Hudson Technologies Selected to Support California Air Resources Board’s Refresh Pilot Program for Refrigerant Recovery & Reclamation

Rhea-AI Summary

Hudson Technologies (NASDAQ: HDSN) was selected as one of two reclamation providers for the California Air Resources Board’s REFRESH pilot program to increase residential recovery and reclamation of HFC and HCFC refrigerants. The pilot, administered by NASRC and funded through CARB’s F-gas Reduction Incentive Program, makes up to $5 million available to buy back recovered refrigerant and support administrative and labor costs.

Hudson will partner with CEC EBD Statewide Direct Install contractors, purchase recovered refrigerants for reclamation, and provide technician training. The REFRESH pilot is scheduled to launch in early 2026.

Positive

• Selected as one of two reclamation providers in CARB REFRESH pilot
• Access to up to $5 million in FRIP funding for buybacks and support
• Direct partnerships with CEC EBD Statewide Direct Install contractors
• Hudson to provide technician training in recovery best practices

Negative

• Program funding is up to $5 million, not guaranteed in full
• Pilot scope is limited to California residential HVAC, limiting near-term scale
• Revenue timing uncertain until pilot launch and contractor participation in 2026

News Market Reaction

-3.72%

3 alerts

-3.72% News Effect

+3.0% Peak Tracked

-$12M Valuation Impact

$313M Market Cap

1.0x Rel. Volume

On the day this news was published, HDSN declined 3.72%, reflecting a moderate negative market reaction. Argus tracked a peak move of +3.0% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $12M from the company's valuation, bringing the market cap to $313M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

FRIP funding available: $5 million Reclamation providers: 2 providers Program launch: Early 2026 +5 more

8 metrics

FRIP funding available $5 million Funding available for REFRESH pilot buybacks and program costs

Reclamation providers 2 providers Hudson named as one of two reclamation providers in REFRESH pilot

Program launch Early 2026 REFRESH pilot program scheduled launch timing

Current price $7.26 Price prior to REFRESH pilot news publication

52-week range $5.11–$10.52 Pre-news 52-week low and high for HDSN

Market cap $318,702,857 Equity value before REFRESH pilot announcement

Volume vs average 1.31x Today’s volume relative to 20-day average before news

Share repurchase auth $20M per year Authorized for 2025 and 2026 from Dec 1, 2025 announcement

Market Reality Check

Price: $7.25 Vol: Volume 664,203 is 31% abo...

normal vol

$7.25 Last Close

Volume Volume 664,203 is 31% above the 20-day average of 506,697. normal

Technical Price at $7.26 is trading below the 200-day MA ($7.86) and 31% under the 52-week high of $10.52.

Peers on Argus

HDSN was down 0.68% while peers like KRO (-5.27%), OEC (-4.62%) and MATV (-2.72%...

HDSN was down 0.68% while peers like KRO (-5.27%), OEC (-4.62%) and MATV (-2.72%) also traded lower, suggesting a broader specialty chemicals/related sector softness rather than a stock-specific move.

Historical Context

5 past events · Latest: Dec 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Buyback authorization	Positive	+6.8%	Board increased 2025–2026 share repurchase authorization to up to $20M each year.
Nov 13	Leadership change	Positive	-1.0%	Appointment of Kenneth Gaglione as Chairman, President and CEO effective Nov 24, 2025.
Nov 05	Earnings report	Positive	+1.6%	Q3 2025 results with 20% revenue growth and 59% net income increase.
Nov 03	CEO departure	Negative	-0.2%	Immediate departure of prior CEO and interim leadership alongside preliminary Q3 figures.
Oct 22	Government contract	Positive	+1.1%	Award of prime contractor DLA IDIQ contract valued at about $210M over five years.

Pattern Detected

Recent news with clearly positive fundamentals (buybacks, government contracts, earnings) has usually aligned with modest positive price reactions, while leadership changes showed a small mixed response.

Recent Company History

Over the last few months, Hudson Technologies reported stronger fundamentals, including Q3 2025 revenue of $74.0M with higher margins and net income, and secured a new $210M five‑year DLA contract. Corporate governance evolved with a CEO departure on Oct 22, 2025 followed by Kenneth Gaglione’s appointment as Chairman, President and CEO effective Nov 24, 2025. The board also expanded its share repurchase authorization to up to $20M in both 2025 and 2026. Today’s CARB REFRESH pilot selection fits into this pattern of contract wins and strategic positioning in refrigerant reclamation.

Market Pulse Summary

This announcement highlights Hudson’s selection as one of two reclamation providers in CARB’s REFRES...

Analysis

This announcement highlights Hudson’s selection as one of two reclamation providers in CARB’s REFRESH pilot, supported by up to $5 million of FRIP funding for refrigerant buybacks and program costs. It extends a recent run of contract and policy-related wins, alongside strong Q3 2025 results and an expanded $20M annual repurchase authorization. Investors may watch how much recovered volume flows through this pilot, its early 2026 rollout, and how it complements the existing $210M DLA contract.

Key Terms

hfc refrigerants, hcfc, hvac, refrigerant reclamation, +4 more

8 terms

hfc refrigerants medical

"to increase residential recovery of HFC refrigerantsWOODCLIFF LAKE, N.J."

HFC refrigerants are man-made chemicals used in air conditioners, refrigerators and industrial cooling systems to absorb and move heat; they replaced earlier ozone-depleting substances because they don’t harm the ozone layer. They matter to investors because many countries are phasing them down due to their strong contribution to global warming, creating regulatory risks, retrofit costs and new-product opportunities—like a common ingredient being gradually restricted that forces companies to redesign products and supply chains.

hcfc medical

"for the purchase of recovered HFCs and HCFCs for reclamation."

Hydrochlorofluorocarbons (HCFCs) are a group of man-made chemical compounds once widely used as refrigerants, solvents and foam-blowing agents; think of them like older-style coolants now known to damage the ozone layer. They matter to investors because HCFCs are regulated and being phased out under international and national rules, which can create compliance costs, product redesign needs, supply constraints or liability risks for companies that manufacture, use or handle them.

hvac technical

"relationship between Hudson and HVAC contractors in California"

HVAC stands for heating, ventilation and air conditioning — the systems that control temperature, airflow and indoor air quality in buildings. Investors care because HVAC drives operating costs, energy use, tenant comfort and regulatory compliance; like the engine and insulation of a building, efficient modern systems can lower bills, reduce repair and replacement spending, and preserve property value, while outdated units can create unexpected expenses and vacancy risk.

refrigerant reclamation technical

"to incentivize refrigerant recovery and reclamation."

Refrigerant reclamation is the process of collecting used cooling gases, cleaning them to remove contaminants and restoring them to industry standards so they can be reused instead of discarded. For investors, it matters because reclamation helps companies comply with environmental rules, reduce raw-material and disposal costs, and creates a secondary market for reclaimed materials—like refurbishing used parts for resale—which can affect operating expenses, regulatory risk and potential revenue streams.

f-gas technical

"The REFRESH (Refrigerant F-gas Reclamation Support for Home HVAC) pilot program"

F-gas stands for fluorinated greenhouse gases — man-made gases (like HFCs, PFCs and SF6) used in refrigeration, air‑conditioning, insulation and some industrial processes. They trap heat in the atmosphere far more effectively than carbon dioxide, so regulators often restrict their use, require reporting, or tax emissions; for investors, that means potential compliance costs, equipment replacement needs, and reputational or liability risks similar to managing a leaky pipeline in a factory.

high-gwp refrigerants medical

"recovery and reclamation of existing high-GWP refrigerants."

High‑GWP refrigerants are cooling chemicals that trap far more heat in the atmosphere than carbon dioxide on a pound‑for‑pound basis; GWP stands for global warming potential. Think of them as tiny blankets that warm the planet much more than others, so regulators are steadily restricting or phasing them out. For investors this matters because affected products, equipment and supply chains can face higher compliance costs, retrofit expenses, resale risk and shifting market demand.

decarbonization technical

"Equitable Building Decarbonization (“EBD”) Statewide Direct Install program"

Decarbonization is the process of cutting a company’s greenhouse gas emissions across its operations, supply chain and products by switching to cleaner energy, improving efficiency and changing materials or processes. For investors it matters because lower emissions can reduce regulatory and energy costs, limit legal and reputational risks, and signal long-term competitiveness—like a business replacing a gas-guzzling fleet with fuel-efficient or electric vehicles to save money and stay compliant.

reclamation technical

"buyback of recovered refrigerant and to support administrative and labor costs."

Reclamation is the process of recovering, restoring or taking back physical assets, land or funds after use or a transaction — for example restoring a mining site to usable condition or recouping costs from a counterparty. Investors care because reclamation can create predictable costs or future liabilities that reduce profits, or it can produce recoverable value that offsets losses; think of it like paying to clean and repair a rented property before you can sell it or return it.

AI-generated analysis. Not financial advice.

Pilot program establishes direct relationship between Hudson and HVAC contractors in California to increase residential recovery of HFC refrigerants

WOODCLIFF LAKE, N.J., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning and Refrigeration Industry – and one of the nation’s largest refrigerant reclaimers - has been named, after a competitive process, as one of two reclamation providers to participate in the California Air Resources Board’s (“CARB”) REFRESH pilot program, the state’s first program to incentivize refrigerant recovery and reclamation.

The REFRESH (Refrigerant F-gas Reclamation Support for Home HVAC) pilot program will initially partner Hudson Technologies with refrigerant contractors participating in California Energy Commission’s (“CEC”) Equitable Building Decarbonization (“EBD”) Statewide Direct Install program for the purchase of recovered HFCs and HCFCs for reclamation. Additionally, Hudson will train the partnering refrigerant technicians in best practices for the safe and efficient recovery of refrigerants. The North American Sustainable Refrigerant Council (“NASRC”) is administering the program, which is funded through CARB’s F-gas Reduction Incentive Program (“FRIP”), a funding program established to alleviate barriers to adopting climate-friendly refrigerant technologies and to reduce emissions of HFCs, in part by identifying opportunities to increase the recovery and reclamation of existing high-GWP refrigerants. Up to $5 million of FRIP funding is available for the REFRESH pilot to directly fund the buyback of recovered refrigerant and to support administrative and labor costs.

Kate Houghton, Senior Vice President, Sales & Marketing for Hudson commented, “We are very pleased to have been selected as a partner for CARB’s groundbreaking REFRESH program. CARB and the state of California are longstanding proponents of the adoption of recovery and reclamation processes and technology with the goal of reducing emissions from existing refrigerants while the industry conducts an orderly transition to the use of next-generation lower GWP refrigerants and equipment. This is the second innovative recovery and reclamation program that Hudson has been chosen to partner with, and we believe our selection demonstrates the value of our expertise, proprietary technology and reputation for excellent customer service. We look forward to working with CARB for the success of the REFRESH program and we are optimistic that Hudson will continue to see new opportunities as more state and local governments adopt legislation mandating the use of reclaimed refrigerant.”

The REFRESH pilot program will launch in early 2026.

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.

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 existing credit facilities, 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, CFO Hudson Technologies, Inc. (845) 735-6000 bbertaux@hudsontech.com

FAQ

What did Hudson Technologies announce about the CARB REFRESH pilot on December 9, 2025?

Hudson announced selection as one of two reclamation providers for CARB’s REFRESH pilot and will purchase recovered HFCs/HCFCs and train technicians.

How much funding is available for the REFRESH pilot that involves HDSN?

The REFRESH pilot has up to $5 million of FRIP funding available to fund buybacks and administrative and labor costs.

When will the CARB REFRESH pilot with Hudson (HDSN) begin?

The REFRESH pilot is scheduled to launch in early 2026.

How will Hudson (HDSN) participate operationally in the REFRESH program?

Hudson will purchase recovered refrigerants from participating contractors for reclamation and provide technician training on recovery best practices.

Which partners are involved with Hudson in the REFRESH pilot program?

The pilot pairs Hudson with refrigerant contractors in the CEC Equitable Building Decarbonization Statewide Direct Install program and is administered by NASRC with CARB funding.