Hammer Technology Holdings (OTC:HMMR) Releases Q1 Earnings: Here Are Key Details
Naples, FL
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February 16, 2023 06:44 PM Eastern Standard Time
A sector that is almost always going to be on the radar of many investors is the technology sector, and for good reason too, given the possibilities of making a strong return in the long term. These are companies that are always intent on making innovative products that can disrupt established markets or create markets of their own.
A company that could be of interest at this point is Hammer Technology Holdings (OTCMKTS:HMMR), which is involved in making investments in the future of technology.
The company decided to widen its business strategy so as to focus on the innovative technology space, which has been evolving at a remarkable pace. To that end, Hammer Technology Holdings restructured the company in a way so as to be in a position to accommodate a range of new verticals.
One of the strategies of the company is known as the ‘Everything Wireless’ strategy, which is involved with providing fixed high-speed wireless service to small businesses and residences. However, that is not all. The company has also made a move into the rapidly growing financial technology space.
Earlier on in the week on February 13, HMMR announced its financial results for the fiscal year that had ended on July 31, 2022, and also the first fiscal quarter that ended on October 31, 2022. In the fiscal year that ended on July 31, 2022 HMMR had managed to bring in revenues of as much as $2,602,115 and that reflected a year-on-year rise to the tune of as much as 18.32%.
The healthy rise in revenues had been brought about by the strong performance which had been delivered by the company’s OTT or over-the-top business segment. The revenues generated in the first quarter ended on October 31, 2022, stood at $799,699 and that reflected a year-on-year rise of 27.27%.
Hammer Technology Holdings recorded an operating loss of $547,225 in the fiscal year and that was primarily due to the expenses incurred for setting up the financial technology business. The acquisition of HammerPay (USA) Ltd had also been a factor in the same. In the quarter that ended on October 31, 2022, the company recorded an operating loss of $142,173 and the reason behind the loss was the same.
"We continued to improve our operations in the telecommunications business segment as we develop a diversified portfolio," said Erik Levitt, Hammer's Principal Financial Officer and CEO of the telecommunications business segment.
In this context, it should be pointed out that back on October 19, 2022 the company had come into the news cycle after it announced that it had inked a letter of intent with regards to the acquisition of Mobile Finance Group Ltd, which operates under the brand name Wallet Factory. Mobile Finance Group is a digital finance services provider and is also involved in the enterprise-grade e-wallet space.
The acquisition could go a long way in helping Hammer Technology Holdings in executing its financial technology strategy. One of the solutions offered by Mobile Finance is the all-in-one wallet that can work on both B2B and B2C platforms.
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Mark McKelvie
+1 585-301-7700
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