US Nuclear Corp. reported its financial results for the third quarter and the first nine months of 2024, revealing a modest increase in sales and a significant reduction in net losses compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated $610,864 in sales, a 2.9% increase from $593,502 in the prior year. The gross profit for the quarter was $472,549, reflecting a gross margin of 77.36%. For the nine-month period, sales rose to $1,741,182, up 9.6% from $1,588,009, with gross profit increasing by 15.9% to $1,084,759.
The company’s net loss for the third quarter narrowed to $110,917, a significant improvement from the loss of $760,062 reported in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $728,320, down from $2,296,114 in the prior year. This reduction in losses was attributed to a decrease in operating expenses, which fell by 11.4% to $1,661,569 for the nine-month period, primarily due to lower stock-based compensation costs.
Operationally, US Nuclear Corp. experienced a shift in its revenue sources, with 81% of total revenues derived from its Overhoff subsidiary, which saw a sales increase of $95,756. The company also reported a 21% increase in business from its Technical Associates division, largely due to an expanded international customer base. International sales accounted for 32.1% of total revenue during the nine months, with expectations for further growth in markets such as South Korea and China.
In terms of financial position, total assets increased to $3,082,890 as of September 30, 2024, up from $2,856,876 at the end of 2023, driven by higher accounts receivable and inventory levels. Total liabilities decreased significantly to $3,228,477 from $4,839,495, primarily due to the forgiveness of $360,000 in debt and the conversion of $1,878,000 to Series A convertible preferred stock. The company indicated a need for approximately $5 million in additional capital over the next twelve months to support its business plans, highlighting the ongoing challenges in securing financing in a competitive market.
About US NUCLEAR CORP.
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