Hudson Technologies Inc (HDSN) 2025 Q4 法說會逐字稿

Welcome to the Hudson Technologies fourth-quarter and year-end 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加 Hudson Technologies 2025 年第四季暨全年財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to your host, Jen Belodeau of IMS Investor Relations. You may begin.

現在我將把電話會議交給本次主持人——IMS Investor Relations 的 Jen Belodeau。您可以開始了。

Thank you. Good evening, and welcome to our conference call to discuss Hudson Technologies financial results for fourth quarter and year-end 2025. On the call today are Ken Gaglione, Hudson's President and Chief Executive Officer; Brian Bertaux, CFO; and Kate Houghton, Hudson's Senior Vice President of Sales and Marketing.

謝謝。各位晚安，歡迎參加我們的電話會議，討論 Hudson Technologies 2025 年第四季暨全年財務結果。今天與會者包括 Hudson 總裁兼執行長 Ken Gaglione；財務長 Brian Bertaux；以及 Hudson 銷售與行銷資深副總裁 Kate Houghton。

I'll now take a moment to read the Safe Harbor statement.

我現在花一點時間宣讀「安全港」聲明。

During the course of this conference call, we will make certain forward-looking statements. All statements that address expectations, opinions or predictions about the future are forward-looking statements. Although they reflect our current expectations and are based on our best view of the industry and of our businesses as we see them today, they are not guarantees of future performance.

在本次電話會議過程中，我們將作出若干前瞻性陳述。所有針對未來之預期、意見或預測的陳述均屬前瞻性陳述。儘管這些陳述反映我們目前的預期，並基於我們對產業及自身業務在當前所見的最佳判斷，但並不保證未來績效。

Please understand that these statements involve a number of risks and assumptions, and since those elements can change and in certain cases, are not within our control, we ask that you consider and interpret them in that light. We urge you to review Hudson's most recent Form 10-K and other subsequent SEC filings for a discussion of the principal risks and uncertainties that affect our business and our performance and of the factors that could cause our actual results to differ materially.

請理解，這些陳述涉及多項風險與假設；由於這些因素可能改變，且在某些情況下不在我們控制範圍內，我們請您在此脈絡下加以考量與解讀。我們敦促您查閱 Hudson 最新的 Form 10-K 以及其後向 SEC 提交的其他文件，其中討論了影響我們業務與績效的主要風險與不確定性，以及可能導致實際結果出現重大差異的因素。

During the call, we will also be referring to certain non-GAAP financial measures. For a detailed reconciliation of these measures to GAAP financial measures, we refer you to the press release issued earlier this afternoon and the 8-K filed this afternoon with the SEC.

在本次電話會議中，我們也將提及若干非 GAAP 財務衡量指標。如需這些指標與 GAAP 財務指標之間的詳細調節表，請參閱今天下午稍早發布的新聞稿，以及今天下午向 SEC 提交的 8-K。

With that, we will now turn the call over to Ken Gaglione. Please go ahead, Ken.

接下來，我們把電話交給 Ken Gaglione。Ken，請開始。

Good evening, everyone, and thank you for joining us. Since turning to Hudson as CEO in November, I've already had a chance to speak with many of you, and I'm pleased to have this opportunity tonight to address a broader audience of investors and analysts. It's been a very busy and productive three months with our internal operating teams as well as with key customers. There are many positive changes and a lot of progress in a few years since I left Hudson and I found the underlying foundation of the company and my return remains very solid.

各位晚安，感謝各位加入我們。自從我在 11 月接任 Hudson 執行長以來，我已經有機會與各位中的許多人交流；今晚很高興能藉此機會向更廣泛的投資人與分析師聽眾發言。過去三個月，我們與內部營運團隊以及重要客戶一起度過了非常忙碌且富有成效的時光。自我離開 Hudson 以來的幾年中，公司出現了許多正向變化並取得大量進展；我也發現公司的底層基礎依然非常穩固，而我回歸後的感受亦是如此。

Hudson is comprised of a tremendous group of knowledgeable and service-oriented professionals with a commitment to delivering innovation and sustainable refrigerant products services and technology that our customers need in this continuously evolving and frequently complex HVAC landscape. I'm excited to be back and to have this opportunity to lead Hudson as we write our next chapter.

Hudson 由一群卓越、專業且以服務為導向的人才所組成，致力於提供客戶在這個持續演進且經常複雜的 HVAC 產業環境中所需的創新與永續冷媒產品、服務與技術。我很興奮能回到公司，並有機會帶領 Hudson 撰寫下一個篇章。

Before we get into the financial results, I want to take this opportunity to discuss my vision for Hudson and our strategy and priorities going forward.

在進入財務結果之前，我想藉此機會談談我對 Hudson 的願景，以及我們未來的策略與優先事項。

As you know, Hudson has been an industry leader in refrigerant distribution and an innovator in reclamation and refrigerant management service for decades, our founder pioneered refrigerant reclamation in the US, and we successfully navigated two previous refrigerant phaseouts. CFCs in the late '90s and HCFCs in the mid-2000s and now we're currently moving through another phasedown of HFCs to HFOs.

如各位所知，Hudson 多年來一直是冷媒分銷領域的產業領導者，也是回收再生（reclamation）與冷媒管理服務的創新者；我們的創辦人率先在美國推動冷媒回收再生，並成功因應過去兩次冷媒汰換。包括 1990 年代末期的 CFC，以及 2000 年代中期的 HCFC；而目前我們正處於另一波從 HFC 逐步減量轉向 HFO 的過程中。

Our core business of refrigerant reclamation sales and associated services remains the focus of our organic growth strategy. This is critical to our commitment to the refrigerant life cycle management and sustainability, whereby we help to ensure optimum system performance using environmentally beneficial reclaimed refrigerants.

我們以冷媒回收再生銷售及相關服務為核心的業務，仍是我們有機成長策略的重點。這對我們致力於冷媒全生命週期管理與永續發展至關重要；我們透過使用對環境更有利的再生冷媒，協助確保系統達到最佳效能。

There are many opportunities for our continued growth in support of this core mission. In the near term and in alignment with our capital allocation strategy, we're focused on investing in a few concentrated areas that I'd like to speak about tonight, infrastructure, inventory, and ERP.

為支持這項核心使命，我們仍有許多持續成長的機會。短期內，並配合我們的資本配置策略，我們聚焦投資於幾個我今晚想談的重點領域：基礎設施、庫存，以及 ERP。

First, investing in our infrastructure includes expanding our separation technology and automation to ensure we are well prepared and positioned to meet the evolving needs of our customers and the new more complex HFO refrigerant blends. Additionally, we are investing in inventory that is crucial to our operations and supports our well-earned reputation for efficiently supplying our customers with the refrigerants they need when they need them.

首先，對基礎設施的投資包括擴充分離技術與自動化，以確保我們已充分準備並具備良好定位，能滿足客戶不斷演變的需求，以及更複雜的新型 HFO 冷媒混配物。此外，我們也投資於對營運至關重要的庫存，並支撐我們長期建立的良好聲譽——能在客戶需要時，迅速且有效率地供應其所需冷媒。

Looking back, we were somewhat light on inventory at the end of 2024. And as a result, misdelivering on some orders during the 2025 selling season, a situation that was corrected in the fourth quarter. We remain committed to investing in our inventory so that we are well positioned to deliver the service excellence that our customers have come to rely on.

回顧過去，我們在 2024 年底的庫存水位偏低。因此在 2025 年銷售旺季期間，部分訂單出現交付不如預期的情況；該情況已在第四季獲得修正。我們仍致力於投資庫存，以確保我們具備良好條件，持續提供客戶所倚賴的卓越服務。

More recently, we went live with the new ERP system in February 2026. This will add connectivity to our operations and provide a more efficient platform for our ability to reliably serve our customers. Like many new ERP implementations, we have had our share of start-up headaches, which Brian will cover in more detail.

更近期地，我們已於 2026 年 2 月正式上線新的 ERP 系統。這將提升我們營運的連結性，並提供更有效率的平台，以強化我們可靠服務客戶的能力。如同許多新的 ERP 導入案，我們也遇到一些上線初期的問題，Brian 將會更詳細說明。

Second, we're focused on the organic and strategic expansion of our service capabilities in the commercial market. In the short time that I've been back and working with our internal teams, we have identified several opportunities to apply our existing technology and expertise to provide additional service offerings to our customer base, the HVAC market has a multitude of servicing needs, and we believe we have an opportunity to capture more of that demand.

第二，我們聚焦於在商用市場中，有機且策略性地擴展我們的服務能力。在我回來並與內部團隊合作的短時間內，我們已辨識出多項機會，可運用既有技術與專業，為客戶群提供更多服務項目；HVAC 市場有多元的維修與服務需求，我們相信有機會掌握更多此類需求。

Some examples include the separation of packaging of new refrigerant blends that require specialized balancing and handling, providing new methods to recover refrigerant from underserved segments of the market, and HVAC system optimization services, just to name a few.

例如：對需要專業配比與處理的新型冷媒混配物進行分離與包裝；提供新的方法，從市場中服務不足的區隔回收冷媒；以及 HVAC 系統最佳化服務等，僅舉幾例。

Third, we'll continue our disciplined approach to accretive acquisitions. In conjunction with driving organic growth, we will continue to evaluate our acquisition and alliance opportunities that complement our core capabilities and/or strengthen our geographical presence in the market. As example, our recent acquisition of Refrigerants Inc. is an example of that approach and has given us an enhanced presence in the western portion of the US for both securing recovery refrigerant and refrigerant distribution.

第三，我們將持續以嚴謹的方式推進具增益性的併購。在推動有機成長的同時，我們也將持續評估併購與策略聯盟機會，以補強我們的核心能力，並／或強化我們在市場上的地理布局。例如，我們近期收購 Refrigerants Inc. 即是此一策略的體現，使我們在美國西部地區於回收冷媒取得與冷媒分銷方面的市場能見度與布局更為提升。

And lastly, fourth, returning capital to our shareholders via our opportunistic stock repurchase program. We repurchased $20 million in stock during 2025 and intend to continue our practice of opportunistic buybacks in 2026.

最後，第四，透過我們的機會型股票回購計畫向股東返還資本。我們在 2025 年回購了 2,000 萬美元的股票，並打算在 2026 年持續進行機會型回購。

Let me take this opportunity to acknowledge that these initiatives build upon the strong foundation passed to me from my predecessor. And for that, I and the company are truly grateful. And I don't believe this is a time for a transformative change. It's not necessary for our company right now.

我也想藉此機會表示，這些倡議是建立在前任交棒給我的堅實基礎之上。為此，我與公司都由衷感謝。我不認為現在是進行變革性改變的時點。就目前而言，對我們公司並非必要。

But instead, it's a time for diversification of our revenue stream to reduce seasonality and our dependence on a few dominant refrigerants. Our entire team here is committed to capitalizing on the opportunities in front of us this year.

但相反地，這是一個讓我們分散收入來源、降低季節性以及對少數主導性冷媒依賴的時機。我們在座的整個團隊都致力於把握今年擺在我們面前的機會。

Now I'll touch briefly on fourth quarter and full year results before turning the call over to my colleagues. As many of you know, Q4 is historically our weakest quarter from a sales volume perspective as it falls outside of our nine-month selling season. Nonetheless, we delivered impressive revenue growth of 28% in the fourth quarter 2025, primarily related to strong sales volume, which we believe is a promising indicator of the demand environment going into 2026 and a validation of our focus on driving volume by exceeding customer expectations.

現在在把電話會議交給我的同事之前，我先簡要談一下第四季與全年業績。如各位所知，從銷售量角度來看，第四季歷來是我們最弱的一季，因為它落在我們九個月銷售旺季之外。儘管如此，我們在2025年第四季仍交出亮眼的營收成長28%，主要來自強勁的銷售量；我們認為這是進入2026年需求環境的正面指標，也驗證了我們透過超越客戶期望來推動銷量的聚焦策略。

Additionally, during the fourth quarter, we completed our accretive acquisition of Refrigerants Inc. Headquartered in Denver, which strengthens our presence and access to the recovered refrigerant supply chain in the Western United States.

此外，在第四季期間，我們完成了對Refrigerants Inc.具增益性的收購。該公司總部位於丹佛，強化了我們在美國西部回收冷媒供應鏈中的布局與取得管道。

I'll give you a brief overview of our full 2025 financial performance. We grew 4% for the full year to $246.6 million in annual sales volume with a growth of 6%. Our gross margin was 25%, and we posted non-GAAP adjusted net income of $19.7 million or $0.44 per diluted share. Also important here is that 2025 also marks our second consecutive year in achieving an 18% increase in reclamation volume. This is directly related to our activities at the contractor level.

我將簡要概述我們2025年全年的財務表現。全年我們成長4%，年度銷售額達2.466億美元，銷售量成長6%。我們的毛利率為25%，並錄得非GAAP調整後淨利1,970萬美元，或稀釋後每股0.44美元。同樣重要的是，2025年也是我們連續第二年實現再生處理量增加18%。這與我們在承包商層級所推動的活動直接相關。

As we frequently mentioned in these calls and elsewhere, refrigerant recovery is critical to the reclamation process and Hudson has been an industry leader in building awareness among contractors around the importance of recovery both from a sustainability standpoint and an economic perspective. We have substantially heightened our ability to secure recovered refrigerant via our acquisitions of USA Refrigerants and Refrigerants Inc, which expanded our recovery team and our geographic reach.

正如我們在這些電話會議及其他場合經常提到的，冷媒回收對再生流程至關重要；Hudson一直是業界領導者，從永續與經濟兩個角度提升承包商對回收重要性的認知。透過收購USA Refrigerants與Refrigerants Inc.，我們大幅提升了取得回收冷媒的能力，並擴充了回收團隊與地理覆蓋範圍。

Expanding reclamation is a critical part of our supply chain, and it will be increasingly important with the EPA's further reduction in consumption allowances in 2029.

擴大再生處理是我們供應鏈的關鍵一環，而隨著EPA在2029年進一步下調消耗配額，這將變得愈發重要。

I'll take a moment now and turn to our work for the Defense Logistics Agency or the DLA. Last year, we recorded revenue of $38 million for the full year under our DLA contract. As many of you know, during the fourth quarter, we announced that we had been awarded the renewal of our DLA contract to support the US military as a prime contractor.

我現在花點時間談談我們為國防後勤局（Defense Logistics Agency，DLA）所做的工作。去年，我們在DLA合約下全年認列營收3,800萬美元。如各位所知，在第四季我們宣布，已獲得DLA合約續約，將以主承包商身分支援美國軍方。

In late January '26, this last January, we were notified that a competitor had filed a bid protest regarding an administrative challenge to the DLA's evaluation of proposals and the contract award to Hudson Technologies. Our contract award has been rescinded while the DLA conducts its review of its internal processes. And while this development is disappointing, Hudson has a proven and successful 10-year working relationship with the DLA and we'll continue providing logistics support on our existing contract with runs through 2026.

在2026年1月下旬，也就是今年1月，我們接獲通知，某競爭對手就DLA對提案評估以及將合約授予Hudson Technologies一事，提出投標抗議（bid protest），主張存在行政層面的爭議。在DLA審查其內部流程期間，我們的合約授予已被撤銷。雖然這項發展令人失望，但Hudson與DLA有經過驗證且成功的10年合作關係；我們也將持續在現有合約下提供後勤支援，該合約將持續至2026年。

We are determined to preserve our position as a value partner to the DLA while this protest is being resolved, and we will provide further updates as we learn more.

在抗議案解決期間，我們決心維持作為DLA價值合作夥伴的地位，並將在掌握更多資訊後提供進一步更新。

In closing, I would say, overall, I am very pleased -- we are very pleased with our solid fourth quarter close to 2025, and we are energized for the opportunities we see to grow our business.

最後我想說，整體而言，我非常滿意——我們都非常滿意——我們在2025年第四季以穩健表現收官，也對我們所看到的業務成長機會充滿動能。

Now I'll turn the call over to Kate Houghton, our Senior Vice President of Sales and Marketing, to provide some additional detail around Hudson's market opportunity.

現在我把電話會議交給我們銷售與行銷資深副總裁Kate Houghton，請她就Hudson的市場機會提供更多細節。

Thank you, Ken, and good evening, everyone. We executed well in the fourth quarter and delivered increased sales volume and what is historically our seasonally slowest quarter when a large portion of our customers transition from cooling applications to heating.

謝謝你，Ken，各位晚安。我們在第四季執行到位，交出更高的銷售量；而第四季歷來是我們季節性最淡的一季，因為相當一部分客戶會從冷卻應用轉向供暖。

In fact, our execution in the back half of 2025 offset what had been a late start to our nine-month cooling season. It's still relatively early in the year, but as we begin the 2026 cooling season, we currently see supply and demand is balanced in the market with some slight refrigerant price appreciation.

事實上，我們在2025年下半年的執行表現，抵消了九個月冷卻旺季起步偏晚的影響。雖然今年仍相對較早，但在我們開始2026年冷卻季之際，目前看到市場供需大致平衡，冷媒價格略有上揚。

At the close of 2025, the average price of HFCs was slightly below $6 per pound and as we report to you today, it's slightly above $6 per pound. As Ken mentioned, for the second consecutive year, we achieved an 18% increase in reclamation volume. We believe our solid growth reflects our successful grassroots effort to promote recovery and reclamation activities to the field technicians who facilitate the recovery and return process as well as the expanded recovery capabilities resulting from our acquisitions of USA refrigerants and Refrigerants, Inc.

在2025年底，HFC的平均價格略低於每磅6美元；而截至我們今天向各位報告時，已略高於每磅6美元。如Ken所提，連續第二年，我們實現再生處理量增加18%。我們認為這項穩健成長反映了我們成功的基層推廣工作：向促成回收與回運流程的現場技術人員宣導回收與再生作業；同時也反映了我們收購USA Refrigerants與Refrigerants, Inc.後所帶來的回收能力擴充。

During the fourth quarter, we continued to actively engage with our refrigeration technician and contractor partners to highlight the environmental and economic benefits of recovering and returning refrigerants rather than venting refrigerant, and we will continue these efforts as we move through 2026 and beyond.

在第四季期間，我們持續積極與冷凍空調技術人員及承包商夥伴互動，強調回收並回運冷媒、而非將冷媒排放至大氣的環境與經濟效益；隨著我們邁向2026年及更長遠的未來，我們也將持續推進這些工作。

In addition to our industry outreach during 2025, we also launched two innovative reclaim pilot programs to promote recovery and reclamation process and technology. In September, we began our partnership with DC Sustainable Energy Utility, or DCSEU to establish the nation's first refrigerant recovery and reclamation pilot in Washington, D.C. The program is linked to DCSEUs greenhouse gas emission goals.

除了我們在2025年的產業外展活動外，我們也啟動了兩項創新的再生試點計畫，以推動回收與再生流程及技術。9月，我們開始與華盛頓特區永續能源公用事業機構（DC Sustainable Energy Utility，DCSEU）合作，在華盛頓特區建立全美第一個冷媒回收與再生試點。該計畫與DCSEU的溫室氣體排放目標相連結。

And through this pilot, Hudson provides HVAC contractors with training on recovery best practices, supplies proper storage containers for use refrigerants, covers shipping and logistics and offers financial incentives for recovered refrigerant. The pilot is off to a strong start with early positive results. Participating contractors have avoided 600,000 pounds of equivalent CO2 emissions by reclaiming with Hudson, and the program is set to expand to a wider range of participating contractors this year.

透過此試點，Hudson為HVAC承包商提供回收最佳實務訓練，提供適用於使用過冷媒的合規儲存容器，負擔運輸與物流，並對回收冷媒提供財務誘因。該試點開局強勁，早期成果正面。參與的承包商透過與Hudson合作進行再生處理，已避免相當於60萬磅CO2的排放；而該計畫預計今年擴大至更廣泛的承包商參與。

We are encouraged that CSU program is also thinking about refrigerant recovery as greenhouse gas CO2e reduction rather than the typical view of reduced energy consumption. This approach is key to encouraging utilities around the country to accelerate the support of refrigerant reclamation in decarbonization efforts.

我們受到鼓舞的是，CSU計畫也在思考將冷媒回收視為溫室氣體CO2e減量，而非典型的「降低能源消耗」觀點。這種方法是促使全美各地公用事業加速在去碳化努力中支持冷媒再生處理的關鍵。

In December of 2025, we announced that Hudson was selected to support the California Air Resources Board, or CARB, with their REFRESH pilot program, the state's first program to incentivize refrigerant recovery and reclamation. In this pilot, Hudson will partner with contractors who are part of the California Energy Commission's Equitable Building decarbonization direct in-store program to provide training on safe and efficient recovery practices and as a purchaser of recovered HFCs and HCFCs for reclamation.

在2025年12月，我們宣布Hudson獲選支援加州空氣資源委員會（California Air Resources Board，CARB）的REFRESH試點計畫，這是該州首個用以激勵冷媒回收與再生處理的計畫。在此試點中，Hudson將與承包商合作；這些承包商屬於加州能源委員會（California Energy Commission）的「公平建築去碳化」直接店內（direct in-store）計畫。我們將提供安全且高效率回收作業的訓練，並作為回收HFC與HCFC的買方以進行再生處理。

We're very excited to be part of these innovative new programs and optimistic that we'll continue to see additional opportunities as more state and local governments adopt legislation mandating the use of reclaimed refrigerants.

我們非常興奮能參與這些創新的新計畫，並樂觀地認為，隨著更多州與地方政府採納立法、強制使用再生冷媒，我們將持續看到更多機會。

Finally, I'd like to take a minute to address the recent development at the EPA revoking the endangerment finding established in the Obama administration. The endangerment finding has served as a basis for regulating certain pollutants, including HFCs under the Clean Air Act. The recession of this endangerment finding primarily limits EPA's ability to develop further HFC regulations under the Clean Air Act, and we don't believe it will affect the AIM Act's independent statutory authority for the HFC phasedown.

最後，我想花一點時間說明近期美國環保署（EPA）撤銷歐巴馬政府時期所建立的「危害認定」（endangerment finding）這項發展。該危害認定一直是規範特定污染物（包括依《清潔空氣法》規範的 HFCs）的依據。撤銷此危害認定主要限制 EPA 依《清潔空氣法》制定進一步 HFC 法規的能力，而我們認為這不會影響《AIM 法案》在 HFC 逐步減量方面所具有的獨立法定授權。

OEMs and refrigerant producers are already well on their way in developing next-generation lower GWP alternatives to HFC refrigerants and equipment and Hudson remains in a strong position to reclaim and provides HFCs to meet the anticipated continued demand into these 100 million plus units reach the end of their useful lives.

OEM 與冷媒生產商在開發下一代、較低 GWP 的 HFC 冷媒與設備替代方案方面已進展順利；Hudson 仍處於有利地位，可回收再生並供應 HFC，以滿足預期的持續需求，直到這超過 1 億台的設備陸續達到使用年限終點。

As we begin to move through 2026, I want to echo Ken's comments about our optimism for what lies ahead for Hudson. We have a strong foundation to build from, which includes our long-standing customer base, leadership position in supply of both surgeon and reclaim refrigerants of all types, innovative thinking to engage nontraditional industry partners in the growth of refrigerant recovery, sophisticated field service capabilities and the ability to leverage our proprietary technology and expertise to drive growth.

隨著我們開始邁入 2026 年，我想呼應 Ken 對 Hudson 未來前景的樂觀評論。我們擁有可持續發展的堅實基礎，包括長期的客戶群、在各類原生與再生冷媒供應方面的領導地位、以創新思維與非傳統產業夥伴合作推動冷媒回收成長、成熟的現場服務能力，以及運用我們的專有技術與專業知識來帶動成長的能力。

With our renewed focus on expanding our core business through complementary opportunities and focuses on strategic expansion in complementary areas, we believe we are well positioned to grow our leadership role in the marketplace.

在我們重新聚焦於透過互補性機會擴大核心業務，並著重於在互補領域進行策略性擴張之下，我們相信自己已具備良好條件，在市場中進一步強化領導角色並實現成長。

Now I'll turn the call over to Brian Bertaux to review our fourth quarter and full year 2025 results. Go ahead, Brian.

接下來我把電話會議交給 Brian Bertaux，請他回顧我們 2025 年第四季及全年業績。Brian，請。

Thank you, Kate. First, I'll review our Q4 '25 financial results with a comparison to Q4 '24.

謝謝你，Kate。首先，我將回顧我們 2025 年第四季（Q4 '25）的財務結果，並與 2024 年第四季（Q4 '24）比較。

We recorded $44.4 million in revenue, an increase of 28%, primarily driven by increased sales volume. As Kate noted, our strong sales volume execution in the back half of 2025 more than offset what had been a late start to our nine-month selling season. We posted gross profit of $3.5 million compared to $5.8 million of Q4 '24. The Q4 '25 gross profit reflected the impact of $4.2 million of inventory-related costs including a lower of cost or market adjustment resulting from the fourth quarter inventory build.

我們錄得營收 4,440 萬美元，年增 28%，主要由銷售量增加所帶動。如 Kate 所提，我們在 2025 年下半年強勁的銷售量執行，已足以抵銷原本九個月銷售季較晚起步的影響。我們的毛利為 350 萬美元，較 2024 年第四季的 580 萬美元下降。2025 年第四季毛利反映了 420 萬美元的存貨相關成本影響，其中包括因第四季建立存貨而產生的「成本與市價孰低」調整。

Hudson recorded SG&A expenses of $13.9 million compared to $8 million in Q4 '24. SG&A in the '25 quarter included $4 million of executive severance costs. Excluding the $4 million severance costs, non-GAAP adjusted SG&A was $9.9 million compared to $8 million in Q4 '24, with the variance related to increased staffing.

Hudson 的銷售、一般及行政費用（SG&A）為 1,390 萬美元，較 2024 年第四季的 800 萬美元增加。2025 年第四季的 SG&A 包含 400 萬美元的高階主管資遣費用。扣除 400 萬美元資遣費用後，非 GAAP 調整後 SG&A 為 990 萬美元，較 2024 年第四季的 800 萬美元增加，差異主要與人力增加有關。

Operating loss was $11.2 million compared to an operating loss of $3.2 million in Q4 '24. The Q4 '25 operating loss includes $8.2 million in inventory and the $4 million severance costs. Non-GAAP adjusted operating loss, which excludes the $4 million of severance-related costs was $7.2 million compared to Q4 '24 operating loss of $3.2 million.

營業損失為 1,120 萬美元，較 2024 年第四季的營業損失 320 萬美元擴大。2025 年第四季營業損失包含 820 萬美元的存貨相關影響以及 400 萬美元的資遣費用。非 GAAP 調整後營業損失（排除 400 萬美元資遣相關費用）為 720 萬美元，較 2024 年第四季的營業損失 320 萬美元為高。

We recorded a net loss of $8.6 million or $0.20 per diluted share which includes the after-tax impact of the $8.2 million of previously described costs compared to a net loss of $2.6 million or $0.06 per diluted share in Q4 '24.

我們錄得淨損 860 萬美元，或稀釋後每股虧損 0.20 美元，其中包含前述 820 萬美元成本的稅後影響；相較之下，2024 年第四季淨損為 260 萬美元，或稀釋後每股虧損 0.06 美元。

Non-GAAP adjusted net loss was $5.4 million or $0.13 per diluted share, which excludes the after-tax impact of the $4 million executive severance cost compared to a non-GAAP net loss of $2.6 million or $0.06 per share for Q4 '24.

非 GAAP 調整後淨損為 540 萬美元，或稀釋後每股虧損 0.13 美元，排除了 400 萬美元高階主管資遣費用的稅後影響；相較之下，2024 年第四季非 GAAP 淨損為 260 萬美元，或每股虧損 0.06 美元。

Turning to the full year. Hudson posted $246.6 million in revenue a 4% increase from 2024, and that increase was primarily related to a 6% increase in sales volume, which was partially offset by slightly lower pricing. Revenue from our DLA contract was $38 million in 2025. 2025 gross margin was 25.2% compared to 27.7% in 2024. This reflects slightly lower refrigerant market prices and higher freight costs. 2025 SG&A was $40.2 million compared to $33 million in 2024.

接著看全年表現。Hudson 2025 年營收為 2.466 億美元，較 2024 年增加 4%；該增幅主要來自銷售量增加 6%，但部分被略低的價格所抵銷。我們的 DLA 合約在 2025 年帶來 3,800 萬美元營收。2025 年毛利率為 25.2%，低於 2024 年的 27.7%。這反映冷媒市場價格略降以及運費成本上升。2025 年 SG&A 為 4,020 萬美元，較 2024 年的 3,300 萬美元增加。

Non-GAAP adjusted SG&A was $36.2 million compared to $32.6 million in 2024. Excluding the $4 million of severance costs, the increase in SG&A includes the midyear 2024 increase to our sales staff.

非 GAAP 調整後 SG&A 為 3,620 萬美元，較 2024 年的 3,260 萬美元增加。扣除 400 萬美元資遣費用後，SG&A 的增加包含我們在 2024 年年中對銷售人員編制的擴增。

The company recorded operating income of $18.6 million compared to $29.3 million in 2024. Non-GAAP adjusted operating income was $22.6 million compared to $29.7 million in 2024. The decrease from 2024 reflects the aforementioned lower gross profit and increased SG&A costs, primarily from increased staffing.

公司錄得營業利益 1,860 萬美元，較 2024 年的 2,930 萬美元下降。非 GAAP 調整後營業利益為 2,260 萬美元，較 2024 年的 2,970 萬美元下降。相較 2024 年的減少，反映前述毛利降低與 SG&A 成本增加，主要來自人力增加。

Hudson recorded net income of $16.7 million or $0.37 per diluted share compared to net income of $24.4 million or $0.52 per diluted share in 2024. Non-GAAP adjusted net income and diluted earnings per share were $19.7 million and $0.44, respectively, compared to non-GAAP EPS and diluted shares of $24.7 million and $0.52, respectively, for 2024. The company's unlevered balance sheet remains strong at year-end with $39.5 million of cash.

Hudson 錄得淨利 1,670 萬美元，或稀釋後每股盈餘 0.37 美元；相較之下，2024 年淨利為 2,440 萬美元，或稀釋後每股盈餘 0.52 美元。非 GAAP 調整後淨利與稀釋後每股盈餘分別為 1,970 萬美元與 0.44 美元；相較之下，2024 年非 GAAP 淨利與稀釋後每股盈餘分別為 2,470 萬美元與 0.52 美元。公司在年末仍維持強健的無槓桿資產負債表，現金為 3,950 萬美元。

During the quarter, we demonstrated our commitment to our capital allocation strategy of organic and strategic growth and opportunistic share repurchases. In Q4 '25, we invested in restocking inventory acquired Refrigerants Inc., and repurchased $14 million of company stock. The investment in inventory at year-end ensures that we are well positioned for the 2026 selling season.

在本季，我們展現了對資本配置策略的承諾，包括有機與策略性成長，以及把握時機的股票回購。在 2025 年第四季，我們投入資金補充存貨、完成對 Refrigerants Inc. 的收購，並回購了 1,400 萬美元的公司股票。年末的存貨投資確保我們已為 2026 年銷售季做好充分準備。

Consistent with our capital allocation strategy, we repurchased $20 million of common stock in 2025, and we expect to continue to pursue opportunistic buybacks in 2026 with our $20 million authorization.

依循我們的資本配置策略，我們在 2025 年回購了 2,000 萬美元普通股；並預期在 2026 年將在 2,000 萬美元的核准額度下，持續進行把握時機的回購。

As Ken noted, we recently went live with a new ERP system that we expect will add an activity to our operations and provide a better platform for reliably serving our customers. Like many new ERP implementations, we have experienced some start-up inefficiencies in Q1 2026. Despite that headwind, we expect Q1 2026 revenue to increase by a low to mid-single-digit percentage as compared to Q1 2025, and we don't expect the ERP-related inefficiencies to persist in the second quarter and forward.

如 Ken 所提，我們近期已正式上線新的 ERP 系統，我們預期這將提升營運效率，並提供更佳的平台，以更可靠地服務客戶。如同許多新的 ERP 導入案，我們在 2026 年第一季經歷了一些啟動期效率不彰的情況。儘管有此逆風，我們預期 2026 年第一季營收相較 2025 年第一季將以低至中個位數百分比成長，且我們不預期 ERP 相關的效率不彰會延續到第二季及之後。

Now I'll turn the call back to Ken for his closing remarks.

現在我把電話交回給 Ken，請他做結語。

Thank you, Brian. So 2025 was a year of notable changes and foundational progress for Hudson. We enter 2026 energized by the opportunities we see to grow our leadership role as a provider of sustainable refrigerant and reclamation products, technologies and services through strong execution as well as through our strategy to expand our core capabilities by leveraging new opportunities in adjacent markets.

謝謝你，Brian。因此，2025 年對 Hudson 而言是充滿顯著變化與奠基性進展的一年。我們帶著對機會的熱忱進入 2026 年；我們看到可透過強勁的執行力，以及透過我們的策略——藉由把握相鄰市場的新機會來擴展核心能力——來成長並強化我們作為永續冷媒與回收再生產品、技術與服務供應商的領導地位。

Operator, we'll now open it up for questions.

接線員，我們現在開放提問。

(Operator Instructions) Gerry Sweeney, ROTH Capital.

(接線員指示) Gerry Sweeney，ROTH Capital。

I just wanted to talk about -- I mean, you highlighted some of your, I think, key focuses going forward in organic and accretive and specifically, I wanted to get an idea of what we were thinking in terms of maybe opportunities around service, HVAC optimization and removing some of the lack of, a better word, focus on just refrigerants and reclamation and moving some seasonality?

我想談談——我是說，你們強調了未來一些我認為的關鍵重點，包括有機成長與增值型（accretive）成長；更具體地說，我想了解一下，我們在服務、HVAC 最佳化方面可能有哪些機會，以及如何減少（缺乏更好的說法）只聚焦在冷媒與回收再生，並且降低一些季節性？

Absolutely, Gerry. Thanks for the question. So I'll add a little color to that. And when people think about services in the HVAC industry, they tend to immediately think about contracting services, people that show up in the driveway, the technicians. But that's not really what we're speaking about directly.

當然可以，Gerry。謝謝你的問題。我補充一些說明。當人們想到 HVAC 產業的服務時，往往會立刻想到承包維修服務——那些會開車到你家門口的技師。但那並不是我們直接在談的內容。

When we talk about our services expansion, we are looking at other types of services that -- and there are a lot of them that are hidden behind, let's say, chiller operations that people are less familiar with, including proactive services where we monitor and measure chiller performance. We look at other aspects of the chiller in terms of its operating performance, which we've been doing with our services group for some time.

當我們談到擴展服務時，我們是在看其他類型的服務——而且有很多是隱藏在例如冷水機（chiller）運轉作業背後、一般人較不熟悉的服務——包括主動式服務：我們會監測並量測冷水機的效能。我們也會從運轉效能的角度檢視冷水機的其他面向；這些我們的服務團隊已經做了一段時間。

And there's adjacencies to where there are services that we can provide with new infrastructure capabilities for A2L refrigerants, HFO refrigerants, complicated HFO refrigerant blends that we feel we have a unique advantage in the marketplace to take -- to help balance those refrigerants, package them and redeploy them.

此外，在相鄰領域也有一些服務，我們可以透過針對 A2L 冷媒、HFO 冷媒，以及複雜的 HFO 冷媒混配所需的新基礎設施能力來提供；我們認為我們在市場上具備獨特優勢，可以協助平衡這些冷媒、進行包裝並重新部署。

Got you. And when you're talking chillers, you're referencing like commercial sized opportunities?

了解。你們提到冷水機時，指的是像商用規模的機會嗎？

Correct. Yes.

正確。是的。

How do you go about sort of opening up this opportunity? Obviously, you do have -- Hudson has had a service component that's been around for years. And I think it's received lots of attention maybe from the investment community, but maybe not from the internal aspect, but curious as to how you built this out.

你們要如何著手開拓這個機會？顯然 Hudson 多年來一直有服務部門。我覺得投資界可能給了很多關注，但內部面向可能未必如此；我想了解你們是如何把這塊建置起來的。

Yes. Great question, Jerry. So thinking about it, as Ken touched upon, thinking about taking our services in a more proactive manner versus an emergency response. So Hudson is very well known in the industry for an emergency response to large chiller-built systems.

是的。好問題，Jerry。所以從這個角度來看，正如 Ken 提到的，我們在思考如何讓服務更偏向主動式，而不是緊急應變。Hudson 在產業內以大型冷水機系統的緊急應變服務而聞名。

Taking our expertise into that stage before you have to have an emergency response, how do you better manage that chiller, how do you proactively think about it as an asset, and all the things that go into that with the refrigerant circuit is one of those areas that we're focusing on and spending more time on lightly.

把我們的專業往前移到你還不需要緊急應變之前：如何更好地管理那台冷水機、如何主動把它當作資產來思考，以及其中所有與冷媒迴路相關的事項——這是我們正在聚焦並投入更多時間的領域之一。

Got you. And one more question. This may be very early in the process, but maybe do you have any like aspirational targets as to where revenue could be in terms of maybe opportunities outside just direct refrigerants distribution? So maybe a balancing perspective.

了解。再問一個問題。這可能還在很早期，但你們是否有任何「願景式」目標，例如在不僅是直接冷媒分銷之外的機會上，營收可能會到什麼程度？也就是從平衡組合的角度來看。

Yes. That's a little hard to say, but we do have some targets we're developing, Jerry, in terms of percentages of sales. And as I said earlier, the key for us is to reduce our dependency on certain refrigerants as we go forward into our strat plan. So I think we'll be able to give you some guidance on that, a little better guidance on that in the coming months. But right now, it's a little bit early to say.

是的。這有點難說，但我們確實正在制定一些目標，Jerry，例如以銷售占比的方式來看。而且如我先前所說，對我們而言的關鍵，是在推進策略規劃的過程中，降低對某些冷媒的依賴。所以我想在接下來幾個月，我們能給你一些指引——更清楚一些的指引。但目前來說，還稍微早了一點。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

This is Matthew Raab on for Ryan. I just want to start on HFC pricing, like it seems like things are mostly stable. I think you mentioned slightly above $6 a pound. I guess, just any update on the trends you're seeing whether it be inventory, what's going on in the channel? What you're hearing from tax in the field? And then I don't know if I caught it, was there any change in expectation on pricing for 2026 as a whole?

我是代 Ryan 發言的 Matthew Raab。我想先從 HFC 定價談起，看起來大致上相當穩定。我記得你提到每磅略高於 6 美元。我想請問，你們看到的趨勢是否有更新——不論是庫存、通路端的狀況？你們從第一線的技師（techs）那邊聽到什麼？另外我不確定我有沒有聽清楚：對於 2026 全年的價格預期，有沒有任何變化？

Yes. That's again, great question, Matthew. And thank you for that. So as we said, when it came into the beginning of the year, pricing and typically, we're talking use 410A as a bellwether because it's the dominant HFC refrigerant, it's a little bit below $6 a pound. It's a little -- as we're talking to you today. It's a little bit above $6 a pound.

有。這同樣是個很好的問題，Matthew。也謝謝你。如同我們所說，年初時的價格——通常我們會用 410A 作為指標，因為它是主流的 HFC 冷媒——每磅略低於 6 美元。而以我們今天與各位通話的時間點來看，它已經略高於每磅 6 美元。

We see right now that the market is balanced in terms of supply and demand. So not thinking about and not seeing indications right now of some of the shortages and disruptions that happened in the market last year. We're seeing the signs of small price appreciation. It's still a little early in the year, some places in the country, including with Cliff Lake, New Jersey, have 2 feet of snow on the ground.

我們目前看到市場在供需方面是平衡的。因此，目前並未認為、也未看到任何跡象顯示會出現去年市場上發生的那些短缺與干擾。我們看到一些小幅的價格上漲跡象。不過現在仍是年初，美國有些地區——包括新澤西州的 Cliff Lake——地上還有 2 英尺厚的積雪。

And it's not a lot of people thinking about turning on their ACs yet. But we are starting to see a little bit of upward price appreciation, and we think we'll see that continue.

還沒有太多人在想著要開冷氣。但我們確實開始看到一些價格向上走升，我們認為這種趨勢會持續。

Understood. Maybe moving over to I guess, broadly, do you have any expectation for the mix in '26? We've heard from some of the OEMs that the aftermarket demand for HFO is going to kick in more so in the second half of '26. Do you have any thoughts on what that mix could be for Hudson? And then any commentary maybe on HFO pricing versus HFC pricing would be helpful.

了解。接著我想問更廣泛一點：你們對 2026 年的產品組合（mix）有任何預期嗎？我們從一些 OEM 那邊聽到，HFO 的售後市場需求會在 2026 年下半年更明顯地啟動。你們對 Hudson 的組合可能會是什麼樣子，有什麼看法？另外，若能談談 HFO 定價相對於 HFC 定價的情況，也會很有幫助。

Let me take a stab at it, Ryan. I mean, the HFO demand for a company like cuts in is all service demand, right? It's all aftermarket demand. And the build-out for HFOs is ongoing for first fill and OEM, as you mentioned. So I'm not expecting -- we're not expecting to see any real significant increase in HFO demand from our side for, let's say, the first part of 2027.

我來試著回答一下，Ryan。我的意思是，對像我們這樣的公司而言，HFO 的需求全部都是服務端需求，對吧？全部都是售後市場需求。而你提到的 HFO 建置（build-out）仍在進行中，用於首次充填（first fill）與 OEM。所以我不預期——我們也不預期——從我們這邊來看，HFO 需求會在例如 2027 年前半段之前出現任何真正顯著的增加。

So we still -- we see it today. We see it. We get it. We understand it. We know how to rebalance it. But in terms of actual real continuous service demand, I wouldn't think it would be second half of this year. I think more likely you're looking at early next year.

所以我們仍然——我們今天也看得到。我們看得到。我們掌握得到。我們理解它。我們知道如何重新平衡它。但就實際、真正的持續性服務需求而言，我不認為會在今年下半年出現。我認為更可能是明年年初。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

So just my first question here. How much cylinder inventory do you expect to need to meet demand in 2026? And how close are you to that target given the build?

所以我這裡的第一個問題。你們預期在 2026 年需要多少鋼瓶庫存才能滿足需求？以目前的建置進度來看，你們距離該目標還有多近？

We really don't speak to the cylinders. However, we have the inventory both in refrigerants and cylinders, again, not to short the market, we leaned in heavy. So we feel ready and equipped to meet all demand for 2026.

我們其實不太談鋼瓶。不過，我們在冷媒與鋼瓶方面都有庫存；再次強調，為了不讓市場缺貨，我們大幅加碼備貨。因此我們覺得已準備就緒、配備齊全，能滿足 2026 年的所有需求。

Okay. And what do you view as the most important factor this year to improving the gross margin relative to last year? Is it just appreciation in pricing? Or are there other factors we should be focused on?

好的。那你認為今年相較去年提升毛利率最重要的因素是什麼？只是價格上漲嗎？還是還有其他我們應該關注的因素？

Well, in addition, I mean, pricing is one variable, but we work day in and day out. We use fixed asset investments to automate things and to reduce costs. We have a new ERP system that we spoke to that should provide us efficiencies, better information, better information to make informed decisions.

嗯，此外，我是說，定價是一個變數，但我們日復一日地努力。我們透過固定資產投資來自動化流程並降低成本。我們也有一套新的 ERP 系統，先前提過，它應能帶來效率提升、更好的資訊，以及用更好的資訊做出更明智的決策。

So with information, with investments in fixed assets and just focus on continuous improvement, we find ways to reduce costs.

因此，透過資訊、固定資產投資，以及對持續改善的專注，我們能找到降低成本的方法。

(Operator Instructions) Josh Nichols, B. Riley.

（接線員指示）Josh Nichols，B. Riley。

This is Matthew Maus on for Josh Nichols. I guess to start off on the inventory build. You mentioned feeling light on inventory at the end of 2024, not having enough firepower in 2025. So I'm wondering at what price levels were you accumulating in 4Q? And how does the full dynamic set up for margins as you sell in the sell through the peak season?

我是代 Josh Nichols 發言的 Matthew Maus。我想先從庫存建置談起。你提到在 2024 年底覺得庫存偏低，導致 2025 年火力不足。所以我想問，你們在第四季是以什麼價位區間在累積庫存？而在旺季出貨、銷售穿透的過程中，整體動態會如何影響毛利率？

Yes. So just number one, if you historically looked over, say, the last seven years, we typically have maybe a little bit more than six months of inventory on hand at any given year. And we entered 2024 significantly below that.

是的。首先，如果你回頭看過去大約七年的歷史，我們通常在任何一年都會維持大概略多於六個月的在手庫存。而我們進入 2024 年時，明顯低於那個水準。

So we did miss themselves, and it didn't move the needle. We just -- as far as our reliability and service our customers, we don't want to miss one cell. So for 2025, we just went back up to more historical standards and around a six-month inventory days on hand.

所以我們確實失手了，而這並沒有帶來實質影響。就我們對客戶的可靠性與服務而言，我們不想漏掉任何一筆銷售。因此在 2025 年，我們只是把庫存拉回到較符合歷史標準的水準，大約是六個月的在手庫存天數。

Got it. So then with pricing at around like $6 a pound and inventory stock. I'm assuming at similar levels, how should we think about gross margins for 2026 directionally?

了解。那麼在價格大約每磅 6 美元、且庫存備貨——我假設是在相近水準下，我們應該如何方向性地看待 2026 年的毛利率？

Gross margins for 2026. And as we noted in our last call, if there's no real change in pricing, then really our gross margin for '26 should be comparable to '25.

2026 年的毛利率。如同我們在上次電話會議中提到的，如果價格沒有實質變化，那麼我們 2026 年的毛利率應該會與 2025 年相當。

Got it. And just last one on the DLA. Is there any update on the bid process time line? And should we assume a similar $38 million run rate for 2026 under the existing contract?

了解。最後一個關於 DLA 的問題。投標流程的時間表有任何更新嗎？在現有合約下，我們是否應假設 2026 年仍是約 3,800 萬美元的年化營收水準？

I think that's a fair assumption. We think it's going -- we're good through the end of this contract that we have currently. We see it continuing through the end of the year. So that's our projection as well. And I think the updates, there's been some recent activity that's positive for us, but it's hard to know right now what the timing looks like.

我認為這是合理的假設。我們認為在目前這份合約到期前都沒問題。我們看到它會持續到今年年底。所以那也是我們的預估。至於更新方面，最近確實有一些對我們有利的正面進展，但目前很難判斷時間點會是什麼樣子。

So I'd rather not comment about it. It's a convoluted process they go through. But I think in the end, we're very optimistic that we're going to prevail.

所以我寧可不對此發表評論。他們的流程很繁複。但我認為最終我們非常樂觀，會勝出。

We have reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.

問答環節到此結束，我現在把電話交回管理層作結語。

All right. Thank you, operator. So I appreciate everyone's interest in Hudson Technologies.

好的。謝謝你，接線員。我很感謝大家對 Hudson Technologies 的關注。

I think you understand that we have a lot of opportunity here for growth. And on behalf of Kate, Brian, and myself, I want to thank our employees, particularly our employees for their commitment to our success. And we also want to thank you for your interest and support of Hudson's Technologies mission and our commitment to the sustainable practices around refrigerant life cycle management.

我想你們也理解，我們在這裡有很多成長機會。我代表 Kate、Brian 以及我自己，要感謝我們的員工，尤其是員工們對我們成功的投入與承諾。我們也要感謝各位對 Hudson Technologies 使命的關注與支持，以及我們對冷媒生命週期管理之永續作法的承諾。

At Hudson, that's not just a slogan, it's not just words, it's actually something that we really believe in, and we believe in effective refrigerant life cycle management. We look forward to speaking with you in May to discuss our first-quarter 2026 results.

在 Hudson，這不只是口號，不只是說說而已；這其實是我們真正相信的事情，我們相信有效的冷媒生命週期管理。我們期待在五月與各位交流，討論我們 2026 年第一季的業績結果。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。