Business
US Nuclear Corp. Announces Third Quarter 2023 Results
US Nuclear Corp. Announces Third Quarter 2023 Results.
About this update from Us Nuclear Corp.
[{"type":"text","content":"\n LOS ANGELES, CA, Nov. 29, 2023 (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 third quarter ended September 30, 2023.   For the three months ended September 30, 2023: Sales were $593,502 compared to $617,434 for the same period in 2022Cost of goods decreased by a factor of 3 compared to the same period in 2022, from 66% to only 22%Gross margins increased by 44.15% due to a mix of enhanced manufacturing efficiency and higher margin products sold during the period. The Company expects this trend to continue due to increased sales of US Nuclear’s premium highly valued, specialized products.Selling, general and administrative expenses were $539,339 compared to $695,381 for the same period in 2022, a decrease of $156,042 or 28.93%Loss from operations decreased by a factor of 7 and was $73,562 compared to $483,419 for the same period in 2022Net loss was $760,062 compared to $655,822 for the same period in 2022 Robert Goldstein, CEO of US Nuclear Corp., commented:“We are pleased to report another quarter of strong performance. The results underscore our team's commitment to driving sales revenue while reducing expenses on our path to profitability, and our ability to capitalize on the increasing demand for our innovative radiation detection solutions.  We drastically increased our gross margins by 44.15% by streamlining our production and manufacturing efficiency and by selling our specialized products to buyers willing to pay for our premium product quality and functionality.  We expect this trend to continue and a ramp-up in sales revenue will translate into profitable operating income.  The launch of several unique new chemical detectors for detecting drugs (fentanyl), explosives, chemical warfare agents and even PFAS “forever chemicals” will be a sales catalyst moving forward, in addition to increased demand for our tritium monitoring instrumentation which is direly needed as fusion power research and operation ramps up.” US NUCLEAR CORP. AND SUBSIDIARIES       CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS      (unaudited) ...