US Nuclear Corp. Announces First Quarter 2024 Results LOS ANGELES, CA, Aug. 05, 2024 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2024.
- Sales for the three months ended March 31, 2024 were $627,750
- Gross profit was $353,769
- Gross margins were 56.36% as compared to 67.25% for the same period last year
- Selling, general, and administrative expense were $498,198 compared to $735,825 for the same period last year, the decrease of $237,627 or 32.29% was due to careful management of expenses and overhead, and negotiating better prices with its vendors and consultants
- Net loss of $173,242, a 74% improvement over last year
Robert Goldstein, CEO of US Nuclear Corp., commented:
“Our performance this year is off to a strong start with sales revenue coming in at $627,750. Our gross margins decreased slightly due to fluctuations in the cost of materials, but we are proactively adjusting our pricing to keep up with this change. With careful management, we were able to reduce selling, general, and administrative costs by 32% in a continued effort towards profitability.
"Sales of our tritium monitoring product line continue to increase as tritium is used more and more every day in fusion power research & development. Nuclear power generation is rapidly expanding in general as countries around the world turn to nuclear power to meet skyrocketing energy costs and demands. We sell a wide variety of equipment to nuclear power plants which purchase millions of dollars worth of instrumentation to safely outfit their operations. As these trends continue for the foreseeable future, we will see an increase in our sales revenue.
"In a landmark move this first quarter, the EPA also imposed new enforceable limits on PFAS contamination, requiring companies and utilities to reduce and monitor PFAS levels down to the lowest limits of 4ppt. This was welcome timing for us, as we recently launched a cutting-edge PFAS monitor that can measure PFAS contamination on-the-spot down to 1ppt in less than a few minutes which is below the EPA’s new limit. With this new rule in effect immediately, sales of this product should surge.”
https://www.globenewswire.com/en/news-release/2024/08/05/2924289/0/en/US-Nuclear-Corp-Announces-First-Quarter-2024-Results.html