UCLE US NUCLEAR CORP

US Nuclear Corp. Announces First Quarter 2024 Results

US Nuclear Corp. Announces First Quarter 2024 Results

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 , or the company’s website at .

CONTACT:

US Nuclear Corp. (OTC-QB: UCLE)

Robert I. Goldstein, President, CEO, and Chairman

Michael Hastings, Chief Financial Officer

Ph: (818) 883 7043

Email:



EN
05/08/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on US NUCLEAR CORP

 PRESS RELEASE

 US Nuclear Announces 3rd Quarter Financials and Launch of New Marketi...

 US Nuclear Announces 3rd Quarter Financials and Launch of New Marketing Initiatives LOS ANGELES, Dec. 04, 2024 (GLOBE NEWSWIRE) -- US Nuclear Corp. (OTC: UCLE) is pleased to announce that the 3rd quarter 2024 loss was reduced to $110,971 from $760,062 in 2023, a reduction of 89%. For the nine-month period, losses were reduced from $2,296,114 in 2023, to $728,320 in 2024, a reduction of $1,567,794, or 68%. “These improvements in our path to profitability are just the beginning,” said Bob Goldstein, CEO of US Nuclear. “We’re working towards reducing our operating expenses 20%, while growi...

 PRESS RELEASE

US Nuclear Announces a Significant Improvement in 3rd Quarter Financia...

US Nuclear Announces a Significant Improvement in 3rd Quarter Financials LOS ANGELES, Nov. 19, 2024 (GLOBE NEWSWIRE) -- US Nuclear Corp. (OTC: UCLE) is pleased to announce they have made significant progress in reducing current liabilities by over $3 million in the 3rd quarter, while projecting a swing in profitability of over $1 million from the 3rd quarter of 2023. Results will be released with the 3rd quarter results later this month. In conjunction with these efforts, the Company has increased pricing by 5.5% effective this month, and has begun a cost reduction program to reduce expe...

 PRESS RELEASE

US Nuclear Forced to Expand Its Ohio Production Floor and Shipment Vol...

US Nuclear Forced to Expand Its Ohio Production Floor and Shipment Volume to Keep Up With the Surge of Incoming Orders LOS ANGELES, CA, Aug. 19, 2024 (GLOBE NEWSWIRE) -- To help keep up with surging incoming purchase orders, US Nuclear Corp. (OTC: UCLE) is now significantly expanding their Overhoff (Ohio) production floor area to increase shipment volume. This is necessary due to increasingly high demand for their famous tritium monitors. This is all caused by the AI nuclear energy boom and the big money, worldwide scramble to design and build the long awaited fusion energy generators th...

 PRESS RELEASE

S&P 500 Nuclear Energy Stocks Prices Surge 800% on Largest U.S. Power ...

S&P 500 Nuclear Energy Stocks Prices Surge 800% on Largest U.S. Power Grid LOS ANGELES, CA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Worldwide Energy Shortages and Soaring Prices are Driving Nuclear Power Growth for US Nuclear Corp. (OTC-QB: UCLE). Extreme weather, soaring energy prices, and outdated energy infrastructure are leaving millions of people at risk of losing power, and the problems continue to get worse. The U.S. and countries around the world are increasingly turning to nuclear power in an effort to keep up with the surging demand, with the U.S. alone aiming to triple nuclear capac...

 PRESS RELEASE

US Nuclear Corp. Announces First Quarter 2024 Results

US Nuclear Corp. Announces First Quarter 2024 Results 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 $627,750Gross profit was $353,769Gross margins were 56.36% as compared to 67.25% for the same period last yearSelling, general, and administrative expense were $498,198 compared to $735,825 for ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch