Business
Hammer Fiber Optics Holdings Corp Announces Third Quarter Results and Improves Operating Results
Hammer Fiber Optics Holdings Corp Announces Third Quarter Results and Improves Operating Results.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"\n NEW YORK, June 09, 2021 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the third quarter ended April 30, 2021, substantially improving its operating results, and completing several milestones in its telecommunications segment. Key results include: Total revenues for the quarter were $611,237 a 20.12% increase from the quarter ended January 31, 2021, and a 57.17% increase over the quarter ended April 30, 2020, 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 quarter increased to $15,620. EBITDA loss was $30,325 for the quarter ended January 31, 2021, and a loss of $53,435 for the period ended April 30, 2020. Construction of the first tower location in Huntsville, AL is now complete and the company has begun its marketing efforts. It is anticipated that the network will have a positive contribution to operations in the third quarter.The Company continued to develop its HammerCall platform, including working with white label resellers on branded versions of the application. Users that are already on the platform have been reporting strong performance. HammerCall licenses will be included in certain fixed wireless packages, which will promote the application. “We are now beginning to see the benefit of the platform that we have established,” said Kristen Vasicek, Hammer’s COO. “The OTT business continues to grow organically and Hammer’s telecommunications practice will be well positioned to respond to opportunities as markets continue to recover.” In addition to strong growth from the OTT segment, Hammer also announced that it has completed construction of the first tower site in Huntsville, AL. “We are very pleased to announce Hammer’s return to the fixed wireless market. We are leveraging our strong brand recognition in the northern Alabama market to launch our wireless service for both the residential and business segments,” said Erik Levitt, Hammer’s CEO. “This is a significant milestone in Hammer’s Everything Wireless strategy, the core of Hammer’s telecommunications busines...