Business
Hammer Fiber Optics Holdings Corp Announces Fiscal Year Ended July 31 2022 and First Quarter Financial Results
Hammer Fiber Optics Holdings Corp Announces Fiscal Year Ended July 31 2022 and First Quarter Financial Results.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - February 13, 2023) - Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the year ended July 31, 2022 and the first quarter ended October 31, 2022. During the fiscal year the company added its new financial technologies business unit, making substantial improvements to its flagship product, HammerPay. The company experienced strong growth in the telecommunications business unit, particularly in the over-the-top services segment as it prepared to launch its suite of mobility products.Key results include:Total revenues for the fiscal year ended July 31, 2022 were $2,602,115 a 18.32% increase versus the prior fiscal 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.Total revenues for the quarter ended October 31, 2022 were $799,699, a 27.27% increase versus the same period in the prior fiscal year. Operating loss for the fiscal year ended July 31, 2022 increased to ($547,725) due to expenses associated with the startup of the financial technologies business unit and the acquisition of HammerPay [USA], Ltd. Operating loss for the quarter ended October 31, 2022 increased to ($142,173), also due to expenses associated with the operations of the company's financial technologies business unit.The company entered into a Share Exchange Agreement with Telecom Financial Services, Ltd (\"TFS\") in January 2022. This included the international remittance application now part of the company's flagship HammerPay suite.During the second, third and fourth quarters of the fiscal year ended July 31, 2022 (FYE 2021) and the first quarter ended October 31, 2022, the company introduced a custom built merchant application that integrates the remittance application with the recipient's banking institution, which allows customers to purchase goods directly from the merchant and cash-in funds back to their bank accounts when desired. The telecommunications segment continued to improve its position as a leading messaging services provider in its \"over the top\" services segment, assisting other mobile operators in the delivery of messaging in the complex United States messaging ecosystem.The company's telecommunications unit began the roll...