Hammer Fiber announced operating and financial results for the fiscal year ended July 31, 2019.
“This was a transformative year for Hammer” said Erik Levitt, Hammer’s CEO. “During the period we integrated a number of companies into the portfolio and set the stage for organic growth in the fixed wireless and mobility business units.”
Key results include:
- Total revenues for the fiscal year increased to $2,706,851 from $455,609, a 594% increase.
- The net loss from operations for the year decreased to $468,366 from $5,515,083, an 84.5% decrease.
- 1stPoint Communications, Endstream Communications, Open Data Centers and Shelcomm are consolidated in Hammer’s results.
- Due to the termination of a lease on the 28Ghz spectrum it was using in the Atlantic City, NJ market by Verizon Communications, Hammer discontinued the operations of its fixed wireless network in that market.
- The announcement of fixed wireless deployments in Huntsville, AL, Sierra Leone and various Caribbean markets.
- The first point-of-presence in Sierra Leone has been completed and work on the wholesale voice deployment in Dominica is ongoing.
- The deployment of wholesale voice services in other Caribbean markets is imminent.
- Significant enhancements have been made in the underlying SMS/text messaging infrastructure including the substantial increase in global coverage and the addition of several key customers to the network.
Hammer has also closed on the acquisition of the assets of American Network and has signed a definitive agreement with Peak One Opportunity Fund, LP for an equity line of credit.