LOS ANGELES, CA, Aug. 05, 2024 (GLOBE NEWSWIRE) -- US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2024.
- Sales for the three months ended March 31, 2024 were $627,750
- Gross profit was $353,769
- Gross margins were 56.36% as compared to 67.25% for the same period last year
- Selling, general, and administrative expense were $498,198 compared to $735,825 for the same period last year, the decrease of $237,627 or 32.29% was due to careful management of expenses and overhead, and negotiating better prices with its vendors and consultants
- Net loss of $173,242, a 74% improvement over last year
Robert Goldstein, CEO of US Nuclear Corp., commented:
“Our performance this year is off to a strong start with sales revenue coming in at $627,750. Our gross margins decreased slightly due to fluctuations in the cost of materials, but we are proactively adjusting our pricing to keep up with this change. With careful management, we were able to reduce selling, general, and administrative costs by 32% in a continued effort towards profitability.
"Sales of our tritium monitoring product line continue to increase as tritium is used more and more every day in fusion power research & development. Nuclear power generation is rapidly expanding in general as countries around the world turn to nuclear power to meet skyrocketing energy costs and demands. We sell a wide variety of equipment to nuclear power plants which purchase millions of dollars worth of instrumentation to safely outfit their operations. As these trends continue for the foreseeable future, we will see an increase in our sales revenue.
"In a landmark move this first quarter, the EPA also imposed new enforceable limits on PFAS contamination, requiring companies and utilities to reduce and monitor PFAS levels down to the lowest limits of 4ppt. This was welcome timing for us, as we recently launched a cutting-edge PFAS monitor that can measure PFAS contamination on-the-spot down to 1ppt in less than a few minutes which is below the EPA’s new limit. With this new rule in effect immediately, sales of this product should surge.”
| US NUCLEAR CORP. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Sales | $ | 627,750 | $ | 647,706 | ||||
| Cost of sales | 273,981 | 212,117 | ||||||
| Gross profit | 353,769 | 435,589 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative expenses | 498,198 | 735,825 | ||||||
| Total operating expenses | 498,198 | 735,825 | ||||||
| Loss from operations | (144,429) | (300,236) | ||||||
| Other income (expense) | ||||||||
| Interest expense | (37,202) | (22,140) | ||||||
| Equity loss in investment | - | (8,059) | ||||||
| Loss on deconsolidation | - | (2,539) | ||||||
| Amortization of debt discount | (11,264) | (331,559) | ||||||
| Other income | 19,653 | - | ||||||
| Total other income (expense) | (28,813) | -364,298 | ||||||
| Loss before provision for income taxes | (176,422) | (664,534) | ||||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (173,242) | $ | (664,534) | ||||
| Deemed dividend for down-round provision in warrants | - | (2,013) | ||||||
| Net loss attributed to common stockholders | $ | (173,242) | $ | (666,547) | ||||
| Weighted average shares outstanding - basic and diluted | 42,526,088 | 32,634,839 | ||||||
| Loss per shares - basic and diluted | $ | (0.00) | $ | (0.02) | ||||
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com.
CONTACT:
US Nuclear Corp. (OTC-QB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Michael Hastings, Chief Financial Officer
Ph: (818) 883 7043
Email: info@usnuclearcorp.com
http://usnuclearcorp.com
