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Hudson Technologies, Inc. (NASDAQ: HDSN) has entered into a licensing agreement with The Chemours Company to sell Hudson reclaimed refrigerants under the Freon™ brand name. This agreement allows Hudson to market legacy reclaimed refrigerant products using the Freon™ brand alongside their Emerald Refrigerants™ brand. The partnership aims to promote sustainable refrigerant solutions amid the industry's phase down and phase out of refrigerants.
Hudson Technologies, Inc. reported a decrease in revenues by 15% in the first quarter of 2024 compared to the same period in 2023. Gross margin decreased to 33%, and operating income also saw a decline. Net income fell to $9.6 million from $15.5 million in 2023. Despite challenges in the selling season due to lower refrigerant prices, the company anticipates full-year revenue in the range of $250 to $265 million with a gross margin below the target of 35%. Hudson remains optimistic about the phasedown of HFC and the potential for increased profitability.