NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the fiscal year ended July 31, 2020. “During this fiscal year Hammer continued to evolve its operations in support of its Everything Wireless strategy,” said Erik Levitt, Hammer’s CEO. “As we move into the new year more of our revenues will be derived from our Over-the-Top applications, such as SMS and HammerCall, as well as our Fixed Wireless business unit, beginning with our network in Huntsville, AL.”
Key results include:
- Total revenues for the fiscal year from the remaining ongoing operations decreased to $1,781,139 from $2,179,152. This decrease was primarily due to the discontinuation of Endstream Communications’ toll free termination business. Some of those losses were replaced by revenues from messaging services.
- Although operating loss adjusted for the remaining ongoing business increased to $277,665 from $137,459, operating loss year over year decreased from $468,366 from the prior year reported 10-K, a decrease of 40.71%. This loss was primarily due to the discontinuation of Endstream Communication’s toll free termination business, and we anticipate the losses will be substantially offset by the SMS services business on a forward-looking basis.
- Hammer reduced its operating costs by discontinuing its Open Data Centers colocation business. These cost reductions are expected to produce a material impact in the first quarter of 2020, ended October 31, 2020.
- Construction has begun on the new fixed wireless network in Huntsville, AL.
- Hammer expanded its US SMS network with presence in Mississippi, Alabama, Texas, New York, New Jersey and other states across the country while simultaneous increasing messaging revenues.
- Hammer completed the alpha phase of its HammerCall conferencing and collaboration application.
A further update on our operations will be available via a HammerLive broadcast viewable online at https://hammercorp.info/hammerlive/ .
About Hammer
Hammer Fiber Optics Holdings Corp. (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology. Hammer’s “Everything Wireless” go to market strategy includes the development of high-speed fixed wireless service for residential and small businesses using its wireless fiber platform, Hammer Wireless® AIR, Over-the-Top services such as voice, SMS and video collaboration services, the construction of smart city networks and hosting services including cloud and colocation. For more information contact our Investor Relations Team at info@hammerfiber.com.