Hudson Technologies, Inc. (HDSN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução da sustentabilidade ambiental, a Hudson Technologies, Inc. (HDSN) surge como uma força pioneira na recuperação e gestão refrigerante, transformando desafios de resfriamento industrial em soluções inovadoras e ecológicas. Ao preencher estrategicamente a experiência tecnológica com a administração ambiental, a empresa desenvolveu um modelo de negócios robusto que não apenas atende às necessidades críticas de redução de gases de efeito estufa, mas também fornece serviços econômicos para empreiteiros de HVAC, operadores de sistemas de refrigeração industrial e provedores de serviços ambientais. Sua abordagem única combina tecnologias avançadas de processamento, conformidade regulatória abrangente e um compromisso de reduzir o impacto ambiental, posicionando as tecnologias Hudson como um participante crítico no ecossistema de refrigerante sustentável.

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: Parcerias -chave

Fabricantes e fornecedores de refrigerante

A Hudson Technologies faz parceria com os seguintes fabricantes de refrigerante:

Fabricante	Detalhes da parceria	Volume anual
Empresa Chemours	Fornecedor de refrigerante primário	1,2 milhão de libras anualmente
Arkema Inc.	Fornecedor de refrigerante secundário	750.000 libras por ano

Fabricantes de sistemas de refrigeração industrial e industrial

As principais parcerias estratégicas incluem:

• CORPORATION
• Tecnologias Trane
• Johnson controla

Empresas de conformidade ambiental e consultoria regulatória

A Hudson Technologies colabora com parceiros especializados de conformidade ambiental:

Empresa de consultoria	Especialização	Taxas anuais de consultoria
ICF International	Conformidade regulatória da EPA	$425,000
Gerenciamento de Recursos Ambientais (ERM)	Consultoria de regulação climática	$375,000

Provedores de serviços de reciclagem e recuperação

As parcerias de recuperação incluem:

• Clean Harbors Environmental Services
• Sistemas de Kleen de Segurança
• Clean-crystal do patrimônio

Distribuidores e atacadistas na indústria de HVAC

Parceiros de rede de distribuição:

Distribuidor	Cobertura geográfica	Volume anual de vendas
Ferguson Enterprises	Nacional	US $ 3,2 milhões
Watsco Inc.	Sudeste dos Estados Unidos	US $ 2,7 milhões

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: Atividades -chave

Recuperação e reciclagem de refrigerante

A Hudson Technologies recuperou 1.870.000 libras de refrigerante em 2022, representando um serviço ambiental crítico na indústria de HVACR.

Métricas de recuperação de refrigerante	2022 Performance
Refrigerante total recuperado	1.870.000 libras
Impacto ambiental	Equivalente a reduzir 1,3 milhão de toneladas de CO2

Fornecendo serviços de gerenciamento de refrigerante

A empresa oferece soluções abrangentes de gerenciamento de refrigerante com foco em:

• Recuperação de refrigerante no local
• Gerenciamento de inventário
• Rastreamento de conformidade
• Relatórios ambientais

Desenvolvendo soluções ambientais inovadoras

Área de inovação	Foco principal
Tecnologias de refrigerante	Processos avançados de recuperação
Conformidade ambiental	Soluções regulatórias da EPA

Vendendo refrigerantes recuperados e refinados

A Hudson Technologies gerou US $ 89,4 milhões em receita de vendas de refrigerante em 2022.

Métricas de vendas de refrigerante	2022 dados
Receita total de vendas	US $ 89,4 milhões
Preço médio de refrigerante	US $ 12,50 por libra

Oferecendo suporte técnico e consultoria

• Consultoria de conformidade da EPA
• Otimização do sistema HVACR
• Treinamento de gerenciamento de refrigerante
• Desenvolvimento da estratégia de sustentabilidade

Os serviços de consultoria técnica contribuíram com aproximadamente 15% da receita total da empresa em 2022.

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: Recursos -chave

Instalações de processamento de refrigerante avançado

Hudson Technologies opera um Instalação de recuperação de 22.000 pés quadrados Localizado em Hauppauge, Nova York. A instalação é capaz de processar aproximadamente 4 milhões de libras de refrigerante anualmente.

Métrica da instalação	Especificação
Capacidade total de processamento	4 milhões de libras por ano
Localização da instalação	Hauppauge, Nova York
Tamanho da instalação	22.000 pés quadrados

Experiência técnica especializada

A Hudson Technologies mantém uma equipe técnica com extensa experiência no setor.

• Experiência média da equipe técnica: mais de 15 anos em gerenciamento de refrigerante
• Técnicos certificados em várias categorias de manuseio de refrigerante EPA
• Recursos de engenharia internos para projetos complexos de recuperação de refrigerante

Tecnologias de recuperação de refrigerante proprietárias

A empresa desenvolveu Múltiplas tecnologias de processamento de refrigerante proprietário, com 3 patentes ativas relacionados às técnicas de recuperação de refrigerante.

Inventário abrangente de produtos de refrigerante

Tipo de refrigerante	Volume de inventário (2023)
R-22	375.000 libras
R-410A	250.000 libras
Outros refrigerantes especiais	125.000 libras

Conhecimento e certificações de conformidade regulatória

• Certificação da Seção 608 da EPA
• ISO 9001: 2015 Certificação do sistema de gestão da qualidade
• Conformidade abrangente com regulamentos da Lei do Ar Limpo

A partir do ano fiscal de 2023, a Hudson Technologies mantém US $ 8,2 milhões em valor total de ativos diretamente relacionado ao processamento de refrigerante e infraestrutura de recuperação.

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: proposições de valor

Soluções de refrigerante ambientalmente sustentável

Hudson Technologies recuperou 1.245.000 libras de refrigerante em 2022, representando um Redução de 2,49 milhões de toneladas métricas de emissões equivalentes a CO2.

Métrica de recuperação de refrigerante	2022 Performance
Total de libras recuperadas	1.245.000 libras
Emissões equivalentes a CO2 reduzidas	2,49 milhões de toneladas métricas

Serviços de gerenciamento de refrigerante econômicos

Em 2022, a Hudson Technologies gerou US $ 93,4 milhões em receita total, com serviços de refrigerante representando uma parcela significativa de seu modelo de negócios.

• Economia média de custos para clientes: 35-45% em comparação com a compra de novos refrigerantes
• Custo de recuperação de refrigerante: US $ 3,50 a US $ 4,50 por libra

Redução de emissões de gases de efeito estufa

Métrica de redução de emissão	2022 dados
Emissões de refrigerante impedidas	1,8 milhão de libras
Redução equivalente a gases de efeito estufa	4,1 milhões de toneladas métricas CO2

Conformidade com a EPA e regulamentos ambientais

A Hudson Technologies mantém 100% de conformidade com os regulamentos da EPA para gestão e recuperação de refrigerante.

• Certificação da Seção 608 da EPA
• Conformidade da Lei do Ar Limpo
• Registrado em todas as agências ambientais do estado

Produtos de refrigerante recuperados de alta qualidade

Qualidade do produto refrigerante	Métricas de desempenho
Nível de pureza	99,5% ou superior
Capacidade de recuperação	1,5 milhão de libras anualmente
Taxa de recuperação do produto	92-95%

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: Relacionamentos do cliente

Equipes diretas de vendas e suporte técnico

No quarto trimestre 2023, a Hudson Technologies mantém uma equipe de vendas direta de 27 profissionais especializados em soluções de gerenciamento de HVAC e refrigerante. A equipe de suporte técnico consiste em 15 engenheiros dedicados com experiência média no setor de 12,4 anos.

Métrica da equipe de vendas	Dados quantitativos
Total de representantes de vendas	27
Engenheiros de Suporte Técnico	15
Tempo médio de resposta ao cliente	2,3 horas

Contratos de serviço de longo prazo

A Hudson Technologies relatou 62 contratos ativos de serviço de longo prazo em 2023, representando US $ 4,7 milhões em receita anual recorrente.

Consulta específica do cliente do setor

• Serviços de consulta especializados para setores de HVAC e refrigeração
• Valor médio de engajamento da consulta: US $ 37.500
• Receita total de consulta em 2023: US $ 1,2 milhão

Portal de clientes on -line e sistemas de suporte

Métricas de suporte on -line	2023 dados
Total de usuários do portal	1,247
Usuários ativos mensais	687
Taxa de resolução de autoatendimento	68%

Abordagem colaborativa de solução de problemas

Métricas de engajamento do cliente:

• Sessões de solução de problemas conjuntos realizados: 43 em 2023
• Classificação média de satisfação do cliente: 4.6/5
• Repita a taxa de negócios: 87%

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: canais

Força de vendas direta

A partir de 2024, a Hudson Technologies mantém uma equipe de vendas direta focada nos mercados de recuperação de HVAC e refrigerante. A equipe de vendas compreende aproximadamente 18 a 20 representantes de vendas profissionais que visam clientes comerciais e industriais.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Vendas industriais diretas	12	Estados Unidos
Vendas comerciais de HVAC	6-8	América do Norte

Plataforma online de comércio eletrônico

A Hudson Technologies opera uma plataforma de vendas digital com volume anual de transações on -line estimado em US $ 3,2 milhões em 2023.

• Site: www.hudsontech.com
• Catálogo de produtos on -line com 127 produtos de recuperação de refrigerante
• Recursos de pedidos digitais para clientes comerciais registrados

Feiras e conferências do setor

A empresa participa de 6-8 conferências principais do setor de HVAC e refrigeração anualmente, com despesas estimadas de marketing de US $ 275.000 em 2023.

Redes de distribuidores e atacadistas

A Hudson Technologies mantém parcerias com 42 distribuidores autorizados em toda a América do Norte.

Tipo de distribuidor	Número de parceiros	Volume anual de vendas
Atacadistas de HVAC	28	US $ 7,4 milhões
Distribuidores de equipamentos de refrigeração	14	US $ 3,9 milhões

Canais de marketing e comunicação digital

O orçamento de marketing digital para 2024 é projetado em US $ 412.000, com estratégia de engajamento multicanal.

• LinkedIn: 4.200 seguidores profissionais
• Twitter: 1.800 seguidores do setor
• Banco de dados de marketing por e -mail: 12.500 contatos
• Circulação mensal de boletim digital: 9.700 assinantes

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

Empreiteiros de HVAC

A Hudson Technologies atende a aproximadamente 3.500 empreiteiros de HVAC em todo o país a partir de 2024. A Companhia fornece serviços de recuperação e substituição de refrigerante especificamente adaptados às necessidades da indústria de HVAC.

Tipo de cliente	Penetração de mercado	Volume anual de serviço
Empreiteiros de HVAC	3.500 clientes ativos	42.000 interações de serviço

Operadores de sistemas de refrigeração industrial

A Hudson Technologies suporta aproximadamente 750 operadores de sistemas de refrigeração industriais em vários setores, incluindo fabricação, processamento de alimentos e indústrias químicas.

• Base de clientes industriais totais: 750 clientes
• Valor médio do contrato de serviço anual: US $ 87.500
• Serviços de gerenciamento de refrigerante Volume: 1,2 milhão de libras anualmente

Gerentes de construção comercial e residencial

A empresa atende a aproximadamente 2.800 organizações de gerenciamento de edifícios comerciais e residenciais, com foco na conformidade com refrigerantes e serviços ambientais.

Tipo de construção	Contagem de clientes	Frequência de serviço
Edifícios comerciais	1.950 clientes	Inspeções trimestrais
Complexos residenciais	850 clientes	Serviços Bi-Anuais

Fabricantes de equipamentos de refrigeração

A Hudson Technologies colabora com 125 fabricantes de equipamentos de refrigeração, fornecendo serviços especializados de gerenciamento e suporte técnico.

• Total de parcerias do fabricante: 125
• Horário anual de consulta técnica: 4.500
• Volume de recuperação de refrigerante para fabricantes: 680.000 libras

Provedores de serviços ambientais

A empresa suporta 220 provedores de serviços ambientais com soluções especializadas de gerenciamento e conformidade de refrigerantes.

Categoria de serviço	Contagem de provedores	Suporte anual de conformidade
Empresas de consultoria ambiental	180 provedores	2.160 Relatórios de conformidade
Especialistas em conformidade regulatória	40 provedores	480 Avaliações técnicas

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: estrutura de custos

Despesas de processamento e recuperação de refrigerante

Para o ano fiscal de 2023, a Hudson Technologies relatou despesas de processamento e recuperação de refrigerante de US $ 12,3 milhões. A quebra de custo inclui:

Categoria de despesa	Valor ($)
Coleção de refrigerante	4,750,000
Processamento de recuperação	3,850,000
Transporte e logística	2,700,000
Manutenção do equipamento	1,000,000

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para 2023 totalizaram US $ 2,1 milhões, com as principais áreas de foco:

• Tecnologias de reciclagem de refrigerante: US $ 1.200.000
• Soluções de conformidade ambiental: US $ 550.000
• Técnicas avançadas de purificação: US $ 350.000

Manutenção e operações da instalação

As despesas relacionadas à instalação em 2023 totalizaram US $ 5,6 milhões, detalhadas da seguinte forma:

Custo operacional	Valor ($)
Aluguel de instalações e serviços públicos	2,300,000
Depreciação do equipamento	1,800,000
Manutenção e reparos	1,500,000

Custos de conformidade e aderência regulatória

As despesas de conformidade para 2023 foram de US $ 1,8 milhão, incluindo:

• Conformidade regulatória ambiental: US $ 850.000
• Taxas legais e de consultoria: US $ 650.000
• Certificação e despesas de auditoria: US $ 300.000

Despesas de vendas e marketing

Os custos de vendas e marketing de 2023 totalizaram US $ 3,2 milhões, alocados da seguinte forma:

Despesa de marketing	Valor ($)
Marketing digital	950,000
Feira de feira e participação da conferência	750,000
Compensação da equipe de vendas	1,500,000

Hudson Technologies, Inc. (HDSN) - Modelo de negócios: fluxos de receita

Venda de refrigerantes recuperados

Receita de vendas de refrigerante recuperado em 2022: US $ 31,8 milhões

Tipo de refrigerante	Volume anual de vendas	Preço médio por libra
R-22	1,2 milhão de libras	$ 18,50/lb.
R-134A	850.000 libras	$ 12,75/lb.

Taxas de serviço de gerenciamento de refrigerante

TOLAS DE SERVIÇO TOTAL EM 2022: US $ 12,5 milhões

• Serviços de recuperação de refrigerante no local
• Gerenciamento de inventário de refrigerante
• Rastreamento e relatório de conformidade

Serviços de consultoria técnica

Receita de consultoria para 2022: US $ 4,2 milhões

Tipo de serviço de consultoria	Valor médio do projeto
Otimização do sistema HVAC	US $ 85.000 por projeto
Consultoria de conformidade ambiental	US $ 65.000 por engajamento

Soluções de conformidade ambiental

Receita da solução de conformidade em 2022: US $ 6,7 milhões

• Suporte de conformidade da regulamentação da EPA
• Serviços de relatórios de emissões
• Desenvolvimento do Programa de Sustentabilidade

Vendas de equipamentos e tecnologia

Receita de vendas de equipamentos para 2022: US $ 8,3 milhões

Categoria de equipamento	Volume anual de vendas	Preço unitário médio
Máquinas de recuperação de refrigerante	425 unidades	US $ 12.500 por unidade
Equipamento de teste de diagnóstico	210 unidades	US $ 22.000 por unidade

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.