LOS ANGELES, CA - 
(NewMediaWire) - May 14, 2024 - US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and smart UAV instrumentation, announced the annual results for the year ended December 31, 2023.
2023 Annual Highlights
● Total sales revenue of $2,231,095 compared to $2,091,366 the previous year, an increase of $139,729 or 6.68%
● Gross profit of $924,306 as compared to $788,068 the previous year, an increase of 17.29%
● Gross margin was 41.43% as compared to 37.68% the previous year, an increase of 3.75%
● Selling and General and Administrative expenses increased by $281,851 or 12.34% due to increase in payroll costs for new employees and increase in professional fees
● Other expense of $1,792,160, an increase of $1,245,396 from the year prior, which is largely due to amortization of debt discount
● Net loss of 3,433,804 compared to $2,042,795 the previous year, a change of $1,391,009
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are happy to report that sales revenue has continued to grow for 2023, up another 6.68% from the previous year. Our gross profit and product margins are also up as we proceed to sell highly specialized products that continue to grow in demand, commanding high markups and good profits. In particular, sales of our tritium monitoring products have increased as the use and market demand for these products surges.
With fusion energy research and fusion power ushering in a new trillion-dollar industry, our tritium monitoring products will be at the center of this revolution and will see explosive growth as we are currently the go-to provider for tritium monitoring solutions.
We are also excited about our unique new PFAS monitoring product which can be used to detect even trace amounts of PFAS contamination below the EPA’s strict new limits that were recently put into force. With the EPA’s new standards requiring all companies and water utilities to start monitoring PFAS way down to a few parts per trillion, we expect to see an influx of new business for this product line.”
| US NUCLEAR CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 |
||||
| 2023 | 2022 | |||
| Sales | $ 2,231,095.00 | $ 2,091,366.00 | ||
| Cost of Goods Sold | $ 1,306,789.00 | $ 1,303,298.00 | ||
| Gross Profit | $ 924,306.00 | $ 788,068.00 | ||
| Operating Expenses | ||||
| Professional Fees | $ 376,056.00 | $ 326,118.00 | ||
| Officer Compensation | $ 175,000.00 | $ 170,000.00 | ||
| Payroll and Related Expenses | $ 637,172.00 | $ 957,954.00 | ||
| Selling, General and Adminsitrative Expenses | $ 1,377,722.00 | $ 830,027.00 | ||
| Total Operating Expenses | $ 2,565,950.00 | $ 2,284,099.00 | ||
| Loss From Operations | $ (1,641,644.00) | $ (1,496,031.00) | ||
| Other Income (Expense) | ||||
| Interest Expense | $ (307,136.00) | $ (63,912.00) | ||
| Loss on Deconsolidation | $ 7,539.00 | - | ||
| Amortization of Debt Discount | $ (1,347,070.00) | $ (482,852.00) | ||
| Gain on Forgiveness Debt | $ 5,000.00 | - | ||
| Loss on Investment Deposit | $ (15,000.00) | - | ||
| Loss on Extinguishment of Debt | $ (79,646.00) | - | ||
| Loss on Conversion of Stock | $ (32,710.00) | - | ||
| Equity Loss in Investment | $ (8,059.00) | - | ||
| Total Other Income (Expense) | $ (1,792,160.00) | $ (546,764.00) | ||
| Loss Before Provision for Income Taxes | $ (3,433,804.00) | $ (2,042,795.00) | ||
| Provision for Income Taxes | - | - | ||
| Net loss | $ (3,433,804.00) | $ (2,042,795.00) | ||
| Deemed Dividend for Down-round Provision in Warrants | $ (2,013.00) | $ (17,924.00) | ||
| Net Loss Attributed to Common Stockholders | $ (3,435,817.00) | $ (2,060,719.00) | ||
| Weighted Average Shares Outstanding-Basic and Diluted | 36,060,208 | 29,504,433 | ||
| Loss Per Share - Basic and Diluted | $ (0.10) | $ (0.07) | ||
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
Michael Hastings, Chief Financial Officer
Ph: (818) 883 7043
Email: info@usnuclearcorp.com
