LOS ANGELES, CA, Nov. 30, 2022 (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, 2022.
For the nine months ended September 30, 2022:
- Sales were $1,539,517 up slightly from $1,454,153 for the same period in 2021
- Gross margins were still strong at 45.6% versus 47.0% for the same period in 2021
- Net loss of $1,671,743 is a major improvement from $2,390,256 for the same period in 2021
For the three months ended September 30, 2022:
- Sales were $617,434 compared to $683,771 for the same period in 2021
- Selling, general, and administrative expense were $695,381 compared to $747,290 for the same period in 2021, the decrease of $51,909 or 7.5% due to the company cutting back on expenses
- Net loss of $655,822 compared to $444,383 for the same period in 2021
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a strong third quarter and have executed well this year despite facing challenging conditions such as supply chain shortages and rising cost of parts and skilled labor. We continue to reduce our operating costs and have also recently increased the prices we charge for all our products and services. As nuclear energy becomes more popular and as fears of chemical-nuclear war or terrorism mount, we have seen an increase in demand for our equipment that continues to grow. We are especially excited about our DroneRAD platform and the advanced chemical detection capability it now has (can even detect explosives, war gases, and drugs such as fentanyl), as well as the introduction of industry’s first and only portable PFAS monitors to quickly measure the toxic ‘forever chemicals’.”
| US NUCLEAR CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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| Sales |
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$ |
617,434 |
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$ |
683,771 |
|
$ |
1,539,517 |
|
$ |
1,454,153 |
|
| Cost of sales |
|
405,471 |
|
|
357,426 |
|
|
837,523 |
|
|
770,780 |
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| Gross profit |
|
|
211,963 |
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|
326,345 |
|
|
701,994 |
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683,373 |
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| Operating expenses |
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Selling, general and administrative expenses |
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695,381 |
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747,290 |
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2,103,637 |
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2,228,295 |
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Total operating expenses |
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695,381 |
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747,290 |
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2,103,637 |
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2,228,295 |
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| Loss from operations |
|
(483,419 |
) |
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(420,945 |
) |
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(1,401,644 |
) |
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(1,544,922 |
) |
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| Other income (expense) |
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Interest expense |
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(31,710 |
) |
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(3,016 |
) |
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(37,650 |
) |
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(9,872 |
) |
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Equity loss in investment |
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- |
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(20,422 |
) |
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- |
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(835,462 |
) |
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Expense for debt issuance |
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- |
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- |
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- |
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- |
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Amortization of debt discount |
|
(140,693 |
) |
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- |
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(232,449 |
) |
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- |
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Total other income (expense) |
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(172,403 |
) |
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(23,438 |
) |
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(270,099 |
) |
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(845,334 |
) |
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| Loss before provision for income taxes |
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(655,822 |
) |
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(444,383 |
) |
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(1,671,743 |
) |
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(2,390,256 |
) |
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| Provision for income taxes |
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- |
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- |
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- |
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- |
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| Net loss |
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$ |
(655,822 |
) |
$ |
(444,383 |
) |
$ |
(1,671,743 |
) |
$ |
(2,390,256 |
) |
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| Deemed dividend for downround provision in warrants |
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(9,652 |
) |
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(52,861 |
) |
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| Net loss attributed to common stockholders |
$ |
(655,822 |
) |
$ |
(444,383 |
) |
$ |
(1,681,395 |
) |
$ |
(2,443,117 |
) |
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| Weighted average shares outstanding - basic and diluted |
|
29,504,433 |
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27,914,302 |
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28,923,132 |
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27,072,892 |
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| Loss per shares - basic and diluted |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
$ |
(0.06 |
) |
$ |
(0.09 |
) |
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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
