Hudson Technologies, Inc
(NASDAQ:HDSN)

Hudson Technologies, Inc. a refrigerant services company, provides solutions to recurring problems within the refrigeration industry primarily in the United States. The company's products and services include refrigerant and industrial gas sales; refrigerant management services consisting primarily ...

Website: http://www.hudsontech.com

Founded: 1991

Full Time Employees: 234

Sector: Basic Materials

Industry: Specialty Chemicals

Materials

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At a glance:

Specialty Refrigerant Services Provider with Cyclical Demand: Hudson Technologies focuses on refrigerant reclamation, repackaging, and related services, making results sensitive to refrigerant pricing, seasonal HVAC demand, and broader industrial activity.
Earnings and Cash Flow Often Driven by Refrigerant Price Movements: Profitability can swing meaningfully with changes in reclaimed and virgin refrigerant prices and availability; margin performance tends to improve when supply is constrained and pricing is firm.
Regulatory Tailwinds Support Long-Term Reclamation Demand: Phase-downs and tighter rules around high-global-warming-potential refrigerants can increase the value of reclaimed product and incentivize recovery and reuse, benefiting reclamation-focused operators over time.
Working Capital Can Be a Key Volatility Source: Inventory build/downs and timing of refrigerant purchases versus sales can materially impact operating cash flow, even when reported earnings are stable.
Key Watch Items: Pricing, Inventory, and Competitive/Compliance Dynamics: Investors typically monitor refrigerant pricing trends, inventory levels, reclamation volumes, regulatory developments, and competitive supply (including imports) as primary drivers of quarterly variability.

Bull Thesis:

Strong Regulatory Tailwinds from the AIM Act: The American Innovation and Manufacturing (AIM) Act mandates a phasedown of virgin HFC production and consumption in the U.S., creating a structural increase in demand and value for reclaimed refrigerants. As a leading reclaimer, Hudson Technologies is uniquely positioned to benefit from this regulatory shift, driving higher volumes and pricing for its core services.
Increasing Value and Scarcity of Reclaimed Refrigerants: As the supply of virgin HFCs diminishes due to regulatory phasedowns, the intrinsic value and demand for reclaimed refrigerants are expected to rise significantly. This trend directly benefits HDSN by improving its revenue per pound and profit margins, as its inventory of reclaimed refrigerants becomes more valuable.
Market Leadership and Extensive Infrastructure: Hudson Technologies holds a leading market share in refrigerant reclamation and boasts an extensive national infrastructure for collecting, processing, and distributing refrigerants. This established network creates a significant competitive moat, making it difficult for new entrants to replicate and solidifying HDSN's position as a preferred partner for refrigerant management.
Alignment with ESG and Sustainability Trends: The company's core business of reclaiming and recycling refrigerants directly contributes to environmental sustainability by reducing the need for new HFC production and preventing harmful emissions. This strong alignment with global Environmental, Social, and Governance (ESG) trends can attract a broader base of sustainability-focused investors and enhance corporate partnerships.

Bear Thesis:

Commodity Price Volatility and Inventory Risk: While regulations generally support higher prices, refrigerant prices can still be subject to market volatility based on supply-demand dynamics, economic conditions, and inventory levels. Significant price fluctuations could impact HDSN's inventory valuation, profit margins, and overall financial performance.
Dependence on Regulatory Enforcement and Stability: Hudson Technologies' business model is heavily reliant on the consistent enforcement and stability of environmental regulations, particularly the AIM Act. Any weakening, delays, or changes in regulatory policy could negatively impact the demand for reclaimed refrigerants and undermine the company's growth trajectory.
Debt Load and Sensitivity to Interest Rates: Hudson Technologies has historically managed a significant debt load. In a rising interest rate environment, the cost of servicing this debt could increase, potentially impacting profitability, free cash flow, and the company's ability to invest in future growth initiatives or return capital to shareholders.
Competition and Potential for Market Share Erosion: Despite its market leadership, HDSN operates in a competitive environment with other reclaimers and distributors. Intense competition could lead to pricing pressure, challenges in securing refrigerant feedstock, or a gradual erosion of market share, impacting revenue growth and profitability.

Main Competitors:

Honeywell International Inc. ($HON) (Solstice refrigerants (HFOs), Genetron refrigerants (HFCs, HCFCs)), Honeywell is a major global manufacturer of virgin refrigerants, including next-generation low-GWP HFOs. They compete with Hudson by supplying new refrigerants to the market, which can be an alternative to reclaimed refrigerants, and by influencing overall refrigerant pricing and availability. Hudson also distributes some of Honeywell's products, creating a complex competitive and supply chain relationship.
The Chemours Company ($CC) (Opteon refrigerants (HFOs), Freon refrigerants (HFCs, HCFCs)), Chemours is another leading global producer of virgin refrigerants, including a portfolio of HFCs and advanced HFO solutions. They compete directly with Hudson in the broader refrigerant market by offering new refrigerants, influencing market supply, and driving technological advancements in refrigerant chemistry.
Arkema S.A. ($ARKAY) (Forane refrigerants (HFCs, HFOs)), Arkema is a global specialty chemicals and advanced materials company that manufactures a range of fluorochemicals, including refrigerants under the Forane brand. They compete by supplying virgin refrigerants to the HVACR industry, offering alternatives to reclaimed products, and contributing to the overall market supply and pricing dynamics.
Daikin Industries, Ltd. ($DKILF) (R-32, R-410A, and other refrigerants; HVAC equipment), While primarily known as a leading global manufacturer of HVAC equipment, Daikin also produces its own refrigerants, including R-32, which is gaining traction as a lower-GWP alternative. They compete by integrating refrigerant supply with their equipment sales and promoting specific refrigerants for their systems, influencing demand and market adoption.

Moat:

Hudson Technologies' primary competitive advantage (moat) stems from its dominant market share in refrigerant reclamation in the United States, supported by an extensive national infrastructure for collection, processing, and distribution. The company benefits significantly from the evolving regulatory landscape, particularly the EPA's AIM Act, which mandates a phasedown of virgin HFC production. This regulatory environment creates a critical demand for reclaimed refrigerants, where Hudson holds a unique and essential position as reclaimed refrigerants are exempt from virgin production caps. Their technical expertise in refrigerant management services (tracking, analysis, on-site support) further differentiates them. Competition primarily comes from large virgin refrigerant manufacturers (e.g., Honeywell, Chemours, Arkema) who supply new refrigerants, influencing overall market pricing and availability. However, Hudson's focus on the circular economy, cost-effective reclaimed products, and compliance solutions positions it strongly to capitalize on the increasing demand for sustainable and compliant refrigerant management solutions.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30

revenues	60,151,000	44,410,000	74,012,000	72,849,000	55,343,000	34,643,000	61,943,000	75,282,000	65,250,000	44,856,000	76,496,000	90,474,000	77,199,000	47,444,000	89,502,000	103,941,000	84,338,000	37,775,000	60,645,000	60,548,000	33,780,000	22,110,000	41,468,000	47,677,000	36,350,000	25,753,000	45,631,000	56,011,000	34,664,000	25,721,000	40,545,000	57,831,000	42,428,000	24,614,000	24,706,000	52,231,000	38,830,000		34,930,000	34,605,000	28,167,000		21,682,000	28,637,000	22,103,000		15,296,000	16,875,000	15,584,000		15,171,000	15,768,000	22,877,000		14,473,000	22,251,000	14,854,000		11,935,000	14,712,000
yoy	8.69%	28.19%	19.48%	-3.23%	-15.18%	-22.77%	-19.02%	-16.79%	-15.48%	-5.45%	-14.53%	-12.96%	-8.46%	25.60%	47.58%	71.67%	149.67%	70.85%	46.25%	27.00%	-7.07%	-14.15%	-9.12%	-14.88%	4.86%	0.12%	12.54%	-3.15%	-18.30%	4.50%	64.11%	10.72%	9.27%		-29.27%	50.93%	37.86%		61.10%	20.84%	27.44%		41.75%	69.70%	41.83%		0.82%	7.02%	-31.88%		4.82%	-29.14%	54.01%		21.27%	51.24%
qoq	35.44%	-40.00%	1.60%	31.63%	59.75%	-44.07%	-17.72%	15.37%	45.47%	-41.36%	-15.45%	17.20%	62.72%	-46.99%	-13.89%	23.24%	123.26%	-37.71%	0.16%	79.24%	52.78%	-46.68%	-13.02%	31.16%	41.15%	-43.56%	-18.53%	61.58%	34.77%	-36.56%	-29.89%	36.30%	72.37%	-0.37%	-52.70%	34.51%			0.94%	22.86%			-24.29%	29.56%			-9.36%	8.28%			-3.79%	-31.07%			-34.96%	49.80%			-18.88%
cost of sales	48,303,000	40,866,000	50,338,000	50,038,000	43,275,000	28,869,000	46,001,000	52,711,000	43,829,000	30,886,000	45,916,000	53,847,000	46,869,000	32,107,000	45,263,000	46,444,000	38,518,000	20,755,000	36,967,000	38,720,000	24,642,000	16,684,000	32,512,000	34,996,000	28,003,000	20,989,000	37,849,000	58,377,000	27,679,000	22,638,000	32,816,000	83,913,000	34,523,000	21,585,000	19,636,000	34,811,000	26,363,000		22,890,000	24,114,000	20,645,000		17,298,000	21,425,000	16,578,000			14,673,000	13,782,000			13,220,000	13,715,000		9,108,000	12,014,000	8,886,000		10,465,000	12,005,000
gross profit	11,848,000	3,544,000	23,674,000	22,811,000	12,068,000	5,774,000	15,942,000	22,571,000	21,421,000	13,970,000	30,580,000	36,627,000	30,330,000	15,337,000	44,239,000	57,497,000	45,820,000	17,020,000	23,678,000	21,828,000	9,138,000	5,426,000	8,956,000	12,681,000	8,347,000	4,764,000	7,782,000	-2,366,000	6,985,000	3,083,000	7,729,000	-26,082,000	7,905,000	3,029,000	5,070,000	17,420,000	12,467,000		12,040,000	10,491,000	7,522,000		4,384,000	7,212,000	5,525,000		1,495,000	2,202,000	1,802,000		-12,613,000	2,548,000	9,162,000		5,365,000	10,237,000	5,968,000		1,470,000	2,707,000
yoy	-1.82%	-38.62%	48.50%	1.06%	-43.66%	-58.67%	-47.87%	-38.38%	-29.37%	-8.91%	-30.88%	-36.30%	-33.81%	-9.89%	86.84%	163.41%	401.42%	213.67%	164.38%	72.13%	9.48%	13.90%	15.09%	-635.97%	19.50%	54.52%	0.69%	-90.93%	-11.64%	1.78%	52.45%	-249.72%	-36.59%		-57.89%	66.05%	65.74%		174.64%	45.47%	36.14%		193.24%	227.52%	206.60%		-111.85%	-13.58%	-80.33%		-335.10%	-75.11%	53.52%		264.97%	278.17%
qoq	234.31%	-85.03%	3.78%	89.02%	109.01%	-63.78%	-29.37%	5.37%	53.34%	-54.32%	-16.51%	20.76%	97.76%	-65.33%	-23.06%	25.48%	169.21%	-28.12%	8.48%	138.87%	68.41%	-39.41%	-29.37%	51.92%	75.21%	-38.78%	-428.91%	-133.87%	126.57%	-60.11%	-129.63%	-429.94%	160.98%	-40.26%	-70.90%	39.73%			14.77%	39.47%			-39.21%	30.53%			-32.11%	22.20%			-595.02%	-72.19%			-47.59%	71.53%			-45.70%
gross margin %	19.70%	7.98%	31.99%	31.31%	21.81%	16.67%	25.74%	29.98%	32.83%	31.14%	39.98%	40.48%	39.29%	32.33%	49.43%	55.32%	54.33%	45.06%	39.04%	36.05%	27.05%	24.54%	21.60%	26.60%	22.96%	18.50%	17.05%	-4.22%	20.15%	11.99%	19.06%	-45.10%	18.63%	12.31%	20.52%	33.35%	32.11%	NaN%	34.47%	30.32%	26.71%	NaN%	20.22%	25.18%	25.00%	NaN%	9.77%	13.05%	11.56%	NaN%	-83.14%	16.16%	40.05%	NaN%	37.07%	46.01%	40.18%	NaN%	12.32%	18.40%
operating expenses:
selling, general and administrative	9,529,000	13,924,000	8,883,000	9,265,000	8,170,000	7,998,000	8,059,000	9,013,000	7,947,000	8,532,000	6,760,000	8,273,000	6,977,000	7,534,000	7,219,000	7,014,000	6,824,000	6,980,000	6,072,000	6,766,000	6,748,000	6,460,000	6,162,000	6,757,000	7,265,000	8,864,000	8,282,000	6,848,000	6,024,000	6,232,000	7,356,000	10,605,000	8,077,000	11,922,000	3,473,000
amortization	855,000	828,000	823,000	822,000	823,000	1,022,000	910,000	760,000	698,000	698,000	698,000	699,000	698,000	698,000	698,000	699,000	698,000	698,000	698,000	699,000	698,000	715,000	715,000	716,000	716,000	715,000	742,000	753,000	721,000	748,000	742,000	741,000	742,000	743,000	121,000
total operating expenses	10,384,000	14,752,000	9,706,000	10,087,000	8,993,000	9,020,000	8,969,000	9,773,000	8,645,000	9,230,000	7,458,000	8,972,000	7,675,000	8,232,000	7,917,000	7,713,000	7,522,000	7,678,000	6,770,000	7,465,000	7,446,000	7,175,000	6,877,000	7,473,000	7,981,000	9,579,000	9,024,000	7,601,000	6,745,000	6,980,000	8,098,000	11,346,000	8,819,000	12,665,000	3,594,000	3,520,000	3,074,000		4,022,000	2,347,000	2,503,000		2,482,000	2,451,000	2,255,000		1,622,000	1,545,000	1,335,000		1,833,000	1,774,000	1,757,000		1,650,000	1,768,000	1,750,000		1,463,000	1,178,000
operating income	1,464,000	-11,208,000	13,968,000	12,724,000	3,075,000	-3,246,000	6,973,000	12,798,000	12,776,000	4,740,000	23,122,000	27,655,000	22,655,000	7,105,000	36,322,000	49,784,000	38,298,000	9,342,000	16,908,000	14,363,000	1,692,000	-1,749,000	2,079,000	5,208,000	366,000	-4,815,000	-1,242,000	-9,967,000	240,000	-3,897,000	-369,000	-37,428,000	-914,000	-9,636,000	1,476,000	13,900,000	9,393,000		8,018,000	8,144,000	5,019,000		1,902,000	4,761,000	3,270,000		-127,000	657,000	467,000		-14,446,000	774,000	7,405,000		3,715,000	8,469,000	4,218,000		7,000	1,529,000
yoy	-52.39%	245.29%	100.32%	-0.58%	-75.93%	-168.48%	-69.84%	-53.72%	-43.61%	-33.29%	-36.34%	-44.45%	-40.85%	-23.95%	114.82%	246.61%	2163.48%	-634.13%	713.28%	175.79%	362.30%	-63.68%	-267.39%	-152.25%	52.50%	23.56%	236.59%	-73.37%	-126.26%	-59.56%	-125.00%	-369.27%	-109.73%		-81.59%	70.68%	87.15%		321.56%	71.06%	53.49%		-1597.64%	624.66%	600.21%		-99.12%	-15.12%	-93.69%		-488.86%	-90.86%	75.56%		52971.43%	453.89%
qoq	-113.06%	-180.24%	9.78%	313.79%	-194.73%	-146.55%	-45.51%	0.17%	169.54%	-79.50%	-16.39%	22.07%	218.86%	-80.44%	-27.04%	29.99%	309.96%	-44.75%	17.72%	748.88%	-196.74%	-184.13%	-60.08%	1322.95%	-107.60%	287.68%	-87.54%	-4252.92%	-106.16%	956.10%	-99.01%	3994.97%	-90.51%	-752.85%	-89.38%	47.98%			-1.55%	62.26%			-60.05%	45.60%			-119.33%	40.69%			-1966.41%	-89.55%			-56.13%	100.78%			-99.54%
operating margin %	2.43%	-25.24%	18.87%	17.47%	5.56%	-9.37%	11.26%	17.00%	19.58%	10.57%	30.23%	30.57%	29.35%	14.98%	40.58%	47.90%	45.41%	24.73%	27.88%	23.72%	5.01%	-7.91%	5.01%	10.92%	1.01%	-18.70%	-2.72%	-17.79%	0.69%	-15.15%	-0.91%	-64.72%	-2.15%	-39.15%	5.97%	26.61%	24.19%	NaN%	22.95%	23.53%	17.82%	NaN%	8.77%	16.63%	14.79%	NaN%	-0.83%	3.89%	3.00%	NaN%	-95.22%	4.91%	32.37%	NaN%	25.67%	38.06%	28.40%	NaN%	0.06%	10.39%
interest income	-133,000																																																							1,000			2,000	4,000
income before income taxes	1,597,000	-10,695,000	16,360,000	13,375,000	3,651,000	-2,719,000	9,538,000	12,646,000	12,562,000	4,494,000	18,764,000	25,756,000	20,806,000	5,071,000	33,957,000	47,161,000	30,993,000	6,498,000	16,540,000	11,486,000	-1,125,000	-4,645,000	113,000	2,084,000	-2,945,000	-10,806,000	3,215,000	-13,726,000	-3,967,000	-8,036,000	-4,433,000	-40,774,000	-4,120,000	-12,594,000	1,452,000	13,839,000	9,308,000		7,722,000	7,792,000	4,748,000		1,745,000	4,525,000	3,063,000		-226,000	471,000	258,000		-14,693,000	531,000	7,208,000		3,541,000	8,283,000	4,047,000		-181,000	1,259,000
income tax expense	1,267,000	-2,062,000	3,986,000	3,207,000	893,000	-154,000	1,732,000	3,061,000	3,000,000	549,000	5,182,000	6,567,000	5,275,000	-9,000	4,601,000	7,351,000	1,438,000	310,000	670,000	209,000		103,000	74,000	-302,000		-35,000	548,000	71,000		71,000	9,447,000	-10,158,000	-1,064,000	-7,389,000	-652,000	5,314,000	3,574,000		2,933,000	2,962,000	1,804,000		663,000	1,714,000	1,170,000		-118,000	163,000	98,000		-5,578,000	197,000	2,739,000		1,347,000	3,148,000	1,538,000		-68,000	478,000
net income	330,000	-8,633,000	12,374,000	10,168,000	2,758,000	-2,565,000	7,806,000	9,585,000	9,562,000	3,945,000	13,582,000	19,189,000	15,531,000	5,080,000	29,356,000	39,810,000	29,555,000	6,188,000	15,870,000	11,277,000	-1,076,000	-4,748,000	39,000	2,386,000	-2,885,000	-10,771,000	2,667,000	-13,797,000	-4,039,000	-8,107,000	-13,880,000	-30,616,000	-3,056,000	-5,205,000	2,104,000	8,525,000	5,734,000		4,789,000	4,830,000	2,944,000		1,082,000	2,811,000	1,893,000		-108,000	308,000	160,000		-9,115,000	334,000	4,469,000		2,194,000	5,135,000	2,509,000		-113,000	781,000
yoy	-88.03%	236.57%	58.52%	6.08%	-71.16%	-165.02%	-42.53%	-50.05%	-38.43%	-22.34%	-53.73%	-51.80%	-47.45%	-17.91%	84.98%	253.02%	-2846.75%	-230.33%	40592.31%	372.63%	-62.70%	-55.92%	-98.54%	-117.29%	-28.57%	32.86%	-119.21%	-54.94%	32.17%	55.75%	-759.70%	-459.13%	-153.30%		-56.07%	76.50%	94.77%		342.61%	71.82%	55.52%		-1101.85%	812.66%	1083.13%		-98.82%	-7.78%	-96.42%		-515.45%	-93.50%	78.12%		-2041.59%	557.49%
qoq	-103.82%	-169.77%	21.70%	268.67%	-207.52%	-132.86%	-18.56%	0.24%	142.38%	-70.95%	-29.22%	23.55%	205.73%	-82.70%	-26.26%	34.70%	377.62%	-61.01%	40.73%	-1148.05%	-77.34%	-12274.36%	-98.37%	-182.70%	-73.22%	-503.86%	-119.33%	241.59%	-50.18%	-41.59%	-54.66%	901.83%	-41.29%	-347.39%	-75.32%	48.67%			-0.85%	64.06%			-61.51%	48.49%			-135.06%	92.50%			-2829.04%	-92.53%			-57.27%	104.66%			-114.47%
net income margin %	0.55%	-19.44%	16.72%	13.96%	4.98%	-7.40%	12.60%	12.73%	14.65%	8.79%	17.76%	21.21%	20.12%	10.71%	32.80%	38.30%	35.04%	16.38%	26.17%	18.62%	-3.19%	-21.47%	0.09%	5.00%	-7.94%	-41.82%	5.84%	-24.63%	-11.65%	-31.52%	-34.23%	-52.94%	-7.20%	-21.15%	8.52%	16.32%	14.77%	NaN%	13.71%	13.96%	10.45%	NaN%	4.99%	9.82%	8.56%	NaN%	-0.71%	1.83%	1.03%	NaN%	-60.08%	2.12%	19.53%	NaN%	15.16%	23.08%	16.89%	NaN%	-0.95%	5.31%
net income per common share – basic	10	-200	280	230	60	-50	170	210	210	80	300	420	340	110	650	890	660	140	360	260		-2.5		60						-190	-330	-720	-70				140		140									10				10			90	220	110			30
net income per common share – diluted	10	-190	270	230	60	-50	170	200	200	80	290	410	330	100	620	840		130	340	240		-2.5		60						-190	-330	-720	-70				130		140									10
weighted-average number of shares outstanding – basic	42,321,667,000	43,585,401,000	43,652,094,000	43,631,187,000	44,057,774,000	45,329,789,000	45,435,458,000	45,513,445,000	45,509,423,000	45,385,433,000	45,404,963,000	45,339,570,000	45,298,514,000	44,990,104,000	45,063,810,000	44,960,464,000	44,779,822,000	43,765,443,000	43,870,825,000	43,498,908,000	43,353,213,000	42,710,381,000	42,656,510,000	42,628,560,000	42,628,560,000	42,613,478,000			42,602,431,000	42,484,972,000	42,530,476,000	42,403,140,000	42,403,029,000	41,764,230,000			41,507,941,000	34,104,476,000	33,873,479,000								32,031,426,000	26,267,746,000				24,891,115,000			23,928,081,000	23,841,996,000	23,785,556,000		23,780,606,000	23,780,606,000
weighted-average number of shares outstanding – diluted	42,576,086,000	45,111,151,000	45,245,197,000	45,157,911,000	45,621,413,000	47,076,477,000	47,135,443,000	47,275,901,000	47,468,520,000	47,338,231,000	47,345,380,000	47,297,419,000	47,311,027,000	47,109,018,000	47,181,424,000	47,152,257,000	46,736,471,000	46,640,822,000	46,964,522,000	46,418,807,000	43,353,213,000	42,710,381,000	43,680,265,000	42,917,562,000	42,628,560,000	42,613,478,000			42,602,431,000	42,484,972,000	42,530,476,000	42,403,140,000	42,403,029,000	42,766,843,000			43,503,889,000	35,416,910,000	35,297,585,000								32,031,426,000	27,846,672,000
other expense:
interest expense		-504,750	-792,000	-651,000	-576,000	12,750	-315,000	152,000	-214,000				-1,849,000				-7,305,000				-2,817,000				-3,311,000	-5,990,000	-4,447,000		-4,207,000	-25,371,000	4,064,000	3,346,000	-3,206,000	-2,986,000	-24,000	61,000	85,000		-296,000	352,000	271,000		-157,000	-236,000	207,000		-99,000	-186,000	209,000		-247,000	-243,000	-197,000		-174,000	-187,000	-171,000		-190,000	-274,000
other income			-1,600,000				-2,250,000												2,475,000			22,000	1,000,000	8,000		-1,000	8,904,000	508,000
total other income		-904,750	-2,392,000																			-2,100,250	-1,966,000			-877,250	4,457,000																				-99,000	-186,000			-247,000	-243,000	-197,000		-174,000	-186,000	-171,000		-188,000	-270,000
total other expense						-527,000	-2,565,000									2,623,000				2,877,000				-3,124,000				-3,759,000
net interest expense										2,026,500	4,358,000	1,899,000		-3,073,250	-2,365,000	2,623,000		-2,133,000	-2,843,000	2,872,000		-2,353,000	-2,966,000	-3,132,000				-4,267,000
other income:
total other														-3,073,250	-2,365,000			-2,844,000	-368,000														-3,206,000											-236,000
other expenses																				5,000
net income income per common share – diluted																	630
income tax																					-49,000				-60,000				72,000
net loss per common share – basic																					-20				-70				-90
net loss income per common share – diluted																					-20				-70				-90
net income per common share – basic and diluted																										-90	60
weighted-average number of shares outstanding – basic and diluted																											42,618,391,000	42,604,189,000
net loss per common share – basic and diluted																												-320
net income per common share - basic																																		97.5	50	210				150	90		30	90	60				10		-360		180
net income per common share - diluted																																		95	50	200				140	90		30	80	60				10		-360	10	170		80	200	100			30
weighted-average number of shares outstanding - basic																																			41,869,528,000	41,567,848,000				33,128,518,000	32,888,659,000	32,546,840,000	32,639,429,000	32,542,672,000		29,122,746,000				24,826,101,000	25,070,386,000			23,906,706,000				23,780,814,000
weighted-average number of shares outstanding - diluted																																			43,463,982,000	43,550,226,000				34,270,337,000	33,944,876,000	33,936,099,000	33,856,045,000	34,383,092,000		29,122,746,000				24,826,101,000	25,070,386,000	26,859,009,000		26,353,960,000	26,566,674,000	26,177,960,000	25,848,956,000	24,803,047,000	23,780,606,000	24,989,119,000
selling and marketing																																				1,110,000	1,039,000		901,000	1,019,000	1,117,000		958,000	1,054,000	960,000		630,000	614,000	650,000		756,000	818,000	823,000		572,000	673,000	681,000		563,000	455,000
general and administrative																																				2,410,000	2,035,000		3,121,000	1,328,000	1,386,000		1,524,000	1,397,000	1,295,000		992,000	931,000	685,000		1,077,000	956,000	934,000		1,078,000	1,095,000	1,069,000		900,000	723,000
other
weighted-average number of shares
outstanding - basic																																													32,333,443,000				25,090,386,000				24,334,966,000
outstanding - diluted																																													34,280,385,000				26,851,678,000				26,751,714,000
cost of sales, excluding lower of cost or market adjustment																																															13,801,000				13,084,000
lower of cost or market adjustment																																																			14,700,000
________________

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30

assets
current assets:
cash and cash equivalents	19,366,000	39,456,000	89,681,000	84,293,000	81,048,000	70,134,000	56,487,000	30,524,000	10,551,000	12,446,000	3,783,000	11,415,000	12,322,000	5,295,000	15,049,000	20,682,000	5,152,000	3,492,000	9,503,000	1,873,000	2,775,000	1,348,000	9,235,000	7,850,000	6,251,000	2,600,000	14,686,000	1,302,000	1,170,000	2,272,000	1,378,000	2,334,000	978,000	5,002,000	43,994,000	33,673,000	40,159,000	33,931,000	3,976,000	1,544,000	1,167,000	1,258,000	1,040,000	1,483,000	461,000	935,000	1,173,000	1,893,000	2,489,000	669,000	3,943,000	2,374,000	1,437,000	3,991,000	3,437,000	4,008,000	148,000	3,958,000	5,189,000	2,921,000
trade accounts receivable – net of allowance for credit losses of 1,107 and 941, respectively	33,479,000
inventories	130,736,000	135,923,000	97,414,000	77,683,000	78,299,000	96,247,000	103,523,000	123,729,000	147,759,000	154,450,000	139,231,000	134,444,000	137,007,000	145,377,000	120,158,000	118,664,000	101,314,000	94,144,000				44,460,000				59,238,000			99,772,000	101,962,000	106,508,000	116,448,000	170,933,000	172,485,000	63,810,000	64,612,000	72,352,000	68,601,000	66,584,000	57,774,000	55,284,000	61,897,000	48,964,000	44,953,000	41,532,000	37,017,000	27,653,000	24,517,000	26,104,000	33,967,000	32,378,000	51,298,000	51,534,000	40,167,000	34,682,000	33,137,000	16,624,000	17,734,000	10,008,000	13,814,000
income tax receivable	5,667,000	5,916,000	4,284,000	3,094,000	5,750,000	6,284,000	3,645,000	2,551,000	1,687,000	5,438,000																						3,838,000	9,664,000	9,664,000
prepaid expenses and other current assets	13,836,000	12,445,000	17,614,000	11,634,000	8,795,000	9,218,000	11,308,000	7,461,000	7,551,000	7,492,000	10,143,000	10,377,000	6,726,000	5,289,000	18,742,000	7,205,000	7,680,000	8,090,000	10,996,000	11,186,000	7,455,000	6,528,000	3,540,000	3,622,000	4,231,000	4,525,000	4,690,000	6,783,000	5,124,000	5,287,000	3,560,000	3,119,000	3,904,000	6,934,000	6,555,000	6,331,000	6,306,000	847,000	670,000	2,367,000	3,728,000	1,524,000	5,484,000	4,801,000	1,139,000	1,011,000	4,838,000	3,342,000	3,103,000	608,000	5,132,000	2,991,000	2,160,000	676,000	938,000	3,786,000	566,000	611,000	1,781,000	488,000
total current assets	203,084,000	210,838,000	234,359,000	212,587,000	201,344,000	195,512,000	203,510,000	194,613,000	203,484,000	204,995,000	198,092,000	205,293,000	194,819,000	176,833,000	192,617,000	190,295,000	152,326,000	119,949,000	101,419,000	94,624,000	71,786,000	62,142,000	67,852,000	85,359,000	84,224,000	74,424,000	98,493,000	111,382,000	126,169,000	123,586,000	134,612,000	163,677,000	212,331,000	208,916,000	128,307,000	129,138,000	139,548,000	108,176,000	80,838,000	83,992,000	76,395,000	69,469,000	65,499,000	66,309,000	51,664,000	43,328,000	42,907,000	41,821,000	44,833,000	41,866,000	48,553,000	68,763,000	61,882,000	47,024,000	44,151,000	49,117,000	27,268,000	24,756,000	21,595,000	26,169,000
property, plant and equipment	22,526,000	23,623,000	22,781,000	22,219,000	22,236,000	21,554,000	20,075,000	19,117,000	19,467,000	19,375,000	20,570,000	19,909,000	20,229,000	20,568,000	19,353,000	19,187,000	19,183,000	20,093,000	20,035,000	20,634,000	21,353,000	21,910,000	21,435,000	22,108,000	22,784,000	23,674,000	24,543,000	24,973,000	26,502,000	27,395,000	28,330,000	29,163,000	29,655,000	30,461,000	7,069,000	7,203,000	7,418,000	7,532,000	7,055,000	7,147,000	7,216,000	7,536,000	7,518,000	7,808,000	7,708,000	7,887,000	4,462,000	4,422,000	4,417,000	4,536,000	4,745,000	4,903,000	4,742,000	4,765,000	3,685,000	3,727,000	3,482,000	3,441,000	3,043,000	2,916,000
goodwill	65,282,000	65,282,000	62,280,000	62,280,000	62,280,000	62,280,000	62,420,000	62,420,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	47,803,000	49,464,000	49,464,000	856,000	856,000	856,000	856,000	856,000	856,000	856,000	856,000	2,603,000	2,603,000	2,603,000	265,000
intangible assets, less accumulated amortization	10,439,000	11,294,000	11,632,000	12,455,000	13,278,000	14,100,000	14,982,000	15,893,000	14,072,000	14,771,000	15,469,000	16,167,000	16,866,000	17,564,000	18,262,000	18,960,000	19,659,000	20,357,000	21,055,000	21,753,000	22,452,000	23,150,000	23,865,000	24,580,000	25,296,000	26,012,000	26,728,000	27,977,000	28,730,000	29,451,000	30,194,000	30,936,000	31,677,000	32,419,000	2,935,000	3,056,000	3,177,000	3,299,000	3,422,000	3,549,000	3,634,000	3,787,000	3,379,000	3,522,000	3,672,000	2,322,000	48,000	44,000	51,000	57,000	59,000	62,000	68,000	76,000	84,000	92,000	91,000	89,000	79,000	81,000
right of use asset	5,269,000	5,290,000	5,537,000	5,960,000	6,419,000	6,878,000	5,217,000	5,702,000	6,176,000	6,591,000	7,041,000	7,497,000	7,713,000	7,339,000	7,754,000	7,794,000	7,166,000	6,803,000	6,652,000	5,554,000	6,049,000	6,559,000	6,719,000	7,205,000	7,573,000	8,048,000	6,481,000	7,014,000	7,564,000
other assets	2,324,000	2,321,000	2,357,000	2,352,000	2,328,000	2,328,000	3,224,000	3,172,000	3,161,000	3,137,000	2,418,000	2,386,000	2,387,000	2,386,000	762,000	690,000	705,000	710,000	169,000	314,000	84,000	85,000	85,000	180,000	49,000	192,000	158,000	87,000	91,000	106,000	72,000	176,000	184,000	184,000	88,000	88,000	72,000	75,000	75,000	68,000	70,000	76,000	83,000	100,000	106,000	102,000	150,000	111,000	93,000	106,000	270,000	291,000	319,000	341,000	419,000	214,000	116,000	79,000	79,000	79,000
total assets	308,924,000	318,648,000	338,946,000	317,853,000	307,885,000	302,652,000	309,428,000	300,917,000	294,163,000	296,672,000	291,393,000	299,055,000	289,817,000	272,493,000	286,551,000	284,729,000	246,842,000	215,715,000	197,133,000	190,682,000	169,527,000	161,649,000	167,759,000	187,235,000	187,729,000	180,153,000	204,206,000	219,236,000	236,859,000	228,341,000	241,011,000	281,010,000	323,311,000	321,444,000	141,129,000	142,377,000	153,107,000	122,470,000	93,949,000	97,555,000	89,733,000	85,011,000	81,691,000	83,554,000	70,619,000	59,935,000	53,115,000	51,862,000	55,083,000	52,368,000	59,561,000	78,575,000	71,612,000	57,232,000	48,339,000	53,150,000	31,459,000	31,451,000	27,436,000	31,790,000
liabilities and stockholders’ equity
current liabilities:
accounts payable	17,580,000	21,112,000
accrued expenses and other current liabilities	39,805,000	38,772,000	42,202,000	37,940,000	36,388,000	33,813,000	31,595,000	29,920,000	31,428,000	31,537,000	30,260,000	28,334,000	32,716,000	27,908,000	36,060,000	35,978,000	31,858,000	30,637,000	16,298,000	27,334,000	20,350,000	19,417,000	19,414,000	19,985,000	20,126,000	18,120,000	20,202,000	18,162,000	19,917,000	19,023,000	21,545,000	19,378,000	16,411,000	15,221,000	2,589,000	2,681,000	2,105,000	2,888,000	2,864,000	2,590,000	2,668,000	3,018,000
accrued payroll	2,744,000	4,712,000	1,837,000	2,083,000	3,133,000	3,704,000	3,908,000	2,448,000	2,189,000	3,615,000	5,030,000	3,423,000	2,599,000	6,303,000	3,874,000	2,637,000	2,128,000	3,931,000	2,940,000	1,859,000	1,294,000	1,394,000	1,574,000	1,537,000	785,000	724,000	857,000	1,101,000	500,000	1,046,000	1,916,000	3,874,000	2,659,000	3,052,000	824,000	968,000	301,000	1,782,000	502,000	512,000	256,000	1,577,000	241,000	401,000	563,000	384,000	437,000	287,000	388,000	289,000	431,000	280,000	360,000	661,000	768,000	658,000	411,000	703,000	378,000	250,000
total current liabilities	60,129,000	64,596,000	64,033,000	54,804,000	52,392,000	47,809,000	46,563,000	42,308,000	47,358,000	58,551,000	57,118,000	53,586,000	54,721,000	52,626,000	59,074,000	56,742,000	46,859,000	64,439,000	50,782,000	59,853,000	48,343,000	37,769,000	37,425,000	55,336,000	58,181,000	46,126,000	143,654,000	161,618,000	67,279,000	60,412,000	64,412,000	90,158,000	101,466,000	95,360,000	13,153,000	15,640,000	34,960,000	10,301,000	24,579,000	35,584,000	32,864,000	30,960,000	25,481,000	28,483,000	18,428,000	11,214,000	8,543,000	7,123,000	22,207,000	19,611,000	24,723,000	35,109,000	28,961,000	19,616,000	14,251,000	21,288,000	9,765,000	12,291,000	7,531,000	11,844,000
deferred tax liability	4,951,000	4,034,000	5,536,000	4,331,000	4,253,000	4,076,000	3,538,000	4,178,000	3,705,000	4,558,000	4,524,000	3,161,000	1,601,000	244,000	879,000	90,000	1,742,000	1,692,000	1,530,000	1,472,000	1,413,000	1,355,000	1,297,000	1,238,000	1,180,000	1,192,000	1,134,000	586,000	515,000	443,000	372,000		410,000	1,473,000
long-term lease liabilities	3,159,000	3,233,000	3,488,000	3,939,000	4,418,000	4,917,000	3,832,000	4,163,000	4,489,000	4,790,000	5,167,000	5,773,000	6,062,000	5,763,000	6,178,000	6,283,000	5,819,000	5,500,000	3,635,000	2,809,000	3,407,000	3,927,000	4,335,000	4,710,000	5,143,000	5,742,000	4,460,000	5,012,000	5,596,000
long-term severance payable	1,206,000	1,595,000
other long-term liabilities	1,800,000	1,800,000					1,600,000	1,600,000
total liabilities	71,245,000	75,258,000	73,057,000	63,074,000	61,063,000	56,802,000	55,533,000	52,249,000	55,552,000	67,899,000	66,809,000	87,605,000	98,318,000	97,618,000	115,962,000	143,792,000	145,946,000	144,776,000	130,195,000	139,485,000	129,619,000	121,027,000	122,549,000	142,290,000	145,378,000	135,042,000	149,253,000	167,222,000	171,308,000	159,128,000	164,459,000	191,000,000	202,872,000	197,991,000	13,236,000	15,747,000	35,089,000	10,453,000	28,728,000	39,730,000	37,076,000	35,586,000	31,360,000	34,457,000	24,579,000	15,936,000	9,001,000	7,651,000	26,804,000	24,282,000	30,013,000	39,933,000	33,806,000	24,536,000	19,242,000	26,352,000	9,910,000	12,412,000	7,681,000	11,979,000
commitments and contingencies
stockholders’ equity:
preferred stock, shares authorized 5,000,000: series a convertible preferred stock, 0.01 par value (100 liquidation preference value); shares authorized 150,000; none issued or outstanding
common stock, 0.01 par value...	420,000	416,000	436,000	437,000	440,000	443,000	452,000	455,000	455,000	455,000	455,000	454,000	453,000	453,000	451,000	450,000	449,000	448,000	440,000	437,000	434,000	433,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	424,000	424,000	424,000	420,000	416,000	415,000	415,000	340,000	332,000	329,000	328,000	327,000		324,000	323,000	320,000	320,000				251,000	247,000	241,000	240,000	239,000	238,000	238,000	238,000	238,000
additional paid-in capital	85,647,000	91,692,000	105,538,000	106,801,000	109,009,000	110,792,000	116,263,000	118,839,000	118,367,000	118,091,000	117,847,000	118,296,000	117,535,000	116,442,000	117,238,000	116,943,000	116,713,000	116,312,000	118,507,000	118,639,000	118,630,000	118,269,000	118,116,000	117,890,000	117,682,000	117,557,000	116,628,000	116,356,000	116,096,000	115,719,000	114,951,000	114,531,000	114,345,000	114,302,000	113,540,000	114,385,000	114,299,000	114,032,000	65,386,000	62,786,000	62,450,000	62,163,000	62,047,000	61,896,000	61,652,000	61,505,000	60,543,000	60,532,000	44,977,000	44,944,000	44,876,000	44,856,000	44,357,000	43,722,000	43,088,000	42,984,000	42,870,000	42,869,000	42,863,000	42,807,000
retained earnings	151,612,000	151,282,000	159,915,000	147,541,000	137,373,000	134,615,000	137,180,000	129,374,000	119,789,000	110,227,000				57,980,000	52,900,000	23,544,000														-46,932,000	-38,825,000	-24,945,000	5,670,000	8,727,000	13,933,000	11,829,000	3,304,000
total stockholders’ equity	237,679,000	243,390,000	265,889,000	254,779,000	246,822,000	245,850,000	253,895,000	248,668,000	238,611,000	228,773,000	224,584,000	211,450,000	191,499,000	174,875,000	170,589,000	140,937,000	100,896,000	70,939,000	66,938,000	51,197,000	39,908,000		45,210,000	44,945,000	42,351,000		54,953,000	52,014,000	65,551,000				120,439,000
total liabilities and stockholders’ equity	308,924,000	318,648,000	338,946,000	317,853,000	307,885,000	302,652,000	309,428,000	300,917,000	294,163,000	296,672,000	291,393,000	299,055,000	289,817,000	272,493,000	286,551,000	284,729,000	246,842,000	215,715,000	197,133,000	190,682,000	169,527,000		167,759,000	187,235,000	187,729,000		204,206,000	219,236,000	236,859,000				323,311,000
trade accounts receivable – net of allowance for credit losses of 941 and 1,079, respectively		17,098,000
other short-term liabilities				1,600,000	1,600,000	1,600,000
trade accounts receivable – net of allowance for credit losses of 977 and 1,079, respectively			25,366,000
trade accounts payable			19,994,000	13,181,000	11,271,000	8,692,000	11,060,000	9,940,000	13,741,000	23,399,000	16,828,000	17,579,000	15,156,000	14,165,000	14,890,000	13,877,000	8,623,000	9,623,000	6,696,000	8,936,000	8,974,000	7,644,000	9,534,000	12,140,000	11,513,000	10,274,000	8,091,000	9,681,000	13,735,000	8,671,000	10,836,000	10,774,000	29,248,000	10,885,000	8,528,000	9,746,000	29,016,000	5,110,000	4,150,000	4,906,000	3,799,000	5,792,000
trade accounts receivable – net of allowance for credit losses of 853 and 1,079, respectively				35,883,000
trade accounts receivable – net of allowance for credit losses of 822 and 1,079, respectively					27,452,000
trade accounts receivable – net of allowance for credit losses of 1,079 and 1,994, respectively						13,629,000
trade accounts receivable – net							28,547,000	30,348,000	35,936,000	25,169,000	44,935,000	49,057,000	38,764,000	20,872,000	38,668,000	43,744,000	38,180,000	14,223,000	22,131,000	33,314,000	13,943,000	9,806,000	14,703,000	25,317,000	15,454,000	8,061,000	19,765,000	28,050,000	20,103,000	14,065,000	23,166,000	37,938,000	26,852,000	14,831,000	13,948,000	24,522,000	20,731,000
current maturities of long-term debt												4,250,000	4,250,000	4,250,000	4,250,000	4,250,000	4,250,000	5,248,000	5,248,000	7,724,000	7,725,000	7,314,000	6,903,000	5,743,000	3,757,000	3,008,000	99,321,000	99,674,000	2,127,000	2,672,000	1,050,000	1,050,000	1,050,000	1,050,000
long-term debt, less current maturities, net of deferred financing costs												25,085,000	35,934,000	38,985,000	49,831,000	80,677,000	91,526,000	73,145,000				77,976,000				81,982,000				98,273,000				101,158,000
short-term debt											5,000,000							15,000,000	7,000,000	14,000,000	10,000,000	2,000,000		15,931,000	22,000,000	14,000,000	15,183,000	33,000,000	31,000,000	29,000,000	29,065,000	55,082,000	52,098,000	65,152,000
accumulated retained earnings											106,282,000	92,700,000	73,511,000
accumulated deficit																	-16,266,000	-45,821,000	-52,009,000	-67,879,000	-79,156,000	-78,080,000	-73,332,000	-73,371,000	-75,757,000	-72,872,000	-62,101,000	-64,768,000	-50,971,000									-2,430,000	-505,000	-5,293,000	-10,122,000	-13,066,000	-12,043,000	-13,125,000	-15,936,000	-17,829,000	-16,749,000	-16,641,000	-16,949,000	-17,109,000	-15,579,000	-6,465,000	-6,798,000	-11,267,000	-14,231,000	-16,425,000	-21,559,000	-24,068,000	-23,346,000	-23,234,000
inventories – net																			58,789,000	48,251,000	47,613,000		40,374,000	48,570,000	58,288,000		59,352,000	75,247,000
cylinder deposit liability																			12,600,000
long-term debt, less current maturities																			74,248,000	75,351,000	76,456,000		79,492,000	81,006,000	80,874,000		5,000	6,000	97,918,000		99,675,000	100,842,000	100,996,000		83,000	107,000	129,000	152,000	4,149,000	4,146,000	4,212,000	4,293,000	4,377,000	4,441,000	4,318,000	4,389,000	458,000	528,000	4,597,000	4,671,000	4,748,000	4,824,000	4,845,000	4,920,000	4,991,000	5,064,000	145,000	121,000	150,000	135,000
revenues																					33,780,000		41,468,000
cost of sales																					24,642,000		32,512,000
gross profit																					9,138,000		8,956,000
operating expenses:
selling, general and administrative																					6,748,000		6,162,000
amortization																					698,000		715,000
total operating expenses																					7,446,000		6,877,000
operating income																					1,692,000		2,079,000
interest expense																					-2,817,000
income before income taxes																					-1,125,000		113,000
income tax																					-49,000
net income																					-1,076,000		39,000
net income per common share – basic																					-20
net income income per common share – diluted																					-20
weighted-average number of shares outstanding – basic																					43,353,213,000		42,656,510,000
weighted-average number of shares outstanding – diluted																					43,353,213,000		43,680,265,000
liabilities and stockholders' equity
stockholders' equity:
total stockholders' equity																						40,622,000				45,111,000				69,213,000	76,552,000	90,010,000		123,453,000	127,893,000	126,630,000	118,018,000	112,017,000	65,221,000	57,825,000	52,657,000	49,425,000	50,331,000	49,097,000	46,040,000	43,999,000	44,114,000	44,211,000	28,279,000	28,086,000	29,548,000	38,642,000	37,806,000	32,696,000	29,097,000	26,798,000	21,549,000	19,039,000	19,755,000	19,811,000
total liabilities and stockholders' equity																						161,649,000				180,153,000				228,341,000	241,011,000	281,010,000		321,444,000	141,129,000	142,377,000	153,107,000	122,470,000	93,949,000	97,555,000	89,733,000	85,011,000	81,691,000	83,554,000	70,619,000	59,935,000	53,115,000	51,862,000	55,083,000	52,368,000	59,561,000	78,575,000	71,612,000	57,232,000	48,339,000	53,150,000	31,459,000	31,451,000	27,436,000	31,790,000
other income:
net interest expense																							-2,966,000
other income																							1,000,000
total other income																							-1,966,000
income tax benefit																							74,000
net income per common share – diluted
3
deferred tax asset																																9,255,000			1,874,000	2,036,000	2,036,000		376,000	376,000	376,000	376,000	397,000	397,000	397,000	397,000	207,000	207,000	207,000	207,000	234,000	234,000	234,000	234,000				3,086,000
income taxes payable																																			1,115,000	2,155,000	3,400,000	322,000	1,787,000	1,665,000												1,237,000	2,120,000		1,168,000	701,000
short-term debt and current maturities of long-term debt																																			97,000	90,000	138,000	199,000	254,000	315,000	26,141,000	20,573,000	14,983,000	10,290,000	9,163,000	6,320,000	272,000	278,000	14,242,000	15,367,000	18,076,000	24,475,000	17,230,000	12,736,000	8,527,000	5,446,000	4,830,000	6,361,000	3,821,000	8,700,000
trade accounts receivable - net																																						4,797,000	9,232,000	21,931,000	15,840,000	4,414,000	9,614,000	14,675,000	8,135,000	3,968,000	9,036,000	10,163,000	10,221,000	3,706,000				1,956,000				2,453,000
other liabilities																																										333,000	1,502,000	1,533,000	1,833,000	333,000
revolving line of credit																																							15,022,000	25,596,000
preferred stock, shares authorized 5,000,000:
series a convertible preferred stock, 0.01 par value (100 liquidation preference value); shares authorized 150,000; none issued or outstanding
accounts payable and accrued expenses																																											10,257,000	17,792,000	8,702,000	4,510,000	7,834,000	6,558,000	7,577,000	3,955,000	6,216,000	9,117,000	9,251,000	6,219,000	3,788,000	14,483,000	4,524,000	5,227,000	3,332,000	2,894,000
issued and outstanding 32,621,045 and 32,312,276																																												326,000
income taxes receivable																																																1,699,000	2,709,000	2,709,000
investments in affiliates																																															377,000	377,000	424,000	440,000	993,000	1,165,000	1,210,000	1,138,000
series a convertible preferred stock, 0.01 par value (100
liquidation preference value); shares authorized 150,000; none issued or outstanding
issued and outstanding 25,090,386 and 25,070,386																																																	251,000
issued and outstanding 25,070,386 and 24,124,625																																																		251,000
trade accounts receivable - net of allowance for doubtful accounts of 245 and 227																																																			6,866,000
deferred income taxes																																																			542,000
preferred stock shares authorized 5,000,000;
25,070,386 and 24,124,625 issued and outstanding																																																			251,000
trade accounts receivable - net of allowance for doubtful accounts of 250 and 227																																																				11,866,000
preferred stock shares authorized 5,000,000; series a convertible preferred stock, 0.01 par value (100 liquidation preference value); shares authorized 150,000; none issued or outstanding
trade accounts receivable - net of allowance for doubtful accounts of 227																																																					6,517,000
trade accounts receivable - net of allowance for doubtful accounts of 222 and 290																																																							5,094,000
deferred tax assets																																																									502,000
preferred stock shares authorized 5,000,000
trade accounts receivable - net of allowance for doubtful accounts of 201 and 200																																																								8,186,000	8,884,000
deferred tax assets-current																																																									1,046,000
series a convertible preferred stock, 0.01 par value (100 liquidation preference value); shares authorized 150,000 ; none issued or outstanding
trade accounts receivable - net of allowance for doubtful accounts of 290 and 220																																																											4,617,000
deferred tax assets - net																																																											2,640,000	2,545,000
trade accounts receivable - net of allowance for doubtful accounts of 225 and 220																																																												8,946,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-06-30	2023-03-31	2022-12-31	2022-06-30	2022-03-31	2021-12-31	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30

cash flows from operating activities:
net income	330,000	-8,633,000	12,926,000	2,758,000	26,953,000	19,147,000	9,562,000	3,945,000	34,720,000	15,531,000	5,080,000	69,365,000	29,555,000	6,188,000	10,201,000										-8,107,000	-13,880,000	-30,616,000	-3,056,000	-5,205,000	2,103,000	8,525,000	5,734,000	12,562,000	7,774,000	2,944,000	5,786,000	4,704,000	1,893,000	360,000	468,000	160,000	-4,312,000	4,803,000	4,469,000	9,837,000	7,644,000	2,509,000	1,756,000	1,869,000
adjustments to reconcile net income to cash from operating activities:
depreciation	887,000	590,000	1,502,000	774,000	2,274,000	1,564,000	744,000	776,000	1,495,000	751,000	729,000	1,726,000	937,000	847,000	1,694,000	847,000	-1,000	1,079,000	1,078,000	1,078,000	950,000	1,081,000	1,096,000	1,058,000	1,035,000	1,043,000	1,068,000	1,012,000
amortization of intangible assets	855,000	828,000	1,645,000	823,000	2,368,000	1,458,000	698,000	698,000	1,397,000	698,000	698,000	1,397,000	698,000	698,000	1,397,000	698,000	715,000	715,000	716,000	716,000	716,000	742,000	753,000	721,000	748,000	742,000	741,000	742,000
lower of cost or net realizable value inventory adjustment	-2,913,000	1,515,000	512,000	549,000	3,811,000	1,983,000	397,000			322,000			-325,000
allowance for credit losses	244,000	7,000	-120,000	-187,000	14,000	44,000	163,000
share based compensation	170,000	469,000	538,000	45,000	808,000	751,000	279,000
amortization of deferred finance costs	56,000		113,000	56,000	171,000	114,000	57,000		538,000	268,000		2,004,000	289,000		558,000	277,000		317,000	246,000	280,000		314,000	311,000	307,000		272,000	244,000	241,000		0	17,000	16,000	113,000	72,000	31,000	69,000	62,000	31,000	81,000	50,000	25,000	61,000	41,000	21,000	20,000			6,000	6,000
deferred tax expense	917,000	-1,502,000	255,000	177,000	-1,020,000	-380,000	-853,000	34,000	2,917,000	1,357,000	-635,000	-1,602,000	51,000	162,000	117,000		59,000	58,000	59,000	-13,000	58,000	548,000			71,000	9,628,000	-9,665,000	-1,064,000
changes in assets and liabilities:
trade accounts receivable	-16,625,000	8,262,000	-22,134,000	-13,636,000	-733,000	-2,565,000	-10,930,000	19,906,000	-29,037,000	-18,401,000	19,033,000	-30,727,000	-24,613,000	7,887,000	-23,562,000	-4,165,000	4,741,000	10,317,000	-9,859,000	-7,824,000	11,373,000	8,185,000	-7,683,000	-5,795,000	8,635,000	14,794,000	-11,116,000	-12,026,000	13,739,000	10,544,000	-3,821,000	-15,964,000	-4,834,000	-17,593,000	-11,466,000	-5,694,000	-10,755,000	-4,191,000	-5,378,000	-6,457,000	-6,515,000	-4,959,000	-9,933,000	-4,561,000	-2,666,000	-5,734,000	-6,431,000	-2,920,000	-7,184,000
inventories	9,225,000	-39,535,000	18,052,000	17,399,000	52,189,000	33,811,000	6,294,000	-15,155,000	12,037,000	8,047,000	-28,210,000	-23,366,000	-6,845,000	-34,573,000	-2,039,000	-2,390,000	-3,773,000	9,655,000	11,013,000	1,818,000	1,333,000	17,407,000	19,639,000	5,085,000	4,903,000	14,152,000	23,800,000	472,000	-5,630,000	802,000	7,739,000	-3,751,000	-4,687,000	4,123,000	6,613,000	-10,497,000	-6,486,000	-3,065,000	6,314,000	9,450,000	7,863,000	1,095,000	-11,131,000	-11,367,000	-16,948,000	-15,403,000	1,110,000	8,203,000	4,397,000
prepaid and other assets	-1,451,000	5,147,000	-2,553,000	367,000	-6,732,000	-2,776,000	-140,000	-2,498,000	-5,200,000	-1,493,000	11,772,000	1,677,000	1,222,000	2,651,000	-5,031,000	-998,000	-3,065,000	68,000	441,000	364,000	-712,000	1,882,000	-1,792,000	43,000	-1,888,000	-459,000	672,000	2,911,000	2,715,000	-225,000	-58,000	-5,471,000	741,000	-907,000	-2,229,000	-4,521,000	-3,849,000	-162,000	-4,355,000	-2,789,000	-2,507,000	-4,253,000	-2,305,000	-1,482,000	-684,000	-3,307,000	11,000	-1,405,000	-131,000
income taxes receivable	250,000	-1,632,000	3,190,000	534,000	1,794,000	2,887,000	3,751,000		-1,741,000						429,000	335,000										3,837,000													2,709,000	1,010,000
accounts payable and accrued expenses	-4,750,000	1,883,000	6,644,000	4,497,000	-11,229,000	-15,642,000	-10,954,000	6,172,000	2,552,000	-1,758,000	-5,820,000	8,078,000	-1,628,000		9,135,000	1,822,000	-2,364,000	-2,674,000	1,163,000	3,175,000	-426,000	170,000	-4,214,000	3,425,000	-5,561,000	271,000	-14,293,000	19,160,000	3,336,000	-1,453,000	-18,028,000	22,171,000	-2,760,000	-1,879,000	-3,998,000	4,104,000	11,799,000	2,872,000	4,027,000	2,601,000	3,721,000	-233,000	2,517,000	4,852,000	-1,373,000	9,211,000	-995,000	-3,333,000	-3,899,000
cash from operating activities	-12,805,000	-32,543,000	20,569,000	14,156,000	71,103,000	40,835,000	-933,000	15,029,000	21,246,000	10,666,000	2,799,000	33,867,000	5,066,000	-9,252,000	-8,430,000	-4,969,000	-8,163,000	17,286,000	6,159,000	-3,595,000	4,529,000	32,382,000	-1,226,000	-1,864,000	1,017,000	26,585,000	-774,000	9,503,000		11,430,000	-6,236,000	6,943,000							4,654,000									3,832,000
capital expenditures	-1,074,000	-1,110,000	-1,875,000	-1,411,000	-3,752,000	-2,085,000	-960,000	-1,365,000	-837,000	-412,000	-1,944,000	-820,000	-27,000	0	-418,000	-290,000	0	-406,000	-402,000	-188,000	0	-651,000	-114,000	-165,000	0	-210,000	-576,000	-206,000		-224,000	-268,000	-369,000							-534,000									-394,000
free cash flows	-13,879,000	-33,653,000	18,694,000	12,745,000	67,351,000	38,750,000	-1,893,000	13,664,000	20,409,000	10,254,000	855,000	33,047,000	5,039,000	-9,252,000	-8,848,000	-5,259,000	-8,163,000	16,880,000	5,757,000	-3,783,000	4,529,000	31,731,000	-1,340,000	-2,029,000	1,017,000	26,375,000	-1,350,000	9,297,000		11,206,000	-6,504,000	6,574,000							4,120,000									3,438,000
cash flows from investing activities:
additions to property, plant, and equipment	-1,074,000	-1,110,000	-1,875,000	-1,411,000	-3,752,000	-2,085,000	-960,000	-1,365,000	-837,000	-412,000	-1,944,000	-820,000	-27,000		-418,000	-290,000		-406,000	-402,000	-188,000		-651,000	-114,000	-165,000		-210,000	-576,000	-206,000		-224,000	-268,000	-369,000	-877,000	-517,000	-133,000	-647,000	-549,000	-59,000	-534,000	-284,000	-80,000	-556,000	-513,000	-173,000	-636,000	-533,000	-160,000	-394,000	-149,000
cash from investing activities	-1,074,000	-3,347,000	-1,875,000	-1,411,000	-24,422,000	-22,755,000	-960,000	-1,365,000	-837,000	-412,000	-1,944,000	-820,000	-27,000	-1,257,000	-418,000	-290,000	-474,000	594,000	-402,000	-188,000	-81,000	-651,000	-114,000	-165,000	-100,000	-210,000	-576,000	-206,000	-209,130,000	-224,000	-268,000	-369,000
cash flows from financing activities:
excess tax benefits from exercise of stock options	-3,720,000				-4,000	-3,000	-3,000	-1,000	-3,000	-2,000	-886,000	-73,000	-72,000
repurchase of common shares	-2,491,000	-14,194,000	-4,535,000	-1,831,000	-2,636,000
cash from financing activities	-6,211,000	-14,335,000	-4,535,000	-1,831,000	-2,640,000	-2,000	-2,000	-5,001,000	-14,289,000	-3,227,000	-10,609,000	-15,857,000	-3,379,000	4,498,000	9,373,000	6,686,000	750,000	-16,495,000	-4,158,000	7,434,000	-16,534,000	-18,347,000	1,472,000	927,000	-23,000	-27,331,000	2,706,000	-13,321,000	163,909,000	-885,000	18,000	-346,000	-3,846,000	4,951,000	5,765,000							6,278,000	12,753,000			4,143,000
increase in cash and cash equivalents	-20,090,000	-50,225,000	14,159,000	10,914,000	44,041,000	18,078,000	-1,895,000	8,663,000	6,120,000	7,027,000	-9,754,000	17,190,000	1,660,000	-6,011,000	525,000	1,427,000	-7,887,000	1,385,000	1,599,000	3,651,000	-12,086,000				894,000			-4,024,000	-38,992,000	10,321,000	-6,486,000	6,228,000	2,718,000	286,000		105,000	548,000	-474,000	504,000	1,224,000	1,820,000		-1,617,000		-521,000	50,000		1,263,000	-1,005,000
cash and cash equivalents at beginning of period	39,456,000	0	70,134,000	70,134,000	12,446,000	12,446,000	12,446,000	0	5,295,000	5,295,000	0	3,492,000	3,492,000	0	1,348,000	1,348,000	0	0	0	2,600,000	0	0	0	2,272,000	0	0	0	5,002,000	0	0	0	33,931,000	1,258,000	1,258,000	1,258,000	935,000	935,000	935,000	669,000	669,000	669,000	3,991,000	3,991,000	3,991,000	3,958,000	3,958,000	3,958,000	3,926,000	3,926,000
cash and cash equivalents at end of period	19,366,000	-50,225,000	84,293,000	81,048,000	56,487,000	30,524,000	10,551,000	8,663,000	11,415,000	12,322,000	-9,754,000	20,682,000	5,152,000	-6,011,000	1,873,000	2,775,000	-7,887,000	1,385,000	1,599,000	6,251,000	-12,086,000	13,384,000	132,000	1,170,000	894,000	-956,000	1,356,000	978,000	-38,992,000	10,321,000	-6,486,000	40,159,000	3,976,000	1,544,000	1,167,000	1,040,000	1,483,000	461,000	1,173,000	1,893,000	2,489,000	3,943,000	2,374,000	1,437,000	3,437,000	4,008,000	148,000	5,189,000	2,921,000
supplemental disclosure of cash flow information:
cash paid for interest	58,000		256,000	100,000	529,000	311,000	105,000
cash paid for income taxes – net	100,000		655,000	182,000	7,042,000	3,554,000	102,000		10,665,000
property and equipment included in accrued expenses and other current liabilities	108,000	265,000	905,000	699,000
gain on measurement of earn-out liability		0
impairment of long lived assets					441,000	441,000
amortization of deferred finance cost
loss on extinguishment of debt								0			0	4,665,000	4,665,000
changes in assets and liabilities, net of acquisitions:
lease obligations			-1,000		-6,000	-2,000	-1,000		2,000		1,000	15,000
payments for acquisitions
net proceeds from issuances of common stock and exercises of stock options
excise tax on repurchase of common shares		-142,000
repayment of long-term debt								0	-14,325,000	-3,263,000	-9,723,000	-92,395,000	-79,866,000	-1,312,000	-2,627,000	-1,314,000	-1,313,000	-564,000	-564,000	-566,000	-14,005,000	-530,000	-537,000	-1,073,000	-55,000	-270,000	-299,000	-263,000	0	-17,000	-70,000	-85,000	-264,000	-178,000	-93,000	-243,000	-152,000	-71,000	-4,228,000	-4,143,000	-77,000	-169,000	-93,000	-84,000	-2,719,000	-2,071,000	-301,000	-723,000	-482,000
cash paid during period for interest								243,000	2,952,000	1,369,000	1,602,000	7,911,000	2,203,000	2,522,000	5,059,000	2,480,000	2,635,000	2,748,000	3,811,000	2,186,000	3,555,000	3,713,000	3,988,000	3,906,000	4,885,000	2,611,000	3,177,000	2,930,000	1,801,000	85,000	53,000	89,000	806,000	551,000	241,000	531,000	381,000	176,000	413,000	345,000	184,000	626,000		176,000	511,000	358,000	171,000	688,000	498,000
cash paid for income taxes																													44,000	226,000			4,328,000	1,757,000								1,085,000			1,779,000	899,000		48,000	29,000
payments for acquisition					-20,670,000	-20,670,000
proceeds from issuance of common stock						1,000	1,000		39,000	38,000		123,000	71,000									0				0	0	17,000		367,000	88,000	267,000	2,634,000	593,000	278,000	384,000	317,000	70,000	15,639,000	15,639,000	24,000	1,110,000	1,110,000		160,000	116,000
payment of deferred financing cost											0	-8,512,000
proceeds from long term debt
borrowing of short-term debt – net												-15,000,000			12,000,000	8,000,000			-6,069,000	8,000,000
forgiveness of payroll protection program loan														0
allowance for doubtful accounts								-141,000	851,000	509,000	-1,237,000	1,207,000	656,000	21,000	53,000	28,000	156,000	297,000	-5,000	432,000	331,000	100,000	-264,000	-243,000	465,000	-21,000	31,000	4,000	46,000	30,000	30,000	30,000	17,000	76,000	40,000	48,000	48,000	24,000	48,000			49,000	23,000		24,000	1,000	1,000	70,000	5,000
income taxes receivable/payable
borrowing of short-term debt - net
lower of cost or net realizable value reserve									-1,104,000			-1,155,000			-1,752,000			-1,459,000								-4,212,000
stock compensation expense									1,819,000			583,000			370,000			226,000
proceeds from long-term debt												100,000,000	100,000,000																							292,000	267,000
amortization of lease right of use asset										1,000			1,000			-4,000		-1,000	8,000	7,000		10,000	19,000	20,000
value of share-based payment arrangements										1,057,000			403,000											377,000				27,000	1,470,000				601,000	34,000	11,000	162,000	77,000	77,000	29,000	18,000	9,000	53,000	33,000	33,000	60,000			66,000	9,000
income taxes payable										3,777,000																			-10,779,000	-1,040,000	-1,433,000	3,266,000	1,787,000	1,665,000									1,237,000		1,168,000	701,000
payment of deferred financing costs													-5,186,000
premiums paid to extinguish debt													-3,326,000
cash paid from income taxes – net										142,000
cash paid for income taxes- net
(repayment) borrowing of short-term debt – net
cash paid (refund) for income taxes – net												5,908,000
borrowing (repayment) of short-term debt – net													-15,000,000
cash paid (refund) from income taxes – net													4,000
gain on insurance proceeds																	0
additions to property, plant and equipment
proceeds from insurance policy																	0
borrowing- paycheck protection program
cash paid (refund) for income taxes- net
income tax receivable
accounts payable, accrued expenses and other current liabilities
borrowing - paycheck protection program
borrowing of short-term debt
refund received for income taxes – net
cash refund for income taxes – net															-278,000
net loss																-1,076,000	-4,748,000	39,000	2,386,000	-2,885,000	-10,771,000	2,667,000	-13,797,000	-4,039,000
adjustments to reconcile net loss to cash from operating activities:
lower of cost or net realizable value adjustment																-763,000				-868,000				-2,895,000
value of share-based arrangements																361,000				125,000		272,000				418,000
deferred tax																59,000
cash refund from income taxes – net																-442,000
write-off of intangible assets																					0
non-cash adjustment of cylinder deposits
repayment of short-term debt – net																					-1,183,000					-26,016,000
refund received for income taxes- net
borrowing – paycheck protection program																		0
repayment of short-term debt																												-13,075,000
non-cash operating lease expense
cash (refund) paid for income taxes – net																										-4,017,000
cash (refund) payment from income taxes – net																				-30,000
amortization of step-up of basis in inventories																												1,080,000
other non cash expense
changes in assets and liabilities
cash (refund) paid for income taxes- net
amortization of step-up in inventory basis																										0
noncash adjustment of cylinder deposits																						0
deferred financing costs
decrease in cash and cash equivalents																							132,000	-1,102,000											-91,000							-48,000		-2,554,000			-3,810,000
deferred tax benefit																								72,000																					3,086,000	3,086,000	1,538,000	1,029,000	1,124,000
proceeds (repayment) of short-term debt																								2,000,000
cash paid during period for taxes																								8,000
excess tax benefits from stock option exercise
other non cash expenses
tax payment withholdings related to settlements of stock option awards																													-791,000
excess tax benefits from stock-based compensation
(repayments of) borrowing from short-term debt – net
payment of deferred acquisition cost																																	-1,038,000	-833,000		-331,000
payment of deferred acquisition costs																														0	0	-528,000
(decrease) in cash and cash equivalents
adjustments to reconcile net income to cash provided (used) in operating activities:
other liabilities
cash provided (used) in operating activities
additions to patents																																				-7,000			-10,000						-20,000	-20,000	-10,000	-26,000	-21,000
net proceeds from issuances of common stock
non cash investing activity:
deferred acquisition cost																																				2,669,000
depreciation and amortization																														479,000	604,000	605,000	1,723,000	1,143,000	606,000	1,622,000	1,083,000	544,000	626,000	411,000	205,000	600,000	388,000	203,000	417,000	264,000	127,000	379,000	254,000
deferred tax asset utilization																														162,000	189,000	307,000	1,584,000	1,344,000	1,725,000			1,165,000	193,000	276,000	98,000
adjustment to deferred acquisition payable																																	594,000
proceeds from long-term debt – net																																	27,000
proceeds from short-term debt – net																																		5,369,000	5,580,000								11,736,000			1,711,000			3,287,000
adjustments to reconcile net income:
cash provided (used) by operating activities																																								5,038,000	3,059,000								-3,550,000
investment in affiliates																																							63,000	63,000	16,000	-47,000	-27,000	-72,000
(repayments of) borrowing from short-term debt - net
cash provided by (used in) operating activities																																	7,441,000
cash used in investing activities																																	-877,000
(repayment of) proceeds from short-term debt – net																																	-5,205,000
deferred acquisition consideration																																		1,069,000	1,197,000		2,700,000	3,000,000
adjustments to reconcile net income to cash used by operating activities:
cash used by operating activities																																		-4,148,000	-5,723,000							-5,716,000	-13,830,000	-7,335,000		-3,537,000	-2,130,000
cash used by investing activities																																		-517,000	-133,000	-3,078,000	-2,973,000	-2,483,000	-481,000	-221,000	-64,000	-610,000	-540,000	-245,000	-659,000	-556,000	-173,000	-420,000	-170,000
proceeds from long-term debt - net
cash flows used by investing activities:
adjustments to reconcile net income to cash provided (used) by operating activities:
borrowing from (repayments of) of short-term debt - net
net cash from financing activities
increase in cash and cash equivalents cash and cash equivalents at beginning of period
adjustments to reconcile net income to cash (used) provided by operating activities:
utilization of deferred tax asset																																				3,422,000	2,819,000
cash (used) provided by operating activities																																				-5,499,000	-498,000	-812,000							-7,059,000
asset acquisitions																																				-2,424,000	-2,424,000	-2,424,000
proceeds from (repayments of) short-term debt – net																																				8,580,000	3,887,000	2,822,000	-15,080,000	-15,089,000	-1,122,000
cash provided (used) by financing activities																																				8,682,000	4,019,000	2,821,000	-3,669,000	-3,593,000	-1,175,000			5,026,000	7,197,000			-2,149,000	2,715,000
payment of acquisition earn out																																					-300,000
adjustments to reconcile net loss to cash used by operating activities:
acquisition of polar technologies
additions to intangible assets
decrease in investment in affiliates
proceeds from issuance of common stock - net
borrowing (repayment) of short-term debt - net
lower of cost or market adjustment																																										6,694,000
deferred income taxes																																										542,000
cash paid during period for income taxes
adjustments to reconcile net income
to cash provided (used) by operating activities:
allowance for lower of cost or market
proceeds of short-term debt - net
divestiture of joint venture
deferred tax (benefit) utilization																																										-1,053,000
proceeds from short-term debt-net																																										5,337,000
proceeds from issuance of long-term debt																																													4,387,000	4,387,000	65,000
deferred tax benefit utilization																																											497,000	497,000
issuance of common stock																																												607,000
proceeds (repayments) from short-term debt – net																																												4,503,000
prepaid expenses and other current assets
other assets																																																-19,000
cash provided(used) by operating activities
repurchase of warrants
non cash investing and finance securities
issuance of common stock in connection with asset purchase
investment in joint venture																																													-3,000	-3,000	-3,000
purchase of common stock equivalents																																																-90,000	-90,000
proceeds/(repayments) from short-term debt – net																																													5,369,000
____________________________________________________________
(repayment) proceeds from short-term debt – net																																															-1,271,000
cash (used) provided by financing activities																																															-1,507,000
compensation expense for stock purchases
proceeds (repayment) of short-term debt - net
proceeds from issuance of securities – net
repayments from short-term debt – net																																																-1,336,000
proceeds from issuance of common stock – net

Hudson Technologies, Inc(NASDAQ:HDSN)

Hudson Technologies, Inc
(NASDAQ:HDSN)