Hudson Technologies generated fourth quarter revenue of $44.4 million, a 28% increase driven by stronger sales volume. Gross margin declined to 8.0% due to $4.2 million in inventory-related costs, and the company recorded an $11.2 million operating loss (non-GAAP loss of $7.2 million) including $4.0 million of severance, resulting in a net loss of $8.6 million or $0.20 per share.

For the year ended December 31, 2025, revenues rose 4% to $246.6 million as sales volume grew 6% despite lower refrigerant pricing. Gross margin narrowed to 25.2%, SG&A increased to $40.2 million, yielding operating income of $18.6 million (non-GAAP $22.6 million) and net income of $16.7 million or $0.38 per share.

The company completed the accretive acquisition of Refrigerants Inc. in December 2025, following its USA Refrigerants purchase in 2024, expanding its geographic reach and feedstock capabilities. Annual refrigerant sales volume increased 6% and reclamation volume grew 18% for a second consecutive year, supporting long-term margins amid the HFC phase-down.

Hudson ended 2025 with an unlevered balance sheet and $39.5 million in cash. In Q4 it repurchased $14 million of stock to exhaust its 2025 authorization and obtained board approval for up to $20 million in share repurchases for each of 2025 and 2026, while restocking inventory ahead of the next selling season.