Hammer Fiber Optics Holdings Corp Announces Third Quarter Financial Results

PISCATAWAY, N.J., March 24, 2020 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the second quarter ended January 31, 2020. “This was a quarter of transformation for Hammer,” said Erik Levitt, Hammer’s CEO. “During the quarter we discontinued certain non-core operations, such as our toll free termination business, while setting the stage for our long term growth. Current global conditions have slowed our planned implementation in Huntsville, AL but we are committed to moving forward.”

Key results include:

• Total revenues for the quarter decreased to $536,277 from $877,317, a 35.80% decrease versus the same quarter in the prior year. This is primary due to the discontinuation of Endstream Communications’ Toll Free Termination business.
• The net loss from operations for the quarter increased to $187,539 from $109,725, a 70% increase versus the same quarter in the prior year. This increase is primarily due to the discontinuation of the Endstream Communications’ Toll Free Termination business. The company will be taking steps throughout the current quarter and subsequent quarters to reduce the loss, while focusing on increasing revenue from its core businesses.
• The company has continued to move forward its projects in Huntsville, AL and in the Caribbean, but may encounter delays due to the current global conditions.
• The company recently announced its partnership with Telefonica International Wholesale Services, which is representative of its commitment to developing revenues from its over-the-top platform as it continues to develop its wireless assets.

“We will continue to progress toward our planned implementations,” said Kristen Vasicek, Hammer’s COO. “The rapid adoption of teleworking has underscored the importance of our collaboration tools, text messaging services and ultimately our new wireless networks to consumers, small businesses and enterprises.” 

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 [email protected].