US Nuclear Corp. Announces First Quarter 2023 Results
LOS ANGELES, CA, July 05, 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 first quarter ended March 31, 2023.
- Sales for the three months ended March 31, 2023 were $647,706 compared to $339,515 for the same period in 2022, an increase of 47.58%
- Gross profit was $435,589 compared to $227,277 for the same period in 2022, an increase of 49.45%
- Gross margins were 67.2% as compared to 66.9% for the same period last year
- Selling, general, and administrative expense were $735,825 compared to $873,503 for the same period last year, the decrease of $137,678 or 18.71% was due to careful management of expenses and overhead
- Other expense was $364,298, an increase of $360,881 for the same period in 2022 mainly due to an increase in the amortization of debt discounts associated with convertible debentures
- Net loss of $664,534
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a strong start to the new year, with sales revenue up $308,191 or 47.5% from the same period last year. We have several catalysts working for us to keep up the momentum throughout the year. Most notably, nuclear power generation is on the rise as the world grapples with increasing energy demands and a need for a clean source of baseline energy. Fusion power in particular is quickly gaining popularity and massive funding, and since tritium is the main fuel source needed for fusion reactions, our tritium monitoring division is poised to benefit. We also expanded our product line adding special hazardous chemical detectors, such as the world’s first on-the-spot PFAS contamination detector, that have been of great interest lately. We continue to strike a path towards profitability as we ramp up sales revenue, cut down on expenses, and negotiate better pricing with our vendors and consultants.”
