US Nuclear Corp.

What they do

The company designs, manufactures and markets detection and monitoring systems that identify radioactive material, leaks, waste, contamination, biohazards and nuclear material. Its products serve airports, cargo and port screening, government buildings, hospitals, critical infrastructure, the military and emergency responders, using technologies such as x-ray, trace detection, millimeter-wave, infra-red, tritium detection and diagnostics. Operations trace to Optron Scientific, incorporated in California in 1971, which became the operating company of US Nuclear Corp. through a 2013 reverse merger.

Revenue drivers

• Overhoff Technology tritium detection — The company states its product concentration places heavy reliance on the Overhoff Technology division; in the nine months ended September 30, 2025, 64% of total revenues came from Overhoff sales to two customers.
• International sales — International revenue was 7.85% of total revenue in 2025, a decrease of 15.97% from 2024, which management attributed to an inability to field new orders and engage new customers overseas.
• CANDU and next-generation reactor customers — The company says it relies on continued growth and orders from CANDU (Canada Deuterium Uranium) reactors and from developers of Molten Salt Reactors and Liquid-Fluoride Thorium Reactors, all of which purchase tritium detection and monitoring products.
• ECC x-ray test meters — Electronic Control Concepts assets were acquired in May 2016; ECC is described as a small manufacturer of test and maintenance meters for medical and industrial x-ray machines, acquired to support x-ray and hospital/medical product sales.

Recent performance

Quarterly revenue rose across 2025, from $476,705 in the quarter ended March 31, to $447,071 in the June quarter, $595,305 in the September quarter and $649,918 in the December quarter. For the third quarter of 2025, sales of $595,305 were down 2.5% from $610,864 a year earlier, while cost of goods sold jumped 114.1% to $296,163 from $138,315 and gross profit fell to $299,142 from $472,549. Annual revenue was $2.2M in each of 2022 through 2025. Annual net loss narrowed to $1.2M in 2025 from $1.7M in 2024, and operating cash flow used $199,343 in 2025 versus $509,053 in 2024. Diluted EPS improved to -$0.02 in 2025 from -$0.04 in 2024.

Strategy

Management says it will seek acquisitions that complement its business and provide value to customers, and will broaden its product line in type, choice, options, price and selection to compete in what it calls an intensely competitive industry. It expects to field new order inquiries and engage new customers overseas, and believes South Korea and China will likely contribute more revenue in the next few years, alongside CANDU reactors and next-generation Molten Salt and Liquid-Fluoride Thorium Reactors. It anticipates needing approximately $5,000,000 in additional capital over the next twelve months to fund its business plans. The company also holds ECC assets acquired in 2016 to support x-ray and medical product sales.

Risks

• Customer concentration — In the nine months ended September 30, 2025, 64% of total revenues came from Overhoff division sales to just two customers.
• Competition from larger firms — The 10-K names Thermo Fisher Scientific, Canberra Industries, Mirion Technologies, Ludlum Measurements, Smiths Detection and Lab Impex Systems as competitors with greater resources, larger marketing budgets and sales staff.
• International revenue decline — International revenue fell to 7.85% of total revenue in 2025, down 15.97% from 2024, which management attributed to failure to field new orders and engage new overseas customers.
• Financing need and negative equity — The company anticipates needing approximately $5,000,000 in additional capital over the next twelve months, and at December 31, 2025 it reported total liabilities of $2.4M against total assets of $1.9M, with shareholder equity of -$513,691.

Outlook

Management believes South Korea, Japan and Australia in Southeast Asia, and France, Germany and other European countries, should be major contributors to revenue growth over the next few years. The company also cites reliance on CANDU reactor orders and on Molten Salt Reactor and Liquid-Fluoride Thorium Reactor development as demand drivers for tritium detection products. It states it anticipates needing approximately $5,000,000 in additional capital over the next twelve months and warns that without raising it, it may not meet expenses. Management also notes the market is dependent on factors beyond its control, including fossil fuel prices that can affect nuclear energy demand.