# EDGAR Filing Document

**Accession Number:** 0000925528
**File Stem:** 0001104659-25-107007
**Filing Date:** 2025-11
**Character Count:** 21483
**Document Hash:** e519a715f1e8860cb2a888a00dd2ce10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107007.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001104659-25-107007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13412
- **FILM NUMBER:** 251454243

**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'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(** **d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported) November 5, 2025

Hudson Technologies, Inc. <br> (Exact Name of Registrant as Specified in Charter)

New York <br> (State or Other Jurisdiction of Incorporation)

<u>1-13412</u> <u>13-3641539</u> <br> (Commission File Number) (IRS Employer Identification No.)

<u>300 Tice Boulevard, Suite 290, Woodcliff Lake, New Jersey</u> <u>07677</u> <br> (Address of Principal Executive Offices) (Zip Code)

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| |
|:---|
| (845) 735-6000 |
| (Registrant's Telephone Number, Including Area Code) |
| Not Applicable |
| (Former Name or Former Address, if Changed Since Last Report) |

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

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbols(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.01 par value | HDSN | Nasdaq Capital Market |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◻

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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◻

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

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On November 5, 2025, Hudson Technologies, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

[Exhibit 99.1](tm2530368d1_ex99-1.htm) [Press Release issued November 5, 2025](tm2530368d1_ex99-1.htm) <br> Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 5, 2025

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| | |
|:---|:---|
| HUDSON TECHNOLOGIES, INC. | HUDSON TECHNOLOGIES, INC. |
| By: | /s/ Brian J. Bertaux |
| Name: | Brian J. Bertaux |
| Title: | Chief Financial Officer & Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**HUDSON TECHNOLOGIES REPORTS THIRD quarter 2025 reSults**

· **Third quarter revenue grew 20% to $74.0 million; Gross margin improved to 32.0%** 

· **Net income grew 59% to $12.4 million or $0.27 per diluted share** 

· **Substantial cash position and no debt at September 30, 2025** 

**WOODCLIFF LAKE, NJ – November 5, 2025 –** Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the third quarter and nine months ended September 30, 2025.

Brian Bertaux, Chief Financial Officer of Hudson Technologies commented, "Hudson achieved strong third quarter results to close out the 2025 nine-month selling season, highlighted by revenue growth of 20%, improved gross margin of 32%, and a 59% increase in net income to $12.4 million or $0.27 per diluted share. Additionally, we continue to expand our strategic supply chain of after-market refrigerants through outreach and awareness campaigns to encourage the return of used refrigerant by contractors servicing cooling systems.

"Revenue growth in the quarter was driven by increased sales volume and higher average pricing for refrigerants sold, with our strong gross margin of 32.0% reflecting the more favorable pricing environment. We are maintaining our expectation of mid-twenty percent gross margin for the full year as the fourth quarter period has historically resulted in seasonally lower revenue and gross margin as a large portion of our customers transition to heating applications for the fall and winter seasons.

"Subsequent to the close of the quarter, we announced that we have again been awarded a contract to support the U.S. military as prime contractor with the U.S. Defense Logistics Agency ("DLA"), after a standard competitive review and rebidding process. The indefinite delivery, indefinite quantity contract comprises the supply of certain refrigerants, industrial gases and equipment and is valued at $210 million for the first five-year base period, with a five-year renewal option. Hudson has served as prime contractor to the DLA since 2016 and we believe our selection demonstrates the strength of our nine-year partnership and our success providing critical materials to the nation's many military installations and facilities. We look forward to continuing our relationship as a valued partner to the U.S. military.

"We move toward the close of 2025 having further strengthened our unlevered balance sheet with approximately $90 million in cash at September 30, 2025. We continue to maintain a disciplined capital allocation strategy which includes: investing in organic growth, pursuing acquisition opportunities that have the potential to strengthen our capabilities or enhance our footprint, and the opportunistic repurchase of our stock. During the third quarter the Company repurchased $1.3 million in common stock, bringing our total repurchases to date in 2025 to $5.8 million under our stock buyback program," Mr. Bertaux concluded.

**<u>Three Months Results</u>**

For the quarter ended September 30, 2025, Hudson reported:

&nbsp;&nbsp;&nbsp;&nbsp;· Revenues increased 20% to $74.0 million compared
to revenues of $61.9 million in the comparable 2024 period. The revenue improvement reflects increased sales volume and higher average
pricing for refrigerants sold as compared to the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Gross margin of 32.0%, compared to 25.7% in the
third quarter of 2024 was primarily driven by increased pricing as compared to the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Selling, general and administrative expenses
increased to $8.9 million compared to $8.1 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Operating income doubled to $14.0 million, compared
to operating income of $7.0 million in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;· Net income improved by 59% to $12.4 million or
$0.28 per basic and $0.27 per diluted share in the third quarter of 2025, compared to net income of $7.8 million or $0.17 per basic and
diluted share in the same period of 2024.

**<u>Nine Month Results</u>**

For the nine months ended September 30, 2025, Hudson reported:

&nbsp;&nbsp;&nbsp;&nbsp;· Revenues of $202.2 million decreased slightly
compared to revenues of $202.5 million for the first nine months of 2024. Revenues declined primarily related to a slight decrease in
sales pricing, partially offset with a slight increase in sales volume during the first nine months of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Gross margin of 29.0%, compared to gross margin
of 29.6% in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Selling, general and administrative expenses
increased to $26.3 million compared to $25.0 million in the first nine months of 2024. The increase in SG&A is related to the Company's
initiative to strategically add staffing, which began in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Operating income of $29.8 million compared to
operating income of $32.5 million in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· Net income of $25.3 million or $0.58 per basic
and $0.56 per diluted share, compared to net income of $27.0 million or $0.59 per basic and $0.57 per diluted share in the first nine
months of 2024.

At September 30, 2025 the Company reported $89.7 million in cash and cash equivalents.

**Conference Call Information**

Hudson Technologies will host a conference call and webcast today, Wednesday, November 5, 2025 at 5:00 p.m. Eastern Time to discuss the Company's third quarter 2025 results.

Please visit this link at least 5 minutes prior to the scheduled start time in order to register and receive dial-in and webcast details.

A replay of the teleconference will be available until December 5, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53054.

**About Hudson Technologies**

Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the first in the United States and 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 standard for reuse as certified EMERALD Refrigerants™. 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. The Company's SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility's refrigeration systems and other energy systems. The Company's Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company's products and services, the Company also generates carbon offset projects.

**Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995**

Statements contained herein which are not historical facts constitute forward-looking statements. 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 its existing credit 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 the Company's 10-K for the year ended December 31, 2024 and other subsequent filings with the Securities and Exchange Commission. 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.

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| | |
|:---|:---|
| **<u>Investor Relations Contact:</u>**<br> John Nesbett/Jennifer Belodeau<br> IMS Investor Relations<br> (203) 972-9200<br> hudson@imsinvestorrelations.com | **<u>Company Contact:</u>**<br> Brian Bertaux, Chief Financial Officer<br> Hudson Technologies, Inc.<br> (845) 735-6000<br> bbertaux@hudsontech.com |

---

**Hudson Technologies, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

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

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** | |
| **<u>Assets</u>** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $89681 | $70134 |
| &nbsp;&nbsp;Trade accounts receivable – net of allowance for credit losses of $977 and $1,079, respectively | 25366 | 13629 |
| &nbsp;&nbsp;Inventories | 97414 | 96247 |
| &nbsp;&nbsp;Income tax receivable | 4284 | 6284 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 17614 | 9218 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 234359 | 195512 |
| Property, plant and equipment, less accumulated depreciation | 22781 | 21554 |
| Goodwill | 62280 | 62280 |
| Intangible assets, less accumulated amortization | 11632 | 14100 |
| Right of use asset | 5537 | 6878 |
| Other assets | 2357 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $338946 | $302652 |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Trade accounts payable | $19994 | $8692 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 42202 | 33813 |
| &nbsp;&nbsp;Accrued payroll | 1837 | 3704 |
| &nbsp;&nbsp;Other short-term liabilities |  | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 64033 | 47809 |
| Deferred tax liability | 5536 | 4076 |
| Long-term lease liabilities | 3488 | 4917 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 73057 | 56802 |
| **Commitments and contingencies** |  |  |
| **Stockholders' equity:** |  |  |
| &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;Common stock, $0.01 par value; shares authorized 100,000,000; issued and outstanding: 43,598,202 and 44,284,374, respectively | 436 | 443 |
| &nbsp;&nbsp;Additional paid-in capital | 105538 | 110792 |
| &nbsp;&nbsp;Retained earnings | 159915 | 134615 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 265889 | 245850 |
| **Total Liabilities and Stockholders' Equity** | $338946 | $302652 |

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**Hudson Technologies, Inc. and Subsidiaries**

**Consolidated Statements of Income**

**(unaudited)**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months** | **Three months** | **Nine months** | **Nine months** |
|  | **ended September 30,** | **ended September 30,** | **ended September 30,** | **ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $74012 | $61943 | $202204 | $202475 |
| **Cost of sales** | 50338 | 46001 | 143651 | 142541 |
| **Gross profit** | 23674 | 15942 | 58553 | 59934 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 8883 | 8059 | 26318 | 25019 |
| &nbsp;&nbsp;Amortization | 823 | 910 | 2468 | 2368 |
| &nbsp;&nbsp;**Total operating expenses** | 9706 | 8969 | 28786 | 27387 |
| **Operating income** | 13968 | 6973 | 29767 | 32547 |
| **Other (income) expense:** |  |  |  |  |
| Interest expense (income) | (792) | (315) | (2019) | 51 |
| Other income | (1600) | (2250) | (1600) | (2250) |
| **Total other income** | (2392) | (2565) | (3619) | (2199) |
| **Income before income taxes** | 16360 | 9538 | 33386 | 34746 |
| **Income tax expense** | 3986 | 1732 | 8086 | 7793 |
| **Net income** | $12374 | $7806 | $25300 | $26953 |
| Net income per common share – Basic | $0.28 | $0.17 | $0.58 | $0.59 |
| Net income per common share – Diluted | $0.27 | $0.17 | $0.56 | $0.57 |
| Weighted average number of shares outstanding – Basic | 43652094 | 45435458 | 43778866 | 45486263 |
| Weighted average number of shares outstanding – Diluted | 45245197 | 47135443 | 45329681 | 47278638 |

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**Hudson Technologies, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**(unaudited)**

(Amounts in thousands)

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| | | |
|:---|:---|:---|
|  | **Nine months** | **Nine months** |
|  | **ended September 30,** | **ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $25300 | $26953 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation | 2105 | 2274 |
| &nbsp;&nbsp;Amortization of intangible assets | 2468 | 2368 |
| &nbsp;&nbsp;Gain on measurement of earn-out liability | (1600) |  |
| &nbsp;&nbsp;Impairment of long lived assets |  | 441 |
| &nbsp;&nbsp;Lower of cost or net realizable value inventory adjustment | 211 | 3811 |
| &nbsp;&nbsp;Allowance for credit losses | 300 | 14 |
| &nbsp;&nbsp;Share based compensation | 631 | 808 |
| &nbsp;&nbsp;Amortization of deferred finance costs | 170 | 171 |
| &nbsp;&nbsp;Deferred tax expense (benefit) | 1460 | (1020) |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;Trade accounts receivable | (12038) | (733) |
| &nbsp;&nbsp;Inventories | (1378) | 52189 |
| &nbsp;&nbsp;Prepaid and other assets | (8595) | (6732) |
| &nbsp;&nbsp;Lease obligations |  | (6) |
| &nbsp;&nbsp;Income taxes receivable | 2000 | 1794 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 18347 | (11229) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash provided by operating activities** | 29381 | 71103 |
| **Cash flows from investing activities:** |  |  |
| Payments for acquisition |  | (20670) |
| Additions to property, plant, and equipment | (3942) | (3752) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash used in investing activities** | (3942) | (24422) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from issuance of common stock | 45 |  |
| Excess tax benefits from exercise of stock options |  | (4) |
| Repurchase of common shares | (5820) | (2636) |
| Excise tax on repurchase of common shares | (117) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash used in financing activities** | (5892) | (2640) |
| Increase in cash and cash equivalents | 19547 | 44041 |
| Cash and cash equivalents at beginning of period | 70134 | 12446 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash and cash equivalents at end of period** | $89681 | $56487 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $431 | $529 |
| Cash paid for income taxes – net | $4627 | $7042 |
| Property and equipment included in accrued expenses and other current liabilities | $3 | $— |

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