US Nuclear Corp (OTC: UCLE) has announced a 55% increase in Overhoff Technology's gross profit, which now stands at nearly $1.2 million on revenues surpassing $2 million, accounting for 93% of total sales. This financial improvement is credited to the consolidation of manufacturing and production at the Overhoff Technology facility in Milford, OH, resulting in lower overhead and a sharper focus on sales growth and profitability. Nikki Truax, Director of Operations, is optimistic about achieving over 50% revenue growth in the next year, with profitability expected by the third or fourth quarter of this year.
The company is in advanced talks for a potential merger or acquisition within the irradiation sector, as revealed by Mr. Goldstein, President of US Nuclear. This initiative is part of a larger strategy to streamline operations and enhance cash flow to seize new opportunities. Furthermore, US Nuclear is upgrading its financial reporting systems with new software and key hires, aiming for full implementation before the second quarter financial reports are due.
US Nuclear's investment portfolio includes stakes in cutting-edge nuclear technologies, such as MIFTI, a thermonuclear fusion-powered reactor company, and MIFTEC, a radionuclide technology firm, alongside a significant interest in Grapheton, Inc., known for its advanced energy storage solutions. These investments are expected to yield considerable returns in the coming months.
The company's monitoring technologies are esteemed as 'Best-In-Class' for detecting radiation and tritium in nuclear reactors, explosives in security applications, and carbon dioxide and methane in the oil and gas industry. US Nuclear is also collaborating with firms testing for PFAS chemicals in industrial environments, aiming to refine its sales and marketing approaches through product line consolidation.
