US Nuclear Corp. Announces Second Quarter 2021 Results

Rhea-AI Summary

US Nuclear Corp. (OTCQB: UCLE) reported a 16.7% increase in sales for Q2 2021, totaling $352,558 compared to $302,201 in Q2 2020, mainly driven by recovery from COVID-19 impacts. However, they experienced a significant increase in selling, general, and administrative expenses, rising by 79.3% to $620,854. The company suffered a net loss of $1,282,312 compared to $145,117 in the prior year, influenced by substantial stock-based compensation and equity write-downs. The CEO expressed optimism regarding upcoming government contracts and participation in an innovation challenge.

Positive

• Q2 2021 sales increased by 16.7% to $352,558
• Sales recovery noted post COVID-19 impact
• Participation in the 'Charge On Innovation Challenge' indicates growth potential

Negative

• Net loss of $1,282,312 compared to $145,117 in Q2 2020
• Selling, general, and administrative expenses rose 79.3% to $620,854
• Increase in stock-based compensation to $166,650 from $0 in Q2 2020
• Other expense decreased dramatically to $817,314 from an income of $57,707 in Q2 2020

Los Angeles, CA, Sept. 22, 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 second quarter ended June 30, 2021.   

• Sales for the three months ended June 30, 2021 were $352,558 compared to $302,201 for the same period in 2020, an increase of 16.7%
• The overall increase in sales principally due to US Nuclear starting to recover from the impact of COVID-19
• Selling, general, and administrative expense were $620,854 compared to $346,203 for the same period in 2020; the increase of $274,651 or 79.3% was principally due to an increase in stock-based compensation. 
• During the three months ended June 30, 2021, stock-based compensation was $166,650 compared to $0 during the same period in 2020
• Other expense was $817,314, a decrease of $875,021 from other income of $57,707 for the same period in 2020.  The decrease was due to an equity write down on investments in 2021 offset by a decrease in the amortization of the debt discount associated with the convertible debenture and by the change in the value of the derivative liability
• Net loss of $1,282,312 compared to $145,117 for the same period in 2020

Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are pleased to announce that our sales revenue is continuing to steadily increase as we recover from the impact of COVID-19.  We will be exceptionally busy the rest of the year, with many new sales booked in the second quarter, as well working on government fiscal year-end contracts due by September 30, and the calendar year-end which are both productive times for us.  On other news fronts, we are excited about being shortlisted to progress into the next round of the ‘Charge On Innovation Challenge’ which aims to electrify ultra-class mining trucks to operate on electric power instead of diesel.  Our proposal is based around using Grapheton’s novel supercapacitor technology, and numerical simulations of the entire system are promising.  The next stage is comprised of a pitch-session, with final submission in November, and patrons identifying solutions in December 2021.” 

US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
					Three Months Ended				Six Months Ended
					June 30,				June 30,
					2021		2020		2021		2020
Sales				$	352,558	$	302,201	$	770,382	$	624,440
Cost of sales					196,702		158,822		413,354		314,734
Gross profit					155,856		143,379		357,028		309,706
Operating expenses
	Selling, general and administrative expenses				620,854		346,203		1,481,005		1,241,045
		Total operating expenses			620,854		346,203		1,481,005		1,241,045
Loss from operations					(464,998)		(202,824)		(1,123,977)		(931,339)
Other income (expense)
	Interest expense				(4,033)		(12,151)		(6,856)		(25,546)
	Change in value of derivative liability				-		146,997		-		9,835
	Amortization of debt discount				-		(74,897)		-		(242,387)
	Equity loss in investment				(813,281)		(2,242)		(815,040)		(3,049)
		Total other income (expense)			(817,314)		57,707		(821,896)		(261,147)
Loss before provision for income taxes					(1,282,312)		(145,117)		(1,945,873)		(1,192,486)
Provision for income taxes					-		-		-		-
Net loss				$	(1,282,312)	$	(145,117)	$	(1,945,873)	$	(1,192,486)
Deemed dividend for downround provision in warrants					(52,861)		-		(52,861)		-
Net loss attributed to common stockholders				$	(1,335,173)	$	(145,117)	$	(1,998,734)	$	(1,192,486)
Weighted average shares outstanding - basic and diluted					27,526,920		21,647,837		26,645,215		21,103,582
Loss per shares - basic and diluted				$	(0.05)	$	(0.01)	$	(0.08)	$	(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. (OTCQB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com

FAQ

What were the sales figures for US Nuclear Corp. (UCLE) in Q2 2021?

US Nuclear Corp. reported sales of $352,558 for Q2 2021, a 16.7% increase from $302,201 in Q2 2020.

How much was the net loss for US Nuclear Corp. (UCLE) in Q2 2021?

The net loss for US Nuclear Corp. in Q2 2021 was $1,282,312, compared to $145,117 in Q2 2020.

What is the reason for the increase in expenses for US Nuclear Corp. (UCLE)?

The increase in expenses, specifically selling, general, and administrative costs, was primarily due to a rise in stock-based compensation.

Is US Nuclear Corp. (UCLE) participating in any innovation challenges?

Yes, US Nuclear Corp. is shortlisted for the 'Charge On Innovation Challenge' aimed at electrifying mining trucks.