NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the fiscal quarter ended October 31, 2020.
Key results include:
- Total revenues for the quarter were $484,842, increasing over the fourth quarter of Fiscal 2019. The increase was due to strong performance from Hammer’s SMS messaging practice.
- EBITDA (non-GAAP) loss for the quarter decreased to $15,572. The company had positive cash flows in the final month of the quarter (unaudited) and anticipates positive cash flow on a forward-looking basis.
- Development of the HammerCall video conferencing product has now been completed, and final versions of the mobile applications for IOS and Android will be available in December. Hammer intends to pursue direct sales as well as sales through multiple white label partners.
- During the period the company began construction of its first tower location in Huntsville, AL. Fiber construction is currently in progress and the on-premise construction is nearing completion. The project is currently operating on schedule and the network is scheduled for a soft launch in late December 2020.
- Rollout of a retail international voice product to address the needs of the Dominica market is now complete, with a soft launch in late December 2020.
“Turning the corner to positive cash flows through organic growth has been one of our key operational targets,” said Erik Levitt, Hammer’s CEO. “With construction in progress in Huntsville, the completion of our initial retail products geared toward our Dominica market, and the final phases of the development of HammerCall, we will now begin to see revenues from these key sources moving forward. We also continue to see strong growth in our messaging segment.”
A further update on our operations will be available via a HammerLive broadcast on Tuesday December 22st, 2020 at 2:00PM EST, and viewable online at https://www.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.