US Nuclear Corp. Announces Second Quarter 2022 Results

Rhea-AI Summary

US Nuclear Corp. (UCLE) reported a 65.2% increase in sales, reaching $585,525 for Q2 2022, compared to $352,558 in Q2 2021. The gross margin improved to 45.1% from 44.2% year-over-year. Selling, general, and administrative expenses decreased by 13.9% to $534,753. The net loss shrank to $366,278 from $1,282,312 in 2021. CEO Robert Goldstein highlighted positive revenue drivers, including rising demand for nuclear energy and growth in their DroneRAD product line, amidst challenges posed by supply chain issues.

Positive

• Sales increased by 65.2% to $585,525.
• Gross margin improved to 45.1% from 44.2%.
• Selling, general, and administrative expenses decreased by 13.9% to $534,753.
• Net loss declined significantly to $366,278, down from $1,282,312.

Negative

• The company still incurred a net loss of $366,278.

LOS ANGELES, CA, Sept. 27, 2022 (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 second quarter ended June 30, 2022.   

• Sales for the three months ended June 30, 2022 were $585,525 compared to $352,558 for the same period in 2021, an increase of 65.2%
• Gross margin 45.1% as compared to 44.2% for the same period in 2021
• Selling, general, and administrative expense were $534,753 compared to $620,854 for the same period in 2021, a decrease of $86,101 or 13.9%
• During the three months ended June 30, 2022, stock-based compensation was $57,745 compared to $166,650 during the same period in 2021
• Other expense was $94,279, a decrease of $916,034 for the same period in 2021
• Net loss of $366,278 compared to $1,282,312 for the same period in 2021

Robert Goldstein, CEO of US Nuclear Corp., commented:

“We are happy to report that sales revenue is up and expenses are down, even as we face headwinds from the global supply chain shortage and rising cost of parts.  Fortunately, there are many catalysts that are driving additional revenue to our sector, the most prominent being the rising demand for clean, nuclear energy, which requires our radiation safety and protection equipment to produce.  Sales of our DroneRAD product line continue to increase, and with our new subsidiary, Cali From Above, we can offer the complete package from selling drones, parts, and accessories to providing drone pilot services and operator training.  Our advanced drone and entrance/edit/border crossing systems measure not only radiation, but also chemicals, nerve gases, explosives, and fentanyl and other drugs, and with the current geopolitical climate and ongoing war in Ukraine, these systems can help provide important data and early warning alarms to keep people safe.  We are just beginning to see the positive effects that the surge in nuclear energy is providing and it will continue to drive up our sales revenue as we strive towards profitability.” 

US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
					Three Months Ended						Six Months Ended
					June 30,						June 30,
					2022			2021			2022			2021
Sales				$	922,083		$	770,382		$	922,083		$	770,382
Cost of sales					432,052			413,354			432,052			413,354
Gross profit					490,031			357,028			490,031			357,028
Operating expenses
	Selling, general and administrative expenses				1,408,256			1,481,005			1,408,256			1,481,005
		Total operating expenses			1,408,256			1,481,005			1,408,256			1,481,005
Loss from operations					(918,225	)		(1,123,977	)		(918,225	)		(1,123,977	)
Other income (expense)
	Interest expense				(5,940	)		(6,856	)		(5,940	)		(6,856	)
	Equity loss in investment				-			(815,040	)		-			(815,040	)
	Amortization of debt discount				(91,756	)		-			(91,756	)		-
		Total other income (expense)			(97,696	)		(821,896	)		(97,696	)		(821,896	)
Loss before provision for income taxes					(1,015,921	)		(1,945,873	)		(1,015,921	)		(1,945,873	)
Provision for income taxes					-			-			-			-
Net loss				$	(1,015,921	)	$	(1,945,873	)	$	(1,015,921	)	$	(1,945,873	)
Deemed dividend for downround provision in warrants					(9,652	)		(52,861	)		(9,652	)		(52,861	)
Net loss attributed to common stockholders				$	(1,025,573	)	$	(1,998,734	)	$	(1,025,573	)	$	(1,998,734	)
Weighted average shares outstanding - basic and diluted					28,864,350			27,526,920			28,627,598			26,645,215
Loss per shares - basic and diluted				$	(0.04	)	$	(0.07	)	$	(0.04	)	$	(0.08	)

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
Richard Landry, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com
http://usnuclearcorp.com
http://tech-associates.com
http://overhoff.com

FAQ

What were the sales figures for US Nuclear Corp. (UCLE) in Q2 2022?

US Nuclear Corp. reported sales of $585,525 for Q2 2022, a 65.2% increase from $352,558 in Q2 2021.

What is the gross margin for US Nuclear Corp. (UCLE) in Q2 2022?

The gross margin for US Nuclear Corp. in Q2 2022 was 45.1%, up from 44.2% in the same period last year.

How much did US Nuclear Corp. (UCLE) reduce their administrative expenses in Q2 2022?

US Nuclear Corp. reduced their selling, general, and administrative expenses by 13.9% to $534,753 in Q2 2022.

What was the net loss for US Nuclear Corp. (UCLE) in Q2 2022?

The net loss for US Nuclear Corp. in Q2 2022 was $366,278, significantly down from $1,282,312 in Q2 2021.

What factors contributed to the revenue growth for US Nuclear Corp. (UCLE)?

The revenue growth was driven by rising demand for nuclear energy and increased sales of their DroneRAD product line.