Hudson Technologies, Inc. (NASDAQ:HDSN) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET

Company Participants

Jennifer Belodeau - IMS Investor Relations
Brian Coleman - President and Chief Executive Officer
Nat Krishnamurti - Vice President and Chief Financial Officer

Conference Call Participants

Ryan Sigdahl - Craig-Hallum Capital Group
Joshua Nichols - B. Riley Securities, Inc.
Austin Moeller - Canaccord Genuity
Gerry Sweeney - ROTH Capital

Operator

Greetings. Welcome to the Hudson Technologies First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Jen Belodeau. You may begin.

Jennifer Belodeau

Thank you. Good evening and welcome to our conference call to discuss Hudson Technologies financial results for the first quarter 2024. On the call today are Brian Coleman, President and Chief Executive Officer, and Nat Krishnamurti, Chief Financial Officer.

I'll now take a moment to read the safe harbor statement. During the course of this conference call, we'll make certain forward-looking statements, all statements that address expectations, opinions or predictions about the future are forward-looking statements. Although they reflect our current expectations and are based on our best view of the industry and our businesses, as we see them today, they are not guarantees of future performance. Please understand that these statements involve a number of risks and assumptions. And since those elements can change, and in certain cases are not within our control, we would ask that you consider and interpret them in that light. We urge you to review Hudson's most recent Form 10-K and other subsequent SEC filings for a discussion of the principal risks and uncertainties that affect our business and our performance and other factors that could cause our actual results to differ materially.

With that out of the way, I'll turn the call over to Brian Coleman. Go ahead, Brian.

Brian Coleman

Thank you. Good evening and thank you for joining us. Our 2024 selling season has kicked off largely as we expected with our first quarter revenues reflecting a difficult comparison to the first quarter of 2023, which was characterized by higher pricing for certain refrigerants as well as higher volume in 2023 from our DLA contract.

As we detailed in the last quarter's earnings release, in 2023, we saw the highest annual revenue generated by our DLA contract at $53 million for that year. That amount included approximately $20 million, which was evenly spread across 2023 related to increased DLA-specific program activities that may not be repeated in 2024.