US Nuclear Corp. Announces Third Quarter 2023 Results

LOS ANGELES, CA, Nov. 29, 2023 (GLOBE NEWSWIRE) — via NewMediaWire –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 third quarter ended September 30, 2023.  

For the three months ended September 30, 2023:

  • Sales were $593,502 compared to $617,434 for the same period in 2022
  • Cost of goods decreased by a factor of 3 compared to the same period in 2022, from 66% to only 22%
  • Gross margins increased by 44.15% due to a mix of enhanced manufacturing efficiency and higher margin products sold during the period. The Company expects this trend to continue due to increased sales of US Nuclear’s premium highly valued, specialized products.
  • Selling, general and administrative expenses were $539,339 compared to $695,381 for the same period in 2022, a decrease of $156,042 or 28.93%
  • Loss from operations decreased by a factor of 7 and was $73,562 compared to $483,419 for the same period in 2022
  • Net loss was $760,062 compared to $655,822 for the same period in 2022

Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are pleased to report another quarter of strong performance. The results underscore our team’s commitment to driving sales revenue while reducing expenses on our path to profitability, and our ability to capitalize on the increasing demand for our innovative radiation detection solutions.  We drastically increased our gross margins by 44.15% by streamlining our production and manufacturing efficiency and by selling our specialized products to buyers willing to pay for our premium product quality and functionality.  We expect this trend to continue and a ramp-up in sales revenue will translate into profitable operating income.  The launch of several unique new chemical detectors for detecting drugs (fentanyl), explosives, chemical warfare agents and even PFAS “forever chemicals” will be a sales catalyst moving forward, in addition to increased demand for our tritium monitoring instrumentation which is direly needed as fusion power research and operation ramps up.”

US NUCLEAR CORP. AND SUBSIDIARIES              
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS            
(unaudited)              
                 
    Three Months Ended        
    September 30,          
      2023       2022  
                 
Sales   $ 593,502     $ 617,434  
Cost of sales   127,727 22 %     405,471 66 %
Gross profit   465,775 78 %     211,963 34 %
                 
Operating expenses              
Selling, general and administrative expenses   539,337       695,381  
Total operating expenses   539,337       695,381  
                 
Loss from operations   73,562 15 %     483,419 )
                 
Other income (expense)              
Interest expense   (27,795 )     (31,710 )
Equity loss in investment          
Loss on deconsolidation          
Amortization of debt discount   (658,705 )     (140,693 )
Total other income (expense)   (686,500 )     (172,403 )
                 
Loss before provision for income taxes   (760,062 )     (655,822 )
                 
Provision for income taxes          
                 
Net loss   $ (760,062 )   $ (655,822 )
                 
Deemed dividend for down-round provision in warrants        
                 
Net loss attributed to common stockholders $ (760,062 )   $ (655,822 )
                 
Weighted average shares outstanding – basic and diluted 36,237,707       29,504,433  
                 
Loss per shares – basic and diluted $ (0.02 )   $ (0.02 )
                 
The accompanying notes are an integral part of these              
unaudited condensed consolidated financial statements.            
                 
                 
                 
                 
US NUCLEAR CORP. AND SUBSIDIARIES              
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS            
(unaudited)              
                 
    Nine Months Ended        
    September 30,          
      2023       2022  
                 
Sales   $ 1,588,009     $ 1,539,517  
Cost of sales   651,992       837,523  
Gross profit   936,017       701,994  
                 
Operating expenses              
Selling, general and administrative expenses   1,875,583       2,103,637  
Total operating expenses   1,875,583       2,103,637  
                 
Loss from operations   (939,565 )     (1,401,644 )
                 
Other income (expense)              
Interest expense   (70,635 )     (37,650 )
Equity loss in investment   (8,059 )      
Loss on deconsolidation   (2,539 )      
Amortization of debt discount   (1,275,316 )     (232,449 )
Total other income (expense)   (1,356,549 )     (270,099 )
                 
Loss before provision for income taxes   (2,296,114 )     (1,671,743 )
                 
Provision for income taxes          
                 
Net loss   $ (2,296,114 )   $ (1,671,743 )
                 
Deemed dividend for down-round provision in warrants (2,013 )     (9,652 )
                 
Net loss attributed to common stockholders $ (2,298,127 )   $ (1,681,395 )
                 
Weighted average shares outstanding – basic and diluted 35,049,921       28,923,132  
                 
Loss per shares – basic and diluted $ (0.07 )   $ (0.06 )

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
(818) 883 7043
Email: [email protected]
http://usnuclearcorp.com


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Originally published at https://www.einpresswire.com/article/671685116/us-nuclear-corp-announces-third-quarter-2023-results