Hudson Technologies, specializing in refrigerant sales and reclamation services anchored by proprietary RefrigerantSide® technology, has experienced significant financial erosion from FY2022 to FY2025 driven by fluctuating refrigerant commodity prices and seasonal demand shifts. A major uncertainty hangs over its material U.S. Defense Logistics Agency contract, currently under bid protest, clouding future revenue visibility. While the company leverages patented onsite decontamination services and carbon offset projects as competitive differentiators, these have yet to offset the revenue declines or alleviate capital constraints caused by negative free cash flow and tight asset-based lending covenants.