US Nuclear Corp. Announces First Quarter 2021 Results

Rhea-AI Summary

US Nuclear Corp. (OTCQB: UCLE) reported a 29.7% increase in sales for the first quarter of 2021, totaling $417,824, compared to $322,239 in the same period of 2020. Gross profit rose 20.9% to $201,172. Selling, general, and administrative expenses decreased by 3.9% to $860,151, primarily due to lower stock-based compensation. However, the company recorded a net loss of $663,561. CEO Robert Goldstein noted a recovery in sales and a growing order backlog, signaling potential for future growth.

Positive

• Sales increased by 29.7% to $417,824.
• Gross profit rose by 20.9% to $201,172.
• Selling, general, and administrative expenses decreased by 3.9%.

Negative

• Net loss of $663,561.

Los Angeles, CA, Aug. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- US Nuclear Corp. (OTCQB: 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, 2021.   

• Sales for the three months ended March 31, 2021 were $417,824 compared to $322,239 for the same period in 2020, an increase of 29.7%
• Gross profit was $201,172 compared to $166,327 for the same period in 2020, an increase of 20.9%
• Selling, general, and administrative expense were $860,151 compared to $894,842 for the same period in 2020; the decrease of $34,691 or 3.9% was due to lower stock-based compensation
• Stock based compensation was $378,838 compared to $453,096 during the same period in 2020
• Other expense was $4,582, a decrease of $314,272 from $318,854 for the same period in 2020
• Net loss of $663,561

Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are happy to announce that our sales revenue is continuing to recover from the impact of COVID-19.  We aren’t quite back to pre-pandemic production levels yet, but are steadily getting there by continuing to book new sales and keeping our employees safe.  We are working on updating our operating division websites and product content to drive more organic traffic and sales, as well as focusing on product campaigns for our most popular products.  Customer inquiries have been continuing to increase, and we have a strong order backlog as we build momentum going into the rest of the year.”

US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
					Three Months Ended
					March 31,
					2021		2020
Sales				$	417,824	$	322,239
Cost of sales					216,652		155,912
Gross profit					201,172		166,327
Operating expenses
	Selling, general and administrative expenses				860,151		894,842
		Total operating expenses			860,151		894,842
Loss from operations					(658,979)		(728,515)
Other income (expense)
	Interest expense				(2,823)		(13,395)
	Change in value of derivative liability				-		(137,162)
	Amortization of debt discount				-		(167,490)
	Equity loss in investment				(1,759)		(807)
		Total other income (expense)			(4,582)		(318,854)
Loss before provision for income taxes					(663,561)		(1,047,369)
Provision for income taxes					-		-
Net loss				$	(663,561)	$	(1,047,369)
Weighted average shares outstanding - basic and diluted					25,753,712		20,559,328
Loss per shares - basic and diluted				$	(0.03)	$	(0.05)

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. (OTCQB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com

FAQ

What were US Nuclear Corp's sales in Q1 2021?

US Nuclear Corp's sales for Q1 2021 were $417,824, a 29.7% increase from the previous year.

What is the net loss reported by US Nuclear Corp. for Q1 2021?

US Nuclear Corp. reported a net loss of $663,561 for Q1 2021.

How much did the gross profit increase for US Nuclear Corp. in Q1 2021?

The gross profit for US Nuclear Corp. increased by 20.9% to $201,172 in Q1 2021.

What decrease was reported in selling, general, and administrative expenses for US Nuclear Corp.?

US Nuclear Corp. reported a 3.9% decrease in selling, general, and administrative expenses, totaling $860,151.