US Nuclear Corporation Reports 1.8% Decline in Annual Sales, Net Loss Narrows by 49.3%
US Nuclear Corporation has reported its financial results for the fiscal year ending December 31, 2024. The company's revenue for 2024 was $2.19 million, representing a slight decrease of 1.8% from $2.23 million in 2023, a change attributed by management to political and economic uncertainties. Despite this decrease in sales, the company experienced an increase in gross profit, which rose by 9.9% to $1.02 million, up from $0.92 million in the previous year. This rise in gross profit is due to a favorable mix of products sold during the period. The net loss for US Nuclear Corporation narrowed significantly, with the company reporting a loss of $1.74 million, compared to a loss of $3.43 million in 2023, a reduction of 49.3%. The decrease in the net loss is partly due to a significant reduction in other expenses, which fell by 88.6% to $0.20 million from $1.79 million the previous year, primarily due to lower interest and dividend expenses. Selling, general, and administrative expenses saw a slight decrease of 0.6% to $2.55 million from $2.57 million, largely attributed to a reduction in payroll benefits. The company's gross margin improved to 46.37% in 2024, up from 41.43% in 2023. No specific outlook or guidance was provided for the upcoming fiscal period.
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