Business
Hammer Fiber Optics Holdings Corp (Hammer Technology Holdings) Announces Results for Year Ended July 31, 2021
Hammer Fiber Optics Holdings Corp (Hammer Technology Holdings) Announces Results for Year Ended July 31, 2021.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - October 29, 2021) - Hammer Fiber Optics Holdings Corp (OTCQB: HMMR), soon to be Hammer Technology Holdings, announced operating and financial results for the fiscal year ended July 31, 2021. \"Hammer continues to evolve as a company,\" said Erik Levitt, Hammer's Principal Financial Officer, and CEO of the telecommunications business unit. \"During the year the company completed its objectives in the telecommunications segment with the construction of its new wireless network in Huntsville, completing its rollout of its HammerCall conferencing application and substantially increasing the scope of its messaging network.\" In the first quarter of the new fiscal year Hammer diversified its operations to include financial technology services. \"HammerPay is a converged product offering that enables traditional banking institutions to partner with financial technology providers to offer financial services to a far greater, more inclusive audience than using traditional banking,\" said Michael Cothill, Hammer's Executive Chairman.The company made substantial progress in simplifying its balance sheet. On balance sheet liabilities were reduced by $8.06 million due to settlements with several creditors of discontinued operations and a settlement of a $5.272 million with a related party at $3/share of HMMR common stock. \"This transaction was indicative of the Board's belief in our company strategy,\" added Levitt.Key results include:Total revenues for the fiscal year from continuing operations increased 23.75% to $2,199,167, from $1,781,139 the prior fiscal year. This increase was primarily due to growth in the OTT, or \"Over-the-Top\" business practice, which includes SMS/texting.EBITDA (non-GAAP) loss decreased by 72.72% from $-233,211 to $-63,619, with the majority of the EBITDA loss from the first two quarters during the period.On balance sheet liabilities decreased by 76.91% from $10,482,774 to $2,420,318.During the period the company successfully deployed its wireless network in Huntsville, AL, and that network is now operational.The company completed the final phase of its rollout of the HammerCall conferencing and collaboration platform, and has signed contracts with white-label partners to utilize the platform.About HammerHammer Fiber Optics Holdings Corp. (OTCQB: HMMR) soon to be known as Ha...