Exhibit 99.1

 AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(In U.S. dollars in thousands, except share and per share data)

		As of June 30,
		2019
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	5,481
Cash under escrow account			2,541
Restricted cash			1
Accounts receivable, net			10,833
Notes receivable			218
Prepaid concession fees			847
Other current assets, net			43,675
Amount due from related parties			26
Total current assets			63,622
Property and equipment, net			13,942
Prepaid equipment costs			2,250
Long-term investments			45,546
Long-term deposits			1,223
Operating lease right-of-use assets			2,174
Other non-current assets			33
TOTAL ASSETS			128,790
Liabilities
Current liabilities:
Short-term loans			6,118
Accounts payable			33,414
Accrued expenses and other current liabilities			8,229
Deferred revenue			4,600
Income tax payable			11,261
Operating lease liabilities			984
Consideration received from buyer			29,133
Payable of earnout commitment			22,222
Total current liabilities			115,961
Non-current liabilities:
Long-term loan			2,695
Operating lease liabilities, non-current			1,056
Total liabilities			119,712

AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET - CONTINUED

(In U.S. dollars in thousands, except share and per share data)

		As of June 30,
		2019
		(Unaudited)
Equity
Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 127,697,055 shares issued as of June 30, 2019)			128
Additional paid-in capital			284,794
Treasury stock (2,032,278 shares as of June 30, 2019)			(2,351	)
Accumulated deficits			(267,236	)
Accumulated other comprehensive income			31,378
Total AirNet Technology Inc.'s shareholders' equity			46,713
Non-controlling interests			(37,635	)
Total equity			9,078
TOTAL LIABILITIES AND EQUITY		$	128,790

AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In U.S. dollars in thousands, except share and per share data)

		Six months ended June 30, 2019
		(Unaudited)
Revenues		$	12,925
Business tax and other sales tax			(99	)
Net revenues			12,826
Less: Cost of revenues			11,866
Gross profit			960
Operating expenses:
Selling and marketing			2,196
General and administrative			8,402
Total operating expenses			10,598
Loss from operations			(9,638	)
Interest expense, net			(240	)
Loss on long-term investments			(809	)
Gain from liability settlement			6,572
Other expense, net			(1,303	)
Loss from operations before income taxes			(5,418	)
Income tax expenses			(38	)
Net loss			(5,456	)
Less: Net loss from operations attributable to non-controlling interests			(635	)
Net loss from operations attributable to AirNet Technology Inc.'s shareholders		$	(4,821	)
Net loss		$	(5,456	)
Net loss attributable to AirNet Technology Inc.'s shareholders		$	(4,821	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share
- Basic and diluted		$	(0.04	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ADS
- Basic and diluted		$	(0.38	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted			125,664,777
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted			12,566,478