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Hammer Fiber Optics Holdings Corp Announces Third Quarter Financial Results
Hammer Fiber Optics Holdings Corp Announces Third Quarter Financial Results.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"\n PISCATAWAY, N.J., June 23, 2020 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the third quarter ended April 30, 2020. “This is a challenging time for the entirety of the globe,” said Erik Levitt, Hammer’s CEO. “The novel coronavirus has changed the way we interact, work, play, and communicate. It has changed everything in our daily lives. The impact on our way of life, and on the infrastructure that we need to support that new way of life is unprecedented.” Due to global conditions there were delays in projects in Huntsville and Dominica, but both projects have now resumed. Hammer increased the reach of its SMS network, announcing a partnership with Telefonica and continued to build out its mobile origination footprint which now includes California, Texas, Florida, New York and Mississippi. Hammer’s management anticipates that these services will make a more substantial contribution to revenue in future quarters. The company advanced its “Over-the-Top” (“OTT”) infrastructure by developing a suite of services to enhance remote workforce and video conferencing capabilities as well as products targeting consumer privacy by leveraging its status as a mobile network operator. The first applications are already in final tests and announcements on the full breadth and scope of the application suite will be forthcoming. During the period Hammer discontinued the operations of its subsidiary Open Data Centers, LLC, which operated a data center facility in Piscataway, NJ, resulting in more streamlined financial operations. Key financial results include: Total revenues for the quarter decreased to $388,900 from $888,395, a 56.20% decrease versus the same quarter in the prior year. This is primary due to the discontinuation of Endstream Communications’ Toll Free Termination business and the Open Data Centers business unit. EBITDA loss, inclusive of Open Data Centers’ in the period ended April 2019, decreased to ($64,369) from ($150,065), an improvement of 57.09%. This is primarily due to the discontinuation of the Endstream Communications’ Toll Free Termination business and the Open Data Centers business unit. In May 2020 Hammer received an $88,000 loan under the Paycheck Protection Program...