HDSN · CIK 0000925528
What Hudson Technologies, Inc. told the SEC could break it.
Hudson Technologies' business turns on a single regulated commodity: refrigerants. Its results depend on being able to source enough HFC refrigerants on reasonable terms and on the selling prices it can get, both of which are shaped by EPA regulation — the AIM Act's HFC phasedown and allowance allocations (provided through 2029) plus related technology-transition and refrigerant-management rules. Its revenue is also somewhat concentrated, with the U.S. Defense Logistics Agency its largest customer at about 15% of 2025 revenue under a contract running through July 2026 that is up for re-competition, so losing it would materially hurt results.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- refrigerant (HFC) sourcing availability and pricemedium
Hudson's results depend on sourcing sufficient refrigerants on reasonable terms and on refrigerant selling prices; supply shortfalls or price/demand declines would reduce revenue.
“is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by it, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on the Company's operating results and financial position.”
SEC filing →As of 2026
Customer concentration
- U.S. Defense Logistics Agency = ~15% of revenuemedium
The DLA is Hudson's largest customer at ~15% of 2025 revenue (over 10% of receivables); the current logistics contract runs through July 2026 and a re-competition is pending, so losing DLA would materially hurt results.
“The loss of DLA as a customer could have a material adverse effect on our financial position and results of operations.”
SEC filing →As of 2026
Regulatory & policy
- EPA AIM Act HFC phasedown and allowance allocationlow
Hudson's business is shaped by EPA HFC allowance allocations under the AIM Act (provided through 2029) plus evolving Technology Transition and Refrigerant Management rules, making it highly sensitive to refrigerant regulation.
“The United States Environmental Protection Agency (“EPA”) issued several final rules establishing the framework to allocate allowances for production and consumption of newly manufactured hydrofluorocarbon refrigerants (“HFCs”) and has provided allowances through 2029.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
U.S. Defense Logistics Agency (DLA)
“For the years ended December 31, 2025, 2024 and 2023, the DLA accounted for 15%, 15% and 18% of our revenues.”
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