits, which then can be traded in the emerging carbon offset markets. The Company is pursuing opportunities to acquire CFC refrigerants and is developing relationships within the emerging environmental markets in order to implement opportunities for the creation and monetization of verified emission reductions from the destruction of CFC refrigerants.

In October 2015, the American Carbon Registry ("ACR") established a methodology to provide, among other things, a quantification framework for the creation of carbon offset credits for the use of certified reclaimed HFC refrigerants. The Company is pursuing opportunities to acquire HFC refrigerants and is developing relationships within the emerging environmental markets in order to implement opportunities for the creation and monetization of verified emission reductions from the reclamation of HFC refrigerants.

**Suppliers**

The Company purchases refrigerants from a variety of manufacturers, wholesalers, distributors, bulk gas brokers and from other sources within the air conditioning, refrigeration and automotive aftermarket industries.

**Customers**

The Company provides its products and services to commercial, industrial and governmental customers, as well as to refrigerant wholesalers, distributors, contractors and to refrigeration equipment manufacturers. Agreements with larger customers generally provide for standardized pricing for specified services. The Company generates sales by customer purchase order on a real-time basis and therefore does not carry a backlog of sales.

For the years ended December 31, 2025, 2024 and 2023, 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 December 31, 2025 and 2024. Revenue from DLA totaled $38.2 million, $35.5 million and $53.0 million for the years ended December 31, 2025, 2024 and 2023. Accounts receivable from the DLA were $4.3 million and $3.5 million as of December 31, 2025, and 2024, respectively.

**Strategic Relationships**

Hudson announced the following strategic relationships:

In January 2022, Hudson entered into an agreement with AprilAire, the leading provider of professional grade healthy air solutions for homes, to meet the requirements of the recently finalized California Air Resources Board (CARB) Regulation Order for Reclaimed Refrigerant Use for Manufacturers of AC Equipment. Hudson will supply reclaimed refrigerant to AprilAire for use in its range of healthy indoor air quality solutions.

In August 2022, Hudson entered into an agreement with Lennox International Inc., a global leader in energy-efficient climate-control solutions, to align their efforts to meet the CARB Regulation Order for Certified Reclaimed Refrigerant Use Requirements for Manufacturers of AC Equipment. Under the agreement, Hudson will be the exclusive supplier of certified reclaimed refrigerants to Lennox for the aftermarket support of their residential HVAC systems.

[**Table of Contents**](#TOC)

**Marketing**

Marketing programs are conducted through the efforts of the Company's executive officers, marketing personnel and Company sales personnel. Hudson employs various marketing methods, including digital marketing, segment targeted outreach, social media, trade and industry events, webinars, in-person solicitation, print advertising, response to quotation requests and the internet through the Company's website (www.hudsontech.com). Information on the Company's website is not part of this report.

The Company's sales personnel are compensated on a combination of a base salary and commission. The Company's executive officers devote significant time and effort to customer relationships.

**Competition**

The Company competes primarily on the basis of the performance of its proprietary high volume, high-speed equipment used in its operations, the breadth of services offered by the Company, including proprietary RefrigerantSide® Services and other on-site services, and price, particularly with respect to refrigerant sales.

The Company competes with numerous regional and national companies that market reclaimed and virgin refrigerants and provide refrigerant reclamation services. Certain of these competitors may possess greater financial, marketing, distribution and other resources for the sale and distribution of refrigerants than the Company.

Hudson's RefrigerantSide® Services provide solutions to certain problems within the refrigeration industry and, as such, the demand and market acceptance for these services are subject to uncertainty. Competition for these services primarily consists of traditional periodic maintenance and repair methods of solving the industry's problems. The Company's marketing strategy is to educate the marketplace that its alternative solutions are available and that RefrigerantSide® Services are superior to traditional methods.

**Risk Management**

The Company carries insurance coverage that it considers sufficient to protect the Company's assets and operations. The Company attempts to operate in a professional and prudent manner and to reduce potential liability risks through specific risk management efforts, including ongoing employee training.

The refrigerant industry involves potentially significant risks of statutory and common law liability for environmental damage and personal injury. The Company, and in certain instances, its officers, directors and employees, may be subject to claims arising from the Company's on-site or off-site services, including the improper release, spillage, misuse or mishandling of refrigerants classified as hazardous or non-hazardous substances or materials. The Company may be held strictly liable for damages, which could be substantial, regardless of whether it exercised due care and complied with all relevant laws and regulations.

Hudson maintains environmental impairment insurance of $10,000,000 per occurrence, and $10,000,000 annual in the aggregate.

**Government Regulation**

The business of refrigerant and industrial gas sales, reclamation and management is subject to extensive, stringent and frequently changing federal, state and local laws and substantial regulation under these laws by governmental agencies, including the EPA, the United States Occupational Safety and Health Administration ("OSHA") and the United States Department of Transportation ("DOT").

Among other things, these regulatory authorities impose requirements which regulate the handling, packaging, labeling, transportation and disposal of hazardous and non-hazardous materials and the health and safety of workers, and require the Company and, in certain instances, its employees, to obtain and maintain licenses in connection with its operations. This extensive regulatory framework imposes significant compliance burdens and risks on the Company.

Hudson and its customers are subject to the requirements of the Clean Air Act and the AIM Act, and the regulations promulgated thereunder by the EPA, which make it unlawful for any person in the course of maintaining, servicing, repairing, and disposing of air conditioning or refrigeration equipment, to knowingly vent or otherwise release or dispose of ozone depleting substances, and non-ozone depleting substitutes, used as refrigerants.

[**Table of Contents**](#TOC)

Pursuant to the Act, reclaimed refrigerant must satisfy the same purity standards as newly manufactured, virgin refrigerants in accordance with standards established by AHRI prior to resale to a person other than the owner of the equipment from which it was recovered. The EPA administers a certification program pursuant to which applicants certify to reclaim refrigerants in compliance with AHRI standards. The Company has two of only four certified refrigerant testing laboratories in the United States under AHRI's laboratory certification program, which is a voluntary program that certifies the ability of a laboratory to test refrigerant in accordance with the AHRI 700 standard. In addition, the EPA has established a mandatory certification program for air conditioning and refrigeration technicians. Hudson's technicians have applied for or obtained such certification.

The Company may also be subject to regulations adopted by the EPA which impose reporting requirements arising out of the importation, purchase, production, use and/or emissions of certain greenhouse gases, including HFCs.

The Company is also subject to regulations adopted by the DOT which classify most refrigerants and industrial gases handled by the Company as hazardous materials or substances and imposes requirements for handling, packaging, labeling and transporting refrigerants and which regulate the use and operation of the Company's commercial motor vehicles used in the Company's business.

The Resource Conservation and Recovery Act of 1976, as amended ("RCRA"), requires facilities that treat, store or dispose of hazardous wastes to comply with certain operating standards. Before transportation and disposal of hazardous wastes off-site, generators of such waste must package and label their shipments consistent with detailed regulations and prepare a manifest identifying the material and stating its destination. The transporter must deliver the hazardous waste in accordance with the manifest to a facility with an appropriate RCRA permit. Under RCRA, impurities removed from refrigerants consisting of oils mixed with water and other contaminants are not presumed to be hazardous waste.

The Emergency Planning and Community Right-to-Know Act of 1986, as amended, requires the annual reporting by the Company of Emergency and Hazardous Chemical Inventories (Tier II reports) to the various states in which the Company operates and requires the Company to file annual Toxic Chemical Release Inventory Forms with the EPA.

The Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), establishes liability for clean-up costs and environmental damages to current and former facility owners and operators, as well as persons who transport or arrange for transportation of hazardous substances. Almost all states have similar statutes regulating the handling and storage of hazardous substances, hazardous wastes and non-hazardous wastes. Many such statutes impose requirements that are more stringent than their federal counterparts. The Company could be subject to substantial liability under these statutes to private parties and government entities, in some instances without any fault, for fines, remediation costs and environmental damage, as a result of the mishandling, release, or existence of any hazardous substances at any of its facilities.

The Occupational Safety and Health Act of 1970, as amended, mandates requirements for a safe work place for employees and special procedures and measures for the handling of certain hazardous and toxic substances. State laws, in certain circumstances, mandate additional measures for facilities handling specified materials. The Company is also subject to regulations adopted by the California Air Resources Board which impose certain reporting requirements arising out of the reclamation and sale of refrigerants that takes place within the State of California.

The Company believes that it is in material compliance with all applicable regulations that are material to its business operations.

**Quality Assurance & Environmental Compliance**

The Company utilizes in-house quality and regulatory compliance control procedures. Hudson maintains its own analytical testing laboratories, which are AHRI certified, to assure that reclaimed refrigerants comply with AHRI purity standards and employs portable testing equipment when performing on-site services to verify certain quality specifications. The Company employs twelve persons engaged full-time in quality control and to monitor the Company's operations for regulatory compliance.

**Human Capital Resources**

On February 18, 2026, the Company had 281 full time employees including air conditioning and refrigeration technicians, chemists, engineers, sales and administrative personnel. None of the Company's employees are represented by a union. The Company believes it has good relations with its employees.

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**Patents and Proprietary Information**

The Company holds several U.S. and foreign patents, as well as pending patent applications, related to certain RefrigerantSide® Services and supporting systems developed by the Company for systems and processes for measuring and improving the efficiency of refrigeration systems, and for certain refrigerant recycling and reclamation technologies. These patents will expire between August 2026 and December 2036.

There can be no assurance as to the breadth or degree of protection that patents may afford the Company, that any patent applications will result in issued patents or that patents will not be circumvented or invalidated. Technological development in the refrigerant industry may result in extensive patent filings and a rapid rate of issuance of new patents. Although the Company believes that its existing patents and the Company's equipment do not and will not infringe upon existing patents or violate proprietary rights of others, it is possible that the Company's existing patent rights may not be valid or that infringement of existing or future patents or violations of proprietary rights of others may occur. In the event the Company's equipment or processes infringe, or are alleged to infringe, patents or other proprietary rights of others, the Company may be required to modify the design of its equipment or processes, obtain a license or defend a possible patent infringement action. There can be no assurance that the Company will have the financial or other resources necessary to enforce or defend a patent infringement or proprietary rights violation action or that the Company will not become liable for damages.

The Company also relies on trade secrets and proprietary know-how, and employs various methods to protect its technology. However, such methods may not afford complete protection and there can be no assurance that others will not independently develop such know-how or obtain access to the Company's know-how, concepts, ideas and documentation. Failure to protect its trade secrets could have a material adverse effect on the Company.

**SEC Filings**

The Company makes available on its internet website copies of its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments thereto, as soon as reasonably practicable after they are filed with the Securities and Exchange Commission.

**Item 1A. Risk Factors**

There are many important factors, including those discussed below (and above as described under "Business-Patents and Proprietary Information"), that have affected, and in the future could affect Hudson's business including, but not limited to, the factors discussed below, which should be reviewed carefully together with the other information contained in this report. Some of the factors are beyond Hudson's control and future trends are difficult to predict.

**Risks Related to Business Strategy and Operations**

***Our revenues, results of operations and cash flows could be materially and adversely affected by changes in commodity prices.***

Our revenues, results of operations and cash flows are affected by market prices for refrigerant gases. Commodity prices generally are affected by a wide range of factors beyond our control, including weather, seasonality, the availability and adequacy of supply, government regulation and policies and general political and economic conditions. We are exposed to fluctuating commodity prices as the result of our inventory of various refrigerant gases. At any time, our inventory levels may be substantial. Furthermore, our inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or net realizable value. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or net realizable value adjustment, the impact of which would be reflected in cost of sales on the Consolidated Income Statements. We have processes in place to monitor exposures to these risks and engage in strategies to manage these risks. If these controls and strategies are not successful in mitigating our exposure to these fluctuations, we could be materially and adversely affected.

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***Our existing and future debt obligations could impair our liquidity and financial condition.***

Our existing credit facility, consisting of an asset-based lending facility of up to $40 million from Wells Fargo Bank, National Association ("Wells Fargo Bank") and other lenders, is secured by substantially all of our assets and contains formulas that limit the amount of our future borrowings under that facility. Moreover, the terms of our credit facility also include financial and negative covenants that, among other things, may limit our ability to incur additional indebtedness. If we violate any loan covenants and do not obtain a waiver from our lenders, our indebtedness under the credit facilities would become immediately due and payable, and the lenders could foreclose on their security, which could materially adversely affect our business and future financial condition and could require us to curtail or otherwise cease our existing operations.

***We may need additional financing to satisfy our future capital requirements, which may not be readily available to us*.**

Our capital requirements may be significant in the future. We may incur additional expenses in the development and implementation of our operations. Due to fluctuations in the price, demand and availability of new refrigerants, our existing credit facility led by Wells Fargo Bank that expires in March 2027 may not in the future be sufficient to provide all of the capital that we need to acquire and manage our inventories of new refrigerant. As a result, we may be required to seek additional equity or debt financing in order to develop our RefrigerantSide® Services business, our refrigerant sales business and our other businesses. We have no current arrangements with respect to, or sources of, additional financing other than our existing credit facility. There can be no assurance that we will be able to obtain any additional financing on terms acceptable to us or at all. Our inability to obtain financing, if and when needed, could materially adversely affect our business and future financial condition and could require us to curtail or otherwise cease our existing operations.

***Adverse weather or economic downturn could adversely impact our financial results.***

Our business could be negatively impacted by adverse weather or economic downturns. Weather is a significant factor in determining market demand for the refrigerants sold by us, and to a lesser extent, our RefrigerantSide® Services. Unusually cool temperatures in the spring and summer tend to depress demand for, and price of, refrigerants we sell. Protracted periods of cooler than normal spring and summer weather could result in a substantial reduction in our sales which could adversely affect our financial position as well as our results of operations. An economic downturn could cause customers to postpone or cancel purchases of the Company's products or services. Either or both of these conditions could have severe negative implications to our business that may exacerbate many of the risk factors we identified in this report but not limited, to the following:

*Liquidity*

These conditions could reduce our liquidity, which could have a negative impact on our financial condition and results of operations.

*Demand*

These conditions could lower the demand and/or price for our product and services, which would have a negative impact on our results of operations.

*Financial Covenants*

These conditions could impact our ability to meet our loan covenants which, if we are unable to obtain a waiver from our lenders, could materially adversely affect our business and future financial condition and could require us to curtail or otherwise cease our existing operations.

***Our business is impacted by customer concentration.***

In July 2016, we were awarded, as prime contractor, a five-year contract, including a five-year renewal option (which has been exercised), by the United States Defense Logistics Agency ("DLA") for the management and supply of refrigerants, compressed gases, cylinders and related items to US Military commands and installations, Federal civilian agencies and foreign militaries. Our contract with DLA expires in July 2026. In October 2025, the DLA awarded a new five-year contract with a five-year renewal option to the Company (the "2025 DLA Contract"). Following issuance of the new contract, a competitor filed a bid protest at the U.S. Court of Federal Claims, challenging the DLA's evaluation of proposals and the contract award to the Company. In response, the DLA is reviewing its evaluation to determine whether corrective action is necessary and has rescinded the 2025 DLA Contract award during this process. While the bid protest and corrective action is pending, the Company will continue providing logistics support under its existing contract which runs through July 2026.

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For the years ended December 31, 2025, 2024 and 2023, the DLA accounted for 15%, 15% and 18% of our revenues. The loss of DLA as a customer could have a material adverse effect on our financial position and results of operations.

***Our information technology systems, processes, and sites may suffer interruptions, failures, or attacks which could affect our ability to conduct business.***

Our information technology systems provide critical data connectivity, information and services for internal and external users. These include, among other things, processing transactions, summarizing and reporting results of operations, complying with regulatory, legal or tax requirements, storing project information and other processes necessary to manage the business. Our systems and technologies, or those of third parties on which we rely, could fail or become unreliable due to equipment failures, software viruses, cyber threats, system conversion issues, software implementation issues, terrorist acts, natural disasters, power failures or other causes. Cybersecurity threats are evolving and include, but are not limited to, malicious software, cyber espionage, attempts to gain unauthorized access to our sensitive information, including that of our customers, suppliers, and subcontractors, and other electronic security breaches that could lead to disruptions in mission critical systems, unauthorized release of confidential or otherwise protected information, and corruption of data. Although we utilize various procedures and controls to monitor and mitigate these threats, there can be no assurance that these procedures and controls will be sufficient to prevent security threats from materializing. If any of these events were to materialize, the costs related to cyber or other security threats or disruptions may not be fully insured or indemnified and could have a material adverse effect on our reputation, operating results, and financial condition.

**Risks Related to Regulatory and Environmental Matters**

***The nature of our business exposes us to potential liability.***

The refrigerant recovery and reclamation industry involves potentially significant risks of statutory and common law liability for environmental damage and personal injury. We, and in certain instances, our officers, directors and employees, may be subject to claims arising from our on-site or off-site services, including the improper release, spillage, misuse or mishandling of refrigerants classified as hazardous or non-hazardous substances or materials. We may be strictly liable for damages, which could be substantial, regardless of whether we exercised due care and complied with all relevant laws and regulations. Our current insurance coverage may not be sufficient to cover potential claims, and adequate levels of insurance coverage may not be available in the future at a reasonable cost. A partially or completely uninsured claim against us, if successful and of sufficient magnitude would have a material adverse effect on our business and financial condition.

***Our business and financial condition is substantially dependent on the sale and continued environmental regulation of refrigerants.***

Our business and prospects are largely dependent upon continued regulation of the use and disposition of refrigerants. Changes in government regulations relating to the emission of refrigerants into the atmosphere could have a material adverse effect on us. Failure by government authorities to otherwise continue to enforce existing regulations or significant relaxation of regulatory requirements could also adversely affect demand for and supply of our services and products.

***Our business is subject to significant regulatory compliance burdens.***

The refrigerant reclamation and management business is subject to extensive, stringent and frequently changing federal, state and local laws and substantial regulation under these laws by governmental agencies, including the EPA, the OSHA and DOT. Although we believe that we are in material compliance with all applicable regulations material to our business operations, amendments to existing statutes and regulations or adoption of new statutes and regulations that affect the marketing and sale of refrigerant could require us to continually alter our methods of operation and/or discontinue the sale of certain of our products resulting in costs to us that could be substantial. We may not be able, for financial or other reasons, to comply with applicable laws, regulations and permit requirements, particularly as we seek to enter into new geographic markets. Our failure to comply with applicable laws, rules or regulations or permit requirements could subject us to civil remedies, including substantial fines, penalties and injunctions, as well as possible criminal sanctions, which would, if of significant magnitude, materially adversely impact our operations and future financial condition.

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***A number of factors could negatively impact the price and/or availability of refrigerants, which would, in turn, adversely affect our business and financial condition.***

Refrigerant sales continue to represent a significant majority of our revenues. Therefore, our business is substantially dependent on the availability of both new and used refrigerants in large quantities, which may be affected by several factors including, without limitation: (i) commercial production and consumption limitations imposed by the Act and legislative limitations and ban on HCFC refrigerants; (ii) the amendment to the Montreal Protocol, the AIM Act, and any legislation and regulation enacted to implement the amendment, imposes limitations on production and consumption of HFC refrigerants; (iii) introduction of new refrigerants and air conditioning and refrigeration equipment; (iv) price competition resulting from additional market entrants; (v) changes in government regulation on the use and production of refrigerants; and (vi) reduction in price and/or demand for refrigerants. Sufficient amounts of new and/or used refrigerants may not be available to us in the future, particularly as a result of the further phase down of HFC production, or may not be available on commercially reasonable terms. Additionally, we may be subject to price fluctuations, periodic delays or shortages of new and/or used refrigerants. Our failure to obtain and resell sufficient quantities of virgin refrigerants on commercially reasonable terms, or at all, or to obtain, reclaim and resell sufficient quantities of used refrigerants would have a material adverse effect on our operating margins and results of operations.

***Issues relating to potential global warming and climate change could have an impact on our business.***

Refrigerants are considered to be strong greenhouse gases that are believed to contribute to global warming and climate change and are now subject to various state and federal regulations relating to the sale, use and emissions of refrigerants. Current and future global warming and climate change or related legislation and/or regulations may impose additional compliance burdens on us and on our customers and suppliers which could potentially result in increased administrative costs, decreased demand in the marketplace for our products, and/or increased costs for our supplies and products. In addition, an amendment to the Montreal Protocol has established timetables for all developed and developing countries to freeze and then reduce production and use of HFCs by 85% by 2047, with the first reductions by developed countries in 2019. The amendment became effective January 1, 2019. In December 2020, AIM Act legislation was enacted in the United States that requires the phasedown of virgin production of HFCs.

**Risks Related to Our Common Stock and Other General Risks**

***As a result of competition, and the strength of some of our competitors in the market, we may not be able to compete effectively.***

The markets for our services and products are highly competitive. We compete with numerous regional and national companies which provide refrigerant recovery and reclamation services, as well as companies which market and deal in new and reclaimed alternative refrigerants, including certain of our suppliers, some of which possess greater financial, marketing, distribution and other resources than us. We also compete with numerous manufacturers of refrigerant recovery and reclamation equipment. Certain of these competitors have established reputations for success in the service of air conditioning and refrigeration systems. We may not be able to compete successfully, particularly as we seek to enter into new markets.

***We have the ability to designate and issue preferred stock, which may have rights, preferences and privileges greater than Hudson's common stock and which could impede a subsequent change in control of us.***

Our Certificate of Incorporation authorizes our Board of Directors to issue up to 5,000,000 shares of "blank check" preferred stock and to fix the rights, preferences, privileges and restrictions, including voting rights, of these shares, without further shareholder approval. The rights of the holders of our common stock will be subject to, and may be adversely affected by, the rights of holders of any additional preferred stock that may be issued by us in the future. Our ability to issue preferred stock without shareholder approval could have the effect of making it more difficult for a third party to acquire a majority of our voting stock, thereby delaying, deferring or preventing a change in control of us.

***If our common stock were delisted from NASDAQ it could be subject to "penny stock" rules which would negatively impact its liquidity and our shareholders' ability to sell their shares.***

Our common stock is currently listed on the NASDAQ Capital Market. We must comply with numerous NASDAQ Marketplace rules in order to continue the listing of our common stock on NASDAQ. There can be no assurance that we can continue to meet the rules required to maintain the NASDAQ listing of our common stock. If we are unable to maintain our listing on NASDAQ, the market liquidity of our common stock may be severely limited.

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***Our management has significant control over our affairs.***

Currently, our officers and directors collectively beneficially own approximately 3.1% of our outstanding common stock. Accordingly, our officers and directors are in a position to significantly affect major corporate transactions and the election of our directors. There is no provision for cumulative voting for our directors.

***We may fail to successfully integrate any additional acquisitions made by us into our operations.***

As part of our business strategy, we may look for opportunities to grow by acquiring other product lines, technologies or facilities that complement or expand our existing business. We may be unable to identify additional suitable acquisition candidates or negotiate acceptable terms. In addition, we may not be able to successfully integrate any assets, liabilities, customers, systems or management personnel we may acquire into our operations and we may not be able to realize related revenue synergies and cost savings within expected time frames. There can be no assurance that we will be able to successfully integrate any prior or future acquisition.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

**Risk Management and Strategy**

Our corporate information technology, communication networks, enterprise applications, accounting and financial reporting platforms, and related systems, and those that we offer to our customers are necessary for the operation of our business. We use these systems, among others, to manage our customer and vendor relationships, for internal communications, for accounting to operate record-keeping functions, and for many other key aspects of our business. Our business operations rely on the secure collection, storage, transmission, and other processing of proprietary, confidential, and sensitive data.

We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data ("Information Systems and Data").

We rely on a multidisciplinary team, including our information security function, legal department, management, and third-party service providers, as described further below, to identify, assess, and manage cybersecurity threats and risks. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and our risk profile using various methods including, for example, using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating our industry's risk profile, utilizing internal and external audits, and conducting threat and vulnerability assessments.

Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including risk assessments, incident detection and response, vulnerability management, disaster recovery and business continuity plans, internal controls within our accounting and financial reporting functions, encryption of data, network security controls, access controls, physical security, asset management, systems monitoring, vendor risk management program, employee training, and penetration testing.

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We work with third parties from time to time that assist us to identify, assess, and manage cybersecurity risks, including professional services firms, consulting firms, threat intelligence service providers, and penetration testing firms.

To operate our business, we utilize certain third-party service providers to perform a variety of functions. We seek to engage reliable, reputable service providers that maintain cybersecurity programs. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may include reviewing the cybersecurity practices of such provider, contractually imposing obligations on the provider, conducting security assessments, and conducting periodic reassessments during their engagement.

We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or financial condition.

**Governance**

Our full Board oversees the Company's enterprise risk management process, including the management of risks arising from cybersecurity threats. The Board receives regular presentations and reports from management who are responsible for managing and assessing cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations. The Board also receives prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.

Management plays a crucial role in assessing and managing material risks from cybersecurity threats. At the management level, the Company's cybersecurity risk management and strategy is led by its Director of IT, who reports to the CFO. The qualifications of the Director of IT include over 25 years of IT management, cybersecurity, and information governance experience. The Director of IT is regularly informed about the latest developments in cybersecurity, including emerging threats and technologies to adapt security measures accordingly. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents. Management's role includes:

● *Risk Assessment*: Management conducts annual cybersecurity risk assessments to identify and evaluate potential threats and vulnerabilities. Management considers the likelihood and potential impact of various cybersecurity risks, considering the Company's assets, systems, and operations, to prioritize mitigation efforts.

● *Cybersecurity Policies and Procedures*: Management reviews and approves the Company's cybersecurity policies and procedures and communicates these policies and procedures to all employees to ensure adherence to established security protocols.

● *Compliance with Regulations*: Management implements and maintains compliance with relevant cybersecurity regulations and standards applicable to the Company.

● *Budgeting and Resource Allocation:* Management reviews budgets for cybersecurity initiatives and ensures that adequate resources are allocated to address cybersecurity risks and that investments in cybersecurity align with the Company's risk tolerance and strategic objectives.

The Director of IT is promptly informed of potential cybersecurity risks, threats, and vulnerabilities by the Company's IT Helpdesk. Once an incident has been identified, the Director of IT and the IT network security team assess the criticality and impact of the incident on the Company's business operations. The Director of IT then formulates and oversees a response to contain, eradicate and resolve incidents in accordance with the Company's incident response plan. Management is responsible for reporting incidents to the appropriate authorities as necessary and engaging senior leadership on all material incidents.

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**Item 2. Properties**

The Company's headquarters are located in a multi-tenant building in Woodcliff Lake, New Jersey, which houses the Company's executive officers, its accounting and administrative staff, and its information technology staff and equipment. The Company's key reclamation, processing and cylinder refurbishment facilities are located in Champaign, Illinois, Smyrna, Georgia and Ontario, California. The Company also sells industrial gases out of facilities located in Escondido, California and in Champaign, Illinois. The Company maintains smaller reclamation and cylinder refurbishing facilities in Ontario, California. The Company also maintains four smaller service depots for the performance of its RefrigerantSide® Services and maintains three sales and telemarketing offices.

Hudson's key operational facilities are as follows:

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| | | |
|:---|:---|:---|
| **Location** | **Owned or Leased** | **Description** |
| Woodcliff Lake, New Jersey | Leased | Company headquarters and administrative offices |
| Champaign, Illinois | Owned | Reclamation and separation of refrigerants and cylinder refurbishment |
| Champaign, Illinois | Leased | Refrigerant packaging, cylinder refurbishment, RefrigerantSide® Service depot, refrigerant and industrial gases storage |
| Smyrna, Georgia | Leased | Reclamation and separation of refrigerants and cylinder refurbishment center |
| Smyrna, Georgia | Owned | Refrigerant storage |
| Escondido, California  | Leased | Refrigerant and Industrial gas storage and cylinder refurbishment center  |
| Ontario, California | Leased | Refrigerant reclamation and cylinder refurbishment center |

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**Item 3. Legal Proceedings**

The Company's current contract with DLA expires in July 2026. In October 2025, the DLA awarded a new five-year contract with a five-year renewal option to the Company (the "2025 DLA Contract"). Following issuance of the new contract, a competitor filed a bid protest at the U.S. Court of Federal Claims, challenging the DLA's evaluation of proposals and the contract award to the Company. As the recipient of the 2025 DLA Contract, the Company is a party to the bid protest. In response, the DLA is reviewing its evaluation to determine whether corrective action is necessary and has rescinded the 2025 DLA Contract award during this process. While the bid protest and corrective action is pending, the Company will continue providing logistics support under its existing contract which runs through July 2026.

**Item 4. Mine Safety Disclosures**

Not Applicable.

**Part II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

The Company's common stock trades on the NASDAQ Capital Market under the symbol "HDSN".

The number of record holders of the Company's common stock was approximately 79 as of March 5, 2026. The Company believes that there are approximately 4,000 beneficial owners of its common stock.

To date, the Company has not declared or paid any cash dividends on its common stock. The payment of dividends, if any, in the future is within the discretion of the Board of Directors and will depend upon the Company's earnings, its capital requirements and financial condition, borrowing covenants, and other relevant factors. The Company presently intends to retain all earnings, if any, to finance the Company's operations and development of its business and does not expect to declare or pay any cash dividends on its common stock in the foreseeable future. In addition, the Company has a credit facility with Wells Fargo Bank, National Association, which among other things, restricts the Company's ability to declare or pay any cash dividends on its capital stock.

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**Stock Price Performance Graph**

The following graph illustrates a comparison of the total cumulative five-year stockholder return of a $100 investment in our common stock on December 31, 2020, to two indices: the NASDAQ Composite Index and the Nasdaq Industrial Index. The stockholder return shown in the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns.

![Graphic](hdsn-20251231x10k001.gif)

*The above Stock Price Performance Graph and related information shall not be deemed "soliciting material" or to be "filed" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.*

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**Issuer Purchases of Equity Securities**

**HUDSON TECHNOLOGIES, INC.**

**ISSUER PURCHASES OF EQUITY SECURITIES**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number**<br>**of Shares**<br>**Purchased (1)** | <br><br>**Average Price Paid**<br>**Per Share \*** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Number of**<br>**Shares Purchased**<br>**as Part of Publicly**<br>**Announced**<br>**Program** | &nbsp;&nbsp;&nbsp;&nbsp;**Approximate**<br>**Dollar Value of**<br>**Shares that May**<br>**Yet be Purchased**<br>**Under the**<br>**Program (millions**<br>**of dollars) (2) (3)** |
| October 1-31, 2025 |  |  |  | $4.2 |
| November 1-30, 2025 | 608000 | $6.90 | 608000 | $0.0 |
| December 1-31, 2025 | 1342981 | $7.45 | 1342981 | $20.0 |
| **Total** | **1950981** | $**7.27** | **1950981** | $**20.0** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 6, 2024, the Company announced that its Board of Directors approved a share repurchase program pursuant to which the Company may purchase up to $10 million in shares of the Company's common stock during 2024 and 2025 (the "Repurchase Program"). Under the terms of the Repurchase Program, the Company may purchase shares of its common stock on a discretionary basis from time to time through open market repurchases or privately negotiated transactions or through other means, including by entering into Rule 10b5-1 trading plans, in each case, during an "open window" and when the Company does not possess material non-public information. The timing and actual number of shares repurchased under the Repurchase Program will depend on a variety of factors, including stock price, trading volume, market conditions, corporate and regulatory requirements and other general business considerations. The Repurchase Program may be modified, suspended or discontinued at any time without prior notice. Repurchases under the Repurchase Program may be funded from the Company's existing cash and cash equivalents, and future cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On October 25, 2024, the Company announced that its Board of Directors approved an increase to its previously disclosed repurchase program pursuant to which the Company may now purchase up to $20 million in shares of the Company's common stock (consisting of up to $10 million in shares during each of calendar year 2024 and 2025) (as amended, the "Repurchase Program").

&nbsp;&nbsp;&nbsp;&nbsp;(3) On December 1, 2025, the Company announced that its Board of Directors approved an increase to the Company's share repurchase authorization pursuant to which the Company could purchase up to $20 million in shares of the Company's common stock during calendar year 2025, an increase from up to $10 million of outstanding common stock previously authorized for 2025. Furthermore, the Board of Directors authorized the Company to repurchase up to $20 million of outstanding common stock in calendar year 2026.

\*Average Price Paid Per Share does not include commissions

**Item 6. [Reserved]**

Not applicable.

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

Certain statements, contained in this section and elsewhere in this Form 10-K, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the laws and regulations affecting the industry, changes in the demand and price for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of refrigerants), the Company's ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, the ability to meet financial covenants under our financing facility, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company's ability to successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in this report, and in the Company's other subsequent filings with the Securities and Exchange Commission ("SEC"). The words "believe", "expect", "anticipate", "may", "plan", "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

**Critical Accounting Estimates**

The Company's discussion and analysis of its financial condition and results of operations are based upon its consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Several of the Company's accounting policies involve significant judgments, uncertainties and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its inventory reserves, goodwill and intangible assets.

Inventory

For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. Net realizable value represents the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and disposal. The determination if a write-down to net realizable value is necessary is primarily affected by the market prices for the refrigerant gases we sell. Commodity prices generally are affected by a wide range of factors beyond our control, including weather, seasonality, the availability and adequacy of supply, government regulation and policies and general political and economic conditions. At any time, our inventory levels may be substantial and fluctuate, which will materially impact our estimates of net realizable value.

**Overview**

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™.

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The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants.

Sales of refrigerants continue to represent a significant majority of the Company's revenues.

The Company also sells industrial gases to a variety of industry customers, predominantly to users in, or involved with, the US Military. In July 2016, the Company was awarded, as prime contractor, a five-year fixed price contract, including a five-year renewal option which has been exercised, awarded to it by the United States Defense Logistics Agency ("DLA") for the management and supply of refrigerants, compressed gases, cylinders and related items to US Military commands and installations, Federal civilian agencies and foreign militaries. Primary users include the US Army, Navy, Air Force, Marine Corps and Coast Guard. Our contract with DLA expires in July 2026.

In October 2025, the DLA awarded a new five-year contract with a five-year renewal option to the Company (the "2025 DLA Contract"). Following issuance of the new contract, a competitor filed a bid protest at the U.S. Court of Federal Claims, challenging the DLA's evaluation of proposals and the contract award to the Company. In response, the DLA is reviewing its evaluation to determine whether corrective action is necessary and has rescinded the 2025 DLA Contract award during this process. While the bid protest and corrective action is pending, the Company will continue providing logistics support under its existing contract which runs through July 2026.

**Recent Acquisition**

On December 16, 2025, the Company's subsidiary Hudson Technologies Company completed the acquisition of substantially all the business assets of Denver Refrigerants Inc. (d/b/a Refrigerants Inc.). The consideration for Refrigerants Inc. acquisition was approximately $2.2 million in cash, paid at the closing, and provides for a further contingent payment of up to $2.0 million payable, to the extent earned, approximately 17 and 29 months from the closing date.

Refrigerants Inc. is a leading refrigerant distributor and distributes, reclaims and packages refrigerant gases for a variety of end uses. Potential benefits of the Refrigerants, Inc. Acquisition include (i) providing a broader customer network which will provide the Company with increased access to refrigerant for reclamation and strengthen the Company's refrigerant distribution capabilities; (ii) adding incremental access to recovered pounds of refrigerants for sale for future periods to support the growth in reclamation; and (iii) enhancing the Company's geographic footprint in the United States.

**Results of Operations**

Year ended December 31, 2025 as compared to the year ended December 31, 2024

Revenues for the year ended December 31, 2025 were $246.6 million, an increase of $9.5 million or 4% from the $237.1 million reported during the comparable 2024 period. The increase was primarily attributable to higher sales volumes which was partially offset by lower average selling prices of refrigerant sold during the period.

Gross profit and gross margin for the year ended December 31, 2025, were $62.1 million and 25.2% respectively, a decrease of $3.6 million and 2.5% respectively from the $65.7 million and 27.7% reported during the comparable 2024 period. The decrease of $3.6 million gross profit and the decline in gross margin were primarily due to lower average selling prices for certain refrigerants, and higher freight costs.

Selling, general and administrative ("SG&A") expenses for the year ended December 31, 2025 were $40.2 million, an increase of $7.2 million from the $33.0 million reported during the comparable 2024 period. The 2025 SG&A expenses included $4.0 million of severance expense. The increase in SG&A also reflected increased personnel costs amongst other higher costs.

Amortization expense for the years ended December 31, 2025 and 2024 was $3.3 million and $3.4 million, respectively.

Net interest income for the year ended December 31, 2025 was 2.5 million, compared to the net interest income of $0.5 million reported during the comparable 2024 period reflecting the Company's unlevered balance sheet and higher cash position throughout the year.

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Other income for the year ended December 31, 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 2024 acquisition of USA Refrigerants. Other income of $2.3 million for the same period in 2024 was primarily driven by $1.8 million from litigation settlement proceeds and $0.5 million from a lease opt-out associated with the Atlanta facility.

Income tax expense for 2025 was $6.0 million compared to income tax expense of $7.6 million for 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.

Net income for the year ended December 31, 2025 was $16.7 million, a decrease of $7.7 million from the $24.4 million of net income reported during the comparable 2024 period, primarily due to lower average selling prices for certain refrigerants, and higher freight costs. and higher SG&A costs, as described above.

Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2025.

**Liquidity and Capital Resources**

At December 31, 2025, the Company had working capital, which represents current assets less current liabilities, of $146.2 million, a decrease of $1.5 million from the working capital of $147.7 million at December 31, 2024. The decrease in working capital is primarily attributable to the decrease in cash and increase in accounts payable due to higher inventory purchases at year end.

Inventories and trade receivables are principal components of current assets. At December 31, 2025, the Company had inventories of $135.9 million, an increase of $39.7 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.

At December 31, 2025, the Company had trade receivables, net of credit losses, of $17.1 million, an increase of $3.5 million from $13.6 million at December 31, 2024, mainly due to increased sales. 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.

Net cash used in operating activities for the year ended December 31, 2025 was $3.2 million, when compared to the net cash provided by operating activities of $91.8 million for the comparable 2024 period. The variance is primarily due to increased inventory purchases, timing of accounts receivable, accounts payable and accrued expenses.

Net cash used in investing activities for the year ended December 31, 2025 was $7.3 million when compared to the net cash used in investing activities of $26.0 million for the comparable 2024 period, mainly due to the 2025 acquisition of Refrigerants Inc and 2024 acquisition of USA Refrigerants as previously discussed and timing of capital expenditures.

Net cash used in financing activities for the year ended December 31, 2025 was $20.2 million, compared with net cash used in financing activities of $8.2 million for 2024. During the year 2025, the Company repurchased 2,890,240 of its common stock for $20.0 million, compared with the repurchase of 1,244,076 shares for $8.1 million in 2024.

At December 31, 2025, cash and cash equivalents were $39.5 million, or approximately $30.6 million lower than the $70.1 million of cash and cash equivalents at December 31, 2024.

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*Revolving Credit Facility* 

On March 2, 2022, Hudson Technologies Company ("HTC") and Hudson Holdings, Inc. ("Holdings"), as borrowers (collectively, the "Borrowers"), and Hudson Technologies, Inc. (the "Company") as a guarantor, entered into an Amended and Restated Credit Agreement (the "Amended Wells Fargo Facility") with Wells Fargo Bank, National Association, as administrative agent and lender ("Agent" or "Wells Fargo") and such other lenders as have or may thereafter become a party to the Amended Wells Fargo Facility. The Amended Wells Fargo facility amended and restated the prior Wells Fargo Facility entered into on December 19, 2019.

Under the terms of the Amended Wells Fargo Facility, the Borrowers: (i) immediately borrowed $15 million in the form of a "first in last out" term loan (the "FILO Tranche") and (ii) could initially borrow from time to time, up to $75 million at any time consisting of revolving loans (the "Revolving Loans") in a maximum amount up to the lesser of $75 million and a borrowing base that is calculated based on the outstanding amount of the Borrowers' eligible receivables and eligible inventory, as described in the Amended Wells Fargo Facility. The Amended Wells Fargo Facility also initially contained a sublimit of $9 million for swing line loans and $2 million for letters of credit. The Company currently has $1.3 million of letters of credit outstanding. The FILO Tranche was repaid in full in July 2023 and may not be reborrowed.

Amounts borrowed under the Amended Wells Fargo Facility may be used for working capital needs, certain permitted acquisitions, and to reimburse drawings under letters of credit.

Interest under the Amended Wells Fargo Facility is payable in arrears on the first day of each month. Interest charges with respect to Revolving Loans are computed on the actual principal amount of Revolving Loans outstanding at a rate per annum equal to (A) with respect to Base Rate loans, the sum of (i) a rate per annum equal to the higher of (1) 1.0%, (2) the federal funds rate plus 0.5%, (3) one month term SOFR plus 1.0%, and (4) the prime commercial lending rate of Wells Fargo, plus (ii) between 1.25% and 1.75% depending on average monthly undrawn availability and (B) with respect to SOFR loans, the sum of the applicable SOFR rate plus between 2.36% and 2.86% depending on average quarterly undrawn availability. The Amended Wells Fargo Facility also includes a monthly unused line fee ranging from 0.35% to 0.75% per annum determined based upon the level of average Revolving Loans outstanding during the immediately preceding month measured against the total Revolving Loans that may be borrowed under the Amended Wells Fargo Facility.

In connection with the closing of the Amended Wells Fargo Facility, the Company also entered into a First Amendment to Guaranty and Security Agreement, dated as of March 2, 2022 (the "Amended Revolver Guaranty and Security Agreement"), pursuant to which the Company and certain subsidiaries are continuing to unconditionally guarantee the payment and performance of all obligations owing by Borrowers to Wells Fargo, as Agent for the benefit of the revolving lenders. Pursuant to the Amended Revolver Guaranty and Security Agreement, Borrowers, the Company and certain other subsidiaries are continuing to grant to the Agent, for the benefit of the Wells Fargo Facility lenders, a security interest in substantially all of their respective assets, including receivables, equipment, general intangibles (including intellectual property), inventory, subsidiary stock, real property, and certain other assets.

The Amended Wells Fargo Facility contains a financial covenant requiring the Company to maintain at all times minimum liquidity (defined as availability under the Amended Wells Fargo Facility plus unrestricted cash) of at least $5 million, of which at least $3 million must be derived from availability. The Amended Wells Fargo Facility also contains a springing covenant, which takes effect only upon a failure to maintain undrawn availability of at least $11.25 million or upon an election by the Borrowers to increase the inventory component of the borrowing base, requiring the Company to maintain a Fixed Charge Coverage Ratio (FCCR) of not less than 1.00 to 1.00, as of the end of each trailing period of twelve consecutive months commencing with the month prior to the triggering of the covenant. The FCCR (as defined in the Wells Fargo Facility) is the ratio of (a) EBITDA for such period, minus unfinanced capital expenditures made during such period, to (b) the aggregate amount of (i) interest expense required to be paid (other than interest paid-in-kind, amortization of financing fees, and other non-cash interest expense) during such period, (ii) scheduled principal payments (but excluding principal payments relating to outstanding Revolving Loans under the Amended Wells Fargo Facility), (iii) all net federal, state, and local income taxes required to be paid during such period (provided, that any tax refunds received shall be applied to the period in which the cash outlay for such taxes was made), (iv) all restricted payments paid (as defined in the Amended Wells Fargo Facility) during such period, and (v) to the extent not otherwise deducted from EBITDA for such period, all payments required to be made during such period in respect of any funding deficiency or funding shortfall with respect to any pension plan. The FCCR covenant ceases after the Borrowers have been in compliance therewith for two consecutive months.

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The Amended Wells Fargo Facility also contains customary non-financial covenants relating to the Company and the Borrowers, including limitations on the Borrowers' ability to pay dividends on common stock or preferred stock, and also includes certain events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other obligations, events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts, impairments to guarantees and a change of control.

On June 6, 2024, the Borrowers and the Company entered into a First Amendment to Amended and Restated Credit Agreement and Limited Consent (the "First Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. Pursuant to the First Amendment, Wells Fargo and the other lenders consented to the consummation of the USA Refrigerants Acquisition and made certain other technical amendments to the existing Amended Wells Fargo Facility, including the calculation of the borrowing base thereunder. The First Amendment also provided for permitted stock repurchases by the Company in an amount not to exceed $5 million per calendar year, and $15 million in aggregate over the term of the Amended Wells Fargo Facility, upon satisfaction of certain conditions.

On October 23, 2024, the Borrowers and the Company entered into a Second Amendment to Amended and Restated Credit Agreement dated October 23, 2024 (the "Second Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Second Amendment amended the provision relating to permitted stock repurchases by the Company, to permit stock repurchases in an amount not to exceed $10 million per calendar year in each of 2024 and 2025 and $5 million in any calendar year thereafter during the term of the Amended Wells Fargo Facility, upon satisfaction of certain conditions, subject to an aggregate cap of $25 million.

On June 23, 2025, the Borrowers and the Company entered into a Third Amendment to Amended and Restated Credit Agreement (the "Third Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Third Amendment reduced the amount of Revolving Loans that may be made under the Amended Wells Fargo Facility from $75 million to $40 million, and also provided for the reduction of the letter of credit sublimit from $2 million to $1.5 million. The Third Amendment also amended certain other thresholds and sub-limits in the Amended Wells Fargo Facility, as further specified therein.

On November 25, 2025, the Borrowers and the Company entered into a Fourth Amendment to Amended and Restated Credit Agreement (the "Fourth Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Fourth Amendment amended the provision relating to permitted stock repurchases by the Company, to permit stock repurchases in an amount not to exceed $20 million per calendar year in each of 2025 and 2026 and $5 million in any calendar year thereafter during the term of the Wells Fargo Facility, upon satisfaction of certain conditions, and made certain other technical changes.

The commitments under the Amended Wells Fargo Facility will expire and the full outstanding principal amount of the loans, together with accrued and unpaid interest, are due and payable in full on March 2, 2027, unless the commitments are terminated and the outstanding principal amount of the loans are accelerated sooner following an event of default or in the event of certain other cross-defaults.

At December 31, 2025, the Company had borrowing availability of approximately $40 million from the Amended Wells Fargo Facility and no balance was outstanding.

The Company was in compliance with all covenants under the Amended Wells Fargo Facility as of December 31, 2025.

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**Reliance on Suppliers and Customers**

The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin HCFC and HFC refrigerants and reclaimable, primarily HCFC and CFC, refrigerants from suppliers and its customers. Under the Clean Air Act the phase-down of future production of certain virgin HCFC refrigerants commenced in 2010 and has been fully phased out by the year 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by the year 2030. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by it, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on the Company's operating results and financial position.

For the years ended December 31, 2025, 2024 and 2023, 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 December 31, 2025 and 2024. Revenue from DLA totaled $38.2 million, $35.5 million and $53.0 million for the years ended December 31, 2025, 2024 and 2023. Accounts receivable from the DLA were $4.3 million and $3.5 million as of December 31, 2025, and 2024, respectively.

The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position.

**Seasonality and Weather Conditions and Fluctuations in Operating Results**

The Company's operating results vary from period to period as a result of weather conditions, requirements of potential customers, non-recurring refrigerant and service sales, availability and price of refrigerant products (virgin or reclaimable), changes in reclamation technology and regulations, timing in introduction and/or retrofit or replacement of refrigeration equipment, the rate of expansion of the Company's operations, and by other factors. The Company's business is seasonal in nature with peak sales of refrigerants occurring in the first nine months of each year. During past years, the seasonal decrease in sales of refrigerants has resulted in losses particularly in the fourth quarter of the year. In addition, to the extent that there is unseasonably cool weather throughout the spring and summer months, which would adversely affect the demand for refrigerants, there would be a corresponding negative impact on the Company. Delays or inability in securing adequate supplies of refrigerants at peak demand periods, lack of refrigerant demand, increased expenses, declining refrigerant prices and a loss of a principal customer could result in significant losses. There can be no assurance that the foregoing factors will not occur and result in a material adverse effect on the Company's financial position and significant losses. The Company believes that to a lesser extent there is a similar seasonal element to RefrigerantSide® Service revenues as refrigerant sales.

**Recent Accounting Pronouncements**

See recent accounting pronouncements set forth in Note 1 of the financial statements contained in this report and commitments and contingencies described in Note 11 thereof.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk**

**Interest Rate Sensitivity**

We are exposed to market risk from fluctuations in interest rates on the Amended Wells Fargo Facility. The Amended Wells Fargo Facility is a $40 million secured facility with a $0.0 million outstanding balance as of December 31, 2025. Future interest rate changes on our borrowing under the Amended Wells Fargo Facility may have an impact on our consolidated results of operations.

**Refrigerant Market**

We are also exposed to market risk from fluctuations in the demand, price and availability of refrigerants. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms, or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales or write downs of inventory, which could have a material adverse effect on our consolidated results of operations.

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**Item 8. Financial Statements and Supplementary Data**

The financial statements appear in a separate section of this report following Part IV.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

Not Applicable.

**Item 9A. Controls and Procedures**

**Disclosure Controls and Procedures**

The Company, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures, as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company's disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Because of the inherent limitations in all control systems, any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Furthermore, the Company's controls and procedures can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the control and misstatements due to error or fraud may occur and not be detected on a timely basis.

**Changes in Internal Control over Financial Reporting**

As required by Rule 13a-15(d) of the Exchange Act, our management, including our principal executive officer and our principal financial officer, conducted an evaluation of the internal control over financial reporting to determine whether any changes occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, our principal executive officer and principal financial officer concluded there were no such changes.

**Management's Report on Internal Control over Financial Reporting**

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting for the Company as defined in Rule 13a-15(f) under the Exchange Act. The Company's internal control over financial reporting is designed to provide reasonable assurance to the Company's management and board of directors regarding the preparation and fair presentation of published financial statements and the reliability of financial reporting.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

The Company's Chief Executive Officer and Chief Financial Officer have assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. In making this assessment, the Company's Chief Executive Officer and Chief Financial Officer have used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in *Internal Control – Integrated Framework (2013)*. Based on our assessment, the Company's Chief Executive Officer and Chief Financial Officer believe that, as of December 31, 2025, the Company's internal control over financial reporting is effective based on those criteria.

BDO USA, P.C., the independent registered public accounting firm which audits our financial statements, has provided an attestation report on our internal control over financial reporting as of December 31, 2025.

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**Report of Independent Registered Public Accounting Firm**

Shareholders and Board of Directors

Hudson Technologies, Inc.

Woodcliff Lake, New Jersey

**Opinion on Internal Control over Financial Reporting**

We have audited Hudson Technologies, Inc.'s (the "Company's") internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO criteria"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated March 16, 2026, expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ BDO USA, P.C.<br>

Stamford, Connecticut

March 16, 2026

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**Item 9B. Other Information**

No director of officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement and/or a non-rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K) during the quarter ended December 31, 2025.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**Part III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Reference is made to the disclosure required by Items 401, 405, 406, and 407(c)(3), (d)(4), (d)(5) and 408(b) of Regulation S-K to be contained in the Registrant's definitive proxy statement to be mailed to stockholders on or about April 24, 2026, and to be filed with the Securities and Exchange Commission.

**Item 11. Executive Compensation**

Reference is made to the disclosure required by Items 402 and 407(e)(4) and (e)(5) of Regulation S-K to be contained in the Registrant's definitive proxy statement to be mailed to stockholders on or about April 24, 2026, and to be filed with the Securities and Exchange Commission.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

Reference is made to the disclosure required by Item 403 of Regulation S-K to be contained in the Registrant's definitive proxy statement to be mailed to stockholders on or about April 24, 2026, and to be filed with the Securities Exchange Commission.

**Equity Compensation Plans**

The following table provides certain information with respect to all of Hudson's equity compensation plans as of December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| <br>**Plan Category** | <br>**Number of** <br>**securities to**<br>**be**<br>**issued upon**<br>**exercise of**<br>**outstanding**<br>**options and stock appreciation rights** <br>**(a)** | <br>**Weighted-**<br>**average**<br>**exercise**<br>**price of**<br>**outstanding** <br>**options**<br>**(b)** | **Number of**<br>**securities**<br>**remaining**<br>**available for**<br>**future**<br>**issuance**<br>**under equity**<br>**compensation**<br>**plans**<br>**(excluding**<br>**securities**<br>**reflected**<br>**in column**<br>**(a))**<br>**(c)** |
| Equity compensation plans approved by security holders | 3039889 | $4.29 | 6539472 |

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**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Reference is made to the disclosure required by Items 404 and 407(a) of Regulation S-K to be contained in the Registrant's definitive proxy statement to be mailed to stockholders on or about April 24, 2026, and to be filed with the Securities and Exchange Commission.

**Item 14. Principal Accountant Fees and Services**

Reference is made to the proposal regarding the approval of the Registrant's independent registered public accounting firm to be contained in the Registrant's definitive proxy statement to be mailed to stockholders on or about April 24, 2026, and to be filed with the Securities and Exchange Commission.

[**Table of Contents**](#TOC)

**Part IV**

---

| | |
|:---|:---|
| **Item 15.** | **Exhibits and Financial Statement Schedules** |
| (A)(1) | Financial Statements |
|  | The consolidated financial statements of Hudson Technologies, Inc. appear after Item 16 of this report |
| (A)(2) | Financial Statement Schedules |
| (A)(3) | Exhibits |
| 3.1 | Certificate of Incorporation and Amendment. (1) |
| 3.2 | Amendment to Certificate of Incorporation, dated July 20, 1994. (1) |
| 3.3 | Amendment to Certificate of Incorporation, dated October 26, 1994. (1) |
| 3.4 | [Certificate of Amendment of the Certificate of Incorporation dated March 16, 1999. (2)](https://www.sec.gov/Archives/edgar/data/925528/0000891554-99-001626-index.html) |
| 3.5 | [Certificate of Correction of the Certificate of Amendment dated March 25, 1999. (2)](https://www.sec.gov/Archives/edgar/data/925528/0000891554-99-001626-index.html) |
| 3.6 | [Certificate of Amendment of the Certificate of Incorporation dated March 29, 1999. (2)](https://www.sec.gov/Archives/edgar/data/925528/0000891554-99-001626-index.html) |
| 3.7 | [Certificate of Amendment of the Certificate of Incorporation dated February 16, 2001. (3)](https://www.sec.gov/Archives/edgar/data/925528/000089155401501914/d25356_ex3-8.txt) |
| 3.8 | [Certificate of Amendment of the Certificate of Incorporation dated March 20, 2002. (4)](https://www.sec.gov/Archives/edgar/data/925528/000089155402001636/d50194_exh10-12.txt) |
| 3.9 | [Amendment to Certificate of Incorporation dated January 3, 2003. (5)](https://www.sec.gov/Archives/edgar/data/925528/000116923203002893/d54978_ex3-9.txt) |
| 3.10 | [Certificate of Amendment of the Certificate of Incorporation dated September 15, 2015. (13)](https://www.sec.gov/Archives/edgar/data/925528/000114420415064117/v423337_ex3-1.htm) |
| 3.11 | [Amended and Restated By-Laws. (24)](https://www.sec.gov/Archives/edgar/data/925528/000110465922029762/tm228197d1_ex3-1.htm) |
| 4.1 | [Description of Equity Securities. (22)](https://www.sec.gov/Archives/edgar/data/925528/000110465920033130/tm205284d1_ex4-1.htm) |
| 10.1 | [Agreement with Brian F. Coleman, as amended. (8)\*](https://www.sec.gov/Archives/edgar/data/925528/000101054109000003/k10_2008-ex1015.htm) |
| 10.2 | [2008 Stock Incentive Plan. (7)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420408042333/v121007_def14a.htm) |
| 10.3 | [Form of Incentive Stock Option Agreement under the 2008 Stock Incentive Plan with full vesting upon issuance. (8)\*](https://www.sec.gov/Archives/edgar/data/925528/000101054109000003/k10_2008-ex1040.htm) |
| 10.4 | [Form of Incentive Stock Option Agreement under the 2008 Stock Incentive Plan with options vesting in equal installments over two year period. (8)\*](https://www.sec.gov/Archives/edgar/data/925528/000101054109000003/k10_2008-ex1041.htm) |
| 10.5 | [Form of Non-Incentive Stock Option Agreement under the 2008 Stock Incentive Plan with full vesting upon issuance. (8)\*](https://www.sec.gov/Archives/edgar/data/925528/000101054109000003/k10_2008-ex1042.htm) |
| 10.6 | [Form of Non-Incentive Stock Option Agreement under the 2008 Stock Incentive Plan with options vesting in equal installments over two year period. (8)\*](https://www.sec.gov/Archives/edgar/data/925528/000101054109000003/k10_2008-ex1043.htm) |
| 10.7 | [Long Term Care Insurance Plan Summary. (9)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420412058585/v325631_ex10-1.htm) |
| 10.8 | [Amendment No. 1 to the Hudson Technologies, Inc. 2008 Stock Incentive Plan adopted October 22, 2013. (10) \*](https://www.sec.gov/Archives/edgar/data/925528/000114420414012491/v368894_ex10-40.htm) |
| 10.9 | [2014 Stock Incentive Plan (11)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414048885/v384457_def14a.htm) |
| 10.10 | [Form of Incentive Stock Option Agreement under the 2014 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-2.htm) |
| 10.11 | [Form of Incentive Stock Option Agreement under the 2014 Stock Incentive Plan with options vesting in equal installments over two year period. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-3.htm) |
| 10.12 | [Form of Non-Incentive Stock Option Agreement under the 2014 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-4.htm) |
| 10.13 | [Form of Non-Incentive Stock Option Agreement under the 2014 Stock Incentive Plan with options vesting in equal installments over two year period. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-5.htm) |
| 10.14 | [Form of Incentive Barrier Stock Option Agreement under the 2014 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-6.htm) |
| 10.15 | [Form of Non-Incentive Barrier Stock Option Agreement under the 2014 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-7.htm) |
| 10.16 | [Form of Incentive Barrier Stock Option Agreement under the 2008 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-8.htm) |
| 10.17 | [Form of Non-Incentive Barrier Stock Option Agreement under the 2008 Stock Incentive Plan with full vesting upon issuance. (12)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420414063619/v391591_ex10-9.htm) |
| 10.18 | [Amended and Restated Agreement with Brian Coleman (14)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420416087439/v433161_ex10-55.htm) |
| 10.19 | [2018 Stock Incentive Plan (15)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420418066029/tv509335_ex4-12.htm) |
| 10.20 | [Form of Incentive Stock Option Agreement under the 2018 Stock Incentive Plan with full vesting upon issuance (16)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419014301/tv515003_ex10-39.htm) |
| 10.21 | [Form of Incentive Stock Option Agreement under the 2018 Stock Incentive Plan with vesting in equal installments over a specified of time. (16)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419014301/tv515003_ex10-40.htm) |
| 10.22 | [Form of Non-Qualified Stock Option Agreement under the 2018 Stock Incentive Plan with full vesting upon issuances (16)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419014301/tv515003_ex10-41.htm) |
| 10.23 | [Form of Non-Qualified Stock Option Agreement under the 2018 Stock Incentive Plan with vesting in equal installments over a specified period of time. (16)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419014301/tv515003_ex10-42.htm) |
| 10.24 | [Form of Non-Qualified Stock Option Agreement under the 2018 Stock Incentive Plan with conditional vesting provisions. (16)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419014301/tv515003_ex10-43.htm) |
| 10.25 | [Second Amended and Restated Agreement dated as of September 20, 2019 between the Registrant and Brian F. Coleman (17)\*](https://www.sec.gov/Archives/edgar/data/925528/000114420419045637/tv529866_ex10-2.htm) |
| 10.26 | [Third Amended and Restated Agreement dated December 19, 2019 between the Registrant and Brian F. Coleman (18)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465919074974/tm1926713d1_ex10-5.htm) |
| 10.27 | [Fourth Amended and Restated Agreement dated as of June 24, 2020 between the Registrant and Brian F. Coleman (19)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465920084668/tm2024983d1_ex10-1.htm) |
| 10.28 | [Amended and Restated Agreement dated September 30, 2019 between the Company and Kathleen L. Houghton (20)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465920105662/tm2030585d1_ex10-2.htm) |
| 10.29 | [Hudson Technologies, Inc. 2020 Stock Incentive Plan (21)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465920078959/tm2023653d1_ex4-12.htm) |
| 10.30 | [Form of Incentive Stock Option Agreement under the 2020 Stock Incentive Plan with full vesting upon issuance (23)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465921035666/tm211088d1_ex10-52.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 10.31 | [Form of Incentive Stock Option Agreement under the 2020 Stock Incentive Plan with vesting in equal installments over a specified period of time (23)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465921035666/tm211088d1_ex10-53.htm) |
| 10.32 | [Form of Non-Qualified Stock Option Agreement under the 2020 Stock Incentive Plan with full vesting upon issuance (23)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465921035666/tm211088d1_ex10-54.htm) |
| 10.33 | [Form of Non-Qualified Stock Option Agreement under the 2020 Stock Incentive Plan with vesting in equal installments over a specified period of time (23)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465921035666/tm211088d1_ex10-55.htm) |
| 10.34 | [Form of Non-Qualified Stock Option Agreement under the 2020 Stock Incentive Plan with conditional vesting provisions (23)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465921035666/tm211088d1_ex10-56.htm) |
| 10.35 | [Amended and Restated Credit Agreement dated March 2, 2022 by and among Wells Fargo Bank, National Association, as Agent, Hudson Technologies, Inc., and the Borrowers and Lenders party thereto (24)](https://www.sec.gov/Archives/edgar/data/925528/000110465922029762/tm228197d1_ex10-3.htm) |
| 10.36 | [First Amendment to Guaranty and Security Agreement dated March 2, 2022 by and among the Grantors named therein and Wells Fargo Bank, National Association, as Agent (24)](https://www.sec.gov/Archives/edgar/data/925528/000110465922029762/tm228197d1_ex10-4.htm) |
| 10.37 | [Form of Stock Appreciation Rights Award Agreement (25)](https://www.sec.gov/Archives/edgar/data/925528/000141057822000491/hdsn-20211231xex10d56.htm) |
| 10.38 | [Asset Purchase Agreement dated June 6, 2024 by and among Hudson Technologies Company, USA United Suppliers of America, Inc. (d/b/a USA Refrigerants), B&B Jobber Services, Inc., and the equityholders signatory thereto (27)](https://www.sec.gov/Archives/edgar/data/925528/000110465924069302/tm2416658d1_ex10-1.htm) |
| 10.39 | [First Amendment to Amended and Restated Credit Agreement and Limited Consent dated June 6, 2024 by and among Wells Fargo Bank, National Association, as Agent, Hudson Technologies, Inc., and the Borrowers and Lenders party thereto (27)](https://www.sec.gov/Archives/edgar/data/925528/000110465924069302/tm2416658d1_ex10-2.htm) |
| 10.40 | [Hudson Technologies, Inc. 2024 Stock Incentive Plan (28)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465924092419/tm2422056d1_ex4-12.htm) |
| 10.41 | [Second Amendment to Amended and Restated Credit Agreement dated October 23, 2024 by and among Wells Fargo Bank, National Association, as Agent, Hudson Technologies, Inc., and the Borrowers and Lenders party thereto (29)](https://www.sec.gov/Archives/edgar/data/925528/000110465924111320/tm2426789d1_ex10-1.htm) |
| 10.42 | [Form of Incentive Stock Option Agreement under the 2024 Stock Incentive Plan with full vesting upon issuance (30)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825000323/hdsn-20241231xex10d44.htm) |
| 10.43 | [Form of Incentive Stock Option Agreement under the 2024 Stock Incentive Plan with vesting in equal installments over a specified period of time (30)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825000323/hdsn-20241231xex10d45.htm) |
| 10.44 | [Form of Non-Qualified Stock Option Agreement under the 2024 Stock Incentive Plan with full vesting upon issuance (30)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825000323/hdsn-20241231xex10d46.htm) |
| 10.45 | [Form of Non-Qualified Stock Option Agreement under the 2024 Stock Incentive Plan with vesting in equal installments over a specified period of time (30)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825000323/hdsn-20241231xex10d47.htm) |
| 10.46 | [Form of Non-Qualified Stock Option Agreement under the 2024 Stock Incentive Plan with conditional vesting provisions (30)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825000323/hdsn-20241231xex10d48.htm) |
| 10.47 | [Third Amendment to Amended and Restated Credit Agreement dated June 23, 2025 by and among Wells Fargo Bank, National Association, as Agent, Hudson Technologies, Inc., and the Borrowers and Lenders party thereto (31)](https://www.sec.gov/Archives/edgar/data/925528/000110465925061667/tm2518301d1_ex10-1.htm) |
| 10.48 | [Agreement dated July 31, 2025 between the Registrant and Brian J. Bertaux (32)\*](https://www.sec.gov/Archives/edgar/data/925528/000141057825001554/hdsn-20250630xex10d1.htm) |
| 10.49 | [Employment Agreement dated as of November 24, 2025 between the Registrant and Kenneth Gaglione (33)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465925111455/tm2531205d1_ex10-1.htm) |
| 10.50 | [Fourth Amendment to Amended and Restated Credit Agreement dated November 25, 2025 by and among Wells Fargo Bank, National Association, as Agent, Hudson Technologies, Inc., and the Borrowers and Lenders party thereto (34)](https://www.sec.gov/Archives/edgar/data/925528/000110465925117162/tm2532086d1_ex10-1.htm) |
| 10.51 | [Agreement dated as of November 2, 2021 between the Registrant and Robert A. Stoody (35)\*](https://www.sec.gov/Archives/edgar/data/925528/000110465926009003/tm264336d1_ex10-1.htm) |
| 14 | [Code of Business Conduct and Ethics. (6)](https://www.sec.gov/Archives/edgar/data/925528/000101054105000028/form8_k053105exhibit.htm) |
| 19 | [Insider Trading Policy (36)](hdsn-20251231xex19.htm) |
| 21 | [Subsidiaries of the Company. (36)](hdsn-20251231xex21.htm) |
| 23.1 | [Consent of BDO USA, P.C. (36)](hdsn-20251231xex23d1.htm) |
| 31.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (36)](hdsn-20251231xex31d1.htm) |
| 31.2 | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (36)](hdsn-20251231xex31d2.htm) |
| 32.1 | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002. (36)](hdsn-20251231xex32d1.htm) |
| 32.2 | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002. (36)](hdsn-20251231xex32d2.htm) |
| 97 | [Hudson Technologies, Inc. Clawback Policy (26)](https://www.sec.gov/Archives/edgar/data/925528/000141057824000199/hdsn-20231231xex97.htm) |
| 101 | Interactive data file pursuant to Rule 405 of Regulation S-T. (36) |
| (1) | Incorporated by reference to the comparable exhibit filed with the Company's Registration Statement on Form SB-2 (No. 33-80279-NY). |
| (2) | Incorporated by reference to the comparable exhibit filed with the Company's Quarterly Report on Form 10-QSB for the quarter ended June 30, 1999. |
| (3) | Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-KSB for the year ended December 31, 2000. |
| (4) | Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-KSB for the year ended December 31, 2001. |
| (5) | Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-KSB for the year ended December 31, 2002. |
| (6) | Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K, for the event dated March 3, 2005, and filed May 31, 2005. |
| (7) | Incorporated by reference to Appendix I to the Company's Definitive Proxy Statement on Schedule 14A filed July 29, 2008. |

---

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(8) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2008.

(9) Incorporated by reference to the comparable exhibit filed with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.

(10) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2013.

(11) Incorporated by reference to Appendix B to the Company's Definitive Proxy Statement on Schedule 14A filed August 12, 2014.

(12) Incorporated by reference to the comparable exhibit filed with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.

(13) Incorporated by reference to the comparable exhibit filed with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.

(14) Incorporated by reference to the comparable exhibit filed with the Company Annual Report on form 10-K for the year ended December 31, 2015.

(15) Incorporated by reference to the comparable exhibit filed with the Company's Registration Statement on Form S-8 filed December 21, 2018.

(16) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

(17) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed September 23, 2019.

(18) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed December 20, 2019.

(19) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed July 20, 2020.

(20) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed September 16, 2020.

(21) Incorporated by reference to the comparable exhibit filed with the Company's Registration Statement on Form S-8 filed June 30, 2020.

(22) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K filed March 13, 2020.

(23) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K filed March 12, 2021.

(24) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed March 3, 2022.

(25) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K filed March 24, 2022.

(26) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K filed March 14, 2024.

(27) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed June 7, 2024.

(28) Incorporated by reference to the comparable exhibit filed with the Company's Registration Statement on Form S-8 filed August 23, 2024.

(29) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed October 25, 2024.

(30) Incorporated by reference to the comparable exhibit filed with the Company's Annual Report on Form 10-K filed March 12, 2025.

(31) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed June 23, 2025.

(32) Incorporated by reference to the comparable exhibit filed with the Company's Quarterly Report on Form 10-Q filed August 1, 2025.

(33) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed November 13, 2025.

(34) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed December 1, 2025.

(35) Incorporated by reference to the comparable exhibit filed with the Company's Current Report on Form 8-K filed February 2, 2026.

(36) Filed herewith.

(\*) &nbsp;&nbsp;&nbsp;&nbsp; Denotes Management Compensation Plan, agreement or arrangement.

**Item 16. Form 10-K Summary**

None.

[**Table of Contents**](#TOC)

**Hudson Technologies, Inc.**

**Consolidated Financial Statements**

---

| | |
|:---|:---|
| **Contents** | **Contents** |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou) (BDO USA, P.C. Stamford, Connecticut, PCAOB ID # 243) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audited Consolidated Financial Statements: |  |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#ConsolidatedBalanceSheets_865288) | 34 |
| [Consolidated Income Statements for the years ended December 31, 2025, December 31, 2024 and December 31, 2023](#ConsolidatedStatementsofOperations_96859) | 35 |
| [Consolidated Statements of Stockholders' Equity for the years ended December 31, 2025, December 31, 2024 and December 31, 2023](#ConsolidatedStatementsofStockholdersEqui) | 36 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024 and December 31, 2023](#ConsolidatedStatementsofCashFlows_302168) | 37 |
| [Notes to the Consolidated Financial Statements](#NotestotheConsolidatedFinancialStatement) | 38 |

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**Report of Independent Registered Public Accounting Firm**

Shareholders and Board of Directors

Hudson Technologies, Inc.

Woodcliff Lake, New Jersey

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Hudson Technologies, Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 16, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

***Inventory Valuation – Assessment of Net Realizable Value***

As described in Notes 1 and 4 to the consolidated financial statements, the Company's consolidated inventories balance was $135.9 million as of December 31, 2025. Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or net realizable value. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or net realizable value adjustment, the impact of which would be reflected in the cost of sales on the Consolidated Income Statements. Any such adjustment would be based on management's judgments regarding future demand and market conditions and analysis of historical experience.

[**Table of Contents**](#TOC)

We identified the assessment of net realizable value of certain inventories as a critical audit matter. Determining whether the Company may be required to write down its inventory through a lower of cost or net realizable value adjustment based on future demand, market conditions and analysis of historical experience requires significant judgment due to the subjectivity of these assumptions. Auditing these elements involved especially challenging and subjective auditor judgment due to the nature of the audit effort required to address these matters.

The primary procedures we performed to address this critical audit matter included:

● Evaluating the reasonableness of the judgments regarding future demand, market conditions and analysis of historical experience for certain inventories by evaluating the consistency of the cost of certain inventories as of December 31, 2025 with current, historical, and subsequent pricing of inventory.

● Evaluating the reasonableness of the judgments regarding future demand, market conditions and analysis of historical experience for certain inventories by evaluating their consistency with relevant industry factors.

/s/ BDO USA, P.C.<br>

We have served as the Company's auditor since 1994.

Stamford, Connecticut

March 16, 2026

[**Table of Contents**](#TOC)

#### Hudson Technologies, Inc. and Subsidiaries

#### Consolidated Balance Sheets

#### (Amounts in thousands, except for share and par value amounts)

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| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $39456 | $70134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable – net of allowance for credit losses of $941 and $1,079, respectively | 17098 | 13629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 135923 | 96247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 5916 | 6284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 12445 | 9218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 210838 | 195512 |
| Property, plant and equipment, less accumulated depreciation | 23623 | 21554 |
| Goodwill | 65282 | 62280 |
| Intangible assets, less accumulated amortization | 11294 | 14100 |
| Right of use asset | 5290 | 6878 |
| Other assets | 2321 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $318648 | $302652 |
| **Liabilities and Stockholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $21112 | $8692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 38772 | 33813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 4712 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other short-term liabilities |  | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 64596 | 47809 |
| Deferred tax liability | 4034 | 4076 |
| Long-term lease liabilities | 3233 | 4917 |
| Long-term severance payable | 1595 |  |
| Other long-term liabilities | 1800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 75258 | 56802 |
| **Commitments and contingencies** |  |  |
| **Stockholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, shares authorized 5,000,000: Series A Convertible preferred stock, $0.01 par value ($100 liquidation preference value); shares authorized 150,000; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; shares authorized 100,000,000; issued and outstanding: 41,647,221 and 44,284,374 respectively | 416 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 91692 | 110792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings  | 151282 | 134615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 243390 | 245850 |
| **Total Liabilities and Stockholders' Equity** | $318648 | $302652 |

---

*See Accompanying Notes to the Consolidated Financial Statements.*

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#### Hudson Technologies, Inc. and Subsidiaries

#### Consolidated Income Statements

#### (Amounts in thousands, except for share and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| **Revenues** | $246614 | $237118 | $289025 |
| **Cost of sales** | 184517 | 171410 | 177518 |
| **Gross profit** | 62097 | 65708 | 111507 |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 40242 | 33017 | 30542 |
| &nbsp;&nbsp;Amortization | 3296 | 3390 | 2793 |
| &nbsp;&nbsp;**Total operating expenses** | 43538 | 36407 | 33335 |
| **Operating income** | 18559 | 29301 | 78172 |
| **Other (income) expense:** |  |  |  |
| &nbsp;&nbsp;Interest (income) expense – net | (2532) | (476) | 8352 |
| &nbsp;&nbsp;Other income | (1600) | (2250) |  |
| &nbsp;&nbsp;**Total other (income) expense** | (4132) | (2726) | 8352 |
| **Income before income taxes** | 22691 | 32027 | 69820 |
| **Income tax expense**  | 6024 | 7639 | 17573 |
| **Net income**  | $16667 | $24388 | $52247 |
| Net income per common share – Basic | $0.38 | $0.54 | $1.15 |
| Net income per common share – Diluted | $0.37 | $0.52 | $1.10 |
| Weighted average number of shares outstanding – Basic | 43585401 | 45329789 | 45385433 |
| Weighted average number of shares outstanding – Diluted | 45111151 | 47076477 | 47338231 |

---

*See Accompanying Notes to the Consolidated Financial Statements.*

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#### Hudson Technologies, Inc. and Subsidiaries

#### Consolidated Statements of Stockholders' Equity

#### (Amounts in thousands, except for share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in Capital** | **Retained**<br>**Earnings** | <br>**Total** |
| **Balance at January 1, 2023** | **45287619** | $**453** | $**116442** | $**57980** | $**174875** |
| Issuance of common stock upon exercise of stock options | 214761 | 2 | 37 |  | 39 |
| Excess tax benefits from exercise of stock options |  |  | (694) |  | (694) |
| Share-based compensation |  |  | 2306 |  | 2306 |
| Net income |  |  |  | 52247 | 52247 |
| **Balance at December 31, 2023** | **45502380** | $**455** | $**118091** | $**110227** | $**228773** |
| Issuance of common stock upon exercise of stock options | 26070 |  |  |  |  |
| Repurchase of common shares | (1244076) | (12) | (8134) |  | (8146) |
| Excess tax benefits from exercise of stock options |  |  | (7) |  | (7) |
| Share-based compensation |  |  | 842 |  | 842 |
| Net income |  |  |  | 24388 | 24388 |
| **Balance at December 31, 2024** | **44284374** | $**443** | $**110792** | $**134615** | $**245850** |
| Issuance of common stock upon exercise of stock options | 253087 | 3 | 43 |  | 46 |
| Repurchase of common shares | (2890240) | (30) | (19984) |  | (20014) |
| Excise tax on share repurchases |  |  | (259) |  | (259) |
| Share-based compensation |  |  | 1100 |  | 1100 |
| Net income |  |  |  | 16667 | 16667 |
| **Balance at December 31, 2025** | **41647221** | $**416** | $**91692** | $**151282** | $**243390** |

---

*See Accompanying Notes to the Consolidated Financial Statements.*

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#### Hudson Technologies, Inc. and Subsidiaries

#### Consolidated Statements of Cash Flows

#### (Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |  |
| Net income  | $16667 | $24388 | $52247 |
| Adjustments to reconcile net income to cash (used in) provided by operating activities: |  |  |  |
| &nbsp;&nbsp;Depreciation | 2695 | 2997 | 2989 |
| &nbsp;&nbsp;Amortization of intangible assets | 3296 | 3390 | 2793 |
| &nbsp;&nbsp;Gain on measurement of earn-out liability | (1600) |  |  |
| &nbsp;&nbsp;Impairment of long lived assets |  | 441 | 2120 |
| &nbsp;&nbsp;Lower of cost or net realizable value inventory adjustment | 1726 | 3028 | (2259) |
| &nbsp;&nbsp;Allowance for credit losses | 307 | (766) | 659 |
| &nbsp;&nbsp;Amortization of deferred finance cost | 228 | 228 | 726 |
| &nbsp;&nbsp;Loss on extinguishment of debt |  |  | 3427 |
| &nbsp;&nbsp;Share based compensation | 1100 | 842 | 2306 |
| &nbsp;&nbsp;Deferred tax expense | (42) | (482) | 4314 |
| Changes in assets and liabilities, net of acquisitions: |  |  |  |
| &nbsp;&nbsp;Trade accounts receivable | (3776) | 12306 | (4957) |
| &nbsp;&nbsp;Inventories | (40913) | 60248 | (6814) |
| &nbsp;&nbsp;Prepaid and other assets | (3448) | (1144) | (3182) |
| &nbsp;&nbsp;Lease obligations |  | (92) |  |
| &nbsp;&nbsp;Income taxes receivable | 368 | (846) | (5277) |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 20230 | (12727) | 9455 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash (used in) provided by operating activities** | (3162) | 91811 | 58547 |
| **Cash flows from investing activities:** |  |  |  |
| Payments for acquisitions | (2237) | (20670) |  |
| Additions to property, plant, and equipment | (5052) | (5300) | (3580) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash used in investing activities** | (7289) | (25970) | (3580) |
| **Cash flows from financing activities:** |  |  |  |
| Net proceeds from issuances of common stock and exercises of stock options | 46 |  | 39 |
| Repurchase of common shares | (20014) | (8146) |  |
| Excess tax benefits from exercise of stock options |  | (7) | (694) |
| Excise tax on repurchase of common shares | (259) |  |  |
| Repayment of long-term debt |  |  | (47161) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash used in financing activities** | (20227) | (8153) | (47816) |
| Increase (decrease) in cash and cash equivalents | (30678) | 57688 | 7151 |
| Cash and cash equivalents at beginning of period | 70134 | 12446 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents at end of period** | $39456 | $70134 | $12446 |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| Cash paid during period for interest | $520 | $690 | $4475 |
| Cash paid for income taxes | $5748 | $8990 | $18536 |
| Property and equipment included in accrued expenses and other current liabilities | $268 | $655 | 337 |

---

*See Accompanying Notes to the Consolidated Financial Statements*

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#### Hudson Technologies, Inc. and Subsidiaries

#### Notes to the Consolidated Financial Statements

#### Note 1 - Summary of Significant Accounting Policies

#### Business
Hudson Technologies, Inc. ("Hudson" or the "Company"), incorporated under the laws of New York on January 11, 1991, is a refrigerant services company providing innovative solutions to recurring problems within the refrigeration industry. Hudson provides environmentally sustainable solutions from initial sale of refrigerant gas through recovery, reclamation and reuse, peak operating performance of equipment through energy efficiency and emergency air conditioning and refrigeration system repair, to final refrigerant disposal and carbon credit trading.

The Company's operations consist of one reportable segment. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site. RefrigerantSide® Services consist of system decontamination to remove moisture, oils and other contaminants intended to restore systems to designed capacity. As a component of the Company's products and services, the Company also participates in the generation of carbon offset projects. The Company operates principally through its wholly-owned subsidiary, Hudson Technologies Company. Unless the context requires otherwise, references to the "Company", "Hudson", "we", "us", "our", or similar pronouns refer to Hudson Technologies, Inc. and its subsidiaries.

#### Consolidation
The consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States, represent all companies of which Hudson directly or indirectly has majority ownership or otherwise controls. All intercompany accounts and transactions have been eliminated. The Company's consolidated financial statements include the accounts of wholly-owned subsidiaries Hudson Holdings, Inc. and Hudson Technologies Company. The Company does not present a statement of comprehensive income as its comprehensive income is the same as its net income.

#### Fair Value of Financial Instruments
The carrying values of financial instruments including cash and cash equivalents, trade accounts receivable and accounts payable approximate fair value at December 31, 2025 and December 31, 2024, because of the relatively short maturity of these instruments. See Note 2 for further details.

#### Credit Risk
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivable are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit.

The Company establishes an allowance for credit losses. In accordance with the "expected credit loss" model, the carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company's best estimate of the amounts that it does not expect to collect. In addition to reviewing delinquent accounts receivable, the Company considers many factors in estimating its reserve, including types of customers and their credit worthiness, experience and historical data adjusted for current conditions.

For the years ended December 31, 2025, 2024 and 2023, 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 December 31, 2025 and 2024. Revenue from DLA totaled $38.2 million, $35.5 million and $53.0 million for the years ended December 31, 2025, 2024 and 2023. Accounts receivable from the DLA were $4.3 million and $3.5 million as of December 31, 2025, and 2024, respectively.

The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material adverse effect on the Company's operating results and financial position.

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#### Cash and Cash Equivalents
Temporary investments with original maturities of ninety days or less are included in cash and cash equivalents.

#### Inventories
Inventories, consisting primarily of refrigerant products available for sale, are stated at the lower of cost, on a first-in first-out basis, or net realizable value. Where the market price of inventory is less than the related cost, the Company may be required to write down its inventory through a lower of cost or net realizable value adjustment, the impact of which would be reflected in cost of sales on the Consolidated Income Statements. Any such adjustment would be based on management's judgment regarding future demand and market conditions and analysis of historical experience.

#### Property, Plant and Equipment
Property, plant and equipment are stated at cost, including internally manufactured equipment. The cost to complete equipment that is under construction is not considered to be material to the Company's financial position. Provision for depreciation is recorded using the straight-line method over the useful lives of the respective assets. Leasehold improvements are amortized on a straight-line basis over the shorter of economic life or terms of the respective leases. Costs of maintenance and repairs are charged to expense when incurred.

Due to the specialized nature of the Company's business, it is possible that the Company's estimates of equipment useful life periods may change in the future.

#### Goodwill
The Company has made acquisitions that included a significant amount of goodwill and other intangible assets. The Company applies the purchase method of accounting for acquisitions, which among other things, requires the recognition of goodwill (which represents the excess of the purchase price of the acquisition over the fair value of the net assets acquired and identified intangible assets). The Company tests its goodwill for impairment annually on a qualitative or quantitative basis (the first day of the fourth quarter) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of an asset below its carrying value. Goodwill is tested for impairment at the reporting unit level. When performing the annual impairment test, the Company has the option of first performing a qualitative assessment, which requires management to make assumptions affecting a reporting unit, to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, the Company is then required to perform a quantitative impairment assessment of goodwill. The Company has one reporting unit at December 31, 2025. Other intangible assets that meet certain criteria are amortized over their estimated useful lives.

An impairment charge is recorded based on the excess of a reporting unit's carrying amount over its fair value. An impairment charge would be recognized when the carrying amount exceeds the estimated fair value of a reporting unit. These impairment evaluations use many assumptions and estimates in determining an impairment loss, including certain assumptions and estimates related to future earnings. If the Company does not achieve its earnings objectives, the assumptions and estimates underlying these impairment evaluations could be adversely affected, which could result in an asset impairment charge that would negatively impact operating results. During the fourth quarter of 2025, the Company completed its annual impairment test as of October 1 and determined in its qualitative assessment that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, resulting in no goodwill impairment. There can be no assurances that future sustained declines in macroeconomic or business conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods.

There were no goodwill impairment losses recognized in 2025, 2024 or 2023.

**Leases**

The Company determines if an arrangement contains a lease at inception. An arrangement contains a lease if it implicitly or explicitly identifies an asset to use and conveys the right to control the use of the identified asset in exchange for consideration. As a lessee, the Company includes operating leases in operating lease right-of-use ("ROU") assets, and long-term lease liabilities in its consolidated balance sheets.

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Finance leases are included in property, plant and equipment in the consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. As most of the Company's leases do not provide an implicit interest rate, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for fully collateralized and fully amortizing borrowings over a similar term of the lease payments and commencement date to determine the present value of lease payments. When readily determinable, the Company uses the implicit rate. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Expenses associated with operating leases and finance leases are included in selling, general and administrative expense within the consolidated statements of income.

#### Cylinder Deposit Liability
The cylinder deposit liability, which is included in accrued expenses and other current liabilities on the Company's balance sheets, represents the amount due to customers for the return of refillable cylinders. The Company charges its customers cylinder deposits upon the shipment of refrigerant gases that are contained in refillable cylinders. The amount charged to the customer by the Company approximates the cost of a new cylinder of the same size. Upon return of a cylinder, this liability is reduced. The cylinder deposit liability balance was $22.4 million and $19.4 million at December 31, 2025 and 2024, respectively.

#### Revenues and Cost of Sales
The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems. Most of the Company's revenues are realized from the sale of refrigerant and industrial gases and related products. The Company also generates revenue from refrigerant management services performed at a customer's site and in-house. The Company conducts its business primarily within the US.

The Company applies the FASB's guidance on revenue recognition, which requires the Company to recognize revenue in an amount that reflects the consideration to which the Company expects to be entitled in exchange for goods or services transferred to its customers. In most instances, the Company's contract with a customer is the customer's purchase order and the sales price to the customer is fixed. For certain customers, the Company may also enter into a sales agreement outlining a framework of terms and conditions applicable to future purchase orders received from that customer. Because the Company's contracts with customers are typically for a single customer purchase order, the duration of the contract is usually less than one year. The Company's performance obligations related to product sales are satisfied at a point in time, which may occur upon shipment of the product or receipt by the customer, depending on the terms of the arrangement. The Company's performance obligations related to reclamation and RefrigerantSide® services are generally satisfied at a point in time when the service is performed. Accordingly revenues are recorded upon the shipment of the product, or in certain instances upon receipt by the customer, or the completion of the service.

In July 2016 the Company was awarded, as prime contractor, a five-year contract, including a five-year renewal option, which has been exercised through July 2026, by the United States Defense Logistics Agency ("DLA") for the management, supply, and sale of refrigerants, compressed gases, cylinders and related services. In October 2025, the DLA awarded a new five-year contract with a five-year renewal option to the Company (the "2025 DLA Contract"). Following issuance of the new contract, a competitor filed a bid protest at the U.S. Court of Federal Claims, challenging the DLA's evaluation of proposals and the contract award to the Company. In response, the DLA is reviewing its evaluation to determine whether corrective action is necessary and has rescinded the 2025 DLA Contract award during this process. While the bid protest and corrective action is pending, the Company will continue providing logistics support under its existing contract which runs through July 2026. The Company determined that the sale of refrigerants and the management services provided each have stand-alone value. Accordingly, the performance obligations related to the sale of refrigerants is satisfied at a point in time, mainly when the customer receives and obtains control of the product. The performance obligation related to management service revenue is satisfied over time and revenue is recognized on a straight-line basis over the term of the arrangement as the management services are provided. For the years ended December 31, 2025, 2024 and 2023 management services revenue were $2.9 million, $2.3 million, and $2.4 million respectively, which are included within the product and related sales revenue in the table below.

Cost of sales is recorded based on the cost of products shipped or services performed and related direct operating costs of the Company's facilities. In general, the Company performs shipping and handling services for its customers in connection with the delivery of refrigerant and other products. The Company elected to implement Financial Accounting Standards Board ("FASB") ASC

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606-10-25-18B, Revenue from Contract with Customers, whereby the Company accounts for such shipping and handling as activities to fulfill the promise to transfer the good. To the extent that the Company charges its customers shipping fees, such amounts are included as a component of revenue and the corresponding costs are included as a component of cost of sales.

The Company's revenues are derived from Product and related sales and RefrigerantSide® Services revenues. The revenues for each of these lines are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Years Ended December 31,**  | **2025** | **2024** | **2023** |
| ***(in thousands)*** |  |  |  |
| Product and related sales | $239463 | $230264 | $281954 |
| RefrigerantSide <sup>®</sup> Services | 7151 | 6854 | 7071 |
| Total | $246614 | $237118 | $289025 |

---

#### Income Taxes
The Company is taxed at statutory corporate income tax rates after adjusting income reported for financial statement purposes for certain items. Current income tax expense reflects the tax results of revenues and expenses currently taxable or deductible. The Company utilizes the asset and liability method of accounting for deferred income taxes, which provides for the recognition of deferred tax assets or liabilities, based on enacted tax rates and laws, for the differences between the financial and income tax reporting bases of assets and liabilities. The tax benefit associated with the Company's net operating loss carry forwards ("NOLs") is recognized to the extent that the Company expects to realize future taxable income.

As of December 31, 2025 and 2024 the Company had no federal NOLs, as the Company utilized all of its remaining federal NOLs during the year ended December 31, 2022. As of December 31, 2025, the Company had state tax NOLs of approximately $0.9 million, expiring in various years. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets on a quarterly basis.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S. The Company evaluated all provisions of the OBBBA and determined that the only applicable change is the reinstatement of 100% bonus depreciation for qualified property. The impact of this change is not material and is reflected in the Company's results for the year ended December 31, 2025.

#### Income per Common and Equivalent Shares
If dilutive, common equivalent shares (common shares assuming exercise of options) utilizing the treasury stock method are considered in the presentation of diluted income per share. The reconciliation of shares used to determine net income per share is as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,**  | **Years ended December 31,**  | **Years ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| Net income  | $16667 | $24388 | $52247 |
| Weighted average number of shares – basic | 43585401 | 45329789 | 45385433 |
| Shares underlying options | 1525750 | 1746688 | 1952798 |
| Weighted average number of shares outstanding – diluted | 45111151 | 47076477 | 47338231 |

---

During the years ended December 31, 2025, 2024 and 2023, certain options aggregating 962,657, 518,315 and 17,172 shares, respectively, have been excluded from the calculation of diluted shares, due to the fact that their effect would be anti-dilutive.

#### Estimates and Risks
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the use of estimates and assumptions that affect the amounts reported in these financial statements and footnotes. The Company considers these accounting estimates to be critical in the preparation of the accompanying consolidated financial statements. The Company uses information available at the time the estimates are made. However, these estimates could change materially if different information or assumptions were used. Additionally, these estimates may not ultimately reflect the actual amounts of the final transactions that occur.

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The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates.

Several of the Company's accounting policies involve significant judgments, uncertainties, and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for credit losses, inventory reserves, goodwill and commitments and contingencies. With respect to trade accounts receivable, the Company estimates the necessary allowance for credit losses based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary.

The Company participates in an industry that is highly regulated, and changes in the regulations affecting its business could affect its operating results. Currently the Company purchases virgin hydrofluorocarbon ("HFC") and hydrofluroolefin ("HFO") refrigerants and reclaimable, primarily hydrochlorofluorocarbons ("HCFC"), HFC and chlorofluorocarbon ("CFC"), refrigerants from suppliers and its customers. To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position.

The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position.

#### Impairment of Long-lived Assets
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell.

#### Capitalized Software Development Costs
Capitalized internal-use software costs consist of costs to purchase and develop software. For software to be used solely to meet internal needs and for cloud-based applications used to deliver our services, we capitalize costs incurred during the application development stage and include such costs within property, plant and equipment, net within our consolidated balance sheets.

#### Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. In addition to new disclosures associated with the rate reconciliation, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The ASU also describes items that need to be disaggregated based on their nature, which is determined by reference to the item's fundamental or essential characteristics, such as the transaction or event that triggered the establishment of the reconciling item and the activity with which the reconciling item is associated. The ASU eliminates the historic requirement that entities disclose information concerning unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the 12 months following the reporting date. This ASU is effective for annual periods beginning after December 15, 2024. This ASU should be applied on a prospective basis; however,

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retrospective application is permitted. The Company adopted ASU 2023 - 09 effective January 1, 2025, on a prospective basis. The amendments enhance income tax disclosure requirements and are reflected in Note 7 – Income taxes.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses," which requires additional disclosure about the specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements but affect where this information appears in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial instruments- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU replaces the incurred-loss model with a forward-looking current expected credit loss model that requires recognition of lifetime expected credit losses on financial assets measured at amortized cost and certain off-balance-sheet credit exposures (including trade accounts receivable and contract assets), using historical experience, current conditions, and reasonable and supportable forecasts. This ASU is effective for interim and annual reporting periods beginning after December 15, 2025, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company adopted the practical expedient that current market conditions as of Balance Sheet date do not change the remaining life of the asset. The adoption did not have material impact on the Company's Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which removes all references to software development project stages. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. Upon adoption, the guidance can be applied prospectively, retrospectively, or with a modified transition approach. The Company is currently evaluating the impact that ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which is intended to improve navigability of the guidance in Topic 270, Interim Reporting, and clarify when it applies. The ASU also addresses the form and content of such financial statements and interim disclosure requirements and establishes a principle under which an entity must disclose events from the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact that ASU 2025-11 will have on its consolidated financial statements and related disclosures.

#### Note 2- Fair Value
ASC Subtopic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observable inputs used in the valuation techniques, the Company is required to provide information according to the fair value hierarchy.

The fair value hierarchy ranks the quality and reliability of the information used to determine fair values into three broad levels as follows:

Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3: Valuations for assets and liabilities include certain unobservable inputs in the assumptions and projections used in determining the fair value assigned to such assets or liabilities.

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In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

#### Note 3 - Trade accounts receivable – net
The opening and closing balance of the Company's trade accounts receivable is as follows:

---

| | | |
|:---|:---|:---|
| <br>**(in thousands)** | **Beginning**<br>**Balance**<br>**at January 1** | <br>**Ending Balance**<br>**at December 31** |
| 2025 | $13629 | $17098 |
| 2024 | $25169 | $13629 |

---

At December 31, 2025 and 2024, trade accounts receivable are net of reserves for allowance for credit losses of $0.9 million and $1.1 million, respectively. The following table represents the activity occurring in the reserves for allowance for credit losses in 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**(in thousands)** | **Beginning**<br>**Balance**<br>**at January 1** | **Net additions**<br>**(reductions) charged**<br>**to Operations** | <br>**Deductions**<br>**and Other** | <br>**Ending Balance**<br>**at December 31** |
| 2025 | $1079 | $307 | $(445) | $941 |
| 2024 | $1994 | $(766) | $(149) | $1079 |

---

#### Note 4- Inventories
Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| ***(in thousands)*** |  |  |
| Refrigerants and cylinders | $145881 | $104479 |
| Less: net realizable value adjustments | (9958) | (8232) |
| Total | $135923 | $96247 |

---

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#### Note 5 - Property, plant and equipment
Elements of property, plant and equipment are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**December 31,**  | **2025** | **2024** | **Estimated**<br>**Lives** |
| ***(in thousands)*** |  |  |  |
| Property, plant and equipment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Land | $1255 | $1255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Land improvements | 319 | 319 | 6-10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Buildings | 1446 | 1446 | 25-39 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Building improvements | 3714 | 3569 | 25-39 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cylinders | 12853 | 12957 | 15-30 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Equipment | 33870 | 32525 | 3-10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Equipment under capital lease | 315 | 315 | 5-7 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Vehicles | 2237 | 2081 | 3-5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lab and computer equipment, software | 3339 | 3304 | 2-8 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Furniture and fixtures | 1125 | 1125 | 5-10 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Leasehold improvements | 865 | 865 | 3-5 years |
| &nbsp;&nbsp;&nbsp;&nbsp;- Construction-in-Progress | 7248 | 4237 |  |
| Subtotal | 68586 | 63998 |  |
| Less: Accumulated depreciation | (44963) | (42444) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $23623 | $21554 |  |

---

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $2.7 million, $3.0 million and $3.0 million, respectively, of which $2.0 million, $2.4 million and $2.0 million, respectively, were included as cost of sales in the Company's Consolidated Income Statements.

#### Note 6 - Leases
**The Company has various lease agreements with terms up to 11 years, including leases of buildings and various equipment. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised.**

**At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. Some of the Company's lease arrangements contain lease components (e.g. minimum rent payments) and non-lease components (e.g. common area maintenance, charges, utilities and property taxes). The Company elected the package of practical expedients permitted under the transition guidance, which allows it to carry forward its historical lease classification, its assessment on whether a contract contains a lease, and its initial direct costs for any leases that existed prior to the adoption of the new standard. The Company also elected to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated income statements on a straight line basis over the lease term. The Company's lease agreements do not contain any material residual value, guarantees or material restrictive covenants.**

**Operating leases are included in Right of use asset, Accrued expenses and other current liabilities, and Long-term lease liabilities on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates or implicit rates, when readily determinable. Short-term operating leases, which have an initial term of 12 months or less, are not recorded on the balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred.**

The Company has operating leases primarily for real estate in the United States. Of these leases, the three most significant are for the Company's headquarters in Woodcliff Lake, NJ, and its two main plants in Champaign, IL, and Smyrna, GA.

The Woodcliff Lake lease had an initial term of 68 months, which was subsequently extended to 72 months on December 6, 2022, and expires on December 31, 2027 with annual escalations. The Woodcliff Lake lease also has an option to extend it for an additional five

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years and has an option to terminate, neither of which are included in the right of use asset calculation. The Champaign lease had an initial term of 35 months, which was most recently extended on September 27, 2024 to 18 years and 11 months, and expires on December 31, 2027 with annual escalations. If the termination option is not exercised, the Champaign lease will automatically continue under the same terms and conditions until December 31, 2027. The Smyrna lease had an initial term of 10 years, which was most recently extended on June 29, 2016 to 25 years, expires on June 30, 2030 with annual escalations.

The Company measured the lease liability based on the present value of the future lease payments, discounted using the estimated incremental borrowing rate of 7.75% for Champaign, 7.75% for Woodcliff Lake, and 8.99% for Smyrna, which represents the interest rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments at initial commencement.

The real estate operating leases are included in "Right-of-use assets" on the Company's consolidated balance sheets and represent the Company's right to use the underlying assets for the lease term. The Company's obligations to make lease payments are included in "Accrued expenses and other current liabilities" and "Long-term lease liabilities" on the Company's consolidated balance sheets.

**Operating lease expense of $1.9 million, $1.9 million and $1.7 million, for the years ended December 31, 2025, 2024 and 2023, respectively, is included in Selling, general and administrative expenses on the consolidated income statements.**

#### The following table presents information about the amount and timing of cash flows arising from the Company's operating leases as of December 31, 2025.

---

| | |
|:---|:---|
| **Maturity of Lease Payments** | **December 31, 2025** |
| ***(in thousands)*** |  |
| -2026 | 2459 |
| -2027 | 1913 |
| -2028 | 700 |
| -2029 | 596 |
| -2030 | 316 |
| &nbsp;&nbsp;Total undiscounted operating lease payments | 5984 |
| Less imputed interest | (694) |
| &nbsp;&nbsp;Present value of operating lease liabilities | $5290 |

---

*Balance Sheet Classification*

---

| | | |
|:---|:---|:---|
| **December 31,**  | **2025** | **2024** |
| Current lease liabilities (recorded in Accrued expenses and other current liabilities) | $2057 | $1961 |
| Long-term lease liabilities | 3233 | 4917 |
| Total operating lease liabilities | $5290 | $6878 |

---

*Other Information*

---

| | | |
|:---|:---|:---|
| **December 31,**  | **2025** | **2024** |
| Weighted-average remaining term for operating leases | 2.22<br> years | 2.87<br> years |
| Weighted-average discount rate for operating leases | 8.45% | 8.45% |

---

*Supplemental cash flow and non-cash information related to leases*

---

| | | |
|:---|:---|:---|
| **December 31,**  | **2025** | **2024** |
| Cash paid for amounts included in measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flow from operating leases | $1982 | $1918 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $395 | $2113 |

---

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#### Note 7 - Income taxes
The Company adopted ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" on a prospective basis. Prior period disclosures have not been recast to conform to the current year presentation.

Income tax expense for the years ended December 31, 2025, 2024 and 2023 was $6.0 million, $7.6 million and $17.6 million, respectively. The income tax expense for each of the years ended December 31, 2025, 2024 and 2023 were provided for federal and state income tax at statutory rates applied to the pre-tax income for each of the periods.

The following summarizes the provision for income taxes:

---

| | | | |
|:---|:---|:---|:---|
| **Years Ended December 31,**  | **2025** | **2024** | **2023** |
| **(in thousands)** |  |  |  |
| Current: |  |  |  |
| &nbsp;&nbsp;Federal | $4849 | $6223 | $10319 |
| &nbsp;&nbsp;State and local | 1217 | 1898 | 2940 |
|  | 6066 | 8121 | 13259 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;Federal | 15 | (222) | 3667 |
| &nbsp;&nbsp;State and local | (57) | (260) | 647 |
|  | (42) | (482) | 4314 |
| Expense for income taxes | $6024 | $7639 | $17573 |

---

Reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows:

---

| | | |
|:---|:---|:---|
| **Years ended December 31, 2025** | **Amount** | **Percent** |
| U.S Federal statutory tax rate | $4765 | 21.0% |
| State and local income taxes, net of federal income tax effect (a) | 943 | 4.1% |
| Nontaxable or Nondeductible Items: |  |  |
| &nbsp;&nbsp;- Executive compensation limitation IRC §162(m) (b) | 490 | 2.2% |
| &nbsp;&nbsp;- Excess tax benefits related to stock-based compensation | (327) | (1.4)% |
| &nbsp;&nbsp;- Stock based compensation – forfeitures and cancellations (c) | 245 | 1.1% |
| &nbsp;&nbsp;- Non-taxable gain – reversal of contingent consideration (d) | (336) | (1.5)% |
| &nbsp;&nbsp;- Other, net | 244 | 1.0% |
| Effective tax rate | $6024 | 26.5% |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) State taxes in California, New York, New Jersey, Louisiana and Virginia made up the majority (greater than 50 percent) of the tax effect in this category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive compensation limitation reflects nondeductible severance expense under Section 162(m) of the IRC related to the leadership changes during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Stock-based compensation reflects write-offs of deferred tax assets associated with cancellation of outstanding non-qualified options, for which no corresponding tax deduction will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company reversed a contingent consideration liability for financial reporting purposes that resulted in a non-taxable gain.

As previously disclosed for the years ended December 31, 2024 and 2023, and prior to adoption of ASU 2023 – 09, reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows:

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| | | |
|:---|:---|:---|
| **Years ended December 31,**  | **2024** | **2023** |
| Income tax rates |  |  |
| &nbsp;&nbsp;- Statutory U.S. federal rate | 21% | 21% |
| &nbsp;&nbsp;- State income taxes, net of federal benefit | 4% | 4% |
| &nbsp;&nbsp;- Excess tax benefits related to stock compensation | 0% | (1)% |
| &nbsp;&nbsp;- 162m limitation | 1% | 1% |
| &nbsp;&nbsp;- Change in valuation allowance | 0% | 0% |
| &nbsp;&nbsp;- Other true-up | (2)% | 0% |
| Total | 24% | 25% |

---

Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. The net deferred income tax assets (liabilities) consisted of the following at:

---

| | | |
|:---|:---|:---|
| **December 31,**  | **2025** | **2024** |
| ***(in thousands)*** |  |  |
| Deferred tax assets (liabilities): |  |  |
| - Reserve for credit losses | $237 | $271 |
| - Inventory reserve | 1895 | 1504 |
| - Non qualified stock options | 683 | 796 |
| - NOL | 67 | 112 |
| - Accrued expenses | 805 | 202 |
| Total deferred tax assets | $3687 | $2885 |
| Deferred tax liabilities: |  |  |
| - Depreciation and amortization | (7721) | (6961) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (7721) | (6961) |
| Net deferred tax liabilities | $(4034) | $(4076) |

---

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets, and therefore the need for valuation allowances, on a quarterly basis. In determining the requirement for a valuation allowance, the historical and projected financial results are considered, along with all other available positive and negative evidence.

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The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the taxing authorities. For the years ended December 31, 2025 and December 31, 2024, the Company believes it had no uncertain tax positions. The Company's 2021 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2025, the state statutes of limitations remain open for tax years subsequent to 2020. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes.

Income taxes paid, net of refunds received, were as follows:

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| | |
|:---|:---|
| **Years Ended December 31,** | **2025** |
| **(in thousands)** |  |
| Federal | $4227 |
| State |  |
| &nbsp;&nbsp;-California | 431 |
| &nbsp;&nbsp;-Other | 1090 |
| Total state tax paid | 1521 |
| Total income taxes paid | $5748 |

---

States representing greater than 5% of total income taxes paid are presented separately.

#### Note 8 – Goodwill and intangible assets
Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting.

There were no goodwill impairment losses recognized for the years ended December 31, 2025, 2024 and 2023.

Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company's goodwill exceeds the carrying value and that there is no impairment related to intangible assets.

The change in the book value of goodwill is as follows:

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| | |
|:---|:---|
| ***(in thousands)*** | **Total** |
| Balance as of December 31, 2023 | 47803 |
| &nbsp;&nbsp;Acquisitions | 14477 |
| Balance as of December 31, 2024 | 62280 |
| &nbsp;&nbsp;Acquisitions | 3002 |
| **Balance as of December 31, 2025** | $**65282** |

---

The Company's other intangible assets consist of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ***(in thousands)*** | <br>**Amortization**<br>**Period**<br>**(in years)** | **Gross**<br>**Carrying**<br>**Amount** | <br>**Accumulated**<br>**Amortization** | <br>**Net** | **Gross**<br>**Carrying**<br>**Amount** | <br>**Accumulated**<br>**Amortization** | <br>**Net** |
| Intangible assets with determinable lives |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Covenant not to compete | 5 – 10 | 990 | 888 | 102 | 930 | 876 | 54 |
| &nbsp;&nbsp;Customer relationships | 2 – 12 | 32790 | 23179 | 9611 | 32680 | 20246 | 12434 |
| &nbsp;&nbsp;Above market leases | 13 | 567 | 366 | 201 | 567 | 321 | 246 |
| &nbsp;&nbsp;Trade name | 5 | 1860 | 480 | 1380 | 1540 | 174 | 1366 |
| &nbsp;&nbsp;Total identifiable intangible assets |  | $36207 | $24913 | $11294 | $35717 | $21617 | $14100 |

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The amortization of intangible assets for the years ended December 31, 2025, 2024 and 2023, were $3.3 million, $3.4 million and $2.8 million, respectively. Future estimated amortization expense is as follows: 2026 - $3.2 million, 2027- $3.0 million, 2028-$2.9 million, 2029-$2.1 million, and 2030-$0.1 million.

#### Note 9 – Accrued expenses and other current liabilities

#### Elements of Accrued expenses and other current liabilities are as follows:

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| | | |
|:---|:---|:---|
| **December 31,**  | **2025** | **2024** |
| ***(in thousands)*** |  |  |
| &nbsp;&nbsp;Accrued expenses | $14116 | $12320 |
| &nbsp;&nbsp;Cylinder deposits | 22438 | 19426 |
| &nbsp;&nbsp;Lease obligations | 2056 | 1961 |
| &nbsp;&nbsp;Other current liabilities | 162 | 106 |
| &nbsp;&nbsp;Total | $38772 | $33813 |

---

#### Note 10 - Short-term and long-term debt
*Revolving Credit Facility*

On March 2, 2022, Hudson Technologies Company ("HTC") and Hudson Holdings, Inc. ("Holdings"), as borrowers (collectively, the "Borrowers"), and Hudson Technologies, Inc (the "Company") as a guarantor, entered into an Amended and Restated Credit Agreement (the "Amended Wells Fargo Facility") with Wells Fargo Bank, National Association, as administrative agent and lender ("Agent" or "Wells Fargo") and such other lenders as have or may thereafter become a party to the Amended Wells Fargo Facility. The Amended Wells Fargo facility amended and restated the prior Wells Fargo Facility entered into on December 19, 2019.

Under the terms of the Amended Wells Fargo Facility, the Borrowers: (i) immediately borrowed $15 million in the form of a "first in last out" term loan (the "FILO Tranche") and (ii) could initially borrow from time to time, up to $75 million at any time consisting of revolving loans (the "Revolving Loans") in a maximum amount up to the lesser of $75 million and a borrowing base that is calculated based on the outstanding amount of the Borrowers' eligible receivables and eligible inventory, as described in the Amended Wells Fargo Facility. The Amended Wells Fargo Facility also initially contained a sublimit of $9 million for swing line loans and $2 million for letters of credit. The Company currently has $1.3 million of letters of credit outstanding. The FILO Tranche was repaid in full in July 2023 and may not be reborrowed.

Amounts borrowed under the Amended Wells Fargo Facility may be used for working capital needs, certain permitted acquisitions, and to reimburse drawings under letters of credit.

Interest under the Amended Wells Fargo Facility is payable in arrears on the first day of each month. Interest charges with respect to Revolving Loans are computed on the actual principal amount of Revolving Loans outstanding at a rate per annum equal to (A) with respect to Base Rate loans, the sum of (i) a rate per annum equal to the higher of (1) 1.0%, (2) the federal funds rate plus 0.5%, (3) one month term SOFR plus 1.0%, and (4) the prime commercial lending rate of Wells Fargo, plus (ii) between 1.25% and 1.75% depending on average monthly undrawn availability and (B) with respect to SOFR loans, the sum of the applicable SOFR rate plus between 2.36% and 2.86% depending on average quarterly undrawn availability. The Amended Wells Fargo Facility also includes a monthly unused line fee ranging from 0.35% to 0.75% per annum determined based upon the level of average Revolving Loans outstanding during the immediately preceding month measured against the total Revolving Loans that may be borrowed under the Amended Wells Fargo Facility.

In connection with the closing of the Amended Wells Fargo Facility, the Company also entered into a First Amendment to Guaranty and Security Agreement, dated as of March 2, 2022 (the "Amended Revolver Guaranty and Security Agreement"), pursuant to which the Company and certain subsidiaries are continuing to unconditionally guarantee the payment and performance of all obligations owing by Borrowers to Wells Fargo, as Agent for the benefit of the revolving lenders. Pursuant to the Amended Revolver Guaranty and Security Agreement, Borrowers, the Company and certain other subsidiaries are continuing to grant to the Agent, for the benefit of the Wells Fargo Facility lenders, a security interest in substantially all of their respective assets, including receivables, equipment, general intangibles (including intellectual property), inventory, subsidiary stock, real property, and certain other assets.

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The Amended Wells Fargo Facility contains a financial covenant requiring the Company to maintain at all times minimum liquidity (defined as availability under the Amended Wells Fargo Facility plus unrestricted cash) of at least $5 million, of which at least $3 million must be derived from availability. The Amended Wells Fargo Facility also contains a springing covenant, which takes effect only upon a failure to maintain undrawn availability of at least $11.25 million or upon an election by the Borrowers to increase the inventory component of the borrowing base, requiring the Company to maintain a Fixed Charge Coverage Ratio (FCCR) of not less than 1.00 to 1.00, as of the end of each trailing period of twelve consecutive months commencing with the month prior to the triggering of the covenant. The FCCR (as defined in the Wells Fargo Facility) is the ratio of (a) EBITDA for such period, minus unfinanced capital expenditures made during such period, to (b) the aggregate amount of (i) interest expense required to be paid (other than interest paid-in-kind, amortization of financing fees, and other non-cash interest expense) during such period, (ii) scheduled principal payments (but excluding principal payments relating to outstanding Revolving Loans under the Amended Wells Fargo Facility), (iii) all net federal, state, and local income taxes required to be paid during such period (provided, that any tax refunds received shall be applied to the period in which the cash outlay for such taxes was made), (iv) all restricted payments paid (as defined in the Amended Wells Fargo Facility) during such period, and (v) to the extent not otherwise deducted from EBITDA for such period, all payments required to be made during such period in respect of any funding deficiency or funding shortfall with respect to any pension plan. The FCCR covenant ceases after the Borrowers have been in compliance therewith for two consecutive months.

The Amended Wells Fargo Facility also contains customary non-financial covenants relating to the Company and the Borrowers, including limitations on Borrowers' ability to pay dividends on common stock or preferred stock, and also includes certain events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other obligations, events of bankruptcy and insolvency, certain ERISA events, judgments in excess of specified amounts, impairments to guarantees and a change of control.

At December 31, 2025, the Company had borrowing availability of approximately $40 million from the Amended Wells Fargo Facility and no balance was outstanding.

On June 6, 2024, the Borrowers and the Company entered into a First Amendment to Amended and Restated Credit Agreement and Limited Consent (the "First Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. Pursuant to the First Amendment, Wells Fargo and the other lenders consented to the consummation of the USA Refrigerants Acquisition and made certain other technical amendments to the existing Amended Wells Fargo Facility, including the calculation of the borrowing base thereunder. The First Amendment also provided for permitted stock repurchases by the Company in an amount not to exceed $5 million per calendar year, and $15 million in aggregate over the term of the Amended Wells Fargo Facility, upon satisfaction of certain conditions.

On October 23, 2024, the Borrowers and the Company entered into a Second Amendment to Amended and Restated Credit Agreement dated October 23, 2024 (the "Second Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Second Amendment amended the provision relating to permitted stock repurchases by the Company, to permit stock repurchases in an amount not to exceed $10 million per calendar year in each of 2024 and 2025 and $5 million in any calendar year thereafter during the term of the Amended Wells Fargo Facility, upon satisfaction of certain conditions, subject to an aggregate cap of $25 million.

On June 23, 2025, the Borrowers and the Company entered into a Third Amendment to Amended and Restated Credit Agreement (the "Third Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Third Amendment reduced the amount of Revolving Loans that may be made under the Amended Wells Fargo Facility from $75 million to $40 million, and also provided for the reduction of the letter of credit sublimit from $2 million to $1.5 million. The Third Amendment also amended certain other thresholds and sub-limits in the Amended Wells Fargo Facility, as further specified therein.

On November 25, 2025, the Borrowers and the Company entered into a Fourth Amendment to Amended and Restated Credit Agreement (the "Fourth Amendment") with Wells Fargo and the lenders under the Amended Wells Fargo Facility. The Fourth Amendment amended the provision relating to permitted stock repurchases by the Company, to permit stock repurchases in an amount not to exceed $20 million per calendar year in each of 2025 and 2026 and $5 million in any calendar year thereafter during the term of the Wells Fargo Facility, upon satisfaction of certain conditions, and made certain other technical changes.

The commitments under the Amended Wells Fargo Facility will expire and the full outstanding principal amount of the loans, together with accrued and unpaid interest, are due and payable in full on March 2, 2027, unless the commitments are terminated and the outstanding principal amount of the loans are accelerated sooner following an event of default or in the event of certain other cross-defaults.

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The Company was in compliance with all covenants under the Amended Wells Fargo Facility as of December 31, 2025.

The Company's ability to comply with these covenants in future quarters may be affected by events beyond the Company's control, including general economic conditions, weather conditions, regulations and refrigerant pricing. Therefore, the Company cannot make any assurance that it will continue to be in compliance during future periods.

#### Note 11 - Commitments and contingencies
*Rents and operating leases*

The Company utilizes leased facilities and operates equipment under non-cancelable operating leases through July 2030. Below is a table of key properties:

---

| | | |
|:---|:---|:---|
| <br>**Location** | <br>**Annual**<br>**Rent** | **Lease**<br>**Expiration**<br>**Date** |
| Baton Rouge, Louisiana | $45000 | 7/2026 |
| Champaign, Illinois | $685000 | 12/2027 |
| Champaign, Illinois (2<sup>nd</sup> location) | $394000 | 9/2026 |
| Chicago, Illinois | $7000 | Month to Month |
| Denver, Colorado | $46000 | Month to Month |
| Escondido, California | $253000 | 6/2027 |
| La Porte, Texas | $17000 | 7/2028 |
| Long Beach, California | $29000 | 2/2027 |
| Omaha, Nebraska | $12000 | 11/2026 |
| Ontario, California | $193000 | 12/2027 |
| Riverside, California | $27000 | Month to Month |
| Smyrna, Georgia | $511000 | 7/2030 |
| Stony Point, New York | $125000 | 6/2026 |
| Woodcliff Lake, New Jersey | $380000 | 12/2027 |

---

The Company rents properties and various equipment under operating leases. In addition to the properties above, the Company does at times utilize public warehouse space on a month to month basis. The Company typically enters into short-term leases for the facilities and wherever possible extends the expiration date of such leases.

#### Note 12 - Share-Based Compensation
Share-based compensation represents the cost related to share-based awards, typically stock options or stock grants, granted to employees, non-employees, officers and directors. Share-based compensation is measured at grant date, based on the estimated aggregate fair value of the award on the grant date, and such amount is charged to compensation expense on a straight-line basis over the requisite service period. For the years ended December 31, 2025, 2024 and 2023, the share-based compensation expense of $1.1 million, $0.8 million and $2.3 million, respectively, is reflected in Selling, general and administrative expenses in the consolidated income statements.

Share-based awards have historically been made as stock options, and recently also as stock grants, issued pursuant to the terms of the Company's stock option and stock incentive plans, (collectively, the "Plans"), described below. The Plans may be administered by the Board of Directors or the Compensation Committee of the Board or by another committee appointed by the Board from among its members as provided in the Plans. Presently, the Plans are administered by the Company's Compensation Committee of the Board of Directors. As of December 31, 2025 there were 6,539,472 shares of the Company's common stock available under the Plans for issuance for future stock option grants or other stock based awards.

Stock option awards, which allow the recipient to purchase shares of the Company's common stock at a fixed price, are typically granted at an exercise price equal to the Company's stock price at the date of grant. Typically, the Company's stock option awards have vested from immediately to two years from the grant date and have had a contractual term ranging from three to ten years. Incentive Stock Options ("ISOs") granted under the Plans may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110% of fair market value in the case of persons holding 10% or more of the voting stock of the Company). Nonqualified

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options granted under the Plans may not be granted at a price less than the fair market value of the common stock. Options granted under the Plans expire not more than ten years from the date of grant (five years in the case of ISOs granted to persons holding 10% or more of the voting stock of the Company).

Effective June 7, 2018, the Company adopted its 2018 Stock Incentive Plan ("2018 Plan") pursuant to which 4,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock-based awards. ISOs may be granted under the 2018 Plan to employees and officers of the Company. Non-qualified options, stock, deferred stock or other stock-based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2018 Plan is sooner terminated, the ability to grant options or other awards under the 2018 Plan will expire on June 7, 2028.

Effective June 11, 2020, the Company adopted its 2020 Stock Incentive Plan ("2020 Plan") pursuant to which 3,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock-based awards. ISOs may be granted under the 2020 Plan to employees and officers of the Company. Non-qualified options, stock, deferred stock or other stock-based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2020 Plan is sooner terminated, the ability to grant options or other awards under the 2020 Plan will expire on June 11, 2030.

Effective June 12, 2024, the Company adopted its 2024 Stock Incentive Plan ("2024 Plan") pursuant to which 3,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock - based awards. ISOs may be granted under the 2024 Plan to employees and officers of the Company. Non - qualified options, stock, deferred stock or other stock - based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2024 Plan is sooner terminated, the ability to grant options or other awards under the 2024 Plan will expire on June 12, 2034.

All stock options have been granted to employees and non-employees at exercise prices equal to or in excess of the market value on the date of the grant.

The Company determines the fair value of share-based awards at the grant date by using the Black-Scholes option-pricing model, and has utilized the "simplified" method, as prescribed by the SEC's Staff Accounting Bulletin ("SAB") No.110, Share-Based Payment, to compute expected lives of share based awards. The Company has opted to use the simplified method for stock options because management believes that the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company records forfeitures and cancellations as they occur. The following are the weighted-average assumptions:

---

| | | | |
|:---|:---|:---|:---|
| **Year ended** <br>**December 31,**  | **2025** | **2024** | **2023** |
| Assumptions |  |  |  |
| Dividend yield | 0% | 0% | 0% |
| Risk free interest rate | 3.61%-4.19 | 4.24%-4.29 | 3.69%-4.89 |
| Expected volatility | 62.28%-65.67 | 77.69%-80.62 | 71.73%-94 |
| Expected lives | 2.75-3.5 years | 1.5 years | 1.5-2.0 years |

---

The expected stock price volatility is based on the implied volatilities from traded options on our stock, historical volatility of our stock and other factors.

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A summary of the activity for the Company's Plans for the indicated periods is presented below:

---

| | | |
|:---|:---|:---|
| <br>**Stock Options and Stock Appreciation Rights** | <br>**Shares** | **Weighted**<br>**Average**<br>**Exercise Price** |
| **Outstanding at December 31, 2022** | **2390150** | $**1.51** |
| -Cancelled | (48268) | $5.67 |
| -Exercised | (296973) | $2.68 |
| -Granted (1) | 602526 | $10.02 |
| **Outstanding at December 31, 2023** | **2647435** | $**3.31** |
| -Cancelled | (10176) | $4.54 |
| -Exercised | (39402) | $7.24 |
| -Granted (2) | 135603 | $10.85 |
| **Outstanding at December 31, 2024** | **2733460** | $**3.63** |
| -Cancelled | (150738) | $8.35 |
| -Exercised | (286272) | $1.63 |
| -Granted (3) | 743439 | $6.26 |
| **Outstanding at December 31, 2025** | **3039889** | $**4.28** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Options to purchase 584,826 shares were granted in 2023, of which options to purchase 337,727 shares vested immediately in 2023 and the remainder vested 50% immediately and 50% one year after the date of the grants. In addition, 17,700 stock appreciation rights were granted in January 2023 with a six - month vesting period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Options to purchase 135,603 shares were granted in 2024, of which options to purchase 111,975 shares vested immediately in 2024 and the remainder vested 50% immediately and 50% one year after the date of the grants.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Options to purchase 675,939 shares were granted in 2025, of which options to purchase 68,490 shares vested immediately in 2025; 391,140 shares are subject to cliff vesting on December 31, 2027, contingent upon the achievement of performance-based metrics; and the remaining 216,309 shares will vest 50% on the first anniversary of the grant and the remaining 50% on the second anniversary. In addition, 67,500 stock appreciation rights were granted in 2025 with two - year vesting period.

The following is the weighted average contractual life in years and the weighted average exercise price at December 31, 2025 and 2024 of:

---

| | | | |
|:---|:---|:---|:---|
| <br>**December 31, 2025** | <br>**Number of**<br>**Options** | **Weighted** <br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life (Years)** | <br>**Weighted**<br>**Average**<br>**Exercise Price** |
| Options outstanding and vested | 2564699 | 1.94 | $3.87 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**December 31, 2024** | <br>**Number of**<br>**Options** | **Weighted** <br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life(Years)** | <br>**Weighted**<br>**Average**<br>**Exercise Price** |
| Options outstanding and vested | 2713522 | 3.26 | $3.55 |

---

The intrinsic values of options outstanding at December 31, 2025 and 2024 are $10.0 million and $8.6 million, respectively.

The intrinsic value of options unvested at December 31, 2025 and 2024 are $0.2 million and $0.0 million, respectively. As of December 31, 2025 there was $0.0 million of unrecognized share based compensation expense related to non-vested options.

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The intrinsic values of options vested and exercised during the years ended December 31, 2025, 2024 and 2023 were as follows**:**

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Intrinsic value of options vested | $126732 | $— | $2886080 |
| Intrinsic value of options exercised | $1815575 | $184282 | $2565056 |

---

#### Note 13 – Benefit Plan
**The Company maintains a 401(k)-benefit plan for its employees, which generally allows participants to make contributions via salary deductions up to allowable Internal Revenue Service limits on a tax-deferred basis. Such deductions may be matched in part by discretionary contributions by the Company. The matching contributions for 2025, 2024 and 2023 were $0.7 million, $0.7 million, and $0.6 million, respectively, and are included in Selling, general and administrative expenses on the consolidated income statements.**

**Note 14 – Acquisitions**

*USA Refrigerants Acquisition*

On June 6, 2024, the Company's subsidiary Hudson Technologies Company completed the acquisition of substantially all the business assets of USA United Suppliers of America, Inc. (d/b/a USA Refrigerants) ("USA Refrigerants") and B&B Jobber Services, Inc. (collectively, the "USA Refrigerants Acquisition"). The consideration for the USA Refrigerants Acquisition was approximately $20.7 million in cash, paid at the closing, and provided for a further contingent payment of up to $2.0 million payable, to the extent earned, approximately 18 months from the closing date. The Company estimated the fair value of this contingent earn-out liability to be $1.6 million as of June 6, 2024 and December 31, 2024, which was recorded in other short-term liabilities on the consolidated balance sheet. The Company determined the earn-out criteria would not be met and as a result in the third quarter of 2025, the Company reduced the earn-out liability to zero. The Company recognized $1.6 million as other income in the Consolidated Statement of Income.

The following table summarizes the final fair values of the assets acquired and liabilities assumed from the USA Refrigerants Acquisition:

Consideration ***(in thousands)***

---

| | |
|:---|:---|
| Cash | $20670 |
| Contingent consideration | 1600 |
| **Total consideration transferred** | $**22270** |

---

Identifiable assets acquired

---

| | | |
|:---|:---|:---|
|  | **Amortization life**<br>**(in months)** | **Fair Value**<br>**(in thousands)** |
| Inventories |  | $5073 |
| Covenant not to compete | 60 | 60 |
| Customer relationships | 24 | 1120 |
| Tradename | 60 | 1540 |
| Total identified assets |  | 7793 |
| Goodwill |  | 14477 |
| **Total net assets acquired** |  | $**22270** |

---

The fair values of the acquired intangibles were determined using discounted cash flow models using a discount factor based on an estimated risk-adjusted weighted average cost of capital. The customer relationships were valued using the multi-period excess-earnings method, a form of the income approach.

The acquisition resulted in the recognition of $14.5 million of goodwill, of which $12.9 million will be deductible for tax purposes. Goodwill largely consists of expected growth in revenue from new customer acquisitions over time.

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The following table provides unaudited pro forma total revenues and results of operations for the years ended December 31, 2024, and 2023 as if USA Refrigerants had been acquired on January 1, 2023. The unaudited pro forma results reflect certain adjustments related to the acquisition, such as a step-up in basis in inventory, and amortization expense on intangible assets arising from the acquisition. The pro forma results do not include any anticipated cost synergies or other effects of any planned integration. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the USA Refrigerants Acquisition been completed at the beginning of 2023, nor are they indicative of the future operating results of the combined companies (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| ***(in thousands)*** |  |  |
| Revenue | $246395 | $299150 |
| Net Income | 25850 | 53845 |

---

In relation to the USA Refrigerants Acquisition, the Company incurred $0.3 million of acquisition costs which are included in selling, general and administrative expenses within the consolidated statement of income for the year ended December 31, 2024.

*Refrigerants Inc. Acquisition*

On December 16, 2025, the Company's subsidiary Hudson Technologies Company completed the acquisition of substantially all the business assets of Denver Refrigerants Inc. (d/b/a Refrigerants Inc.) (the "Refrigerants Inc. Acquisition") which expands the Company's reach in key markets for both refrigerant sales and the aftermarket supply chain of recovered refrigerant. The Company considered the guidance in ASC 805-10-55 and concluded that the transaction met the definition of a business, therefore the transaction was accounted for as a business combination. The consideration for Refrigerants Inc. Acquisition was approximately $2.2 million in cash, paid at the closing, and provides for a further contingent payment of up to $2.0 million payable, to the extent earned, approximately 17 and 29 months from the closing date. The Company estimated the fair value of this contingent earn-out liability to be $1.8 million as of December 31, 2025, which was recorded in other long-term liabilities on the consolidated balance sheet.

The following table summarizes the final fair values of the assets acquired and liabilities assumed from the Refrigerants Inc. Acquisition:

Consideration ***(in thousands)***

---

| | |
|:---|:---|
| Cash | $2237 |
| Contingent consideration | 1800 |
| **Total consideration transferred** | $**4037** |

---

Identifiable assets acquired

---

| | | |
|:---|:---|:---|
|  | **Amortization life**<br>**(in months)** | **Fair Value**<br>**(in thousands)** |
| Inventories |  | $488 |
| Fixed assets | 36 | 57 |
| Covenant not to compete | 60 | 60 |
| Customer relationships | 24 | 110 |
| Tradename | 60 | 320 |
| Total identified assets |  | 1035 |
| Goodwill |  | 3002 |
| **Total net assets acquired** |  | $**4037** |

---

The Refrigerants Inc. Acquisition resulted in the recognition of $3.0 million of goodwill, which will be deductible for tax purposes. Goodwill largely consists of expected growth in revenue from new customer acquisitions over time.

There was immaterial revenue and net income in the Company's consolidated statement of income related to the Refrigerants Inc. Acquisition from the acquisition date through December 31, 2025.

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The following table provides unaudited pro forma total revenues and results of operations for the year ended December 31, 2025, 2024 and 2023 as if USA Refrigerants. and Refrigerants Inc. had been acquired on January 1, 2023. The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as a step-up in basis in inventory, and amortization expense on intangible assets arising from the acquisitions. The pro forma results do not include any anticipated cost synergies or other effects of any planned integration. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the USA Refrigerants Acquisition and the Refrigerants Inc. Acquisition been completed at the beginning of 2023, nor are they indicative of the future operating results of the combined companies (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| ***(in thousands)*** |  |  |  |
| Revenue | $249967 | $249613 | $304936 |
| Net Income | 18951 | 27277 | 54799 |

---

**Note 15 – Share repurchases**

In August 2024, the Company's board of directors authorized the repurchase of up to $10 million of outstanding common stock during 2024 and 2025. In October 2024, the Company's board of directors approved an increase to the program pursuant to which the Company could repurchase up to $20 million of outstanding common stock (consisting of up to $10 million in shares during each of calendar year 2024 and 2025). On December 1, 2025, the Company announced that its Board of Directors approved an increase to the Company's share repurchases authorization pursuant to which the Company could purchase up to $20 million in shares of the Company's common stock during calendar year 2025, an increase from up to $10 million of outstanding common stock previously authorized for 2025. Furthermore, the Board of Directors authorized the Company to repurchase up to $20 million of outstanding common stock in calendar year 2026. Purchases will be funded from the Company's available cash and cash flow. The Company may purchase shares of its common stock on a discretionary basis from time to time through open market repurchases or privately negotiated transactions or through other means, including by entering into Rule 10b5-1 trading plans, in each case, during an "open window" and when the Company does not possess material non-public information. The timing and actual number of shares repurchased under the repurchase program will depend on a variety of factors, including stock price, trading volume, market conditions, corporate and regulatory requirements and other general business considerations. The repurchase program may be modified, suspended or discontinued at any time without prior notice. During the year ended December 31, 2025, the Company repurchased 2,890,240 shares, totaling $20.0 million, at an average price of $6.92 per share. The average prices paid for these shares do not include commissions. These repurchased shares were retired.

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**Note 16 – Segment information**

The Company determines operating segments based on how its CODM manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company's CODM are its Chief Executive Officer and Chief Financial Officer, who review its operating results on a consolidated basis. The Company operates in one segment and has one reportable segment.

The Company's CODM use consolidated net income, as shown on the consolidated income statements as the measure of segment profitability. The CODM use net income to evaluate the Company's ongoing operations and for internal planning and forecasting purposes. This analysis is used in making strategic investment decisions. The Company's measure of segment assets is reported on the consolidated balance sheets as total assets.

The table below summarizes the significant expenses regularly provided to the CODM for the years ended December 31, 2025, 2024, and 2023 ***(in thousands)***.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024** | **2023** |
| **Revenues** | $246614 | $237118 | $289025 |
| Less: |  |  |  |
| Cost of materials and plant overhead | 169577 | 157508 | 163701 |
| Payroll expense and benefits | 37748 | 31625 | 28186 |
| Interest (income) expense – net | (2532) | (476) | 8352 |
| Depreciation and amortization | 5991 | 6387 | 5782 |
| Professional fees | 6751 | 6720 | 4423 |
| Other operating expenses<sup>1</sup> | 7988 | 5577 | 8761 |
| Income taxes | 6024 | 7639 | 17573 |
| Other income | (1600) | (2250) |  |
| **Net income** | $16667 | $24388 | $52247 |

---

<sup>1</sup>Other operating expenses include miscellaneous, individually insignificant operating expenses. The Company's CODM reviews these items in aggregate.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**HUDSON TECHNOLOGIES, INC.**

---

| | |
|:---|:---|
| By: | /s/ Kenneth Gaglione |
|  | Kenneth Gaglione, Chairman and Chief Executive Officer |
| Date: | March 16, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Kenneth Gaglione | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) | March 16, 2026 |
| Kenneth Gaglione | Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) |  |
| /s/ Brian J. Bertaux | Chief Financial Officer (Principal Financial and Accounting Officer) | March 16, 2026 |
| Brian J. Bertaux |  |  |
| /s/ Vincent P. Abbatecola | Director | March 16, 2026 |
| Vincent P. Abbatecola |  |  |
| /s/ Nicole Bulgarino | Director | March 16, 2026 |
| Nicole Bulgarino |  |  |
| /s/ Loan Mansy | Director | March 16, 2026 |
| Loan Mansy |  |  |
| /s/ Richard Parrillo | Director | March 16, 2026 |
| Richard Parrillo |  |  |
| /s/ Eric A. Prouty | Director | March 16, 2026 |
| Eric A. Prouty |  |  |

---

## Ex-19

**Exhibit 19**

**Insider Trading Policy**

**HUDSON TECHNOLOGIES, INC.**

**Effective as of January 1, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purpose of this Policy.** 

In the course of performing your duties for Hudson Technologies, Inc., you may from time to time receive or become aware of material nonpublic information ("**MNPI**") about the Company and its subsidiaries (the "**Company**") or other companies that do business with the Company. This Insider Trading Policy (the "**Policy**") furnishes guidelines concerning information that may be "material" and "nonpublic" and your legal obligations and obligations to the Company relating to the use or disclosure of MNPI regarding the Company or such other companies.

The Company has adopted this Policy to promote compliance with applicable securities laws, known as "insider trading" laws, which prohibit persons who receive or become aware of MNPI about the Company (or other companies that do business with the Company) from trading in the Company's (or such other company's) securities or providing MNPI to others who may trade in the Company's (or such other company's) securities on the basis of that information.

Insider trading laws can impose legal liability not only on individuals who fail to comply with these laws, but also to the Company as the employer of individuals who violate these laws. Accordingly, the Company has adopted this Policy not only to guide the individuals associated with the Company who are covered by the Policy, but also to protect the Company from legal liability and promote its business interest in maintaining an impeccable reputation for integrity.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Effectiveness of this Policy.** 

This Policy is effective as of the date set forth at the top of this page and supersedes any previous insider trading policy of the Company. In the event of any conflict or inconsistency between this Policy and any other materials previously distributed by the Company, this Policy shall govern. In addition, each Covered Person (as defined below) is responsible for complying with applicable law as then in force and effect. Accordingly, in the event of any conflict or inconsistency between this Policy and applicable law, or any omission from this Policy, Covered Persons are not excused from complying with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compliance Officer for this Policy.** 

Ken Gaglione has been designated as the Company's compliance officer with respect to this Policy (the "**Compliance Officer**"). Brian Bertaux has been designated as alternate Compliance Officer in the event Ken Gaglione is not available or is otherwise unable to review a proposed transaction in a timely manner. The Compliance Officer, or the Board of Directors of the Company, may designate additional officers of the Company to serve as Compliance Officers for this Policy from time to time. Any questions concerning this Policy should be directed to, and all interpretations of this Policy shall be made by, a duly designated Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **To Whom This Policy Applies** 

This Policy is applicable to all directors, officers and employees of the Company, whether located in or outside of the United States, as well as family members and other members of their respective households, partnerships in which any such person is a general partner, trusts of which any such person is a trustee, estates of which any such person is an administrator or executor and other legal entities that any such person controls (the "**Covered Persons**"). The Compliance Officer may also determine from time to time that other persons who may have access to MNPI due to their activities with the Company shall be subject to this Policy. Any persons so identified by the Compliance Officer shall also be "Covered Persons" for purposes of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Policy.** 

------

If a Covered Person is in possession of MNPI relating to the Company, that person may not, directly or indirectly, buy, sell or engage in other transactions in securities of the Company (to be broadly construed to include equity, debt and convertible securities of the Company, and derivatives (whether or not issued by the Company) linked to or exercisable for securities of the Company (the "**Company Securities**")), except as set forth in Section 8 below, or engage, directly or indirectly, in any other action to disclose to others ("tipping") or benefit from or take advantage of that information (for example, recommending transactions in Company Securities).

This Policy also applies to MNPI relating to any other company with publicly-traded securities, including the Company's customers, suppliers or other business relations, obtained in the course of the Covered Person's employment by, service to or other relationship with the Company.

Additional restrictions on buying, selling or engaging in other transactions in Company Securities apply to directors, executive officers and Section 16 Officers (as defined below) of the Company, as described in Section 9 below.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Definitions and Explanations.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)***When Information is "Material".*

In order to determine whether information is material, it must be evaluated in the context of all facts and circumstances at play at the time. Information is considered "material" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a reasonable investor would consider the information important in making a decision to buy, sell or hold Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· release of the information could produce a qualitative change to the package of information disclosed to the public by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· public disclosure of the information would be likely to have a significant effect on the market price of Company Securities.

Material information can be positive or negative and can relate to virtually any aspect of the Company's business. Information that is or may be material includes (but is not limited to) the following, depending upon all facts and circumstances at the time of assessment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· unpublished financial or operating results, positive or negative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· projections or changes in projections of financial or operating results, upwards or downwards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a pending or proposed corporate transaction involving the Company, such as merger, acquisition or divestiture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a pending or proposed public offering or private placement of securities of the Company or other financing for the Company outside of the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a pending or proposed repurchase or redemption of Company Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the gain or loss of a significant customer or supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· execution of a business contract that is important to the Company financially, strategically or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· significant regulatory approvals or challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pending or threatened litigation of potential significance to the Company, or settlement or other resolution of ongoing litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a change in the Company's independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the need to restate financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· impending bankruptcy or liquidity problems; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other material events or developments that the Company is required to disclose in a Form 8-K to be filed with the Securities and Exchange Commission ()"**SEC** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)***When Information is "Nonpublic".*

Information is "nonpublic" if it has not been disclosed to the public. In order for information to be considered public, it must be widely disseminated; for example, through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· newswire releases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· widely available broadcasts on television and radio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· publication in widely available newspapers or news websites; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclosure in the Company's periodic reports filed with the SEC.

Publication on the Company's website can also contribute to wide dissemination of information (and may itself constitute wide dissemination depending upon the extent to which the Company has established its website as a vehicle for timely release of important Company information in accordance with SEC guidance).

After a wide dissemination of material information, a reasonable period of time must elapse for the investing public to process the information. As a rule of thumb, two full trading days following wide dissemination is regarded as a reasonable waiting period before such information is deemed to be "public" and no longer "nonpublic" for purposes of this Policy. The Compliance Officer may determine that a different waiting period is appropriate with respect to particular Company disclosures based upon prevailing facts and circumstances. For the avoidance of doubt, Covered Persons should consult the Compliance Officer when contemplating transactions in Company Securities shortly after public disclosures by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)***Be Mindful of How a Transaction May be Viewed in Hindsight.*

If a particular transaction (or group of transactions) is challenged by enforcement authorities, it will be viewed with the benefit of hindsight. As a result, before engaging in any transaction, a Covered Person should give careful thought to whether any facts and circumstances exist that could raise suspicions about the propriety of the proposed transaction after the fact; for example, as to whether information that the Covered Person has become aware of may be construed as "material" and "nonpublic." Again, in the event of any doubt, Covered Persons should consult the Compliance Officer when contemplating transactions in Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Guidelines.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**Non-disclosure of Material Nonpublic Information (MNPI)

MNPI must not be disclosed to anyone unless it has first been widely disseminated to the public as described above, except to other Company personnel who have a need to know the information and are bound by a confidentiality obligation to the Company and covered by this Policy, or third party agents of the Company (such as accountants, investment bankers or outside legal counsel) whose positions require them to have access to such information, but who are bound by a professional obligation to protect its confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Prohibited Trading in Company Securities*.*

No person may place a purchase or sell order or recommend that another person place a purchase or sell order in Company Securities when they are aware of MNPI concerning the Company that has not been disclosed to the public. As noted above, for purposes of the prohibition expressed in this Policy, "Company Securities" should be construed broadly, and the terms "purchase" or "sell" should also be interpreted broadly to include transactions involving Company Securities such as elections or changes in elections under Company Securities purchase plans, loans, pledges, gifts, charitable donations and other contributions of Company Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**"Tipping" Information to Others*.*

Covered Persons may be liable for communicating or tipping MNPI to any third party ("tippee"). Further, insider trading violations are not limited to trading or tipping by Covered Persons. Persons other than Covered Persons also can be liable for insider trading, including tippees who trade on MNPI tipped to them and individuals who trade on MNPI which has been misappropriated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**Prohibitions Involving Securities of Other Companies*.*

As described in paragraphs (a), (b) and (c) above, no Covered Person may disclose MNPI, engage in prohibited trading or "tip" information to others to the extent the Covered Person becomes aware of MNPI about another company in the course of business activities on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**No Hedging of Company Securities*.*

The Company believes that purchases of hedging instruments that protect against downward changes in Company's stock price can result in the purchaser no longer having the same objectives as the Company's other stockholders because they are no longer subject to the full risks of stock ownership. Accordingly, no employee of the Company or member of the Company's Board of Directors may engage in any hedging transaction that would result in lack of exposure to the full risks of stock ownership. Prohibited hedging transactions include, but are not limited to, collars, forward sale contracts, trading in publicly-traded options, puts, calls or other derivative instruments related to Company stock or debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)**No Margin Accounts, Pledging or Short Sales of Company Securities*.*

No employee of the Company or member of the Company's Board of Directors may hold Company Securities in a margin account, pledge Company Securities as collateral for a loan or "short" sell Company Securities. The Board of Directors may, in its sole discretion and in limited circumstances, grant an exception to this prohibition; *provided, however*, that Section 16 Officers and directors of the Company are prohibited from short-selling under Section 16(c) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Exceptions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**No Sale/No Purchase Transactions*.*

The prohibitions of this Policy do not apply to bona fide gifts of Company Securities (i.e., for no consideration), except that any such transaction should be pre-cleared by the Compliance Officer as provided in Section 9(c). In addition, this Policy does not restrict purchases and sales of mutual funds, similar professionally managed "commingled pools" or exchange-traded funds that invest in Company Securities in addition to securities of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Transactions under Company Equity Plans*.*

The prohibitions of this Policy do not apply to a Covered Person's exercise of a stock option granted under a Company equity plan for cash, but do apply to any sale of Company Securities received upon exercise of an option in the open market, regardless of whether the sale is to pay the exercise price or for tax withholding. Similarly, this Policy does not apply to a Covered Person's surrender of Company Securities to the Company or the retention and withholding from delivery to the Covered Person of shares by the Company (i.e., a so-called "net settlement") upon vesting of restricted stock in satisfaction of tax withholding obligations in a manner permitted by the applicable equity award agreement or the Company equity plan pursuant to which the restricted stock was granted.

&nbsp;&nbsp;&nbsp;&nbsp;**9.**  ***Additional Provisions Applicable to Special Insiders.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)**Special Insiders*.*

This Section 9 sets forth additional provisions applicable to the following individuals associated with the Company (referring to the publicly-traded entity, not its subsidiaries) ("**Special Insiders**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each member of the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each "executive officer" of the Company, as described in Rule 3b-7 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each individual designated as an "officer" of the Company for purposes of Section 16 under the Exchange Act (a **"Section 16 Officer"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each other individual designated as a Special Insider by the Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**Blackout Periods/Trading Windows*.*

Special Insiders are prohibited from trading in Company Securities during blackout periods: (a) the Company's regularly scheduled quarterly blackout period commencing at the close of the market on the fifteenth day prior to the end of each

------

fiscal quarter and ending two business days after the Company's "earnings release" is issued to the public relating to the Company's financial information for the concluded fiscal quarter and (b) special blackout periods instituted by the Company on a discretionary basis, upon notice to Special Insiders, when news of pending material events or other MNPI regarding the Company that is anticipated to be disclosed has not yet been publicly disclosed. Subject to pre-clearance as provided in Section 9(c) below, Special Insiders are generally permitted to trade when no blackout period is in effect; provided, however, that even during an open trading window, a Special Insider who is aware of MNPI may not trade in Company Securities until the information has been made publicly available as described above, or is no longer material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**Pre-Clearance*.*

Special Insiders (including family members and other members of their respective households) must obtain prior clearance from the Compliance Officer before buying, selling or engaging in any transaction in Company Securities (except as described in Section 9(e) below), including any exercise of stock options. The Compliance Officer will evaluate each proposed transaction to determine if it raises insider trading concerns or other concerns under the federal or state securities laws and regulations. Any advice will relate solely to legal considerations and not the merits of the investment decision. Clearance of a transaction will be valid only for a 72-hour period. If the transaction order is not placed within that 72-hour period, clearance of the transaction must be re-requested from the Compliance Officer. The Pre-Clearance Request Form is attached to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**Short-Swing Trading*.*

Special Insiders who purchase Company Securities may not sell any Company Securities of the same class for at least six months after the purchase. Note that in addition to this Policy, under Section 16(b) of the Exchange Act, any "short-swing profits" realized by a Section 16 Officer or director of the Company from a "matching" purchase and sale or "matching" sale and purchase of Company Securities occurring within a six-month period would be subject to disgorgement to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**Rule 10b5-1 Plans*.*

A Special Insider's trades may be exempt from this Policy if made under a properly pre-established and maintained written trading plan, known as a "Rule 10b5-1 plan." If the Rule 10b5-1 plan meets all of the requirements for such a plan, and the purchases or sales of Company Securities are actually made in accordance with the terms and conditions of the plan, the trades will not be deemed to have been made "on the basis of" MNPI, even if the Special Insider who established the plan is actually aware of MNPI at the time of execution of the transactions provided for by the plan.

A properly designed Rule 10b5-1 plan must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The plan was established when the Special Insider was unaware of MNPI concerning the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The plan specifies the number (or dollar value) of Company Securities to be purchased or sold, the price (which may be a fixed price, market price or minimum/maximum price) at which the shares are to be traded, and the date of the trade, or provides a written formula or algorithm for determining the timing, amount and price of the trade (or the plan can give a third party such as a designated broker the exclusive right to determine the timing, amount and price of the trade);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The plan does not permit the Special Insider to exercise any subsequent influence over how, when, or whether to effect purchases or sales; provided, however, that if a third party (such as a broker) is designated under the terms of the plan to determine the timing, amount and price of trades, the third party must not have been aware of the MNPI about the Company or Company Securities when it makes its trading decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The plan must be entered into in good faith and not as part of a scheme to evade insider trading prohibitions and include a representation in the plan certifying at the time of adoption or modification that the Special Insider is (1) not aware of any MNPI; and (2) adopting the plan in in good faith and not as part of a scheme to evade Rule 10b5-1.

Any new Rule 10b5-1 plan, or amendment or termination of an existing Rule 10b5-1 plan, must be reviewed and approved by the Compliance Officer; *provided, however*, that trades occurring under an approved Rule 10b5-1 plan do not require pre-clearance.

------

**HUDSON TECHNOLOGIES, INC.**

**Pre-Clearance Request Form**

---

| | | | |
|:---|:---|:---|:---|
| Date of Request: | Date of Request: | Date of Request: |  |
| Requested by: | Requested by: | Requested by: |  |
| Proposed Transaction: | Proposed Transaction: | Proposed Transaction: |  |
| a. | Description (e.g.: buy/sell): | Description (e.g.: buy/sell): |  |
| b. | Type (e.g. open market, option, etc): | Type (e.g. open market, option, etc): |  |
| c. | Number of Shares: | Number of Shares: |  |
| d. | Actual or anticipated Share Price: | Actual or anticipated Share Price: |  |
| e. | Proposed transaction date: | Proposed transaction date: |  |
| f. | Person engaging in transaction: | Person engaging in transaction: |  |
| g. | Total beneficial ownership: | Total beneficial ownership: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | before transaction: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | after transaction: |  |
| Signature: | Signature: |  |  |
| **Date & Time Received by Compliance Officer:** | **Date & Time Received by Compliance Officer:** | **Date & Time Received by Compliance Officer:** |  |
| **Pre-clearance:** | **Pre-clearance:** | **granted** | **denied** |
| **Reason for denial (if applicable):** | **Reason for denial (if applicable):** | **Reason for denial (if applicable):** |  |
| **Dated:** |  |  |  |
| **Signature of Compliance Officer:** | **Signature of Compliance Officer:** | **Signature of Compliance Officer:** |  |

---

------

**HUDSON TECHNOLOGIEES, INC.**

**INSIDER TRADING POLICY**

**CERTIFICATION**

I have received a copy of and read the Insider Trading Policy of Hudson Technologies, Inc. and its subsidiaries (the "**Company**"). I understand and agree to comply with the policies and procedures set forth in the Insider Trading Policy.

I understand and agree that my failure to comply with the Insider Trading Policy in all respects may constitute a basis for the termination for cause of my employment by or other service relationship with the Company, or other appropriate disciplinary action.

Signature: <br> Name: <br> Date:

------

## Ex-21

**Exhibit 21**

**Subsidiaries of the Registrant**

Hudson Technologies Company incorporated in the State of Delaware

Hudson Holdings, Inc. incorporated in the State of Nevada

Glacier International, Inc. incorporated in the State of New York

Glacier Trading Corp., incorporated in the State of New York

HFC International, Inc., incorporated in the State of New York

HFC Traders, Inc., incorporated in the State of New York

RGIT Trading Corp., incorporated in the State of New York

RCTI Corp., incorporated in the State of New York

RCTI Trading, Inc., incorporated in the State of New York

RGIT, Inc., incorporated in the State of New York

RGT Enterprises, Inc., incorporated in the State of New York

RCT International, Inc., incorporated in the State of New York

CCNY International, Inc. incorporated in the State of New York

CCNY Traders, Inc. incorporated in the State of New York

CCS Trading, Inc. incorporated in the State of New York

NYCCS Trading Corp. incorporated in the State of New York

RRC International, Inc. incorporated in the State of New York

RRC Technical Corp. incorporated in the State of New York

RRCA Corp. incorporated in the State of New York

RRCA Enterprises, Inc. incorporated in the State of New York

RRI Enterprises, Inc. incorporated in the State of New York

RRI Trading Corp. incorporated in the State of New York

------

## Exhibit 23.1

**Exhibit 23.1**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-292167) and Form S-8 (Nos. 333-129057, 333-164650, 333-202955, 333-228971, 333-239561 and 333-281749) of Hudson Technologies, Inc. (the Company) of our reports dated March 16, 2026, relating to the consolidated financial statements and the effectiveness of the Company's internal control over financial reporting, which appear in this Annual Report on Form 10-K.

---

| |
|:---|
| /s/ BDO USA, P.C. |
| Stamford, Connecticut |
| March 16, 2026 |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**Hudson Technologies, Inc.**

**Certification of Principal Executive Officer**

I, Kenneth Gaglione, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Hudson Technologies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 16, 2026 |  |
|  | /s/ Kenneth Gaglione |
|  | Kenneth Gaglione |
|  | Chief Executive Officer and Chairman of the Board |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Hudson Technologies, Inc.**

**Certification of Principal Financial Officer**

I, Brian J. Bertaux, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of Hudson Technologies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 16, 2026 |  |
|  | /s/ Brian J. Bertaux |
|  | Brian J. Bertaux |
|  | Chief Financial Officer |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Hudson Technologies, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kenneth Gaglione, as Chief Executive Officer and Chairman of the Board of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Kenneth Gaglione |
| Kenneth Gaglione |
| Chief Executive Officer and Chairman of the Board |
| March 16, 2026 |

---

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Hudson Technologies, Inc. (the "Company") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Brian J. Bertaux, as Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Brian J. Bertaux |
| Brian J. Bertaux |
| Chief Financial Officer |
| March 16, 2026 |

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