Business
Hammer Fiber Optics Holdings Corp Announces First Quarter Results and Improves Operating Results
Hammer Fiber Optics Holdings Corp Announces First Quarter Results and Improves Operating Results.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - December 15, 2021) - Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) soon to be known as Hammer Technology Holdings announced operating and financial results for the first quarter ended October 31, 2021, continuing to improve its balance sheet, the operations of its telecommunications business unit and made significant announcements regarding its financial services technology business unit.Key results include:Total revenues for the current quarter ended October 31 2021 increased to $626,335 from $484,842 in the quarter ended October 31, 2020, a 29.59% increase versus the same period in the prior year. The increase was due to very strong performance in the OTT (\"Over the Top\") market segment which includes its SMS messaging practice, wholesale voice as well as the hosting business. EBITDA (non-GAAP) for the current quarter ended October 31 2021 increased to $4,280. EBITDA loss was $15,573 for the quarter ended October 31, 2020. The increase was primarily due to strong performance in the OTT market segment.The company began adding customers to its wireless network in Huntsville, AL. During the period the company entered into a definitive agreement to acquire 100% of the equity of Telecom Financial Services, Ltd., a developer of digital financial solutions and cross-border remittance products. The partnerships secured in this transaction paves the way for the company to deployed and develop its own solutions under the brand name of HammerPay. HammerPay will provide a broad array of new financial products that adopt architectures such as blockchain, securely leveraging the latest technologies to deliver best-in-class services, dramatically driving down transaction costs while unlocking new business opportunities for financial institutions, banks, telecommunications service providers, merchants, and more. \"In adding financial technology services to our portfolio, we are diversifying our assets and substantially improving shareholder value for the Hammer Group,\" commented Michael Cothill, Hammer's Chairman. \"We want to provide our investors as many accretive opportunities as possible. HammerPay is a revolutionary service bringing financial services to markets where little to no digital services existed before.\"\"Hammer continues to improve its operations and make progress on its balance shee...