Hudson Technologies Reports Fourth Quarter and Year-End 2025 Results
Rhea-AI Summary
Hudson Technologies (NASDAQ: HDSN) reported a strong Q4 2025 with revenue up 28% to $44.4M and full-year 2025 revenue of $246.6M (+4%).
The company completed the accretive acquisition of Refrigerants Inc., reported $39.5M cash, announced a $20M annual share repurchase authorization for 2025–2026 and repurchased $14M in Q4. Reclamation volume grew 18% for a second consecutive year.
Positive
- Q4 revenue +28% to $44.4M
- Full-year revenue +4% to $246.6M
- Reclamation volume +18% year-over-year
- Completed acquisition of Refrigerants Inc. (Dec 2025)
- Board approved $20M annual share repurchase authorization
- Cash position of $39.5M at Dec 31, 2025
Negative
- Q4 gross margin fell to 8.0% from 16.7%
- Q4 operating loss of $11.2M including $8.2M charges
- FY gross margin declined to 25.2% from 27.7%
- SG&A rose to $40.2M; Q4 included $4.0M severance
News Market Reaction – HDSN
On the day this news was published, HDSN declined 10.56%, reflecting a significant negative market reaction. Argus tracked a trough of -9.4% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $36M from the company's valuation, bringing the market cap to $305.32M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
HDSN was down 1.65% while key peers were mixed: KOP up 4.58%, LWLG up 5%, MATV down 2.14%, OEC down 3.4%, KRO up 0.73%. The momentum scanner only flagged OEC with a small up move, reinforcing this as a stock-specific reaction rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 18 | Earnings call notice | Neutral | +0.1% | Announcement of date and time for Q4 and full-year 2025 call. |
| Jan 30 | Contract update | Negative | +0.4% | DLA rescinded new contract award pending review after bid protest. |
| Dec 17 | Accretive acquisition | Positive | -0.5% | Acquisition of Refrigerants Inc. to expand reclamation footprint and access. |
| Dec 09 | Program selection | Positive | -3.7% | Selection for CARB REFRESH pilot to expand refrigerant recovery and reclamation. |
| Dec 01 | Buyback increase | Positive | +6.8% | Board increased 2025 and 2026 share repurchase authorization to $20M each year. |
Recent news shows mixed reactions: buyback authorization drew a strong positive move, while several strategically positive updates (acquisition, CARB pilot) saw negative price reactions.
Over the past few months, Hudson announced several strategic and corporate developments. In December 2025 it increased its share repurchase authorization, which coincided with a 6.76% gain. The company then secured a role in California’s REFRESH pilot and acquired Refrigerants Inc., though both drew modest negative reactions. In January 2026, an update on a Defense Logistics Agency contract and a February conference-call notice saw minimal moves. Today’s earnings update fits into a period of ongoing strategic expansion, capital returns, and contract-related uncertainty.
Regulatory & Risk Context
An effective S-3 shelf filed on 2025-12-16 allows Hudson Technologies to issue up to $100,000,000 of various securities over time, with proceeds earmarked for general corporate purposes, including working capital, capital expenditures, acquisitions or investments, and potential debt repayment. No usage of this shelf had been disclosed prior to this earnings release.
Market Pulse Summary
The stock dropped -10.6% in the session following this news. A negative reaction despite revenue growth would fit a pattern where strategically positive updates, such as the Refrigerants Inc. acquisition and CARB pilot selection, previously saw price declines of 0.54% and 3.72%. Investors have also seen margins narrow to 8.0% in Q4 and full-year net income fall to $16.7 million. The effective $100,000,000 shelf underscores ongoing financing flexibility and potential dilution if tapped.
Key Terms
non-gaap financial
lower of cost or market financial
erp system technical
AI-generated analysis. Not financial advice.
28% growth in fourth quarter revenue to$44.4 million - Annual refrigerant sales volume grew by
6% - Annual refrigerant reclamation volume increased by
18% for second consecutive year - Maintained strong, unlevered balance sheet
- Completed accretive acquisition of Refrigerants Inc.
- Board approved
$20 million share repurchase authorization for 2026
WOODCLIFF LAKE, N.J., March 04, 2026 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2025.
Kenneth Gaglione, President and Chief Executive Officer of Hudson Technologies commented, “Hudson delivered a strong finish to 2025 with fourth quarter results that included revenue growth of
“We also achieved a second consecutive year of
“Our unlevered balance sheet remained strong with a cash position of
“During the fourth quarter we announced that our board of directors had approved an increase to the Company’s share repurchase authorization to up to
“We enter 2026 energized by the organic and strategic opportunities in front of us and look forward to expanding Hudson’s longstanding leadership role in lifecycle refrigerant management. The phase out of HFC refrigerants is well underway and we believe our reputation for service excellence, our customer base, proprietary reclamation technology and proven distribution network leave us well positioned to meet the evolving demands of the industry,” Mr. Gaglione concluded.
Three Month Results
For the quarter ended December 31, 2025, Hudson reported:
- Revenues increased
28% to$44.4 million compared to revenues of$34.6 million in the comparable 2024 period. The increase was primarily related to stronger sales volume. - Gross margin of
8.0% compared to16.7% in the fourth quarter of 2024. The 2025 gross margin included$4.2 million of inventory related costs, including a lower of cost or market adjustment related to the fourth quarter inventory build. - Selling, general and administrative expenses of
$13.9 million compared to$8.0 million in the fourth quarter of 2024. SG&A in the fourth quarter of 2025 included$4.0 million of executive severance costs. Non-GAAP Adjusted SG&A was$9.9 million compared to$8.0 million in the fourth quarter of 2024 with the variance related to increased headcount. - Operating loss of
$11.2 million compared to an operating loss of$3.2 million in the prior year period. The 2025 operating loss includes the$8.2 million in inventory and severance costs noted above. Non-GAAP Adjusted operating loss, which excludes the$4.0 million severance cost was$7.2 million compared to$3.2 million in the 2024 quarter. - Net loss of
$8.6 million or a loss of$0.20 per basic and diluted share, which includes the after-tax impact of the$8.2 million of costs noted above, compares to a net loss of$2.6 million or$0.06 per basic and diluted share in the prior year period. Non-GAAP Adjusted net loss, which excludes the after-tax impact of the$4.0 million executive severance cost, was$5.4 million or$0.13 per diluted share compared to a non-GAAP Adjusted net loss of$2.6 million or$0.06 per diluted share in the prior year period.
(See tabular reconciliation of GAAP to non-GAAP adjusted financial measures in the back of this release)
Full Year 2025 Results
For the full year ended December 31, 2025, Hudson reported:
- Revenues increased
4% to$246.6 million compared to revenues of$237.1 million for 2024. The increase in revenues was related to a6% growth in sales volume partially offset by a decrease in refrigerant pricing. - Gross margin of
25.2% compared to gross margin of27.7% for full year 2024, which included the decrease in refrigerant pricing coupled with higher freight costs.
- Selling, general and administrative expenses were
$40.2 million compared to$33.0 million in 2024. Non-GAAP Adjusted SG&A was$36.2 million compared to$32.6 million , with the variance to 2024 primarily related to the mid-year 2024 increase to the sales staff. - Operating income was
$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. - Net income of
$16.7 million or$0.38 per basic and$0.37 per diluted share compared to net income of$24.4 million or$0.54 per basic and$0.52 per diluted share. Non-GAAP Adjusted net income was$19.7 million or$0.44 per diluted share compared to$24.7 million or$0.52 per diluted share.
(See tabular reconciliation of GAAP to non-GAAP adjusted financial measures in the back of this release)
At December 31, 2025 the Company reported
Subsequent to the end of the fourth quarter, on February 1, 2026 the Company went live with a new ERP system that is expected to add connectivity to its operations and provide a more efficient platform for reliably serving its customers. As is common with new ERP implementations, the Company has experienced some startup inefficiencies that it expects will negatively impact first quarter 2026 revenues. Despite this headwind, Hudson anticipates that it will achieve a low-to-mid single digit revenue growth percentage in first quarter 2026 as compared to first quarter 2025. The Company does not expect inefficiencies from the ERP launch to persist into the second quarter of 2026.
Conference Call Information
Hudson Technologies will host a conference call and webcast today, Wednesday, March 4, 2026 at 5:00 p.m. Eastern Time to discuss the Company’s fourth quarter and year-end 2025 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 April 3, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53478.
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 commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of 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 SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility’s refrigeration systems and other energy systems. The Company’s Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company’s products and services, the Company also generates carbon offset projects.
About Non-GAAP Financial Measures
This release is intended to supplement, rather than to supersede, the Company's consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). In this release the Company has included financial measures that are derived from the consolidated financial statements but are not presented in accordance with GAAP. The Company uses non-GAAP financial measures, including adjusted SG&A expenses, adjusted operating income (loss) and margin, adjusted net income (loss) and adjusted diluted earnings (loss) per share (collectively, the “non-GAAP financial measures”). The Company computes these non-GAAP financial measures by adjusting the comparable GAAP measure to remove the impact of certain specified charges and gains and the related tax effect of these adjustments. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, or superior to, the financial performance measures prepared in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measure reported in accordance with GAAP is provided at the end of this release.
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, 2024 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 hudson@imsinvestorrelations.com | Company Contact: Brian Bertaux, Chief Financial Officer Hudson Technologies, Inc. (845) 735-6000 bbertaux@hudsontech.com |
| Hudson Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (Amounts in thousands, except for share and par value amounts) | ||||||
| December 31, | ||||||
| Unaudited 2025 | 2024 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 39,456 | $ | 70,134 | ||
| Trade accounts receivable – net of allowance for credit losses of | 17,098 | 13,629 | ||||
| Inventories | 135,923 | 96,247 | ||||
| Income tax receivable | 5,916 | 6,284 | ||||
| Prepaid expenses and other current assets | 12,445 | 9,218 | ||||
| Total current assets | 210,838 | 195,512 | ||||
| Property, plant and equipment, less accumulated depreciation | 23,623 | 21,554 | ||||
| Goodwill | 65,282 | 62,280 | ||||
| Intangible assets, less accumulated amortization | 11,294 | 14,100 | ||||
| Right of use asset | 5,290 | 6,878 | ||||
| Other assets | 2,321 | 2,328 | ||||
| Total Assets | $ | 318,648 | $ | 302,652 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities: | ||||||
| Trade accounts payable | $ | 21,112 | $ | 8,692 | ||
| Accrued expenses and other current liabilities | 38,772 | 33,813 | ||||
| Accrued payroll | 4,712 | 3,704 | ||||
| Other short-term liabilities | — | 1,600 | ||||
| Total current liabilities | 64,596 | 47,809 | ||||
| Deferred tax liability | 4,034 | 4,076 | ||||
| Long-term lease liabilities | 3,233 | 4,917 | ||||
| Long-term severance payable | 1,595 | — | ||||
| Other long-term liabilities | 1,800 | — | ||||
| Total Liabilities | 75,258 | 56,802 | ||||
| Commitments and contingencies | ||||||
| Stockholders’ equity: | ||||||
| Preferred stock, shares authorized 5,000,000: Series A Convertible preferred stock, | — | — | ||||
| Common stock, | 416 | 443 | ||||
| Additional paid-in capital | 91,692 | 110,792 | ||||
| Retained earnings | 151,282 | 134,615 | ||||
| Total Stockholders’ Equity | 243,390 | 245,850 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 318,648 | $ | 302,652 | ||
| Hudson Technologies, Inc. and Subsidiaries Consolidated Income Statements (unaudited) (Amounts in thousands, except for share and per share amounts) | |||||||||||||||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||
| Revenues | $ | 44,410 | $ | 34,643 | $ | 246,614 | $ | 237,118 | |||||||||||||||||||
| Cost of sales | 40,866 | 28,869 | 184,517 | 171,410 | |||||||||||||||||||||||
| Gross profit | 3,544 | 5,774 | 62,097 | 65,708 | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||
| Selling, general and administrative | 13,924 | 7,998 | 40,242 | 33,017 | |||||||||||||||||||||||
| Amortization | 828 | 1,022 | 3,296 | 3,390 | |||||||||||||||||||||||
| Total operating expenses | 14,752 | 9,020 | 43,538 | 36,407 | |||||||||||||||||||||||
| Operating (loss) income | (11,208 | ) | (3,246 | ) | 18,559 | 29,301 | |||||||||||||||||||||
| Other income | 513 | 527 | 4,132 | 2,726 | |||||||||||||||||||||||
| Income (loss) before income taxes | (10,965 | ) | (2,719 | ) | 22,691 | 32,027 | |||||||||||||||||||||
| Income tax (benefit) expense | (2,062 | ) | (154 | ) | 6,024 | 7,639 | |||||||||||||||||||||
| Net (loss) income | $ | (8,633 | ) | $ | (2,565 | ) | $ | 16,667 | $ | 24,388 | |||||||||||||||||
| Net (loss) income per common share – Basic | $ | (0.20 | ) | $ | (0.06 | ) | $ | 0.38 | $ | 0.54 | |||||||||||||||||
| Net (loss) income per common share – Diluted | $ | (0.20 | ) | $ | (0.06 | ) | $ | 0.37 | $ | 0.52 | |||||||||||||||||
| Weighted average number of shares outstanding – Basic | 43,011,314 | 44,863,767 | 43,585,401 | 45,329,789 | |||||||||||||||||||||||
| Weighted average number of shares outstanding – Diluted | 43,011,314 | 44,863,767 | 45,111,151 | 47,076,477 | |||||||||||||||||||||||
| Hudson Technologies, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Amounts in thousands) | ||||||||
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 16,667 | $ | 24,388 | ||||
| Adjustments to reconcile net income to cash (used in) provided by operating activities: | ||||||||
| Depreciation | 2,695 | 2,997 | ||||||
| Amortization of intangible assets | 3,296 | 3,390 | ||||||
| Gain on measurement of earn-out liability | (1,600 | ) | ||||||
| Impairment of long lived assets | — | 441 | ||||||
| Lower of cost or net realizable value inventory adjustment | 1,726 | 3,028 | ||||||
| Allowance for credit losses | 307 | (766 | ) | |||||
| Amortization of deferred finance cost | 228 | 228 | ||||||
| Share based compensation | 1,100 | 842 | ||||||
| Deferred tax expense | (42 | ) | (482 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | (3,776 | ) | 12,306 | |||||
| Inventories | (40,913 | ) | 60,248 | |||||
| Prepaid and other assets | (3,448 | ) | (1,144 | ) | ||||
| Lease obligations | — | (92 | ) | |||||
| Income taxes receivable | 368 | (846 | ) | |||||
| Accounts payable and accrued expenses | 20,230 | (12,727 | ) | |||||
| Cash (used in) provided by operating activities | (3,162 | ) | 91,811 | |||||
| Cash flows from investing activities: | ||||||||
| Payments for acquisition | (2,237 | ) | (20,670 | ) | ||||
| Additions to property, plant, and equipment | (5,052 | ) | (5,300 | ) | ||||
| Cash used in investing activities | (7,289 | ) | (25,970 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from issuances of common stock and exercises of stock options | 46 | — | ||||||
| Repurchase of common shares | (20,014 | ) | (8,146 | ) | ||||
| Excess tax benefits from exercise of stock options | — | (7 | ) | |||||
| Excise tax on repurchase of common shares | (259 | ) | — | |||||
| Cash used in financing activities | (20,227 | ) | (8,153 | ) | ||||
| Increase in cash and cash equivalents | (30,678 | ) | 57,688 | |||||
| Cash and cash equivalents at beginning of period | 70,134 | 12,446 | ||||||
| Cash and cash equivalents at end of period | $ | 39,456 | $ | 70,134 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during period for interest | $ | 520 | $ | 690 | ||||
| Cash paid for income taxes | $ | 5,748 | $ | 8,990 | ||||
| Property and equipment included in accrued expenses and other current liabilities | $ | 268 | 655 | |||||
Reconciliation of Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with GAAP, the Company uses non-GAAP financial measures, including adjusted selling, general and administrative expenses, adjusted operating income (loss) and margin, adjusted net income (loss) and adjusted diluted earnings (loss) per share. The reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in tables below. These non-GAAP measures are derived from the consolidated financial statements but are not presented in accordance with GAAP. The Company believes these non-GAAP measures provide a meaningful comparison of its results to others in its industry and prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, its financial performance measures prepared in accordance with GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than the Company does, limiting the usefulness of those measures for comparative purposes. Despite the limitations of these non-GAAP financial measures, the Company believes these adjusted financial measures and the information they provide are useful in viewing its performance using the same tools that management uses to assess progress in achieving its goals. Adjusted measures may also facilitate comparisons to historical performance. The following tables provide a reconciliation of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures:
| Hudson Technologies, Inc. and Subsidiaries Reconciliation of GAAP Selling, General and Administrative Costs to Adjusted Net (Loss) Income/Adjusted Diluted EPS (Amounts in thousands) (Amounts in thousands, except for share and per share amounts) | ||||||||||||||
| Three months | Twelve months | |||||||||||||
| ended December 31, | ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| GAAP Selling, general and administrative | ||||||||||||||
| Adjustments (pre-tax)* | - | |||||||||||||
| Adjusted Selling, general and administrative* | ||||||||||||||
| Adjusted Operating Income | ||||||||||||||
| GAAP Operating (loss) income | ( | ) | ( | ) | ||||||||||
| Adjustments (pre-tax)* | - | |||||||||||||
| Adjusted operating (loss) income* | ( | ) | ( | ) | ||||||||||
| Revenues | ||||||||||||||
| Adjusted Net (loss) Income/Adjusted Diluted EPS | ||||||||||||||
| GAAP Net (loss) income | ( | ) | ( | ) | ||||||||||
| Adjustments, net of tax* | - | |||||||||||||
| Adjusted Income (loss)* | ( | ) | ( | ) | ||||||||||
| Diluted weighted average common shares | ||||||||||||||
| GAAP Diluted EPS | ( | ) | ( | ) | ||||||||||
| Adjusted diluted EPS* | ( | ) | ( | ) | ||||||||||
| Hudson Technologies, Inc. and Subsidiaries Reconciliation of Severance Costs to Adjustments to Net Income (Amounts in thousands) (unaudited) | ||||||||||||||
| * Adjustments to reported GAAP financial measures including selling, general and administrative expenses, operating income and margin, net income and diluted EPS have been adjusted by the following: | ||||||||||||||
| Three months | Twelve months | |||||||||||||
| ended December 31, | ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Severance costs | - | |||||||||||||
| Adjustments to selling, general and administrative | - | |||||||||||||
| Adjustments to operating income | - | |||||||||||||
| Related income tax effects on non-recurring items(1) | ( | ) | - | ( | ) | ( | ) | |||||||
| Adjustments to Net Income | - | |||||||||||||
(1) Calculated using the marginal tax rate for each period presented
| Hudson Technologies, Inc. and Subsidiaries Reconciliation of Revenues to Adjusted Net (Loss) Income and Adjusted Diluted EPS (Amounts in thousands, except for share and per share amounts) (unaudited) | ||||||||||||||
| Three months | Twelve months | |||||||||||||
| ended December 31, | ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenues | ||||||||||||||
| Gross profit | ||||||||||||||
| Selling, general and administrative | ||||||||||||||
| Adjusted selling, general and administrative* | ||||||||||||||
| GAAP operating (loss) income | ( | ) | ( | ) | ||||||||||
| Adjusted operating (loss) income* | ( | ) | ( | ) | ||||||||||
| GAAP net (loss) income | ( | ) | ( | ) | ||||||||||
| Adjusted net (loss) income* | ( | ) | ( | ) | ||||||||||
| GAAP diluted EPS | ( | ) | ( | ) | ||||||||||
| Adjusted diluted EPS | ( | ) | ( | ) | ||||||||||
