Hudson Technologies, Inc. (HDSN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en rápida evolución de la sostenibilidad ambiental, Hudson Technologies, Inc. (HDSN) surge como una fuerza pionera en la recuperación y gestión de refrigerantes, transformando los desafíos de enfriamiento industrial en soluciones innovadoras y ecológicas. Al cerrar estratégicamente la experiencia tecnológica con la administración ambiental, la compañía ha desarrollado un modelo de negocio robusto que no solo aborda las necesidades críticas de reducción de gases de efecto invernadero, sino que también proporciona servicios rentables a los contratistas de HVAC, los operadores de sistemas de enfriamiento industrial y los proveedores de servicios ambientales. Su enfoque único combina tecnologías de procesamiento avanzadas, cumplimiento regulatorio integral y un compromiso para reducir el impacto ambiental, posicionar las tecnologías de Hudson como un jugador crítico en el ecosistema de refrigerante sostenible.

Hudson Technologies, Inc. (HDSN) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de refrigerantes

Hudson Technologies se asocia con los siguientes fabricantes de refrigerantes:

Fabricante	Detalles de la asociación	Volumen anual
Compañía de químicas	Proveedor de refrigerante primario	1.2 millones de libras anuales
Arkema Inc.	Proveedor de refrigerante secundario	750,000 libras anuales

HVAC y fabricantes de sistemas de enfriamiento industrial

Las asociaciones estratégicas clave incluyen:

• Corporación del transportista
• Tecnologías de Trane
• Johnson controla

Cumplimiento ambiental y empresas de consultoría regulatoria

Hudson Technologies colabora con socios especializados de cumplimiento ambiental:

Consultoría	Especialización	Tarifas de consultoría anuales
ICF International	Cumplimiento regulatorio de la EPA	$425,000
Gestión de recursos ambientales (ERM)	Consultoría de regulación climática	$375,000

Proveedores de servicios de reciclaje y recuperación

Las asociaciones de recuperación incluyen:

• Servicios ambientales de limpieza Harbors
• Sistemas de kleen de seguridad
• Heritage-Crystal Limpio

Distribuidores y mayoristas en la industria de HVAC

Socios de red de distribución:

Distribuidor	Cobertura geográfica	Volumen de ventas anual
Ferguson Enterprises	Nacional	$ 3.2 millones
Watsco Inc.	Sudeste de los Estados Unidos	$ 2.7 millones

Hudson Technologies, Inc. (HDSN) - Modelo de negocio: actividades clave

Reclamación y reciclaje de refrigerantes

Hudson Technologies recuperó 1,870,000 libras de refrigerante en 2022, que representa un servicio ambiental crítico en la industria de HVACR.

Métricas de recuperación de refrigerante	Rendimiento 2022
Refrigerante total recuperado	1,870,000 libras
Impacto ambiental	Equivalente a reducir 1.3 millones de toneladas métricas de CO2

Proporcionar servicios de gestión de refrigerantes

La compañía ofrece soluciones integrales de gestión de refrigerantes con un enfoque en:

• Recuperación de refrigerante en el sitio
• Gestión de inventario
• Seguimiento de cumplimiento
• Informes ambientales

Desarrollo de soluciones ambientales innovadoras

Área de innovación	Enfoque clave
Tecnologías de refrigerante	Procesos de recuperación avanzados
Cumplimiento ambiental	Soluciones regulatorias de la EPA

Venta de refrigerantes recuperados y refinados

Hudson Technologies generó $ 89.4 millones en ingresos por ventas de refrigerantes en 2022.

Métricas de ventas de refrigerante	Datos 2022
Ingresos totales de ventas	$ 89.4 millones
Precio promedio de refrigerante	$ 12.50 por libra

Ofreciendo soporte técnico y consultoría

• Consultoría de cumplimiento de la EPA
• Optimización del sistema HVACR
• Capacitación de gestión de refrigerantes
• Desarrollo de la estrategia de sostenibilidad

Los servicios de consultoría técnica contribuyeron con aproximadamente el 15% de los ingresos totales de la compañía en 2022.

Hudson Technologies, Inc. (HDSN) - Modelo de negocio: recursos clave

Instalaciones avanzadas de procesamiento de refrigerantes

Hudson Technologies opera un Instalación de recuperación de 22,000 pies cuadrados Ubicado en Hauppauge, Nueva York. La instalación es capaz de procesar aproximadamente 4 millones de libras de refrigerante anualmente.

Métrica de la instalación	Especificación
Capacidad de procesamiento total	4 millones de libras por año
Ubicación de la instalación	Hauppauge, Nueva York
Tamaño de la instalación	22,000 pies cuadrados

Experiencia técnica especializada

Hudson Technologies mantiene un equipo técnico con una amplia experiencia de la industria.

• Experiencia de personal técnico promedio: más de 15 años en gestión de refrigerantes
• Técnicos certificados en múltiples categorías de manejo de refrigerantes de la EPA
• Capacidades de ingeniería interna para proyectos complejos de recuperación de refrigerantes

Tecnologías de recuperación de refrigerantes propietarios

La compañía ha desarrollado Múltiples tecnologías de procesamiento de refrigerantes propietarios, con 3 patentes activas relacionado con técnicas de recuperación de refrigerantes.

Inventario integral de productos refrigerantes

Tipo de refrigerante	Volumen de inventario (2023)
R-22	375,000 libras
R-410A	250,000 libras
Otros refrigerantes especializados	125,000 libras

Conocimiento y certificaciones de cumplimiento regulatorio

• Certificación de la Sección 608 de la EPA
• Certificación del sistema de gestión de calidad ISO 9001: 2015
• Cumplimiento integral de las regulaciones de la Ley de Aire Limpio

A partir del año fiscal 2023, Hudson Technologies mantiene $ 8.2 millones en valor total de activos directamente relacionado con el procesamiento de refrigerantes y la infraestructura de recuperación.

Hudson Technologies, Inc. (HDSN) - Modelo de negocio: propuestas de valor

Soluciones de refrigerante ambientalmente sostenibles

Hudson Technologies recuperó 1,245,000 libras de refrigerante en 2022, representando un Reducción de 2,49 millones de toneladas métricas de emisiones equivalentes de CO2.

Métrica de recuperación de refrigerante	Rendimiento 2022
Total de libras recuperadas	1,245,000 libras
Las emisiones equivalentes de CO2 reducidas	2.49 millones de toneladas métricas

Servicios de gestión de refrigerantes rentables

En 2022, Hudson Technologies generó $ 93.4 millones en ingresos totales, con servicios de refrigerante que representan una parte significativa de su modelo de negocio.

• Ahorro promedio de costos para los clientes: 35-45% en comparación con la compra de nuevos refrigerantes
• Costo de recuperación de refrigerante: $ 3.50- $ 4.50 por libra

Reducción de emisiones de gases de efecto invernadero

Métrica de reducción de emisiones	Datos 2022
Emisiones de refrigerante previstas	1.8 millones de libras
Reducción equivalente de gases de efecto invernadero	4.1 millones de toneladas métricas CO2

Cumplimiento de la EPA y las regulaciones ambientales

Hudson Technologies mantiene 100% Cumplimiento de las regulaciones de la EPA para gestión y recuperación de refrigerantes.

• Certificación de la Sección 608 de la EPA
• Cumplimiento de la Ley de Aire Limpio
• Registrado con todas las agencias ambientales estatales

Productos refrigerantes recuperados de alta calidad

Calidad del producto refrigerante	Métricas de rendimiento
Nivel de pureza	99.5% o más
Capacidad de recuperación	1.5 millones de libras anuales
Tasa de recuperación del producto	92-95%

Hudson Technologies, Inc. (HDSN) - Modelo de negocios: relaciones con los clientes

Equipos directos de ventas y soporte técnico

A partir del cuarto trimestre de 2023, Hudson Technologies mantiene un equipo de ventas directo de 27 profesionales que se especializan en HVAC y soluciones de gestión de refrigerantes. El personal de soporte técnico consta de 15 ingenieros dedicados con experiencia promedio de la industria de 12.4 años.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	27
Ingenieros de soporte técnico	15
Tiempo promedio de respuesta al cliente	2.3 horas

Contratos de servicio a largo plazo

Hudson Technologies reportó 62 contratos de servicio activos a largo plazo en 2023, lo que representa $ 4.7 millones en ingresos anuales recurrentes.

Consulta del cliente específica de la industria

• Servicios de consulta especializados para sectores de HVAC y refrigeración
• Valor de participación de consulta promedio: $ 37,500
• Ingresos de consulta total en 2023: $ 1.2 millones

Portal de clientes en línea y sistemas de soporte

Métricas de soporte en línea	2023 datos
Usuarios totales del portal	1,247
Usuarios activos mensuales	687
Tasa de resolución de autoservicio	68%

Enfoque colaborativo de resolución de problemas

Métricas de participación del cliente:

• Sesiones de resolución de problemas conjuntos realizadas: 43 en 2023
• Calificación promedio de satisfacción del cliente: 4.6/5
• Repita la tasa comercial: 87%

Hudson Technologies, Inc. (HDSN) - Modelo de negocios: canales

Fuerza de ventas directa

A partir de 2024, Hudson Technologies mantiene un equipo de ventas directo centrado en los mercados de recuperación de HVAC y refrigerantes. El equipo de ventas comprende aproximadamente 18-20 representantes profesionales de ventas dirigidos a clientes comerciales e industriales.

Tipo de canal de ventas	Número de representantes	Cobertura geográfica
Ventas industriales directas	12	Estados Unidos
Ventas comerciales de HVAC	6-8	América del norte

Plataforma de comercio electrónico en línea

Hudson Technologies opera una plataforma de ventas digitales con un volumen anual de transacciones en línea estimado en $ 3.2 millones en 2023.

• Sitio web: www.hudsontech.com
• Catálogo de productos en línea con 127 productos de recuperación de refrigerantes
• Capacidades de pedido digital para clientes comerciales registrados

Ferias y conferencias comerciales de la industria

La compañía participa en 6-8 conferencias de la industria de HVAC y refrigeración anualmente, con gastos de marketing estimados de $ 275,000 en 2023.

Redes de distribuidores y mayoristas

Hudson Technologies mantiene asociaciones con 42 distribuidores autorizados en América del Norte.

Tipo de distribuidor	Número de socios	Volumen de ventas anual
Mayoristas de HVAC	28	$ 7.4 millones
Distribuidores de equipos de refrigeración	14	$ 3.9 millones

Canales de marketing digital y comunicación

El presupuesto de marketing digital para 2024 se proyecta en $ 412,000, con una estrategia de participación multicanal.

• LinkedIn: 4.200 seguidores profesionales
• Twitter: 1.800 seguidores de la industria
• Base de datos de marketing por correo electrónico: 12,500 contactos
• Circulación mensual de boletín digital: 9,700 suscriptores

Hudson Technologies, Inc. (HDSN) - Modelo de negocio: segmentos de clientes

Contratistas de HVAC

Hudson Technologies atiende a aproximadamente 3.500 contratistas de HVAC en todo el país a partir de 2024. La compañía proporciona servicios de recuperación y reemplazo de refrigerantes específicamente adaptados a las necesidades de la industria de HVAC.

Tipo de cliente	Penetración del mercado	Volumen de servicio anual
Contratistas de HVAC	3.500 clientes activos	42,000 interacciones de servicio

Operadores de sistemas de enfriamiento industrial

Hudson Technologies admite aproximadamente 750 operadores de sistemas de enfriamiento industrial en múltiples sectores, incluidos las industrias de fabricación, procesamiento de alimentos y químicos.

• Base de clientes industriales totales: 750 clientes
• Valor promedio de contrato de servicio anual: $ 87,500
• Volumen de servicios de gestión de refrigerantes: 1.2 millones de libras anuales

Gerentes de edificios comerciales y residenciales

La compañía atiende a aproximadamente 2.800 organizaciones de gestión de edificios comerciales y residenciales, centrándose en el cumplimiento de los refrigerantes y los servicios ambientales.

Tipo de edificio	Conteo de clientes	Frecuencia de servicio
Edificios comerciales	1.950 clientes	Inspecciones trimestrales
Complejos residenciales	850 clientes	Servicios bianuales

Fabricantes de equipos de refrigeración

Hudson Technologies colabora con 125 fabricantes de equipos de refrigeración, que proporciona servicios especializados de gestión de refrigerantes y soporte técnico.

• Asociaciones totales del fabricante: 125
• Horas de consulta técnica anual: 4.500
• Volumen de recuperación de refrigerante para fabricantes: 680,000 libras

Proveedores de servicios ambientales

La compañía apoya a 220 proveedores de servicios ambientales con soluciones especializadas de gestión de refrigerantes y cumplimiento.

Categoría de servicio	Recuento de proveedores	Apoyo anual de cumplimiento
Empresas de consultoría ambiental	180 proveedores	2,160 informes de cumplimiento
Especialistas en cumplimiento regulatorio	40 proveedores	480 evaluaciones técnicas

Hudson Technologies, Inc. (HDSN) - Modelo de negocio: Estructura de costos

Procesamiento de refrigerante y gastos de recuperación

Para el año fiscal 2023, Hudson Technologies informó gastos de procesamiento y recuperación de refrigerantes de $ 12.3 millones. El desglose de costos incluye:

Categoría de gastos	Monto ($)
Colección de refrigerante	4,750,000
Procesamiento de recuperación	3,850,000
Transporte y logística	2,700,000
Mantenimiento del equipo	1,000,000

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2023 totalizaron $ 2.1 millones, con áreas de enfoque clave:

• Tecnologías de reciclaje de refrigerante: $ 1,200,000
• Soluciones de cumplimiento ambiental: $ 550,000
• Técnicas de purificación avanzada: $ 350,000

Mantenimiento y operaciones de las instalaciones

Los gastos relacionados con la instalación para 2023 ascendieron a $ 5.6 millones, detallados de la siguiente manera:

Costo operativo	Monto ($)
Alquiler de instalaciones y servicios públicos	2,300,000
Depreciación del equipo	1,800,000
Mantenimiento y reparaciones	1,500,000

Costos de cumplimiento y adherencia regulatoria

Los gastos de cumplimiento para 2023 fueron de $ 1.8 millones, que incluyen:

• Cumplimiento regulatorio ambiental: $ 850,000
• Tarifas legales y de consultoría: $ 650,000
• Gastos de certificación y auditoría: $ 300,000

Gastos de ventas y marketing

Los costos de ventas y marketing para 2023 totalizaron $ 3.2 millones, asignados de la siguiente manera:

Gasto de marketing	Monto ($)
Marketing digital	950,000
Participación en la feria y la conferencia	750,000
Compensación del equipo de ventas	1,500,000

Hudson Technologies, Inc. (HDSN) - Modelo de negocios: flujos de ingresos

Venta de refrigerantes recuperados

Ingresos de ventas de refrigerantes recuperadas en 2022: $ 31.8 millones

Tipo de refrigerante	Volumen de ventas anual	Precio promedio por libra
R-22	1.2 millones de libras	$ 18.50/lb
R-134A	850,000 libras	$ 12.75/lb

Tarifas de servicio de gestión de refrigerantes

Tarifas de servicio totales en 2022: $ 12.5 millones

• Servicios de recuperación de refrigerante en el sitio
• Gestión de inventario de refrigerante
• Seguimiento e informes de cumplimiento

Servicios de consultoría técnica

Ingresos de consultoría para 2022: $ 4.2 millones

Tipo de servicio de consultoría	Valor promedio del proyecto
Optimización del sistema HVAC	$ 85,000 por proyecto
Consultoría de cumplimiento ambiental	$ 65,000 por compromiso

Soluciones de cumplimiento ambiental

Ingresos de la solución de cumplimiento en 2022: $ 6.7 millones

• Soporte de cumplimiento de la regulación de la EPA
• Servicios de informes de emisiones
• Desarrollo del programa de sostenibilidad

Ventas de equipos y tecnología

Ingresos de ventas de equipos para 2022: $ 8.3 millones

Categoría de equipo	Volumen de ventas anual	Precio unitario promedio
Máquinas de recuperación de refrigerante	425 unidades	$ 12,500 por unidad
Equipo de prueba de diagnóstico	210 unidades	$ 22,000 por unidad

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Hudson Technologies, Inc. (HDSN) right now, deep into the HFC phase-down era. The value proposition is built on necessity, compliance, and operational improvement, backed by real-world financial performance.

Reliable supply of essential refrigerants during HFC phase-down

Hudson Technologies, Inc. positions its reclamation business as the critical bridge for maintaining existing equipment as virgin HFC supply tightens. The regulatory environment, specifically the AIM Act, is forcing this scarcity. For instance, by September 30, 2025, annual U.S. HFC consumption is mandated to be 40% below the baseline level. This scarcity directly elevates the value of reclaimed product. The company's strategic acquisition of USA Refrigerants in 2024 bolstered this capability, following an 18% increase in overall reclaim volume in 2024. This focus on recovery and reclamation is what keeps essential cooling systems running.

Reclaimed refrigerants with up to 70% lower emissions than virgin product

The environmental benefit is quantified, which is key for corporate sustainability goals. Supplying one unit of reclaimed R-410A for servicing existing equipment results in life-cycle emissions that are 47%-70% lower when compared directly to using virgin R-410A, considering the entire supply chain. This massive reduction in greenhouse gas impact is a direct value add for customers facing ESG (Environmental, Social, and Governance) scrutiny.

Compliance solution for commercial and governmental HFC mandates

The value here is de-risking regulatory exposure. As the EPA enforces the AIM Act, the availability of compliant refrigerant becomes paramount. Hudson Technologies, Inc. provides the necessary supply of reclaimed HFCs to service the existing installed base that still relies on higher-GWP products while new equipment transitions. The company's strong financial footing, with $81.0 million in cash and no debt at the end of Q1 2025, suggests stability in providing this essential compliance service.

System optimization and energy efficiency services (SmartEnergy OPS)

Beyond just the chemical supply, Hudson Technologies, Inc. offers services that improve operational expenditure. The SmartEnergy OPS® service is a web-based, real-time continuous monitoring service for refrigeration and other energy systems. While specific revenue for this segment isn't broken out, the overall financial performance shows the market is responding to their offerings. For example, Hudson Technologies, Inc. posted Q3 2025 revenue of $74.01 million and an operating margin of 18.9% for that quarter. The nine-month 2025 revenue was $202.2 million.

Fast, portable on-site service with the Zugibeast system

This speaks to the service delivery model, ensuring that when a contractor needs refrigerant or service, the process is efficient. The company is actively working to make recovery easy for contractors, such as through a pilot program in Washington, D.C., that pays them for recovered refrigerant, turning a former expense into a revenue stream. This focus on the service ecosystem supports the overall value chain for both supply and recovery.

Here's a quick look at the financial context supporting the business as of late 2025:

Metric	Period/Date	Value
Revenue	Q3 2025	$74.01 million
Revenue	First Nine Months of 2025	$202.2 million
GAAP Earnings Per Share (EPS)	Q3 2025	$0.27
Operating Margin	Q3 2025	18.9%
Gross Margin	Q1 2025	22%
Gross Margin	First Nine Months of 2025	29.0%
Cash and Equivalents (Net of Debt)	Q1 2025	$81.0 million
Share Repurchases Year-to-Date	Through Q1 2025	$4.5 million

What this estimate hides is the exact revenue contribution from the SmartEnergy OPS® service, but the overall strong Q3 performance, with revenue up 20% year-over-year for the quarter, shows the combined product and service offering is gaining traction. Finance: draft 13-week cash view by Friday.

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Customer Relationships

Hudson Technologies, Inc. maintains long-standing, direct B2B relationships with its industrial, commercial, and institutional customers. These relationships thrive based on the company's ability to reliably provide the full range of needed refrigerants, which is met with reciprocity in the form of customers returning recovered refrigerants integral to the supply chain. The company serves the U.S. military as prime contractor with the U.S. Defense Logistics Agency ("DLA"), a contract valued at $210 million for the first five-year base period. Revenue from the DLA contract was consistent with the historical mid-$30 million annualized run rate in the first quarter of 2025.

For complex system issues and ongoing service, Hudson Technologies provides dedicated support through a suite of auxiliary services. These services include:

• On-site leak detection.
• System charging.
• Cylinder rental.

The transactional nature of the bulk refrigerant orders is evident in the reported quarterly revenues. For instance, third-quarter 2025 revenue grew 20% to $74.0 million, driven by increased sales volume and higher average pricing. The first quarter of 2025 saw revenue of $55.3 million, which was a 15% decrease year-over-year due to lower refrigerant prices. The second quarter of 2025 reported revenues of $72.8 million.

Quarter Ended	Revenue (Millions USD)	Gross Margin (%)	Net Income (Millions USD)
March 31, 2025 (Q1)	$55.3	22%	$2.8
June 30, 2025 (Q2)	$72.8	31%	$10.2
September 30, 2025 (Q3)	$74.0	32.0%	$12.4

Hudson Technologies actively engages in promotional outreach to HVACR contractors to secure recovered refrigerant returns, which feeds its reclamation business. An example is the partnership with the DC Sustainable Energy Utility (DCSEU) to launch a refrigerant recovery pilot program in Washington, D.C. Through this pilot, Hudson provides contractors with:

• Training on recovery best practices.
• Proper storage containers for used refrigerants.
• Coverage of shipping and logistics costs.
• Financial incentives for recovered refrigerant, in addition to DCSEU incentives.

The company's efforts in promoting field recovery practices have shown results, with refrigerant reclamation volume increasing by 18% in 2024. The company notes that refrigerant recovery, reclamation, and reuse can result in 70% less emissions compared to using newly manufactured refrigerant.

For investor relations, Hudson Technologies maintains financial transparency through regular reporting and capital deployment updates. As of June 30, 2025, the company reported an unlevered balance sheet with $84.3 million in cash and no debt. By September 30, 2025, cash increased to $90 million with no debt. The company has been executing on its capital allocation strategy, repurchasing $5.8 million of common stock year-to-date through the third quarter of 2025 under its stock buyback plan. The third quarter of 2025 saw net income of $12.4 million, or $0.27 per diluted share.

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Channels

You're looking at how Hudson Technologies, Inc. (HDSN) gets its products and services-refrigerants, reclamation, and monitoring-to the market as of late 2025. The channels are a mix of direct engagement for large contracts and reliance on the established trade network.

Direct sales force engagement with B2B customers is critical, especially for securing major, long-term government business. This direct approach supports the high-value contracts that anchor a portion of their revenue. For instance, the recent renewal of the U.S. Defense Logistics Agency (DLA) contract is a direct channel win, valued at an impressive $210 million for its first five-year base period. This direct government channel is a significant component of their stability. The company's overall size, supporting these efforts, is represented by its total workforce of 237 employees as of late 2025.

The company emphasizes a national network of distribution and service locations to ensure broad coverage across the United States, which is necessary for a refrigerant services company. While the exact number of physical locations isn't public, the scope of their operations is national, supporting their position as the only player with an extensive reach throughout the country in the reclamation space, holding 35% of the U.S. reclamation market.

Refrigerant wholesalers and distributors as key partners form the backbone of their product sales channel, alongside direct sales to end-users like industrial facilities and supermarkets. These partners are essential for moving refrigerant and industrial gas sales volume. The company's Q3 2025 revenue of $74.0 million, a 20% increase year-over-year, reflects the effectiveness of these combined sales efforts during the core selling season.

The web-based real-time monitoring service for facilities, known as SmartEnergy OPS®, is a distinct channel for service delivery. This digital offering provides continuous monitoring for refrigeration and energy systems, adding a recurring service element to the business. While specific subscriber numbers aren't disclosed, this service is part of the portfolio that contributes to the company's overall financial health, evidenced by the $12.4 million in net income reported for Q3 2025.

For technician outreach, Hudson Technologies, Inc. uses industry events and trade shows to promote its services, particularly those related to field recovery and reclamation, like the RefrigerantSide® Services. Kathleen Houghton, Senior VP of Sales & Marketing, noted the effectiveness of outreach to technicians in Q3 2025. This outreach supports the reclamation business, which saw its volume increase by 18% in 2024, positioning them well for continued growth as the industry transitions.

Here's a quick look at the financial scale supporting these channels as of the third quarter of 2025:

Metric	Value (as of Sept 30, 2025)
Q3 2025 Revenue	$74.0 million
Revenue (Nine Months Ended Sept 30, 2025)	$202.2 million
Q3 2025 Gross Margin	32.0%
Cash and Equivalents	$90 million
Total Debt	Zero
DLA Contract Value (5-Year Base Period)	$210 million

The company also uses other diagnostic service offerings like Chiller Chemistry® and Chill Smart®.

You should check the Q4 2025 earnings release when it drops to see how the seasonally slower fourth quarter impacted the full-year gross margin projection of slightly above mid-20%. Finance: draft 13-week cash view by Friday.

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Hudson Technologies, Inc. (HDSN) as we move past the third quarter of 2025. The company serves a mix of critical end-users and the service providers who reach them directly.

Commercial air conditioning and refrigeration system owners/operators

This group represents the core market for Hudson Technologies' refrigerant products and reclamation services. They are the entities that operate large-scale cooling systems in commercial properties, data centers, and other facilities requiring consistent HVACR maintenance. The company's strategy involves encouraging these operators to adopt responsible refrigerant management, which feeds their reclamation business.

Industrial processing facilities requiring specialized gases

Facilities involved in manufacturing, chemical processing, or other industrial applications that require specific compressed gases are a segment Hudson Technologies serves. This is tied into their broader supply chain capabilities, which also support their government contracts.

Governmental entities, notably the U.S. military (DLA contract)

This segment is anchored by a significant, long-term relationship with the U.S. Defense Logistics Agency (DLA). Hudson Technologies retained its prime contractor status following a competitive review, securing a major award in late 2025. This contract is vital for understanding the stability of a portion of their revenue stream.

• The DLA contract, announced October 22, 2025, is valued at approximately $210 million for the initial five-year base period.
• This is an indefinite delivery, indefinite quantity (IDIQ) contract that includes a five-year renewal option.
• Hudson Technologies has been the DLA prime contractor since 2016, demonstrating a nine-year partnership as of 2025.
• Primary users under this contract include the U.S. Army, Navy, Air Force, and Marine Corps.

HVACR contractors and service technicians

These are the direct channel partners who interact with the commercial and industrial end-users daily. Hudson Technologies actively engages this group through outreach and awareness campaigns to promote field recovery practices for used refrigerant. This activity is integral to sourcing the material for their reclamation business, which is a key growth area, especially with the ongoing HFC phase-down under the AIM Act.

Refrigerant wholesalers and equipment manufacturers

Wholesalers act as a distribution channel for Hudson Technologies' virgin and reclaimed refrigerant products. Equipment manufacturers are also customers, particularly as the industry transitions to lower Global Warming Potential (GWP) technologies, where Hudson's expertise and supply chain are positioned to be critical.

Here's a quick look at the financial context supporting the operations that serve these segments as of the end of the third quarter of 2025:

Financial Metric	Amount/Value	Date/Period
Last Twelve Months (TTM) Revenue	$236.85 million	As of September 30, 2025
Third Quarter 2025 Revenue	$74.0 million	Quarter ended September 30, 2025
Cash and Cash Equivalents	Approximately $90 million	September 30, 2025
Total Debt	$0	September 30, 2025
DLA Contract Base Period Value	$210 million	Five-year period starting late 2025

The company reported a strong unlevered balance sheet, ending the third quarter with no debt and nearly $90 million in cash.

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Hudson Technologies, Inc. (HDSN) as of late 2025, you see costs heavily weighted toward the inventory that fuels its core business and the operational expenses required to support its national reclamation network. The cost of goods sold (COGS) is intrinsically linked to the market price of refrigerants, both virgin and reclaimed, which directly impacts the reported gross margin.

The gross margin performance in 2025 shows the volatility and the success of managing inventory costs against market pricing. For instance, the third quarter of 2025 saw a strong gross margin of 32.0%, a significant improvement from the 25.7% seen in the third quarter of 2024. However, looking at the nine-month period ending September 30, 2025, the gross margin was 29.0%, slightly down from 29.6% in the prior-year period. This variation highlights how the cost of refrigerant inventory-virgin product purchases versus the cost to acquire and process reclaimed product-fluctuates.

Here's a look at the key cost components for the inventory and overhead:

Cost Component/Period	Amount	Context
Selling, General, and Administrative (SG&A) - Q3 2025	$8.9 million	Confirmed expense for the third quarter of 2025,.
Selling, General, and Administrative (SG&A) - Nine Months Ended September 30, 2025	$26.3 million	Reflects strategic staffing additions that began in 2024.
Selling, General, and Administrative (SG&A) - Q3 2024	$8.1 million	Prior-year comparison point for Q3 2025,.
Selling, General, and Administrative (SG&A) - Six Months Ended June 30, 2025	$17.4 million	Expense for the first half of 2025.

Operating costs for the reclamation facilities and the logistics network are embedded within COGS and SG&A, but the focus on the reclamation business is clear. Hudson Technologies, Inc. is actively expanding its strategic supply chain for aftermarket refrigerants through outreach and awareness campaigns aimed at contractors to encourage the return of used refrigerant,. This expansion suggests increasing fixed and variable operating costs associated with processing and logistics for reclaimed product, which is a key part of their COGS strategy.

Regarding capital expenditures for organic growth and technology investments, the company's stated capital allocation strategy remains committed to this area. The three pillars of capital deployment include:

• Investing in organic growth.
• Pursuing acquisition opportunities that are additive to capabilities.
• Opportunistic repurchase of stock,.

The commitment to growth is also evidenced by the increase in the share repurchase authorization. The board approved raising the limit to up to $20 million for calendar year 2025 (up from $10 million) and authorized up to $20 million for 2026,.

Staffing additions to support growth in the reclamation business are directly reflected in the SG&A figures. The $26.3 million in SG&A for the first nine months of 2025 specifically reflects strategic staffing additions that began in 2024. This shows you that overhead costs are increasing to support the long-term growth thesis centered on refrigerant reclamation, which is underpinned by regulatory phase-downs like the AIM Act.

Finance: draft the Q4 2025 SG&A projection based on Q3 run-rate by Tuesday.

Hudson Technologies, Inc. (HDSN) - Canvas Business Model: Revenue Streams

You're looking at how Hudson Technologies, Inc. actually brings in the money, and right now, it's a mix of product sales and high-value services, which is a smart way to balance market volatility. The core of the revenue comes from moving refrigerants, both the ones they process and the virgin product, alongside fees for managing that entire lifecycle for their customers.

Here are the main ways Hudson Technologies, Inc. generates its top line:

• Sale of reclaimed and virgin refrigerants and industrial gases.
• Refrigerant reclamation and management service fees.
• RefrigerantSide Services and system optimization fees.

The recent performance shows this model is working well, especially with pricing power. For the third quarter of 2025, Hudson Technologies, Inc. reported revenue of $74 million, which is a strong 20% year-over-year growth. This growth was fueled by increased sales volume and higher average pricing for the refrigerants they sell.

To give you a quick snapshot of that recent success, look at these figures from the Q3 2025 results:

Metric	Q3 2025 Value	Comparison/Context
Revenue	$74.0 million	20% YOY growth
Gross Margin	32.0%	Up from 25.7% in Q3 2024
Net Income	$12.4 million	Up 59% from the prior year
Reclamation Business Growth	Consistent with industry growth of 19%	Reflects strong service component

Beyond the transactional sales, a significant, more predictable revenue stream comes from large, long-term government contracts. Hudson Technologies, Inc. secured a renewal of a contract with the U.S. Defense Logistics Agency (DLA), valued at $210 million for the initial five-year base period. That kind of recurring, large-scale commitment helps stabilize the revenue base, even as they manage the cyclical nature of the cooling season.

Looking ahead, management is maintaining its expectation for the full-year 2025 gross margin to be slightly above the mid-20% range, even with the traditionally slower fourth quarter as customers shift to heating applications. The 32.0% gross margin achieved in Q3 definitely sets a high bar for that full-year target.