US Nuclear Corp Reports Slight Revenue Decline but Improved Gross Profit for Fiscal Year 2024

US Nuclear Corp reported a slight decline in revenue for the fiscal year ending December 31, 2024, with total sales amounting to $2.19 million, down from $2.23 million in 2023, representing a decrease of 1.8%. Despite this decline, the company achieved a gross profit of $1.02 million, an increase of 9.9% from the previous year, attributed to a favorable product mix and reduced costs of goods sold, which fell by 10.1% to $1.17 million. The net loss for the year was $1.74 million, a significant improvement compared to a loss of $3.43 million in 2023, reflecting a 49.3% reduction in losses.

The company’s operational performance showed a decrease in selling, general, and administrative expenses, which fell by 0.6% to $2.55 million. This reduction was primarily due to lower payroll benefits. Additionally, other expenses decreased dramatically by 88.6% to $204,773, largely due to reduced interest expenses and the absence of significant losses related to debt and investments that were present in the previous year. The gross margin improved to 46.37%, up from 41.43% in 2023, indicating better cost management and product pricing strategies.

Strategically, US Nuclear Corp has focused on diversifying its product offerings and expanding its international market presence. In 2024, international revenues accounted for 23.8% of total sales, an increase from 11.4% in 2023, with significant contributions expected from markets in South Korea and China. The company continues to rely heavily on its Overhoff Technology division, which accounted for over half of its total revenues, and is actively seeking to broaden its customer base to mitigate risks associated with customer concentration.

In terms of operational developments, US Nuclear Corp has maintained its commitment to innovation in radiation detection technology, with a product line that includes tritium monitors and radiation detection equipment. The company has also engaged in strategic partnerships, such as its collaboration with FlyCam UAV to develop aerial radiation detection systems. As of December 31, 2024, the company reported total assets of $2.65 million and total liabilities of $3.50 million, reflecting a decrease in liabilities by 27.6% from the previous year, primarily due to reductions in accrued liabilities and accounts payable.

Looking ahead, US Nuclear Corp anticipates continued growth driven by the increasing demand for nuclear safety equipment and the expansion of nuclear technology globally. The company plans to raise additional capital to support its operations and growth initiatives, with expectations of further international engagement and product diversification. However, management cautions that political and economic uncertainties may impact future revenue growth, and the company remains focused on navigating these challenges while pursuing its strategic objectives.