Hudson Tech Q1 revenue down 8% to $77.2M; net income drops to $15.5M

HUDSON TECHNOLOGIES INC /NY

2023-Q1 EPS reported $0.33 revenue$77,199,000

Revenue $77.2M (-8% YoY); gross margin 39% vs 54% in Q1 2022.
Operating income $22.7M (vs $38.3M); net income $15.5M ($0.34 basic EPS) vs $29.6M ($0.66).
Total debt reduced from $46.8M to $43.6M; stockholders' equity improved to $191.5M.
Cash flow from operations in Q1 2023 was two times greater than Q1 2022.
Management cites AIM Act HFC phasedown as driver for increased demand for reclaimed refrigerants.

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