US Nuclear Corp. Announces Annual 2021 Financial Results
LOS ANGELES, CA., April 26, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – 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, 2021.
2021 Annual Highlights
- Total sales revenue of $2,137,607 compared to $1,752,976 the previous year, an increase of 21.9%
- Net loss (including stock-based transactions) of $1,876,684 as the company continues to recover post-pandemic
- Gross margin was a solid 64.4% as compared to 27.1% the previous year
- Other expense was $514,495, a decrease of $939,562 from the previous year
- Robust order backlog more than $1,000,000 going into 2022
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are continuing to recover post-pandemic as our sales revenue grew 21.9% from 2020. Most notably, we have expanded our gross margins to a phenomenal 64.4%, as compared to 27.1% the previous year. The large increase in our gross margins was due to recent product price increases, cutting back on costs, and improving our production efficiency.
We are incredibly excited about our new startup subsidiary, Cali From Above, which began operations in April 2021 and is already generating positive net revenue. Cali From Above is a nimble, independent one-stop-shop for drones of many brands, drone accessories, drone services, in-person pilot training especially for police and firefighters. We expect drone-related business will continue to surge in the coming months and years.
We also have several other powerful tailwinds to give us momentum going forward into 2022 and beyond. We have seen a recent surge in demand for clean power sources due to climate change policies, which in turn are driving increased construction of nuclear power plants across the world. Nuclear power is the safest and cleanest 24/7 continuous fuel available to power these electric generators, and countries are investing significant money to increase nuclear power production. Furthermore, small modular nuclear reactors are quickly gaining traction as a way to scale up power production, and just recently the US Department of Defense signed off on a project to build a prototype mobile microreactor. The Defense Department said it “uses 30 terawatt-hours of electricity per year and more than 10 million gallons (37.9 million liters) of fuel per day, and it expects energy demands to increase with America’s transition to an electrical, non-tactical vehicle fleet.” Nuclear power is instrumental to the world’s future energy demands, and it follows that radiation detection instrumentation is in demand. We have already been bidding on several large-scale nuclear power projects, and expect these trends will continue to drive up our revenue.”
| US NUCLEAR CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 | |||||||||||
| 2021 | 2020 | ||||||||||
| Sales | $ | 2,137,607 | $ | 1,752,976 | |||||||
| Cost of sales | 760,955 | 1,278,469 | |||||||||
| Gross profit | 1,376,652 | 474,507 | |||||||||
| Selling, general, and administrative expenses | 2,738,841 | 2,558,553 | |||||||||
| Loss from operations | (1,362,189) | (2,084,046) | |||||||||
| Other income (expense) | |||||||||||
| Writedown of investments | – | – | |||||||||
| Interest expense | (11,001) | (45,860) | |||||||||
| Other income | 2,950 | – | |||||||||
| Change in value of derivative liability | – | (126,623) | |||||||||
| Amortization of debt discount | – | (462,963) | |||||||||
| Gain on forgiveness of debt | 329,018 | – | |||||||||
| Equity loss in investment | (835,462) | (818,611) | |||||||||
| Total other income (expense) | (514,495) | (1,454,057) | |||||||||
| Loss before provision for income taxes | (1,876,684) | (3,538,103) | |||||||||
| Provision for income taxes | – | – | |||||||||
| Net loss | $ | (1,876,684) | $ | (3,538,103) | |||||||
| Deemed dividend for downround provision in warrants | (52,861) | – | |||||||||
| Net loss attributed to common stockholders | $ | (1,935,707) | $ | (3,538,103) | |||||||
| Weighted average shares outstanding – basic and diluted | 27,375,508 | 22,080,873 | |||||||||
| Loss per shares – basic and diluted | $ | (0.07) | $ | (0.16) | |||||||
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.Safe Harbor Act
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
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com
