Exhibit 99.1

 AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

		As of December 31,				As of June 30,
		2019				2020
						(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	958			$	1,574
Restricted cash			1				1
Accounts receivable, net			8,421				11,566
Notes receivable			-				156
Prepaid concession fees, net			718				-
Other current assets, net			28,796				26,892
Amounts due from related parties			27				28
Total current assets			38,921				40,217
Property and equipment, net			13,380				12,662
Prepaid equipment costs, net			30				29
Long-term investments, net			43,002				41,005
Long-term deposits, net			854				863
Operating lease right-of-use assets			1,519				1,051
TOTAL ASSETS			97,706				95,827
Liabilities
Current liabilities:
Short-term loan			144				3,318
Accounts payable			35,544				37,372
Accrued expenses and other current liabilities			8,544				7,903
Deferred revenue			2,813				2,528
Income tax payable			11,833				11,632
Amounts due to related parties			3,127				4,271
Operating lease liability, current			902				910
Consideration received from buyer			28,728				28,308
Payable of earnout commitment			21,913				21,593
Total current liabilities			113,548				117,835
Non-current liabilities:
Long-term loan			2,586				2,477
Operating lease liability, non-current			535				52
Total liabilities			116,669				120,364

AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

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

		As of December 31,				As of June 30,
		2019				2020
						(Unaudited)
Equity
Ordinary shares ($0.001 par value; 900,000,000 shares authorized; 127,697,055 shares issued as of December 31, 2019 and June 30, 2020; 125,664,777 shares outstanding as of December 31, 2019 and June 30, 2020)			128				128
Additional paid-in capital			284,887				284,980
Treasury stock (2,032,278 shares as of December 31, 2019 and June 30, 2020)			(2,351	)			(2,351	)
Accumulated deficit			(293,892	)			(299,061	)
Accumulated other comprehensive income			31,692				32,263
Total AirNet Technology Inc.'s shareholders' equity			20,464				15,959
Non-controlling interests			(39,427	)			(40,496	)
Total deficit			(18,963	)			(24,537	)
TOTAL LIABILITIES AND DEFICIT		$	97,706			$	95,827

AIRNET TECHNOLOGY INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

		Six months ended June 30,
		2019				2020
		(Unaudited)				(Unaudited)
Revenues		$	12,925			$	12,213
Business tax and surcharges			(99	)			(53	)
Net revenues			12,826				12,160
Less: Cost of revenues			11,866				11,100
Gross profit			960				1,060
Operating expenses:
Selling and marketing			2,196				1,210
General and administrative			7,769				4,050
Research and development			633				420
Total operating expenses			10,598				5,680
Loss from operations			(9,638	)			(4,620	)
Interest expense, net			(240	)			(335	)
Loss from long-term investments			(809	)			(1,327	)
Gain from liability settlement			6,572				-
Other (expense) income, net			(1,303	)			712
Loss from operations before income taxes			(5,418	)			(5,570	)
Income tax expenses			(38	)			(1	)
Net loss			(5,456	)			(5,571	)
Less: Net loss from operations attributable to non-controlling interests			(635	)			(402	)
Net loss from operations attributable to AirNet Technology Inc.'s shareholders		$	(4,821	)		$	(5,169	)
Net loss		$	(5,456	)		$	(5,571	)
Net loss attributable to AirNet Technology Inc.'s shareholders		$	(4,821	)		$	(5,169	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share
- Basic and diluted		$	(0.04	)		$	(0.04	)
Net loss attributable to AirNet Technology Inc.’s shareholders per ADS
- Basic and diluted		$	(0.38	)		$	(0.41	)
Weighted average ordinary shares used in calculating net loss per ordinary share
- Basic and diluted			125,664,777				125,664,777
Weighted average ADS used in calculating net loss per ADS
- Basic and diluted			12,566,478				12,566,478