UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Securities registered pursuant to Section 12(b) of the Act:
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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):
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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).
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| Item 2.02 | Results of Operations and Financial Condition |
On August 5, 2026, Hudson Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter and six months ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit 99.1 | Press Release issued August 5, 2026 |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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: August 5, 2026
| HUDSON TECHNOLOGIES, INC. | ||
| By: | /s/ Brian J. Bertaux | |
| Name: Brian J. Bertaux | ||
| Title: Chief Financial Officer & Secretary | ||
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Exhibit 99.1
HUDSON TECHNOLOGIES REPORTS SECOND quarter 2026 reSults
Second quarter revenue grew 8% driven by strong volume
Posts trailing twelve month double-digit volume growth
Operations fully restored at tornado impacted facility
Announces Icorium partnership
Maintains unlevered balance sheet with $25.6 million cash position
WOODCLIFF LAKE, NJ – AUGUST 5, 2026 – Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the second quarter and six months ended June 30, 2026.
Second Quarter 2026 Financial Highlights:
| · | Revenues of $78.3 million |
Sales Volume +12%
Pricing -6%
| · | Gross Margin of 26% |
| · | Net income of $4.9 million |
| · | Diluted EPS of $0.12 |
Ken Gaglione, President and Chief Executive Officer of Hudson Technologies, commented, “Our selling season is underway and second quarter sales revenue and volume growth exceeded expectations despite significant headwinds in the quarter, including a continued trough in HFC market prices and inflationary pressures. We continued to deliver for our customers driving our second 2026 sequential quarter of double-digit volume growth. In fact, our trailing twelve months volume is up double-digits. We also continued our efforts towards reinvigorating our focus on long-term shareholder value creation, announcing a preliminary agreement for a major partnership for advanced separation technology and making investments in our plants that will expand capacity and capability.
“As disclosed previously, one of our Illinois facilities experienced an operational disruption in mid-June due to tornado damage. We are happy to report there were no injuries to our people, and the facility was quickly restored to pre-storm output with only minimal interruption to our customers. We are very grateful to our team for restoring operations and their determination to service our customers despite production disruptions. All costs to restore the facility and related business interruption are expected to be covered through insurance.
“Following the close of the quarter, we announced our intention to partner with Icorium, an advanced separation technology company based in Kansas, to commercialize and scale their patented extractive distillation technology as an important component of Hudson’s operational excellence strategy. This exciting technology complements and advances conventional fractional distillation by increasing the ability to purify more complicated refrigerant mixtures with greater productivity and efficiency. Converting more recovered refrigerant into saleable product unlocks working capital and creates a new competitive edge as the industry phases out conventional refrigerants.
“We are encouraged by our progress in the areas we can control, including driving trailing-twelve-month double digit sales volume growth, generating cash, and executing our long-term growth and diversification strategy. As we move through the second half of the year, we continue to focus on revenue growth and improving quarterly operating margins. At the same time, we remain committed to making strategic investments to further our reinvigorated focus on longer-term initiatives to increase shareholder value through operational excellence, ensuring we have the right team in place, and evaluating and acting on strategic diversification opportunities that strengthen our competitive advantage today and reduce our exposure to seasonality in the future,” Mr. Gaglione concluded.
Three Months Results
For the quarter ended June 30, 2026, Hudson reported:
| · | Revenue was $78.3 million, up 8% from $72.8 million in the comparable 2025 period reflecting a 12% increase in sales volume, partially offset by 6% lower selling prices compared with the prior-year period where all refrigerant market prices rose as a result of supply chain constraints related to the EPA mandated transition to HFO refrigerants. |
| · | Gross margin was 26%, compared with 31% in the second quarter of 2025. The decline in gross margin was two-fold, reflecting 6% lower refrigerant market pricing related to the previously noted increase in refrigerant prices in the 2025 quarter and increased operating costs primarily in fuel from geopolitically driven inflationary pressure. |
| · | Selling, general and administrative expenses increased to $12.4 million from $9.3 million in the second quarter of 2025. The increase in SG&A expenses was two-fold, reflecting costs related to the optimization of the recently launched ERP system as well as legal expenses incurred related to the Company’s DLA contract. Second, the Company increased staffing and consulting resources that reflect the Company’s newly reinvigorated focus on longer-term initiatives to increase shareholder value. |
| · | Net income was $4.9 million, or $0.12 per basic and diluted share, compared with $10.2 million, or $0.23 per basic and diluted share, in the second quarter of 2025. |
Six Months Results
For the six months ended June 30, 2026, Hudson reported:
| · | Revenue was $138.5 million, up 8% from $128.2 million in the first six months of 2025 reflecting a 17% increase in sales volume, partially offset by a 7% decline in selling prices compared with the prior-year period where all refrigerant market prices rose as a result of supply chain constraints as described above. |
| · | Gross margin was 23%, compared to 27% in the first six months of 2025. The decline in gross margin was two-fold, reflecting lower refrigerant market pricing related to the previously noted increase in refrigerant prices in the 2025 period and increased operating costs primarily in fuel costs as described above. |
| · | Selling, general and administrative expenses increased to $22.0 million from $17.4 million in the first six months of 2025. The increase in SG&A expenses was related to the increased operational, legal and staffing and consulting costs that impacted the second quarter. |
| · | Net income was $5.3 million, or $0.13 per basic and $0.12 per diluted share, compared with $12.9 million, or $0.29 per basic and $0.28 per diluted share, in the first six months of 2025. |
At June 30, 2026 the Company reported $25.6 million in cash and cash equivalents.
Full Year Gross Margin Guidance
With its visibility today, and the expectation of continued subdued refrigerant market pricing and inflationary pressures through the close of 2026, the Company is revising its previously announced full year 2026 gross margin target from mid-twenty percent to low-to-mid-twenty percent.
Conference Call Information
Hudson Technologies will host a conference call and webcast today, Wednesday, August 5, 2026 at 5:00 p.m. Eastern Time to discuss the Company’s second quarter 2026 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 September 2, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 54215.
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 aftermarket service of commercial air conditioning, industrial processing and refrigeration systems. These include refrigerant and industrial gas sales, refrigerant management services consisting primarily of recovery and 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 Chiller Chemistry® and Chill Smart® services are 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, 2025 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.
| Investor Relations Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations (203) 972-9200 jnesbett@imsinvestorrelations.com |
Company Contact: Brian J. Bertaux, CFO and Secretary Hudson Technologies, Inc. (845) 735-6000 [email protected] |
Hudson Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(Amounts in thousands, except for share and par value amounts)
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 25,600 | $ | 39,456 | ||||
| Trade accounts receivable – net of allowance for credit losses of $1,214 and $941, respectively | 43,253 | 17,098 | ||||||
| Inventories | 128,112 | 135,923 | ||||||
| Income tax receivable | 6,974 | 5,916 | ||||||
| Prepaid expenses and other current assets | 14,214 | 12,445 | ||||||
| Total current assets | 218,153 | 210,838 | ||||||
| Property, plant and equipment, less accumulated depreciation | 22,159 | 23,623 | ||||||
| Goodwill | 65,282 | 65,282 | ||||||
| Intangible assets, less accumulated amortization | 9,584 | 11,294 | ||||||
| Right of use assets | 4,760 | 5,290 | ||||||
| Other assets | 2,125 | 2,321 | ||||||
| Total Assets | $ | 322,063 | $ | 318,648 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 22,403 | $ | 21,112 | ||||
| Accrued expenses and other current liabilities | 41,143 | 38,772 | ||||||
| Accrued payroll | 2,962 | 4,712 | ||||||
| Other short-term liabilities | 1,000 | — | ||||||
| Total current liabilities | 67,508 | 64,596 | ||||||
| Deferred tax liability | 7,018 | 4,034 | ||||||
| Long-term lease liabilities | 2,707 | 3,233 | ||||||
| Long-term severance payable | 766 | 1,595 | ||||||
| Other long-term liabilities | 800 | 1,800 | ||||||
| Total Liabilities | 78,799 | 75,258 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| 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 | — | — | ||||||
| Common stock, $0.01 par value; shares authorized 100,000,000; issued and outstanding: 42,088,547 and 41,647,221, respectively | 421 | 416 | ||||||
| Additional paid-in capital | 86,284 | 91,692 | ||||||
| Retained earnings | 156,559 | 151,282 | ||||||
| Total Stockholders’ Equity | 243,264 | 243,390 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 322,063 | $ | 318,648 | ||||
Hudson Technologies, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
(Amounts in thousands, except for share and per share amounts)
| Three months | Six months | |||||||||||||||
| ended June 30, | ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 78,345 | $ | 72,849 | $ | 138,496 | $ | 128,192 | ||||||||
| Cost of sales | 57,655 | 50,038 | 105,958 | 93,313 | ||||||||||||
| Gross profit | 20,690 | 22,811 | 32,538 | 34,879 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 12,436 | 9,265 | 21,965 | 17,435 | ||||||||||||
| Amortization | 856 | 822 | 1,711 | 1,645 | ||||||||||||
| Total operating expenses | 13,292 | 10,087 | 23,676 | 19,080 | ||||||||||||
| Operating income | 7,398 | 12,724 | 8,862 | 15,799 | ||||||||||||
| Interest income | (47 | ) | (651 | ) | (180 | ) | (1,227 | ) | ||||||||
| Income before income taxes | 7,445 | 13,375 | 9,042 | 17,026 | ||||||||||||
| Income tax expense | 2,498 | 3,207 | 3,765 | 4,100 | ||||||||||||
| Net income | $ | 4,947 | $ | 10,168 | $ | 5,277 | $ | 12,926 | ||||||||
| Net income per common share – Basic | $ | 0.12 | $ | 0.23 | $ | 0.13 | $ | 0.29 | ||||||||
| Net income per common share – Diluted | $ | 0.12 | $ | 0.23 | $ | 0.12 | $ | 0.28 | ||||||||
| Weighted average number of shares outstanding – Basic | 42,070,723 | 43,631,187 | 42,195,502 | 43,843,302 | ||||||||||||
| Weighted average number of shares outstanding – Diluted | 42,175,117 | 45,157,911 | 42,371,567 | 45,390,662 | ||||||||||||
Hudson Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
(Amounts in thousands)
| Six months | ||||||||
| ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 5,277 | $ | 12,926 | ||||
| Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||||||||
| Depreciation | 1,766 | 1,502 | ||||||
| Amortization of intangible assets | 1,711 | 1,645 | ||||||
| Lower of cost or net realizable value inventory adjustment | (5,003 | ) | 512 | |||||
| Allowance for credit losses | 437 | (120 | ) | |||||
| Share based compensation | 847 | 538 | ||||||
| Amortization of deferred finance costs | 113 | 113 | ||||||
| Deferred tax expense | 2,984 | 255 | ||||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | (26,591 | ) | (22,134 | ) | ||||
| Inventories | 13,939 | 18,052 | ||||||
| Prepaid and other assets | (1,686 | ) | (2,553 | ) | ||||
| Lease obligations | — | (1 | ) | |||||
| Income taxes receivable | (1,058 | ) | 3,190 | |||||
| Accounts payable and accrued expenses | 1,308 | 6,644 | ||||||
| Cash provided by (used in) operating activities | (5,956 | ) | 20,569 | |||||
| Cash flows from investing activities: | ||||||||
| Additions to property, plant, and equipment | (1,650 | ) | (1,875 | ) | ||||
| Cash used in investing activities | (1,650 | ) | (1,875 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Excess tax benefits from exercise of stock options | (3,759 | ) | — | |||||
| Repurchase of common shares | (2,491 | ) | (4,535 | ) | ||||
| Cash used in financing activities | (6,250 | ) | (4,535 | ) | ||||
| Increase (decrease) in cash and cash equivalents | (13,856 | ) | 14,159 | |||||
| Cash and cash equivalents at beginning of period | 39,456 | 70,134 | ||||||
| Cash and cash equivalents at end of period | $ | 25,600 | $ | 84,293 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 162 | $ | 256 | ||||
| Cash paid for income taxes – net | $ | 2,189 | $ | 655 | ||||
| Property and equipment included in accrued expenses and other current liabilities | $ | 44 | $ | 905 | ||||