ハドソン・テクノロジーズ (HDSN) 2026年第3四半期決算説明会：価格圧力が売上高を圧迫

主要なポイント

• 2026年第3四半期の売上高は前年同期比20%減の5,940万ドルとなり、販売量の9%減少と平均販売価格の17%低下を反映した。
• 粗利益率は25%となり、2025年第3四半期の32%から低下したものの、ハドソン（Hudson）が販売量よりも利益率の高い販売を優先したため、経営陣の予想を上回った。
• 純利益は、前年同期の1,240万ドル（希薄化後1株当たり0.27ドル）から200万ドル（同0.05ドル）に減少した。
• 当四半期末時点で無有利子負債経営を維持しており、現金同等物は2026年6月30日時点から1,000万ドル増の3,530万ドルとなった。短期的な資本配分の優先事項は引き続き事業投資である。
• 経営陣は2026年の粗利益率目標を20%台前半から半ばに据え置き、2027年の冷媒価格設定は2026年とおおむね同水準で推移すると予想している。
• 年初来の販売量は9%増加した一方、国防後方支援庁（DLA）との契約により第3四半期に1,100万ドルの売上高が創出された。

主要財務実績

ハドソンによると、流通在庫の潤沢さがHFC冷媒価格の抑制要因となり続けたため、第3四半期の売上高と販売量は同社予想を下回った。同社は価格に極めて敏感な案件への露出を意図的に減らし、より高い粗利益率をもたらす顧客や製品に集中した。

事業および業績の動向

米国環境保護庁（EPA）の最新データによると、2025年の米国のHFC報告在庫は前年比で3%減少した。AIM法が施行された2022年から2025年にかけて、報告されたHFC総在庫は約27%減少した。しかし経営陣は、2029年に予定される次の段階的削減（フェーズダウン）を控え、現在の流通在庫水準が今後も再生冷媒の価格設定や需要を抑制する可能性があると警告した。

ハドソンは、次世代ブレンドや共沸混合物を含む複雑な混合冷媒を分離する技術に関して、アイコリウム（Icorium）と共同開発協定を締結した。商業化に成功した場合、この技術により回収可能な製品が増加し、廃棄処分や在庫日数が削減され、運転資本効率が向上するとともに、バージン冷媒への依存度が低下すると経営陣は見込んでいる。

2026年8月、ハドソンは2億1,000万ドル規模のDLA契約を再受注した。同契約の期間は2031年7月までの5年間で、2036年7月までのさらに5年間の延長オプションが含まれている。

また、同社はD365 ERPプラットフォームの最適化を継続している。第3四半期のERP関連費用は第2四半期比で50%減少したものの、ERPコスト、新規採用、コンサルティング費用が依然として販売管理費の増加要因となった。

経営陣によると、サービス事業はフル稼働状態にある。ハドソンはこの分野を拡大するため、戦略的な人材採用や連携の機会を追求しているが、当四半期中のM&Aに関する進展は報告されていない。

業績予想（ガイダンス）

ハドソンは2026年の粗利益率目標を20%台前半から半ばの範囲で再確認した。経営陣は、冷媒価格が2026年中に安定したと述べ、現時点では2027年の価格水準が2026年とおおむね同程度になると見込んでいる。

同社は、分離技術、施設、運営効率、人材獲得、市場開拓への投資を優先する計画である。ハドソンは年初来で250万ドルの自社株買いを実施したものの、第3四半期には買い付けを行っておらず、当面の資本配分の優先事項が事業投資であるため、現在は自社株買いを行っていないと述べた。

リスクと注視すべきポイント

• HFCの豊富な流通在庫が特に410A冷媒の価格に圧力をかけ続けている。
• 各市場で顧客需要は低調であり、インフレの影響もあって住宅用および小型業務用用途で弱さが目立った。
• 経営陣は、違法な冷媒の輸入が業界の課題として残っているとし、当四半期中に新たな取り締まりの進展報告はなかったと述べた。
• アイコリウムの分離技術の成否は今後の商業化にかかっている。
• ERPの最適化、人員増強、コンサルティング費用が引き続き営業費用に影響を与えている。
• 業界が2029年のHFC段階的削減に近づく中、流通在庫が再生冷媒の需要を抑制する可能性がある。

アナリスト質疑応答の要点

経営陣は、第3四半期の販売量9%減少について、業界全体の縮小や市場シェアの低下によるものではなく、意図的な製品ミックスの選択によるものであることを確認した。ハドソンは、価格重視の買い手ではなく長期的関係を求める中核顧客に焦点を当てた。再生冷媒の販売量は前年とほぼ同等の成長率で推移していると説明された。

HFCの需給について、経営陣はEPAのモデルがデータセンターや513、448、449などのHFC成分を含むHFOブレンドからの需要を過小評価している可能性があると主張した。しかし同社は、数年先のHFC在庫を予測することの難しさも認めた。

ハドソンはまた、特定自動車用途を対象に2027年1月に施行されるカリフォルニア州およびニューヨーク州の規制による再生冷媒の潜在需要についても強調した。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good evening, ladies and gentlemen, and welcome to the Hudson Technologies Third Quarter 2026 Earnings Conference Call. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host for today, Jennifer Belodeau of IMS Investor Relations. Please go ahead. The floor is yours.

Jennifer Belodeau

Thank you. Good evening, and welcome to our conference call to discuss Hudson Technologies' financial results for the third quarter of 2026.

On the call today are Ken Gaglione, President and Chief Executive Officer; and Brian Bertaux, CFO.

I'll now take a moment to read the safe harbor statement. 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.

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 would 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.

With that out of the way, I'll turn the call over to Ken Gaglione.

Kenneth Gaglione

Good evening, and thank you for joining us to review our third quarter results and the progress we are making to position Hudson for sustained long-term growth. Third quarter revenue and volume fell below expectations as ample channel inventory kept HFC market prices low.

In this soft pricing environment, Hudson elected to concentrate on profitable sales and cost reductions to deliver gross margin that exceeded expectations. I am pleased with our strong 9% year-to-date sales volume increases and meaningful progress made on strategic initiatives designed to strengthen margins, expand capabilities and create shareholder value.

Of note, this period, the EPA released data showing that U.S. HFC inventory declined 3% year-over-year in 2025, the latest data available. Although the channel inventory decline was less than expected, and we believe it is a meaningful contributing factor in the continued weakness in 410A pricing, the long-term trend remains clear. From 2022, when the AIM Act took effect through 2025, reported total HFC inventories have declined approximately 27% and reclamation is expected to become an increasingly important domestic source of refrigerant supply.

At current levels, channel inventories could continue to moderate pricing and demand for reclaimed refrigerant as the industry approaches the next phase down in 2029. However, we also see several factors that may create demand beyond earlier projections, including the continued use of HFC components in certain next-generation HFO blends. Opportunities in new markets such as data centers and the potential for future adjustments to tighten the HFC allowance framework to keep the AIMS (sic) [ AIM ] Act phasedown objectives on track.

Additionally, certain state policies are creating early demand for reclaimed product. For example, both California and New York have regulations taking effect in January 2027 that require the use of certified reclaimed refrigerant in certain automotive applications.

We will continue to take advantage of these and other opportunities as early adopters prepare for the 2029 phase down. As noted separately, we signed a joint development agreement during the quarter with Icorium, a Kansas-based company specializing in next-generation technology for mixed refrigerant separation.

The agreement gives Hudson dedicated access to advanced engineering resources and technology, first-mover advantages during the initial commercialization period and creates a path to expand our separation capabilities and capacity. This patented extractive distillation technology is expected to complement our existing fractional distillation systems by processing complex refrigerant mixtures, including those difficult next-generation blends and azeotropes with greater speed, recovery and efficiency.

If successfully commercialized, this technology will help convert more recovered refrigerant into salable product, reduce destruction and inventory days on hand, improve working capital efficiency and lower our reliance on virgin refrigerant. Because the technology enables the separation of mixed refrigerants, it may also make refrigerant recovery more convenient and economical for contractors who will be able to combine the refrigerants they recover into one cylinder rather than sorting by product type into several cylinders.

This small adjustment can have a big impact and help reduce the friction at the point of recovery and support higher industry recovery rates. We believe the broader industry can benefit from this partnership while also strengthening Hudson's cost position and enabling us to establish a differentiated technology-enabled platform for refrigerant recovery, purification and separation services.

Also noteworthy, in August 2026, Hudson was reawarded the $210 million DLA contract. The award extends this important strategic relationship for 5 years through July 2031 with the opportunity for an additional 5-year extension through July 2036. During the third quarter, the DLA contract contributed $11 million in revenue.

We are continuing to optimize our D365 ERP platform implementation and strengthen the operating discipline, data visibility, inventory controls and decision-making capabilities it supports. Together with broader process and facility improvements, these efforts are designed to simplify workflows, increase productivity, reduce costs and create a more scalable operating platform for the future.

Our commercial focus will remain on increasing the value of every pound we sell through a stronger product mix, disciplined pricing and growth in higher-value reclaimed and specialty refrigerants to support core customer requirements. This approach allowed us to strengthen our cash position in the quarter, providing us the financial flexibility to continue investing in our strategic priorities.

As we move forward through the fourth quarter and prepare for 2027, we will continue strengthening our core capabilities to support the growth strategy. Our priorities include advancing the new separation technology and making disciplined investments in our facilities, operating efficiency, talent acquisition and market development. Taken together, we are managing market forces beyond our control while building a more resilient, higher-value business designed to reduce our future exposure to short-term refrigerant price fluctuations.

Now I'll turn the call over to Brian. Brian, please go ahead.

Brian Bertaux

Thank you, Ken, and good evening. I'll walk through our third quarter 2026 results compared with the same period in 2025. Hudson generated $59.4 million in revenue, a 20% decrease from the 2025 quarter. Sales volume declined 9% and average prices fell 17%. During the prior year quarter, refrigerant prices rose broadly as supply chain constraints accompanied the EPA-mandated shift to next-generation cooling equipment that uses lower GWP refrigerants.

Gross margin was 25%, better than expected, though below the 32% reported in the 2025 quarter given the 2025 AIM Act-related price fluctuations. SG&A expenses increased by $1.9 million to $10.8 million in the 2026 quarter. The increase was driven by 2 factors. First, we continue to incur costs for the new ERP system, although third quarter ERP expense was 50% lower than in the second quarter.

Second, we expanded our team and engaged consultants to support long-term growth. Net interest was essentially flat in the 2026 quarter versus $800,000 of net interest income last year due to a lower cash balance on our debt-free balance sheet. Other income also differed significantly from the prior year quarter.

In 2025, the company recognized $1.6 million of other income from a potential earn-out related to the 2024 acquisition of USA Refrigerants that ultimately did not materialize. Hudson reported net income of $2 million or $0.05 per diluted share compared with $12.4 million or $0.27 per diluted share in the 2025 quarter. The decline in net income reflects continued softness in HFC refrigerant pricing, ERP optimization costs and investments in personnel and initiatives designed to create shareholder value.

The company ended the quarter debt-free with $35.3 million in cash, a $10 million increase from June 30, 2026. Our capital allocation priorities remain organic and strategic growth, complemented by opportunistic share repurchases. We did not repurchase shares during the 2026 third quarter because investing in the business remains our near-term priority. Year-to-date, we have repurchased $2.5 million of shares. We are reaffirming our 2026 gross margin target at the low to mid-20% range.

With that, I'll turn the call back to Ken.

Kenneth Gaglione

Thank you, Brian. While near-term HFC market pricing remains challenging, we are encouraged by the 9% sales volume growth achieved through the first 9 months of 2026, reflecting the strength of our customer relationships and leadership role in the refrigerant marketplace.

As the industry transitions to new lower GWP refrigerants, we believe Hudson's expertise, facilities and national distribution network position us to continue to support customers across the refrigerant life cycle and capture expanding market opportunities. The investments we are making today in technology, operating efficiency and organizational capability are designed to create a more agile, scalable and differentiated company in the future. With a debt-free balance sheet and a clear strategy, we believe Hudson is well positioned to strengthen profitability, generate sustainable cash flows and deliver attractive long-term value for our shareholders.

Operator, we'll now open the call to questions.

Operator

[Operator Instructions] Our first question is coming from Ryan Sigdahl with Craig-Hallum.

質疑応答

Matthew Raab

This is Matthew Raab on for Ryan. So help me understand the volume that you saw in the quarter. Volume has been up 9% year-to-date. It was down 9% in Q3. It seems like you guys leaned into margin a little bit, pulled back on volume. Was that an intentional shift? Or was there something else going on industry-wise?

Kenneth Gaglione

Yes, that's exactly what happened. It's not industry-wide. We intentionally focused more on profitable sales this quarter than volume.

Matthew Raab

And then any color on reclaimed volume within that?

Kenneth Gaglione

Reclaimed volume in the quarter was -- go ahead, Brian.

Brian Bertaux

Reclaimed volume is trending about the same growth as last year.

Matthew Raab

Okay. Understood. And then on the EPA inventory, Ken, you mentioned it ample channel inventory. Any more context you're willing to share at this point? I mean, on our math, it implies demand is down something like 20% in -- or was down 20% in '25. Do you have any view on demand that would change materially from what the EPA has said? Or are there any other factors that we may be missing?

Kenneth Gaglione

Yes. I can offer you a little bit of color on that. We understand the model. There is a model there that suggests excess HFC inventories, but we also think that the EPA model underrepresents some of the additional demand from other markets that they did not consider. For example, the data center market is underrepresented in the EPA data. Some of the HFO blends as well contain a significant amount of HFCs that we think is underrepresented.

For example, 513, 448, 449, those blends contain HFCs that are not factored into the EPA model. So we think that there is an underrepresentation in the EPA model, but we understand that protecting HFC inventories a couple of years out is pretty difficult.

Operator

Our next question is coming from Jason Tilchen with Canaccord Genuity.

Jason Tilchen

Appreciate all the color and prepared remarks. Maybe one for Ken to start. Last quarter, you talked about some of the issues on pricing, not just related to inventories, but also relating to illegal imports and talked about how you were working with peers across the ecosystem to help address this issue. Just wondering if there's any update you can share on either how that has impacted the market over recent months and also those efforts when we may see some of that activity start to be curtailed a bit.

Kenneth Gaglione

Jason, yes, thank you for the question. We still continue to see that kind of activity, although we have nothing new to report for the quarter. No new developments with respect to enforcement that I'm aware of, that we're aware of. However, we do know during the quarter that this remains a significant point of attention for certain government bodies. So hopefully, we'll have more to report on that in the next quarter.

Jason Tilchen

Okay. Very helpful. And last quarter, you also talked about some of the investments you were making across the business to help diversify away from some of that spot exposure. Just maybe if you could talk about specifically on the services side. I think there was a hire made for a services manager recently. If you could just talk to some of the opportunities that you're particularly focused on in that area and how those efforts have trended throughout the quarter and into Q4.

Kenneth Gaglione

All right. Thank you. So yes, we continue to focus on services. And I think I indicated previously that we are basically at capacity with our services business. So we are looking to make strategic hires. We have seen a lot of very great opportunities in the quarter that we capitalized on, and we continue to look for new collaboration opportunities. I don't have anything to report in terms of acquisitions right now, but the collaboration side is developing well.

Operator

[Operator Instructions] Our next question is coming from Josh Nichols with B. Riley Securities.

Matthew Maus

This is Matthew on for Josh. To start off, you described customer demand as muted. Is that mostly residential and light commercial? Or are you seeing it in commercial refrigeration and your direct accounts, too?

Kenneth Gaglione

We're seeing it pretty much across the board, but I would say most -- I would say more in residential light commercial only because of other market factors like inflation that are dampening demand.

Matthew Maus

Got it. And then in terms of the volume shift not being industry-wide and you just focusing on higher-margin sales, I'm wondering where is the kind of -- in terms of 2027, like what can we expect? Because, I mean, you did like about 25% gross margin this quarter. In terms of next year, I guess, are you expecting to push that a bit more and focus on that for longer? It just seems like more of an unexpected sudden shift.

Kenneth Gaglione

Yes. It's a product mix shift for us. And what we've demonstrated is we have the ability to flex to focus on margin when we need to, when the business requires it. There's no loss in share here or share of demand because there's a certain percentage of our buyers are price buyers. We focus on our core buyers who are more interested in long-term relationships. So going forward, it's not really -- in our view, it's not really a question of sacrificing long-term volume or share of demand. It's simply a question of what's the product mix that we're going to focus on in the quarter.

Matthew Maus

Got it. All right. And then I guess similar to that, in terms of pricing, like realized pricing was down about 17%, as you mentioned. Wondering where pricing -- where was pricing exiting the quarter versus that average during the quarter? And what are you assuming directionally for 2027 as far as you predict?

Kenneth Gaglione

Yes, Brian, why don't you take that one?

Brian Bertaux

Yes. So a couple of things on that. Pricing in the third quarter was very similar to the second quarter. Pricing has stabilized this year. As you recall, we had a tough comp last year because pricing fluctuated. I would tell you right now that we would expect pricing next year to be about the same as 2026.

Matthew Maus

Got it. Okay. That's helpful. Just one last one for me. I mean you guys have plenty of cash, $35 million or so.

Brian Bertaux

This is Brian.

Matthew Maus

You're at $35 million or so of cash. Stock is currently below book. I'm just wondering how are you weighing buybacks against further investment in the business and Icorium heading into the year-end?

Brian Bertaux

Yes. As we noted, we have the opportunity to invest in the business, invest in the long-term strategy and then do share repurchases. And even though the stock is at an attractive price, we've been holding on purchases because we are going to lean into a lot more strategic and operational efficiency growth. So right now, we are not buying shares.

Operator

Ladies and gentlemen, we currently have no further questions in the queue at this time. I will be handing the call back over to Mr. Gaglione, but it appears his line has dropped temporarily. So please give me one moment while we try to reconnect. Once again, apologies, ladies and gentlemen. We appear to be struggling...

Kenneth Gaglione

I can...

Operator

Have we got back you on, Ken?

Kenneth Gaglione

Yes, I'm back on. All right.

Operator

So I was handing the call back to you, sir, for any closing remarks.

Kenneth Gaglione

Okay. Well, first, let me thank everybody. Let me thank our employees for their continued dedication and support to our mission. Our success is driven by our employees, and we genuinely appreciate it. I think the takeaway here is we demonstrated again this quarter that near-term pricing will not change our long-term vision. And I would like to thank our long-standing and new shareholders for their support during the exciting stage of the company's evolution. We look forward to speaking with you again in February to discuss our full year 2026 results. Good night, everyone.

Operator

Thank you. Ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time, and have a great rest of your evening.