Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the third quarter ended April 30, 2019. “This was a strong quarter for Hammer and we are very pleased with our results,” said Erik Levitt, Hammer’s CEO. “We have completely integrated the acquisitions from the second quarter and made significant progress in Sierra Leone and Dominica and our recent announcement regarding the US market provides a road map for our operations moving forward.”
Key results include:
- Total revenues for the quarter increased to $1,071,212 from $56,550, a 1894% increase versus the same quarter in the prior year.
- The net loss from operations for the quarter decreased to $77,883 from $1,019,505, a 93.4% decrease versus the same quarter in the prior year.
- The company attended a number of high profile events during the period, including Mobile World Congress in Barcelona, the Pacific Telecom Council and a number of other carrier industry events which contributed to $83,889 in extraordinary marketing expenses.
- 1stPoint Communications, Endstream Communications, Open Data Centers and Shelcomm are consolidated and accretive to Hammer’s Q3 results
- The announcement of our market deployments in Huntsville, AL, Homewood and Birmingham, AL, Sierra Leone and various Caribbean markets
- The progression of the construction of our networks in Sierra Leone and Dominica
- Recent enhancements to the SMS/Messaging network and increased international coverage
“We continue to add customers to both our retail and wholesale networks,” said Kristen Vasicek, Hammer’s COO. “As we complete construction in our international markets we will begin to see organic growth from our Hammer Wireless division while we pursue expansion of the underlying platform.”
“During the second and third quarter Hammer executed on its plans and demonstrated its commitment to the Everything Wireless strategy,” said Mark Stogdill, Hammer’s founder and CTO. The strategy consists of four pillars: high speed fixed wireless technology using Hammer’s patented AIR™ technology (“wireless fiber”), mobility, OTT technology including SMS messaging, and Smart City. The underlying platform of Everything Wireless is Hammer’s wholesale voice and wholesale SMS networks and its data center hosting facilities. “Because of the unparalleled range and speed of Hammer’s AIR Technology and its ability to operate across a very wide range of frequencies, Hammer is uniquely positioned to provide high speed services in markets where other technologies are inefficient,” added Stogdill.
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@example.com.
Forward Looking Statements
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.