Revenue growth remains highly inconsistent, fluctuating between a 22.8% contraction in 2024Q4 and a 28.2% expansion in 2025Q4, while gross margins have suffered from significant instability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 251.42M | 246.61M | 237.12M | 289.02M | 325.23M | 192.75M | 147.6M | 162.06M | 166.53M | 140.38M | 105.48M | 79.72M | 55.81M | 58.63M | 56.45M | 44.32M | 37.27M | 24.17M | 33.17M | 26.89M | 23.45M | 19.22M | 14.61M | 17.96M | 19.96M | 20.77M | 15.46M | 17.9M | 23.3M | 23M | 19.6M |
| Revenue Growth % | 10.66% | 4% | -17.96% | -11.13% | 68.73% | 30.58% | -8.92% | -2.68% | 18.62% | 33.09% | 32.31% | 42.85% | -4.82% | 3.87% | 27.36% | 18.91% | 54.23% | -27.14% | 23.32% | 14.68% | 21.99% | 31.55% | -18.65% | -10.02% | -3.88% | 34.38% | -13.66% | -23.18% | 1.3% | 17.35% | -10.91% |
| Cost of Goods Sold | 189.54M | 184.52M | 171.41M | 177.52M | 162.33M | 121.08M | 112.19M | 144.89M | 173.89M | 102.4M | 74.39M | 61.23M | 49.36M | 59.36M | 33.91M | 35.64M | 29.24M | 20.36M | 21.86M | 20.04M | 16.61M | 11.72M | 9.01M | 13.05M | 14.51M | 14.97M | 10.4M | 14.1M | 17.6M | 18.8M | 14.1M |
| COGS % of Revenue | - | 74.82% | 72.29% | 61.42% | 49.91% | 62.82% | 76.01% | 89.41% | 104.42% | 72.94% | 70.53% | 76.81% | 88.45% | 101.25% | 60.07% | 80.4% | 78.45% | 84.23% | 65.9% | 74.52% | 70.84% | 60.97% | 61.64% | 72.65% | 72.66% | 72.09% | 67.27% | 78.77% | 75.54% | 81.74% | 71.94% |
| Gross Profit | 61.88M | 62.1M | 65.71M | 111.51M | 162.89M | 71.66M | 35.41M | 17.16M | -7.37M | 37.98M | 31.09M | 18.49M | 6.45M | -730K | 22.54M | 8.69M | 8.03M | 3.81M | 11.31M | 6.85M | 6.84M | 7.5M | 5.61M | 4.91M | 5.46M | 5.8M | 5.06M | 3.8M | 5.7M | 4.2M | 5.5M |
| Gross Margin % | 24.61% | 25.18% | 27.71% | 38.58% | 50.09% | 37.18% | 23.99% | 10.59% | -4.42% | 27.06% | 29.47% | 23.19% | 11.55% | -1.24% | 39.93% | 19.6% | 21.55% | 15.77% | 34.1% | 25.48% | 29.16% | 39.03% | 38.36% | 27.35% | 27.34% | 27.91% | 32.73% | 21.23% | 24.46% | 18.26% | 28.06% |
| Gross Profit Growth % | - | -5.5% | -41.07% | -31.55% | 127.3% | 102.38% | 106.29% | 333.06% | -119.39% | 22.19% | 68.13% | 186.83% | 983.01% | -103.24% | 159.55% | 8.13% | 110.76% | -66.3% | 65.04% | 0.2% | -8.85% | 33.84% | 14.13% | -10% | -5.85% | 14.61% | 33.11% | -33.33% | 35.71% | -23.64% | -41.49% |
| Operating Expenses | 44.93M | 43.54M | 36.41M | 33.34M | 31.38M | 29.36M | 29.51M | 32.95M | 35.24M | 22.85M | 12.14M | 10.31M | 7.43M | 7.75M | 7.66M | 6.16M | 5.88M | 5.03M | 5.89M | 9.21M | 4.66M | 4.92M | 5.2M | 6.45M | 7.91M | 8.02M | 7.46M | 7.3M | 8.1M | 9.1M | 7M |
| OpEx % of Revenue | - | 17.65% | 15.35% | 11.53% | 9.65% | 15.23% | 19.99% | 20.33% | 21.16% | 16.28% | 11.51% | 12.93% | 13.31% | 13.23% | 13.57% | 13.89% | 15.78% | 20.79% | 17.77% | 34.23% | 19.86% | 25.57% | 35.61% | 35.88% | 39.63% | 38.6% | 48.3% | 40.78% | 34.76% | 39.57% | 35.71% |
| Selling, General & Admin | 41.6M | 40.24M | 33.02M | 30.54M | 28.59M | 26.57M | 26.64M | 30.02M | 32.27M | 21.75M | 12.14M | 10.31M | 7.43M | 7.75M | 7.66M | 6.16M | 5.88M | 5.03M | 5.89M | 9.21M | 4.66M | 4.3M | 4.47M | 5.21M | 6.77M | 6.8M | 6.17M | 6M | 6.9M | 7.6M | 5.9M |
| SG&A % of Revenue | - | 16.32% | 13.92% | 10.57% | 8.79% | 13.78% | 18.05% | 18.52% | 19.38% | 15.49% | 11.51% | 12.93% | 13.31% | 13.23% | 13.57% | 13.89% | 15.78% | 20.79% | 17.77% | 34.23% | 19.86% | 22.35% | 30.6% | 29.03% | 33.91% | 32.73% | 39.95% | 33.52% | 29.61% | 33.04% | 30.1% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.33M | 3.3M | 3.39M | 2.79M | 2.79M | 2.79M | 2.86M | 2.93M | 2.97M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 619K | 733K | 1.23M | 1.14M | 1.22M | 1.29M | 1.3M | 1.2M | 1.5M | 1.1M |
| Operating Income | 16.95M | 18.56M | 29.3M | 78.17M | 131.51M | 42.3M | 5.9M | -15.78M | -42.61M | 15.13M | 18.95M | 8.18M | -985K | -8.48M | 14.88M | 2.53M | 2.15M | -1.21M | 5.42M | -2.35M | 2.18M | 2.59M | 402K | -1.53M | -2.45M | -2.22M | -2.41M | -3.5M | -2.4M | -4.9M | -1.5M |
| Operating Margin % | 6.74% | 7.53% | 12.36% | 27.05% | 40.44% | 21.95% | 4% | -9.74% | -25.59% | 10.78% | 17.96% | 10.26% | -1.76% | -14.47% | 26.36% | 5.7% | 5.77% | -5.02% | 16.33% | -8.75% | 9.3% | 13.46% | 2.75% | -8.53% | -12.29% | -10.69% | -15.57% | -19.55% | -10.3% | -21.3% | -7.65% |
| Operating Income Growth % | - | -36.66% | -62.52% | -40.56% | 210.86% | 616.55% | 137.41% | 62.96% | -381.58% | -20.14% | 131.6% | 930.56% | 88.39% | -157.02% | 488.61% | 17.47% | 277.27% | -122.42% | 330.08% | -207.88% | -15.69% | 543.78% | 126.22% | 37.51% | -10.5% | 7.77% | 31.23% | -45.83% | 51.02% | -226.67% | -148.39% |
| EBITDA | 21.68M | 24.55M | 35.69M | 83.95M | 137.49M | 48.48M | 12M | -8.67M | -39.63M | 16.24M | 21.17M | 10.25M | -6K | -7.68M | 15.44M | 3.02M | 2.69M | -690K | 5.96M | -1.79M | 2.75M | 3.21M | 1.14M | -337K | -1.31M | -1M | -1.12M | -2.2M | -1.2M | -3.4M | -400K |
| EBITDA Margin % | 8.62% | 9.95% | 15.05% | 29.05% | 42.27% | 25.15% | 8.13% | -5.35% | -23.8% | 11.57% | 20.07% | 12.86% | -0.01% | -13.09% | 27.35% | 6.83% | 7.22% | -2.86% | 17.98% | -6.67% | 11.71% | 16.68% | 7.77% | -1.88% | -6.57% | -4.82% | -7.23% | -12.29% | -5.15% | -14.78% | -2.04% |
| EBITDA Growth % | -11.58% | -31.21% | -57.49% | -38.94% | 183.56% | 304.04% | 238.46% | 78.13% | -344.07% | -23.3% | 106.5% | 170983.33% | 99.92% | -149.73% | 410.28% | 12.37% | 490.14% | -111.57% | 432.57% | -165.27% | -14.34% | 182.56% | 436.8% | 74.29% | -31.1% | 10.47% | 49.23% | -83.33% | 64.71% | -750% | -110.81% |
| D&A (Non-Cash Add-back) | 1.55M | 5.99M | 6.39M | 5.78M | 5.98M | 6.18M | 6.1M | 7.12M | 2.97M | 1.11M | 2.23M | 2.07M | 979K | 808K | 556K | 497K | 540K | 524K | 547K | 561K | 565K | 619K | 733K | 1.2M | 1.14M | 1.22M | 1.29M | 1.3M | 1.2M | 1.5M | 1.1M |
| EBIT | 20.78M | 18.56M | 29.3M | 78.17M | 131.51M | 44.77M | 6.94M | -6.37M | -42.61M | 22.27M | 18.95M | 8.48M | -985K | -8.48M | 14.89M | 2.55M | 2.17M | -1.21M | 5.42M | -2.33M | 2.18M | 2.59M | 402K | -1.53M | -2.45M | -2.22M | -2.41M | -3.5M | -2.4M | -5M | -1.5M |
| Net Interest Income | -141K | 2.53M | 476K | -8.35M | -14.33M | -11.38M | -12.33M | -18.91M | -14.76M | -3.16M | -1.12M | -776K | -641K | -933K | -684K | -881K | -1.1M | -1.4M | -1.17M | -768K | -345K | -303K | -341K | -934K | -347K | -423K | -501K | 0 | -400K | 0 | -500K |
| Interest Income | 518K | 2.53M | 476K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 792K | 0 | 0 | 8.35M | 14.33M | 11.38M | 12.33M | 18.91M | 14.76M | 3.16M | 1.12M | 776K | 641K | 933K | 693K | 881K | 1.1M | 1.4M | 1.17M | 768K | 345K | 303K | 341K | 934K | 347K | 423K | 501K | 0 | 400K | 0 | 500K |
| Other Income/Expense | 3.69M | 4.13M | 2.73M | -8.35M | -14.33M | -8.91M | -11.3M | -9.5M | -14.76M | -3.13M | -1.68M | -474K | -641K | -933K | -684K | -860K | -1.09M | -1.4M | -1.17M | -746K | -307K | -294K | -138K | -899K | -69K | -179K | 512K | 100K | 100K | -9.3M | -1.7M |
| Pretax Income | 20.64M | 22.69M | 32.03M | 69.82M | 117.18M | 33.4M | -5.39M | -25.28M | -57.36M | 12M | 17.27M | 7.71M | -1.63M | -9.42M | 14.2M | 1.67M | 1.06M | -2.61M | 4.25M | -3.1M | 1.88M | 2.29M | 264K | -2.43M | -2.52M | -2.4M | -2.4M | -4M | -2.7M | -14.3M | -3.2M |
| Pretax Margin % | 8.21% | 9.2% | 13.51% | 24.16% | 36.03% | 17.33% | -3.65% | -15.6% | -34.45% | 8.55% | 16.37% | 9.67% | -2.91% | -16.06% | 25.15% | 3.76% | 2.85% | -10.82% | 12.81% | -11.53% | 8% | 11.93% | 1.81% | -13.54% | -12.63% | -11.55% | -15.5% | -22.35% | -11.59% | -62.17% | -16.33% |
| Income Tax | 6.4M | 6.02M | 7.64M | 17.57M | 13.38M | 1.14M | -185K | 656K | -1.7M | 847K | 6.63M | 2.94M | -906K | -3.58M | 1.4M | 634K | 363K | -119K | -2.42M | -1.14M | -233K | 24K | 0 | 0 | 0 | 0 | 2.4M | 4M | 2.7M | 2M | -1.1M |
| Effective Tax Rate % | 31% | 26.55% | 23.85% | 25.17% | 11.42% | 3.41% | 3.43% | -2.59% | 2.97% | 7.06% | 38.39% | 38.2% | 55.72% | 37.97% | 9.83% | 38.01% | 34.12% | 4.55% | -56.95% | 36.74% | -12.43% | 1.05% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -13.99% | 34.38% |
| Net Income | 14.24M | 16.67M | 24.39M | 52.25M | 103.8M | 32.26M | -5.21M | -25.94M | -55.66M | 11.16M | 10.64M | 4.76M | -720K | -5.84M | 12.8M | 1.03M | 701K | -2.5M | 6.67M | -1.96M | 2.11M | 2.27M | 264K | -2.43M | -2.52M | -2.4M | -2.4M | -4M | -2.7M | -16.3M | -2.1M |
| Net Margin % | 5.66% | 6.76% | 10.29% | 18.08% | 31.92% | 16.74% | -3.53% | -16.01% | -33.42% | 7.95% | 10.08% | 5.97% | -1.29% | -9.96% | 22.68% | 2.33% | 1.88% | -10.32% | 20.11% | -7.29% | 8.99% | 11.81% | 1.81% | -13.54% | -12.63% | -11.55% | -15.5% | -22.35% | -11.59% | -70.87% | -10.71% |
| Net Income Growth % | -19.02% | -31.66% | -53.32% | -49.67% | 221.77% | 719.41% | 79.92% | 53.39% | -598.87% | 4.89% | 123.33% | 761.53% | 87.68% | -145.64% | 1138.01% | 47.5% | 128.1% | -137.41% | 440.08% | -193.03% | -7.14% | 759.85% | 110.86% | 3.57% | -5.13% | -0.13% | 40.1% | -48.15% | 83.44% | -676.19% | -216.67% |
| Net Income (Continuing) | 14.24M | 16.67M | 24.39M | 52.25M | 103.8M | 32.26M | -5.21M | -25.94M | -55.66M | 11.16M | 10.64M | 4.76M | -720K | -5.84M | 12.8M | 1.03M | 701K | -2.5M | 6.67M | -1.96M | 2.11M | 2.27M | 264K | -2.43M | -2.52M | -2.4M | -2.4M | -4M | -2.7M | -16.3M | -2.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.33 | 0.37 | 0.52 | 1.10 | 2.20 | 0.69 | -0.12 | -0.61 | -1.31 | 0.26 | 0.30 | 0.14 | -0.02 | -0.24 | 0.49 | 0.04 | 0.03 | -0.12 | 0.33 | -0.09 | 0.08 | 0.09 | 0.00 | -0.46 | -0.49 | -0.47 | -0.47 | -0.79 | -0.52 | -3.26 | -0.47 |
| EPS Growth % | -16.85% | -28.85% | -52.73% | -50% | 218.84% | 675% | 80.33% | 53.44% | -603.85% | -13.33% | 114.29% | 666.8% | 89.71% | -148.98% | 1125% | 33.33% | 125% | -136.36% | 473.73% | -210.37% | -11.11% | - | 100.37% | 6.12% | -4.26% | 0% | 40.51% | -51.92% | 84.05% | -593.62% | -209.3% |
| EPS (Basic) | - | 0.38 | 0.54 | 1.15 | 2.31 | 0.74 | -0.12 | -0.61 | -1.31 | 0.27 | 0.31 | 0.15 | -0.02 | -0.24 | 0.54 | 0.04 | 0.03 | -0.12 | 0.35 | -0.09 | 0.08 | 0.09 | 0.00 | -0.46 | -0.49 | -0.47 | -0.47 | -0.79 | -0.52 | -3.26 | -0.47 |
| Diluted Shares Outstanding | 42.58M | 43.01M | 47.08M | 47.34M | 47.11M | 46.64M | 42.71M | 42.61M | 42.48M | 42.77M | 35.42M | 33.94M | 29.12M | 24.83M | 26.35M | 24.8M | 23.72M | 20.05M | 20.31M | 22.21M | 26.26M | 25.73M | 21.42M | 5.27M | 5.16M | 5.1M | 5.09M | 5.09M | 5.19M | 5M | 4.47M |
| Basic Shares Outstanding | 42.32M | 43.01M | 45.33M | 45.39M | 44.99M | 43.77M | 42.71M | 42.61M | 42.48M | 41.76M | 34.1M | 32.55M | 29.12M | 24.83M | 23.91M | 23.78M | 22.37M | 20.05M | 19.27M | 22.21M | 25.9M | 25.59M | 21.39M | 5.27M | 5.16M | 5.1M | 5.09M | 5.09M | 5.19M | 5M | 4.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity Price Volatility
As reported in recent financial filings, HDSN's revenue trajectory remains highly inconsistent, with quarterly growth fluctuating between a 22.8% contraction in 2024Q4 and a 28.2% expansion in 2025Q4, reflecting the inherent sensitivity of the business to seasonal cooling demand and refrigerant pricing cycles.
The top-line performance appears heavily influenced by the timing of the North American cooling season, which creates significant quarter-over-quarter variance. Investors should monitor whether the recent 8.7% growth in 2026Q1 signals a sustainable recovery or merely a rebound from the depressed levels observed in the prior year-end period.
Based on the company's income statement data, gross margins have demonstrated significant instability, peaking at 32.8% in 2024Q1 before compressing to 8.0% in 2025Q4, suggesting that HDSN's profitability is structurally tethered to the volatile spread between refrigerant acquisition costs and prevailing market prices.
The sharp contraction in gross margin during late 2025 implies that the company may be struggling to pass through inventory costs during periods of market price stabilization. This sensitivity warrants further investigation into the company's inventory valuation policies and the potential for future non-cash charges to impact bottom-line results.
According to historical income statements, HDSN's operating leverage appears limited, as evidenced by the 2025Q4 period where a 28.2% revenue increase failed to prevent an operating loss of $11.2M, indicating that fixed operating costs remain a significant hurdle during periods of lower gross profit generation.
The inability to scale operating income in proportion to revenue growth suggests that the company's cost structure is not as flexible as might be expected for a service-oriented business. Analysts should evaluate whether the current SG&A levels are necessary for long-term growth or if they represent an inefficient overhead burden.
Financial data suggests that HDSN's net income is highly susceptible to non-operating inventory adjustments, as seen in the dramatic swing from a $12.4M profit in 2025Q3 to an $8.6M loss in 2025Q4, which may mask the underlying operational health of the core reclamation business.
Short-term earnings volatility appears to be driven more by commodity price fluctuations than by fundamental shifts in service demand. Investors should be cautious of relying on GAAP net income as a proxy for cash-generating ability, as inventory write-downs can create artificial distortions in the reported earnings profile.
Quick answers to the most common questions about buying HDSN stock.
For fiscal year 2025, Hudson Technologies, Inc. (HDSN) reported total revenue of $246.6M. This represents a 1158.2% increase compared to $19.6M in 1996.
Hudson Technologies, Inc. (HDSN) is profitable, generating $16.7M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
Hudson Technologies, Inc. (HDSN) reported an operating income of $18.6M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Hudson Technologies, Inc. (HDSN) generated $62.1M in gross profit for the year, representing a gross profit margin of 25.2%. This demonstrates the company's core pricing power and production efficiency.