The following is a summary of the Hudson Technologies, Inc. (HDSN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hudson Technologies reported Q1 2024 revenues of $65.3 million, down 15% from $77.2 million in Q1 2023, mainly due to decreased refrigerant selling prices and lower DLA contract revenue.

• Q1 2024 gross margin was 33%, a drop from 39% in Q1 2023.

• Net income for Q1 2024 was $9.6 million, down from $15.5 million in Q1 2023.

• The company anticipates full-year 2024 revenue between $250 million and $265 million, with a gross margin below the target of 35%.

• They have a strong balance sheet, with stockholder equity at $238.6 million and no debt at the end of March 2024.

Business Progress:

• Hudson is advocating for refrigerant recovery and presented on this topic at industry conferences.

• The company plans to capitalize on the EPA's proposed Refrigerant Management rule, which mandates reclaimed refrigerant use in some applications and equipment.

• Investment in IT and personnel is scheduled to support the transition to next-generation cooling technologies.

• An increase in sales price for certain refrigerants is anticipated as supply diminishes due to virgin HFC production reductions.

• The company is considering M&A opportunities to strengthen its market position.

• In response to the AIM Act's HFC restrictions, the company foresees an increase in sales prices and profitability, specifically for reclaimed refrigerants.

• Exploring acquisitions in the reclaimers, distributors, and contractors sectors has been identified as a strategic initiative.

More details: Hudson Technologies IR

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