Wed, Aug 28, 8:03 AM (139 days ago)
Hammer Fiber Optics Holdings Corp. reported mixed financial results for the quarter ended April 30, 2024. Revenues slightly increased to $770,412 from $767,527 in the prior year, driven by growth in its Over-the-Top services. However, total operating expenses surged 35% to $1,059,174, primarily due to higher selling, general, and administrative costs, resulting in a net loss of $504,467 compared to a loss of $205,711 in the same quarter last year. For the nine months ended April 30, 2024, revenues rose 8.5% to $2,506,966, while operating expenses increased by 10.2% to $3,050,369, leading to a net loss of $581,664, an improvement over the $628,936 loss in the previous year. Cash flow from operating activities showed a negative trend, with a cash outflow of $614,568, exacerbated by increased accounts receivables and a decline in accounts payable. The company remains a going concern, facing challenges in securing additional financing to support operations. Future capital needs will likely require equity or debt financing amidst ongoing operational losses.