Major Estimate Revision • May 13
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$0.453 to US$0.393 per share. Revenue forecast steady at US$250.3m. Net income forecast to grow 23% next year vs 22% growth forecast for Trade Distributors industry in the US. Consensus price target down from US$9.00 to US$8.50. Share price fell 21% to US$4.96 over the past week. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • May 08
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.008 (down from US$0.063 in 1Q 2025). Revenue: US$60.2m (up 8.7% from 1Q 2025). Net income: US$330.0k (down 88% from 1Q 2025). Profit margin: 0.5% (down from 5.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 84%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Apr 27
Hudson Technologies, Inc., Annual General Meeting, Jun 10, 2026 Hudson Technologies, Inc., Annual General Meeting, Jun 10, 2026. Location: marriott park ridge, 300 brae boulevard, park ridge, new jersey 07656, United States Announcement • Apr 14
Hudson Technologies, Inc. Announces Board Changes Hudson Technologies, Inc. announced the appointment of Alan Sheriff and Jeffrey Feeler to the Company’s board of directors. Alan brings 40 years of buyside and sell-side financial experience spanning investment banking, capital raising, private and public equities, M&A and venture capital investing. He is currently Chief Executive Officer of Catalyst Capital Markets, a firm specializing in capital markets advisory and transaction management. Previously he was Vice Chairman of the Corporate & Institutional Bank of PNC Financial Services Group, the sixth largest bank in the U.S. In 2005, Alan founded Solebury Capital, an independent equity capital markets advisory firm, where he served as Co-Chief Executive Officer until his retirement in 2020. Prior to founding Solebury Capital, Alan held several senior-level positions at Credit Suisse First Boston, including as Co-Head of Equity Capital Markets for the Americas. He also chaired Credit Suisse’s Equity Valuation Committee from 1999 to 2005 and sat on the firm’s Investment Banking Committee from 2001-2005. He began his career at Salomon Brothers. Mr. Sheriff is a board director at Tailwind 2.0 Acquisition Corp., a Nasdaq-listed company. Jeff has more than 30 years’ experience in senior operational and financial roles, including 20 years in the recycling, waste treatment and disposal industries. Most recently he served as Chairman and Chief Executive Officer of Nasdaq-listed US Ecology Inc. He joined US Ecology in 2006 and progressed through senior roles of increasing responsibility culminating in his appointment as Chairman and CEO, a position he held from 2013 through the company’s sale in 2022. Earlier in his career he worked in financial management roles at MWI Veterinary Supply, Inc., Albertsons Companies, Inc., and Hewlett Packard Enterprise Company. Mr. Feeler serves on the board of Tetra Tech, a Nasdaq-listed company, as well as on the boards of two privately held entities in the environmental sector. In addition, on April 10, 2026, the board accepted the resignation from Vincent Abbatecola, effective April 13, 2026. Announcement • Mar 19
Hudson Technologies, Inc. Announces Board Changes Hudson Technologies, Inc. announced that Meredith Baskies joins Hudson as Director of Marketing, where she will drive the marketing strategy and identify and implement opportunities and initiatives to expand the Company’s go-to-market approach for both existing customers and potential partners. She brings 15 years of experience as a marketing professional for multi-billion-dollar global organizations. Most recently, Meredith served as Director of Global Strategic Marketing for Gelest, a consumer care, life sciences and semiconductor subsidiary of Mitsubishi Chemical, where she built the division’s first marketing group and developed and implemented omni-channel growth initiatives by identifying new revenue opportunities and elevating the brand’s market presence. Earlier in her career she served as Head of Marketing, Home Care & Industrial and Institutional Cleaning, North America at BASF Corporation, where she developed the division’s 10-year strategy to drive revenue, volume and margin growth. Meredith will report directly to Kirk Reimer, Vice President, Sales and Marketing. The Company also announced that Kate Houghton has exited her roles as Senior Vice President Sales & Marketing and member of the Hudson Board of Directors, to pursue other endeavors. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$5.93, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Trade Distributors industry in the US. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$8.74 per share. Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Net income: (down US$24.4m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 05
Price target decreased by 9.8% to US$9.25 Down from US$10.25, the current price target is an average from 4 analysts. New target price is 46% above last closing price of US$6.35. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$0.52 for next year compared to US$0.52 last year. Buy Or Sell Opportunity • Mar 05
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to US$6.35. The fair value is estimated to be US$8.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 63%. Announcement • Feb 03
Hudson Technologies Inc. Appoints Robert A. Stoody as the Senior Vice President - Operations On January 30, 2026, the Board of Directors of Hudson Technologies, Inc. appointed Robert A. Stoody as the Company’s Senior Vice President - Operations. Mr. Stoody, age 42, has served in various executive roles with the Company since January 2015. Prior to his appointment as Senior Vice President - Operations in January 2026, he served as Vice President of Supply Chain from August 2025 through December 2025, and as Vice President, Military and Gases Division from January 2015 through November 2025. Mr. Stoody’s previous roles included serving as President of Compressed Cylinder Services, Inc. from 2012 until its acquisition by the Company in 2015, and as Executive Vice President of Stoody Industrial & Welding Supply, Inc. from 2002 until 2012. Mr. Stoody holds an A.A. degree from San Diego Mesa College. Recent Insider Transactions Derivative • Jan 13
Board Member exercised options and sold US$518k worth of stock On the 8th of January, Kathleen Houghton exercised 218.51k options at around US$0.75, then sold 101k of the shares acquired at an average of US$5.88 per share and kept the remainder. Since June 2025, Kathleen has owned 41.16k shares directly. Company insiders have collectively sold US$3.9m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 19
Hudson Technologies, Inc. (NasdaqCM:HDSN) acquired Refrigerants Inc. for $2.5 million. Hudson Technologies, Inc. (NasdaqCM:HDSN) acquired Refrigerants Inc. for $2.5 million on December 17, 2025. The initial purchase price is subject to customary post-closing adjustments.
Hudson Technologies, Inc. (NasdaqCM:HDSN) completed the acquisition of Refrigerants Inc. for $2.5 million on December 17, 2025. Recent Insider Transactions • Dec 10
Insider recently sold US$3.6m worth of stock On the 5th of December, Brian Coleman sold around 485k shares on-market at roughly US$7.40 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.6m more than they bought in the last 12 months. New Risk • Nov 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.28 (up from US$0.17 in 3Q 2024). Revenue: US$74.0m (up 20% from 3Q 2024). Net income: US$12.4m (up 59% from 3Q 2024). Profit margin: 17% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Senior VP of Sales & Marketing and Director Kate Houghton was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.23 (up from US$0.21 in 2Q 2024). Revenue: US$72.8m (down 3.2% from 2Q 2024). Net income: US$10.2m (up 6.1% from 2Q 2024). Profit margin: 14% (up from 13% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Jul 29
Price target increased by 12% to US$8.19 Up from US$7.31, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$8.58. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of US$0.40 for next year compared to US$0.54 last year. Price Target Changed • May 09
Price target increased by 11% to US$7.31 Up from US$6.56, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$7.46. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$0.41 for next year compared to US$0.54 last year. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.063 (down from US$0.21 in 1Q 2024). Revenue: US$55.3m (down 15% from 1Q 2024). Net income: US$2.76m (down 71% from 1Q 2024). Profit margin: 5.0% (down from 15% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 28
Hudson Technologies, Inc., Annual General Meeting, Jun 11, 2025 Hudson Technologies, Inc., Annual General Meeting, Jun 11, 2025. Location: marriott park ridge, 300 brae boulevard, new jersey 07656, park ridge United States Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$6.23, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Trade Distributors industry in the US. Total loss to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$5.78 per share. Reported Earnings • Mar 07
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.54 (down from US$1.15 in FY 2023). Revenue: US$237.1m (down 18% from FY 2023). Net income: US$24.4m (down 53% from FY 2023). Profit margin: 10% (down from 18% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 4.6%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Announcement • Nov 05
Hudson Technologies, Inc. Updates Earnings Guidance for the Year 2024 Hudson Technologies, Inc. updated earnings guidance for the year 2024. For the year, the company is adjusting expectation for full year 2024 revenue, which The company anticipates will be at the low end of the guidance range the company previously provided, with full year gross margin of approximately 28%. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.21 (down from US$0.42 in 2Q 2023). Revenue: US$75.3m (down 17% from 2Q 2023). Net income: US$9.59m (down 50% from 2Q 2023). Profit margin: 13% (down from 21% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 07
Hudson Technologies, Inc. (NasdaqCM:HDSN) announces an Equity Buyback for $10 million worth of its shares. Hudson Technologies, Inc. (NasdaqCM:HDSN) announces an share repurchase program. Under the program, the company will repurchase up to $10 million worth of its common stock. The program will be funded from the available cash and cash flow. The company will repurchase common stock during 2024 and 2025. Announcement • Jul 31
Hudson Technologies, Inc. Announces Chief Financial Officer Changes Hudson Technologies, Inc. announced the appointment of Brian J. Bertaux to the role of Chief Financial Officer, effective immediately. Mr. Bertaux replaces Nat Krishnamurti who is leaving the Company to pursue other endeavors. Brian Bertaux is a seasoned finance executive and previously spent 20 years at Trex, an NYSE-traded company that is the world’s manufacturer of high performance, low maintenance composite decking and railing. During Mr. Bertaux’s tenure at Trex, the company grew annual revenue from $100 million to $900 million, and achieved a market cap of $10 billion. At Trex he served in roles of increasing responsibility, eventually serving as interim President, Trex Commercial Products. Earlier in his time at Trex, he served as Senior Director, Finance and Strategy with oversight of the finance, accounting and IT functions. More recently, Mr. Bertaux served as Vice President, Finance for vonDrehle Corporation, a provider of premium paper products, which was acquired by Marcal Paper in December 2022. He joins Hudson from Brown Haven Homes, a designer and builder of custom homes in the southeast, where he served as Chief Financial Officer. Brian earned a B.S., Finance and Accounting from Frostburg State University and an MBA from the University of Maryland. He is a Certified Public Accountant (CPA) and a Certified Treasury Professional (CTP). Recent Insider Transactions • Jun 19
Lead Independent Director recently sold US$92k worth of stock On the 14th of June, Vincent Abbatecola sold around 10k shares on-market at roughly US$9.20 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.0m more than they bought in the last 12 months. Major Estimate Revision • May 08
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$287.8m to US$258.0m. EPS estimate fell from US$0.973 to US$0.745 per share. Net income forecast to shrink 16% next year vs 7.8% growth forecast for Trade Distributors industry in the US . Consensus price target down from US$14.69 to US$12.00. Share price fell 5.0% to US$9.42 over the past week. Announcement • May 03
Hudson Technologies, Inc. Provides Earnings Guidance for the Year 2024 Hudson Technologies, Inc. provided earnings guidance for the year 2024. The company anticipated full year revenue in the range of $250 million to $265 million. Reported Earnings • May 02
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.21 (down from US$0.34 in 1Q 2023). Revenue: US$65.3m (down 16% from 1Q 2023). Net income: US$9.56m (down 38% from 1Q 2023). Profit margin: 15% (down from 20% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 02
Price target decreased by 18% to US$12.00 Down from US$14.69, the current price target is an average from 4 analysts. New target price is 32% above last closing price of US$9.10. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$0.80 for next year compared to US$1.15 last year. Buy Or Sell Opportunity • Apr 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to US$10.33. The fair value is estimated to be US$12.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Announcement • Apr 28
Hudson Technologies, Inc., Annual General Meeting, Jun 12, 2024 Hudson Technologies, Inc., Annual General Meeting, Jun 12, 2024, at 10:00 US Eastern Standard Time. Location: at the Marriott Park Ridge, 300 Brae Boulevard, Park Ridge, New Jersey 07656 New Jersey United States Agenda: To elect a class of four directors who shall serve until the Annual Meeting of Shareholders to be held in 2026 or until their successors have been elected and qualified; To approve the Company’s 2024 Stock Incentive Plan; To approve, by non-binding advisory vote, the resolution approving named executive officer compensation; To ratify the appointment of BDO USA, P.C. as the Company’s independent registered public accountants for the fiscal year ending December 31, 2024; and To transact such other business as may properly come before the meeting or any adjournment or adjournments thereof. Buy Or Sell Opportunity • Apr 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to US$10.27. The fair value is estimated to be US$12.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$322.2m to US$296.3m. EPS estimate also fell from US$1.31 per share to US$1.04 per share. Net income forecast to shrink 4.6% next year vs 6.4% growth forecast for Trade Distributors industry in the US . Consensus price target broadly unchanged at US$15.25. Share price fell 21% to US$11.26 over the past week. Reported Earnings • Mar 07
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: US$1.15 (down from US$2.31 in FY 2022). Revenue: US$289.0m (down 11% from FY 2022). Net income: US$52.2m (down 50% from FY 2022). Profit margin: 18% (down from 32% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 15
Independent Director recently sold US$944k worth of stock On the 14th of December, Richard Parrillo sold around 73k shares on-market at roughly US$13.00 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.1m more than they bought in the last 12 months. Price Target Changed • Nov 07
Price target increased by 15% to US$15.00 Up from US$13.00, the current price target is an average from 3 analysts. New target price is 25% above last closing price of US$11.96. Stock is up 12% over the past year. The company is forecast to post earnings per share of US$1.11 for next year compared to US$2.31 last year. New Risk • Nov 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 33% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Oct 13
Hudson Technologies, Inc. Announces Board Changes Hudson Technologies, Inc. announced the appointment of Kathleen L. Houghton to the Company’s Board of Directors. Ms. Houghton currently serves as Hudson’s Vice President – Sales and Marketing and will fill the vacancy resulting from the concurrent resignation of Stephen P. Mandracchia from the Board. Kate Houghton joined Hudson Technologies in 2014 as Director of Marketing, was appointed to her current role in 2019, and was named an executive officer of the Company in 2020. She has 30 years of marketing experience within industrial manufacturing companies. Her previous roles include 16 years with Kidde-Fenwal/United Technologies, including Director of Marketing Global Suppression. Other prior positions include Vice President, Marketing at C&M Corporation and Vice President, Sales & Marketing at Safety Hi-Tech USA. Kate holds an MBA from Boston University as well as a Bachelor of Mechanical Engineering (Hons) and a Bachelor of Commerce (Marketing) from Monash University in Australia. Since joining Hudson, Kate has played a critical role in the development and implementation of Hudson’s sales and marketing strategies, while also serving as a key voice for the Company on sustainable cooling and refrigerant management practices. She has built and continues to develop a high performing nationwide sales organization, which under her leadership, has significantly contributed to Hudson’s ability to more than double its annual revenue from $162.1 million in 2019 to $325.2 million in 2022. During 2023, thanks in large part to efforts implemented by Kate and her team, Hudson’s refrigerant recovery services and technology were recognized as a Top 10 product for 2023 by BuildingGreen. Additionally, under Kate’s stewardship, earlier this year the Company joined the EPA’s GreenChill Advanced Refrigeration Partnership and recently Hudson’s EMERALD Refrigerants™ were named a Top Product of 2023 by Environment + Energy Leader. Kate has also been instrumental in establishing Hudson as a thought leader and educational resource in the HVACR industry, regularly addressing industry conferences and conducting training sessions to highlight the important role of recovery and the use of reclaimed refrigerants. To date, Kate has presented to HVAC Excellence, ACCA, PHCC, Circular City and ACHR among others. Recent Insider Transactions Derivative • Sep 15
Vice President of Operations exercised options and sold US$798k worth of stock On the 12th of September, Kenneth Gaglione exercised 171.23k options at around US$1.23, then sold 101k of the shares acquired at an average of US$9.10 per share and kept the remainder. Since December 2022, Kenneth has owned 12.60k shares directly. Company insiders have collectively sold US$2.9m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$11.57, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Trade Distributors industry in the US. Total returns to shareholders of 915% over the past three years. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$10.56, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Trade Distributors industry in the US. Total returns to shareholders of 731% over the past three years. Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: US$0.42 (down from US$0.89 in 2Q 2022). Revenue: US$90.5m (down 13% from 2Q 2022). Net income: US$19.2m (down 52% from 2Q 2022). Profit margin: 21% (down from 38% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 16
Independent Director recently sold US$191k worth of stock On the 14th of June, Eric Prouty sold around 20k shares on-market at roughly US$9.56 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$402k more than they bought in the last 12 months. Reported Earnings • May 05
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: US$0.34 (down from US$0.66 in 1Q 2022). Revenue: US$77.2m (down 8.5% from 1Q 2022). Net income: US$15.5m (down 48% from 1Q 2022). Profit margin: 20% (down from 35% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 109% per year whereas the company’s share price has increased by 110% per year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$7.96, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Trade Distributors industry in the US. Total returns to shareholders of 1,135% over the past three years. Reported Earnings • Mar 10
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$2.31 (up from US$0.74 in FY 2021). Revenue: US$325.2m (up 69% from FY 2021). Net income: US$103.8m (up 222% from FY 2021). Profit margin: 32% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Trade Distributors industry in the US. Over the last 3 years on average, earnings per share has increased by 122% per year whereas the company’s share price has increased by 126% per year. 
