Hudson Technologies, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with revenues totaling $237.1 million, down 18% from $289.0 million in 2023. The decrease was primarily attributed to lower selling prices of certain refrigerants. The company's cost of sales increased to $171.4 million, representing 72% of total sales, compared to 61% in the previous year, largely due to the reduced revenue and additional inventory reserves. Net income also fell sharply to $24.4 million, a decrease of $27.8 million from the $52.2 million reported in 2023.
In terms of operational changes, Hudson Technologies completed the acquisition of USA Refrigerants on June 6, 2024, for approximately $20.7 million in cash, with a potential contingent payment of up to $2.0 million. This acquisition is expected to enhance the company's refrigerant distribution capabilities and broaden its customer network. The company also reported an increase in selling, general, and administrative expenses to $33.0 million, up from $30.5 million in 2023, driven by higher personnel costs and acquisition-related expenses.
The company’s operational metrics showed a decrease in trade accounts receivable, which fell to $13.6 million from $25.2 million in the previous year, reflecting timing issues. Inventory levels also dropped significantly to $96.2 million, down from $154.5 million in 2023, indicating a strategic reduction in stock levels. Hudson Technologies maintained a workforce of 238 employees as of January 31, 2025, consistent with its operational needs.
Looking ahead, Hudson Technologies expressed cautious optimism regarding its future performance, emphasizing the importance of regulatory compliance and market conditions in the refrigerant industry. The company is focused on leveraging its recent acquisition to enhance its market position and is committed to maintaining compliance with environmental regulations, which are critical to its business model. The company also has a robust liquidity position, with cash and cash equivalents increasing to $70.1 million from $12.4 million in 2023, providing a buffer for future operational needs and potential investments.
About HUDSON TECHNOLOGIES INC /NY
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