US Nuclear Corp. Announces Third Quarter 2021 Results

Rhea-AI Summary

US Nuclear Corp. (OTCQB: UCLE) announced strong third-quarter results for 2021, reporting sales of $683,771, a 41.2% increase from $484,318 in 2020. The company also reduced selling, general, and administrative expenses by 26.8%, totaling $747,290. Despite these gains, US Nuclear logged a net loss of $444,383, improved from a net loss of $850,386 in the prior year. CEO Robert Goldstein highlighted a busy September with fulfilling government contracts and expressed optimism about ongoing revenue recovery as the company addresses climate change initiatives.

Positive

• Sales increased by $199,453 or 41.2% year-over-year.
• Selling, general, and administrative expenses decreased by 26.8%.

Negative

• Net loss of $444,383 indicates ongoing financial struggles.

Los Angeles, CA, Nov. 15, 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 third quarter ended September 30, 2021.   

• Sales for the three months ended September 30, 2021 were $683,771 compared to $484,318 for the same period in 2020, an increase of $199,453 or 41.2%
• Sales revenue continues to increase as the company recovers from COVID-19
• Selling, general, and administrative expense were $747,290 compared to $1,021,507 for the same period in 2020; the decrease of $274,217 or 26.8% was principally due to a decrease in stock-based compensation
• During the three months ended September 30, 2021, stock-based compensation was $72,250 compared to $542,560 during the same period in 2020
• Net loss of $444,383 compared to $850,386 for the same period in 2020

Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a very strong and productive third quarter, with sales revenue up 41.2% over the same period in 2020.   While we are still affected by COVID-19 and supply chain issues, we continue to increase our revenue as we adapt and recover.  September was a particularly busy month for us as we delivered on government contracts due by their fiscal year-end (September 30).  We will keep up the momentum throughout the rest of the year as we work on fulfilling a large order backlog and several major contracts due by the calendar year-end.  Recent news has focused on climate change, slowing global warming and tackling methane emissions, and we will address how US Nuclear is supporting climate change actions.”     

US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
					Three Months Ended				Nine Months Ended
					September 30,				September 30,
					2021		2020		2021		2020
Sales				$	683,771	$	484,318	$	1,454,153	$	1,108,758
Cost of sales					357,426		281,808		770,780		596,542
Gross profit					326,345		202,510		683,373		512,216
Operating expenses
	Selling, general and administrative expenses				747,290		1,021,507		2,228,295		2,262,552
		Total operating expenses			747,290		1,021,507		2,228,295		2,262,552
Loss from operations					(420,945)		(818,997)		(1,544,922)		(1,750,336)
Other income (expense)
	Interest expense				(3,016)		(10,905)		(9,872)		(36,451)
	Change in value of derivative liability				-		66,939		-		76,774
	Amortization of debt discount				-		(84,774)		-		(327,161)
	Equity loss on investment				(20,422)		(2,649)		(835,462)		(5,698)
		Total other income (expense)			(23,438)		(31,389)		(845,334)		(292,536)
Loss before provision for income taxes					(444,383)		(850,386)		(2,390,256)		(2,042,872)
Provision for income taxes					-		-		-		-
Net loss				$	(444,383)	$	(850,386)	$	(2,390,256)	$	(2,042,872)
Deemed dividend for downround provision in warrants					-		-		(52,861)		-
Net loss attributed to common stockholders				$	(444,383)	$	(850,386)	$	(2,443,117)	$	(2,042,872)
Weighted average shares outstanding - basic and diluted					27,914,302		22,204,663		27,072,892		21,473,288
Loss per shares - basic and diluted				$	(0.02)	$	(0.04)	$	(0.09)	$	(0.10)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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 Q3 2021 sales figures?

US Nuclear Corp. reported Q3 2021 sales of $683,771.

How much did US Nuclear Corp. reduce its expenses in Q3 2021?

The company reduced selling, general, and administrative expenses by 26.8% to $747,290.

What was the net loss for US Nuclear Corp. in Q3 2021?

US Nuclear Corp. recorded a net loss of $444,383 in Q3 2021.

What is the stock symbol for US Nuclear Corp.?

The stock symbol for US Nuclear Corp. is UCLE.

What did CEO Robert Goldstein say about Q3 2021?

CEO Robert Goldstein stated the company had a very strong and productive third quarter.